Final Flashcards
role of marketing research
def: management about decision making
ex: Bob makes decisions frequently regarding is business. This is known as what?
marketing research process
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?
qualitative vs quantitative data
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?
focus group interview
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?
in depth interview
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?
experiment
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?
survey
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
primary data
def: data that you gather yourself
ex: Shana gathers date to figure out which type of shampoo her clients like better
secondary data
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
segmentation
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?
targeting (target market)
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?
positioning
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.”
repositioning
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!”
product mix
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?
product line extension
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?
product life cycle
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?
product audit
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?
brand
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?
brand personality
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?
co-branding
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?
Line extension
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
brand portfolio
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
brand revitalization
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
brand management
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:
brand extension
def: using existing brand name to enter a completely different product class
ex: Snickers Ice Cream
new product strategies
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:
cause of new product failures
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:
new product development process
def: idea generation, idea screening, project planning, product development, test marketing, commercialization
ex:
integrated marketing communications
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.
marketing communications
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.
how to appeal
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
advertising budget (methods)
def: money a company is willing to spend to accomplish marketing objectives
ex: percentage of sales or profits, unit of sales, objectives
the role of endorsers in advertising
ex: to get the consumers to aspire to be like the endorser. If this pro football player uses this, I should too.
media selection/ planning
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?
social media
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
sales promotion strategy
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
database marketing
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?
public relations
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
Marketing Communication Goals
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
skimming pricing
selling high for increased margin
penetration pricing
low prices to increase market share
cost plus pricing
price determined based on material cost, labor cost, and overhead costs for the product
break even pricing
setting price to where business will make zero profit on sales
going rate pricing
using prevailing market price as basis for price.
bundle pricing
selling a package of goods a cheaper overall costs whereas if they bought them individually
product line pricing
price products in appropriate product line categories
dynamic surge pricing
uber changing prices at night
General Pricing Model
Setting pricing objective
Determining demand
Estimating costs
Analyzing competitors prices and offers
Selecting a pricing method
Selecting the final price
Change price as needed
