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Marketing for Managers > Final Exam > Flashcards

Final Exam Flashcards

1
Q

what about marketing research is difficult

A

understanding the consumer and creating insights is difficult but not impossible

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2
Q

what is marketing research with respect to competition

A

a significant source of competitive advantage

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3
Q

what is the first part of the marketing research process

A

problem definition and research objectives

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4
Q

what is the second part of the marketing research process

A

research approach

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5
Q

what is the third part of the marketing research process

A

data collection

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6
Q

what is the fourth part of the marketing research process

A

analysis and deliberation

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7
Q

what is the final part of the research process

A

decision

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8
Q

what are the three types of problem definitions

A

exploratory (broad), descriptive (estimates), causal (narrow)

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9
Q

what is another term for exploratory

A

broad

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10
Q

what is another term for causal

A

narrow

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11
Q

what are the types of research approaches

A

data, observation, ethnographic, focus group, survey, experimental

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12
Q

what are the two types of data

A

primary and secondary

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13
Q

what is primary data

A

collected by a company, very specific, not available anywhere else, more customized

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14
Q

what is secondary data

A

already out there, limited in terms of amount you can extract

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15
Q

what is ethnography

A

study of people’s culture and customs where the researcher becomes part of their setting

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16
Q

what is a focus group

A

asking questions to a small specific group of people relevant to exploratory research

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17
Q

what are the types of analysis/deliberation

A

appropriateness, patterns, correlation vs causation

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18
Q

what are the three V’s for the big data revolution

A

volume, variety, velocity

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19
Q

what type of data is a source of competitive advantage

A

big data

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20
Q

what is included in big data

A

algorithmic-based firms that outperform, patterns and correlations that can be validated (AI)

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21
Q

what is segmentation

A

a unit of analysis with a distinct objective function that helps marketers to effectively uncover and address consumer needs thereby enabling value creation, communication, and capture

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22
Q

what is differentiation

A

a unique product or service created by the producer

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23
Q

what are used to go from differentiation to positioning

A

anchors

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24
Q

what is positioning

A

the ultimate goal for a brand, occupying the customers’ minds (do they perceive uniqueness the same way as the producer?)

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25
Q

what is the overarching goal in customer analysis

A

to start with segmentation but achieve positioning

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26
Q

what is said about positioning deficits

A

they are relatively commonplace

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27
Q

what are GCC’s (general customer characterisitcs)

A

demographics (age, income, gender) or psychographics (lifestyle, personality)

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28
Q

what are SSCC’s (situation-specific customer characteristics)

A

customer need set in the market

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29
Q

how is distance related to segmentation

A

within a segment, the distance between should be small and homogeneous, but the distance across segments should be as high as possible

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30
Q

what are the effective positioning strategies

A

implement customer-based segmentation, could fall into differentiation trap, so need to use effective positioning strategies, need a good anchor (will help create positioning in the customer’s mind –> ex: celebrity, price, etc)

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31
Q

what are the 4 P’s

A

product, price, promotion, place

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32
Q

what are the three objective promotion goals

A

to inform, to persuade, to stimulate

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33
Q

what does it mean to inform

A

info about availability, new products, new buyers, modifications to an existing product, highlight new uses for a particular product

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34
Q

what does it mean to persuade

A

develop certain positive feelings, communicate feelings relative to competition

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35
Q

what does it mean to stimulate

A

reinforce certain behavior

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36
Q

what is the hierarchy of effects model

A

the most common decision-making process

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37
Q

what are the three parts to the hierarchy of effects model

A

cognition, attitude, behavior (respectively)

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38
Q

what is cognition in the hierarchy of effects model

A

customers mind goes from unaware to aware to gaining knowledge

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39
Q

what is attitude in the hierarchy of effects model

A

affect (like to preference to conviction)

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40
Q

what is behavior in the hierarchy of effects model

A

trial and or repeat purchase

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41
Q

what are the three main points of the communications model

A

encoding, message medium, reponse/deconding

42
Q

what is said about noise in the communications model

A

noise can be minimized or maximized given social media, companies want to eliminate noise

43
Q

according to the promotions mix, what kind of promotions are made when the nature is “paid” and the target is “mass”

A

ads, packaging, PR, sales, and social media

44
Q

according to the promotions mix, what kind of promotions are made when the nature is “paid” and the target is “personal”

A

personal selling, social media

45
Q

according to the promotions mix, what kind of promotions are made when the nature is “free” and the target is “mass”

A

publicity, social media

46
Q

according to the promotions mix, what kind of promotions are made when the nature is “free” and the target is “personal”

A

word of mouth, social media

47
Q

what are examples of push offerings

A

discounts, promotions (short term) –> ex: coupons, rebates, etc

48
Q

what are examples of pull offerings

A

magnets, strong brand name, brand image, luxury items, etc (communication of a product)

49
Q

what are the challenges and constraints of existing products

A

line decisions, life-cycle issues, synergy, ecosystems, non-marketing constraints

50
Q

what is synergy

A

certain things in common between two products that a company can use to increase efficiency (ie. raw materials)

51
Q

what are examples of non-marketing constraints

A

R+D, teamwork, culture

52
Q

what are the challenges and constraints of new products

A

product-market fit, product-company fit, idea-generating/screening, concept testing, concept measurement, test marketing, product introduction, pricing, warranty, recall

53
Q

what are product management decisions

A

focus on functionality, survival and growth are key issues, life cycle managed

54
Q

what are brand management decisions

A

focus on identity, survival taken for granted, life cycle management taken for granted

55
Q

what are the life cycle phases of managing product strategy

A

intro = basic
growth = extensions
maturity = diversity
decline = phase out weak products

56
Q

what are the life cycle phases of managing pricing strategy

A

intro = cost-plus (high price)
growth = penetration pricing (lower)
maturity = price to meet or beat competition
decline = lower price

57
Q

what are the life cycle phases of managing promotion strategy

A

intro = target early adopters
growth = build awareness
maturity = encourage switching
decline = reduce

58
Q

what are the life cycle phases of managing place strategy

A

intro = selective distribution
growth = intensive distribution
maturity = more intensive distribution
decline = phase put unprofitable outlets

59
Q

brand management basics

A

a brands worth is measured by brand equity (amount of power and value in the marketplace)

60
Q

what is brand equity

A

provides firms with tangible benefits

61
Q

what are the strategies for a brand when the product category is “existing” and the brand name is “existing”

A

line extension (size, minor variations)

62
Q

what are the strategies for a brand when the product category is “existing” and the brand name is “new”

A

multi-branding (risk of cannibalization)

63
Q

what are the strategies for a brand when the product category is “new” and the brand name is “existing”

A

brand extensions

64
Q

what are the strategies for a brand when the product category is “new” and the brand name is “new”

A

new brands

65
Q

what are the four ways to extend master brands

A

brand bundling, brand bridging, super-branding, sub-branding

66
Q

what is the only one of the 4 P’s that generate revenue

A

pricing

67
Q

why is pricing an important strategic weapon

A

helps companies achieve a certain goal in the future, decision-making under uncertainty, incorporate some possible futuristic trends

68
Q

pricing floor

A

minimum price a company can charge without going bankrupt (cost of the product itself)

69
Q

ceiling

A

max price a customer is wtp for a product (point at which customers encounter resistance in their minds)

70
Q

floor-based pricing method

A

markup/markdown (cost based)
break-even (cost based)
target return (cost based)

71
Q

key components of markup/markdown floor based method

A

ease of use, inventory, ignores demand

72
Q

ceiling-based pricing method

A

objective value (TEV)
perceived value (customers wtp)

73
Q

ceiling-based pricing method

A

objective value (TEV)
perceived value (customers wtp)

74
Q

what are pricing decisions influenced by

A

reference value, differentiation value

75
Q

what is TEV

A

true economic value, a reference value (price of closest substitutes) + (positive differentiation value) - (negative differentiation value)

76
Q

in terms of value capture, what happens when the product price is “high” and the marketing expenditure is “low”

A

no unit sales

77
Q

in terms of value capture, what happens when the product price is “high” and the marketing expenditure is “high”

A

feasible

78
Q

in terms of value capture, what happens when the product price is “low” and the marketing expenditure is “low”

A

feasible

79
Q

in terms of value capture, what happens when the product price is “low” and the marketing expenditure is “high”

A

no unit contributions

80
Q

how is value capture generally achieved

A

by directing messages that appeal to their central route to processing

81
Q

what two routes does the elaboration likelihood model include

A

central route and peripheral route

82
Q

what is the central route

A

high involvement
receives message –> arguments/counter –> LNG term memory –> behavior

83
Q

what is the peripheral route

A

low involvement
receives message –> attention to cues (price) –> tentative feelings –> behavior

84
Q

what is a distribution channel

A

a set of interrelated entities that enable a firm to pursue strategic objectives

85
Q

what is the route to manage interrelationships

A

supplier –> manufacturer –> distributor –> dealer –> customer

86
Q

what type of view should companies adopt

A

a pro-active or integrative view

87
Q

what are the channel structure decisions

A

channel breadth/coverage (intensive, selective, exclusive)
channel length

88
Q

what are the channel management decisions

A

multiple dimensions (norms, power, conflict, service, relationships)

89
Q

what is channel breadth/coverage

A

consumer behavior
manufacturer’s positioning strategy
legal considerations

90
Q

whats included in consumer behavior in terms of channel breadth/coverage

A

involvement, product complexity, frequency of purchase, monetary commitment

91
Q

what included in manufacturer’s positioning strategy in terms of channel breadth/coverage

A

market conditions, competitive aspects

92
Q

whats included in legal considerations in terms of channel breadth/coverage

A

illegality, rule of reason

93
Q

what is channel length/depth

A

shortest channel: directly from manufacturer to customer (theoretical length of 0), cost generally higher, company has more control
longest channel: manufacturer to one or more middlemen then to customer (theoretical length is infinity)

94
Q

basic variation in channel length

A

companies often seek control, trade-offs between cost of distribution and control in the channel

95
Q

what are the major issues in channel management

A

channel conflict (essentially is a latent unobservable state)

96
Q

what two types of conflict lead to consequences

A

conflict over means and conflict over goals

97
Q

how many dimensions do channel decision involve

A

multiple dimensions

98
Q

what is channel service

A

human component, agency relationships

99
Q

what are channel relationships

A

behavioral/attitudinal dimensions

100
Q

what is channel power

A

includes multiple bases

Marketing for Managers (1 decks)

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