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MKTG 129 > Final > Flashcards

Final Flashcards

1
Q

role of marketing research

A

def: management about decision making
ex: Bob makes decisions frequently regarding is business. This is known as what?

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2
Q

marketing research process

A

def: set of 6 steps- problem definition, developing approach to problem, research design formulation, field work, data prep and analysis, and report presentation
ex: Dana owns a clothing store and has noticed an issue with something. Which step in the marketing research process is she in?

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3
Q

qualitative vs quantitative data

A

def: qual- exploratory research. uses focus groups, individual interviews, observations etc
ex: Shirley gathered a focus group to know more about how she can improve her company. Which form of research is this?
def: quantitative- numerical data. uses surveys, polls etc.
ex: Ryan collects data through an online survey to gather data. Which type of data is this?

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4
Q

focus group interview

A

def: an assembled diverse group of people to participate in a discussion before launch of product for feedback.
ex: Lyon Company gathers several people from different geographical areas to discuss their product. They are looking for consumer insight and feedback. This is an example of what type of interview?

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5
Q

in depth interview

A

def: qualitative intensive research with individual to explore perspectives.
ex: Bill holds an interview with Sam and asks many questions and ask for insight on new ideas. The meeting lasted for 45 minutes. This is an example of which type of interview?

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6
Q

experiment

A

def: the act of conduction an investigation or test. Company or individual physically changes atmosphere to gather research.
ex: FlavorCo gives an individual 3 of their new launched flavors of juice. They want to gather data to see which one was most liked by the consumers. Which type of data gathering technique is this?

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7
Q

survey

A

def: the study of the spending characteristics and purchasing power of consumers
ex: NewCo gathers data by giving out a questionnaire to consumers in the demographic area

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8
Q

primary data

A

def: data that you gather yourself
ex: Shana gathers date to figure out which type of shampoo her clients like better

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9
Q

secondary data

A

def: data that has already been gathered previously by someone else that is relevant to you
ex: John looks at the AIDA index to see how many consumers in downtown Sacramento make over 50 thousand per year

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10
Q

segmentation

A

def: process of dividing an entire market into different customer segments
ex: Jeep Co divides the consumers into several segments i.e. luxury shoppers, money savers, impulse buyers and older consumers. What did Jeep Co just do?

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11
Q

targeting (target market)

A

def: a particular group of consumers at which a product or service is aimed
ex: Fruity 2 Go seeks to aim their selling demographic to children under 10 years old. This is known as what?

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12
Q

positioning

A

def: How your product or service is perceived in the consumers mind relative to the competition
ex: Adidas pushes and ad with a runner, and the runner stops and says, “Faster, lighter, an quicker than any other brand.”

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13
Q

repositioning

A

def: Changing or altering the original positioning strategy. Hard to accomplish
ex: Orange Juice Co is widely known to drink in the morning. They push an ad that suggest, “Try it at lunch, or dinner. It is healthier than soda!”

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14
Q

product mix

A

def: refers to the total number of product lines that a company offers
ex: Apple sells iPods, iPhones, iPad etc. Same company, many different types of product lines. This is known as what?

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15
Q

product line extension

A

def: when a company creates a new product within a preexisting product line
ex: YumYum cookies sells cookies. But they also have low fat, mint flavor, and christmas decorated cookies. YumYum is demonstrating an example of what?

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16
Q

product life cycle

A

def: cycle that every product goes through from introduction to demise.
ex: The new product introduced at LifeCo started off very well. Then it matured, then it declined. It was eventually terminated. This is known as what?

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17
Q

product audit

A

def: Where a company asses whether or not to pursue a product based on its performance
ex: Product Z has been inconsistent in sales. The company has gathered to determine whether or not to discontinue this product. This company has just done what?

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18
Q

brand

A

def: name, symbol or design that identifies and differentiates a product from others
ex: The swoosh logo makes Nike instantly recognizable. This is known as what?

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19
Q

brand personality

A

def: when a brand essentially takes on human characteristics
ex: Axe body spray is sexy, it is cool. It will make you more attractive. Axe has taken on what?

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20
Q

co-branding

A

def: a marketing partnership between two different brands of goods and services for the better good of each
ex: Taco Bell and Sony Playstation partner up to help promote each other. This is known as what?

21
Q

Line extension

A

def: occur when a company introduces additional items in the same product category under the same brand name.
ex: Such as new flavors, forms, colors, added ingredients, package sizes

22
Q

brand portfolio

A

def: the set of all brands (brand lines) particular firm offers for sale in a particular product/service category or market segment
ex: Proctor & Gamble

23
Q

brand revitalization

A

def: Looking to revitalize your brand. Brand Revitalization. A strategy to recapture lost sources of brand equity and identify and establish new sources of brand equity.
ex: When a brand is seen to be going downhill, When consumers no longer are strongly associated with it, When competition has eroded the brand position

24
Q

brand management

A

def: How to bring the brand promise to life…Achieving superior brand delivery along three stages
a) Creation of a brand mindset
b) Brand delivery across customer touch points
c) Long-term institutionalization

ex:

25
Q

brand extension

A

def: using existing brand name to enter a completely different product class
ex: Snickers Ice Cream

26
Q

new product strategies

A

def: New-to-the-world products – New inventions: Re-positioning – Products re-targeted for new use or application, Product improvements – improve current products, Additions to product lines – Products that are line extensions to the current markets, New category entries – Products that take the firm into a new category, but are not new to the world
ex:

27
Q

cause of new product failures

A

def: def: No competitive point of difference, unexpected reactions from competitors, or both
 Poor positioning, too little marketing support
 Poor quality of product, Poor perceived price/quality (value) relationship
 Non-delivery of promised benefits of product
 Faulty estimates of market potential and production or marketing costs, other marketing research mistakes
 Improper channels of distribution selected
 Rapid changes in the market (economy) after product introduction

ex:

28
Q

new product development process

A

def: idea generation, idea screening, project planning, product development, test marketing, commercialization

ex:

29
Q

integrated marketing communications

A

def: ensures that all forms of communications and messages are carefully linked together integrating all the promotional tools, so that they work together in harmony and must be CONSISTENT and COMPLETE message about brand overtime.
ex: promotions, advertising, personal selling, word of mouth, interactive marketing, public relations 5 hour energy drink store layout message is consistent with brand and service provided.

30
Q

marketing communications

A

def:: all the messages and media you deploy to communicate with the market.
ex: Advertisements are one way:
Source: the originator of the message

Encode:Design the message using words, terms, signs or symbols
Channel: the medium of delivery for the message
Decode: translating the words, terms, signs, and symbols into a message
Receiver: the person who is exposed to messages
Encoding error: not interrupted by perceived value.

31
Q

how to appeal

A

ex: Authority : People tend to obey authority figures, even if they are asked to perform objectionable acts. Liking : People are easily persuaded by other people that they like. Scarcity : Perceived scarcity generates demand

32
Q

advertising budget (methods)

A

def: money a company is willing to spend to accomplish marketing objectives
ex: percentage of sales or profits, unit of sales, objectives

33
Q

the role of endorsers in advertising

A

ex: to get the consumers to aspire to be like the endorser. If this pro football player uses this, I should too.

34
Q

media selection/ planning

A

def: choosing the most cost effective way for advertising
ex: Diet Cola wants to run a new campaign, and is looking for the most cost effective way to do this. This is an example of?

35
Q

social media

A

def: are computer-mediated technologies that allow the creating and sharing of information, ideas, career interests and other forms of expression via virtual communities and networks.
ex: : 5 ways it can be used- publishing content, monitor activities, analyze social media, interconnect social profiles, monitor social presence

36
Q

sales promotion strategy

A

def: Push, Pull, or a combination of the two. A push strategy involves convincing trade intermediary channel members to “push” the product through the distribution channels to the ultimate consumer via promotions and personal selling efforts.A direct inducement that offers an extra value or incentive for the product to the sale force, distributor, or the ultimate consumer with the primary objective of creating immediate sales. Krispy Kreme donuts and tylenol health concern example. Brand awareness problem vizio.
ex: trade salePromotions aimed at distributors and retailers of products. Customer promotions Coupons, mail-in rebates, price discount, sample, contests & sweepstakes

37
Q

database marketing

A

def:a form of direct marketing using databases of customers or potential customers to generate personalized communications in order to promote a product or service ex: RFM Analysis

ex:Recency : How recently has a customer purchased? Frequency: How often does a customer purchase?
Monetary value: How much does a customer spend?

38
Q

public relations

A

def: the professional maintenance of a favorable public image by a company or other organization or a famous person.
ex: : News conference – Meeting held for representatives of the media to announce major news events, Sponsorship – Providing support for and associating organization’s name with events, programs, or people

39
Q

Marketing Communication Goals

A 
all the messages and media you deploy to communicate with the market. The goals are to...
Inform
Educate
Persuade
Remind
Position
Retain your customers
Increase Awareness
Trigger Interest
40
Q

skimming pricing

A

selling high for increased margin

41
Q

penetration pricing

A

low prices to increase market share

42
Q

cost plus pricing

A

price determined based on material cost, labor cost, and overhead costs for the product

43
Q

break even pricing

A

setting price to where business will make zero profit on sales

44
Q

going rate pricing

A

using prevailing market price as basis for price.

45
Q

bundle pricing

A

selling a package of goods a cheaper overall costs whereas if they bought them individually

46
Q

product line pricing

A

price products in appropriate product line categories

47
Q

dynamic surge pricing

A

uber changing prices at night

48
Q

General Pricing Model

A

Setting pricing objective

Determining demand

Estimating costs

Analyzing competitors prices and offers

Selecting a pricing method

Selecting the final price

Change price as needed

MKTG 129 (3 decks)

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