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STRATEGIC MARKETING MANAGEMENT > MARKET RESEARCH > Flashcards

MARKET RESEARCH Flashcards

Group 4

1
Q

the action or activity of gathering information about consumers’ needs and preferences.

A

Market Research

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2
Q

An organized effort to gather information about target markets and customers.

A

Market Research

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3
Q

It involves understanding who they are and what they need.

A

Market Research

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4
Q

It is an important component of business strategy and a major factor in maintaining competitiveness.

A

Market Research

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5
Q

helps to identify and analyze the needs of the market, the market size and the competition.

A

Market Research

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6
Q

What is the main point of market research?

A

used to determine the viability of a new product or service.

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7
Q

Why is market research important?

A

VALUABLE INFORMATION
CUSTOMER CENTRIC
FORECASTS
COMPETITIVE ADVANTAGES

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8
Q

It provides information and opportunities about the value of existing and new products, thus, helping businesses plan and strategize accordingly.

A

Valuable information

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9
Q

It helps to determine what the customers need and want.

A

Customer centric

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10
Q

By understanding the needs of customers, businesses can also forecast their production and sales. Market research also helps in determining optimum inventory stock.

A

Forecasts

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11
Q

To stay ahead of competitors market research is a vital tool to carry out comparative studies.

A

Competitive advantages

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12
Q

KEY OBJECTIVES OF MARKET RESEARCH

A

ADMINISTRATIVE
SOCIAL
ECONOMICAL

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13
Q

Help a company or business development, through proper planning, organization, and both human and material resources control, and thus satisfy all specific needs within the market, at the right time.

A

Administrative

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14
Q

Satisfy customers’ specific needs through a required product or service. The product or service should comply with a customer’s requirements and preferences when consumed.

A

Social

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15
Q

Determine the economical degree of success or failure a company can have while being new to the market, or otherwise introducing new products or services, thus providing certainty to all actions to be implemented

A

Economical

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16
Q

Benefits of an Efficient Market Research

A

Make well-informed decisions
Gain accurate information
Determine the market size
Choose an appropriate sales system
Learn about customer preferences
Gather details about customer perception of brand
Analyze customer communication methods
Productive business investment

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17
Q

are important for strategic marketing management because they serve as valuable assets that help firms differentiate themselves in competitive markets

A

Brands

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18
Q

is more than simply a name or a logo; it includes the impressions, feelings, and associations that customers have with a product, service, or company.

A

Brands

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19
Q

is a critical element of strategic marketing management

A

Branding

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20
Q

It entails building in consumers’ eyes a unique brand and image for a good, service, or business.

A

Branding

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21
Q

process of building, developing, and preserving a brand that communicates a unique value proposition, makes a major impression on the market, and strengthens close consumer relationships.

A

Branding

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22
Q

COMPONENTS OF BRANDING

A

BRAND IDENTITY
BRAND POSITIONING
BRAND PERSONALITY
BRANC COMMUNICATION

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23
Q

comprises the visual and linguistic aspects that represent a brand, including the name, logo, colors, typography, and slogan.

A

Brand Identity

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24
Q

It is how a corporation displays itself to the public and seeks to build a specific image in the eyes of consumers

A

Brand Identity

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25
Q

entails identifying a brand’s location in the market compared to competitors.

A

Brand Positioning

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26
Q

It entails identifying the target market and differentiating the brand based on distinctive qualities and benefits

A

Brand Positioning

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27
Q

refers to the human characteristics or features associated with a brand.

A

Brand Personality

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28
Q

This helps to develop an emotional connection with consumers, making the brand relatable and memorable.

A

Brand Personality

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29
Q

encompasses the methods and tactics utilized to transmit the brand’s message to the target audience.

A

Brand Communication

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30
Q

This encompasses advertising, public relations, social media, and content marketing

A

Brand Communication

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31
Q

Importance of Branding in Strategic Marketing Management

A

Differentiation
Customer loyalty
Perceived value
Competitive advantage

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32
Q

is an important part of strategic marketing that explains how a brand wants to stand out in the minds of its target audience compared to its competitors.

A

Positioning Statement

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33
Q

It’s a short, clear statement that answers questions about who the brand serves, what unique value it offers, and how it’s different from other choices in the market.

A

Positioning Statement

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34
Q

is essential for making strategic marketing decisions, as it provides a central theme that shapes every part of brand communication.

A

Positioning Statement

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35
Q

The main areas influenced by the positioning statement include:

A

Branding and messages
Product development
Customer experience
Competitive strategy

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36
Q

The brand’s ads, packaging, social media, and PT efforts all reflect the positioning statement

A

Branding and Messaging

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37
Q

Brand’s product features and design should match its positioning statement

A

Product Development

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38
Q

Positioning statement helps shape the overall customer experience, making sure it aligns with the brand’s promise

A

Customer Experience

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39
Q

A well-defined positioning statement helps a brand keep a strong place in the market even there’s a lot of competition

A

Competitive Strategy

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40
Q

Key Components of a Positioning Statement

A

Target audience
Market definition
Brand promise or value proposition
Differentiation or point difference
Reason to believe
Brand personality and tone

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41
Q

Specifies the core demographic and lifestyle of the people the brand
wants to reach.

A

Target Audience

42
Q

Describes the category or industry the brand belongs to, which helps
customers understand its competition

A

Market Definition

43
Q

Defines the main benefit the brand offers to its
audience

A

Brand Promise (or Value Proposition)

44
Q

Crafting an Effective Positioning Statement

A

Conduct market research
Define the brand’s core values and strengths
Identify key differentiators
Clarify the benefit to the customer
Simplify the message

45
Q

MARKETING MIX

A

Product
Price
Place
Promotion
People
Process
Physical evidence

46
Q

Highlights the qualities that make the brand
different from competitors.

A

Differentiation

47
Q

Often included to add credibility to the brand’s promise and
differentiation, this part may focus on specific product features, brand history, or
customer testimonials that help build trust and support the brand’s value.

A

Reason to Believe:

48
Q

While not always explicitly in a positioning statement,
brand personality and tone reflect the brand’s character and the emotional bond it wants
with customers.

A

Brand Personality and Tone:

49
Q

satisfies the needs of individuals or groups and can be tangible
(goods) or intangible (services).

A

product

50
Q

is what customers pay for a product and is crucial for a company’s
profitability

A

Price

51
Q

involves positioning and distributing the product in locations that are
easily accessible to potential buyers, ensuring effective reach.

A

Place

52
Q

is how a company communicates its product’s features to the public.

A

Promotion

53
Q

play a crucial role in delivering services to clients

A

People/Employees

54
Q

ensures smooth operations and
cost-efficiency

A

Process

55
Q

This refers to tangible proof that a service has been delivered, which is especially
important in service industries.

A

Physical Evidence

56
Q

This emphasizes understanding what customers truly value by conducting research,
gathering feedback, and analyzing customer behavior.

A

Customer

57
Q

This considers the total cost of a product to the customer beyond the purchase price,
including time spent, learning curves, and additional purchases like subscriptions or
accessories. It focuses on the overall value customers perceive.

A

Cost

58
Q

It ensures that products are easily accessible to customers, whether through store hours,
user-friendly online navigation, or easy access to information

A

Convenience

59
Q

This involves fostering a two-way dialogue with customers, actively listening, and
responding to their suggestions

A

Communication

60
Q

potential for negative outcomes or losses due to uncertainties in
consumer behavior, competition, market conditions, or ineffective campaigns, impacting
profitability and brand reputation

A

Risk

61
Q

A systematic process of identifying, assessing, and mitigating potential risks associated with
marketing activities

A

Marketing Risk Management

62
Q

It involves employing specific techniques and strategies to minimize the
impact of uncertainties related to consumer behavior, market conditions, and competition,
thereby enhancing a company’s ability to achieve its marketing objectives and maintain brand
integrity.

A

Marketing Risk Management

62
Q

How is marketing risk management accomplished

A

Assessment
Analysis
Planning
Monitoring

63
Q

is the process of estimating future trends, sales, or consumer behavior using historical data and market analysis.

A

Forecast

64
Q

Reasons Why Marketing Forecasting is Important

A

Set timelines to achieve goals
Identify any issues early on
Track progress against forecasts
Spend and allocate your marketing budget more efficiently for the possible ROI
Optimize marketing plans and campaigns
Better allocation of marketing budget
Insight into future trends in your market or industry
Encourage growth

65
Q

t specifies exact amounts to allocate for staff salaries, office space, equipment, marketing communications, ad design and specific marketing channels.

A

Budget

66
Q

Purpose of a Marketing Budget

A

CONTROL COST
STRATEGIC ALLOCATION
PERFORMANCE TRACKING

67
Q

are specific and measurable steps that are taken to achieve a goal.

A

Objectives

68
Q

They are typically shorter-term and help to ensure that a business is making progress towards its overall goals.

A

Objectives

69
Q

How to set objectives

A

Simplify the goals
Ensure that goals are specific
Explain the objective to the right members
Ensure your goal is measurable
Divide your goal into smaller goals
Recognize every step of the process
Motivate your employees toward realistic goals

70
Q

two critical components of the strategic management process, forming a continuous cycle that ensures the organization’s long-term success.

A

Assessment and Adjustment

71
Q

involves a systematic evaluation of the organization’s current strategy and its performance.

A

Assessment

72
Q

This process helps identify any gaps between the intended and actual outcomes, and pinpoints areas where adjustments may be necessary

A

Assessment

73
Q

Key Aspects of Assessment

A

STRATEGY EVALUATION
PERFORMANCE MEASUREMENT
ENVIRONMENTAL SCANNING

74
Q

involves reviewing the organization’s core purpose, long-term direction, and specific objectives.

A

Strategy Evaluation

75
Q

focuses on tracking key performance indicators (KPIs) to monitor progress towards strategic goals.

A

Performance Measurement

76
Q

involves monitoring changes in the external environment, such as economic, technological, social, and political factors.

A

Environmental Scanning

77
Q

refers to the process of modifying the organization’s strategy or implementation plans in response to the findings of the assessment.

A

Adjustment

78
Q

KEY ASPECTS OF ADJUSTMENT

A

STRATEGIC
OPERATIONAL
ORGANIZATIONAL

79
Q

involve making significant changes to the overall direction of the organization.

A

Strategic Adjustments

80
Q

focuses on improving the efficiency and effectiveness of an organization’s day-to-day operations.

A

Operational Adjustments

81
Q

involve making changes to the organization’s structure, culture, and workforce to support the implementation of new strategies.

A

Organizational Adjustments

82
Q

are an established method of expressing the performance of a campaign and a key element in the set of marketing measurements.

A

Market metrics

83
Q

are what the business is using in order to measure their customers. These are usually the result of some aggregated evaluation of customer feedback.

A

Customer Metrics

84
Q

This is a metric that points to the profits from incremental sales that are contributed by marketing activity.

A

Return on Marketing Investment

85
Q

It is a marketing measurement that considers all marketing and sales costs including sales team salaries and benefits to the as spend.

A

Customer Acquisition Cost

86
Q

It is a marketing metric that will help in developing marketing strategies by understanding how much it costs to onboard and retain a customer

A

Cost Per Lead

87
Q

It is a measure of the revenue generated by each customer.

A

Average Revenue Per Account

88
Q

is a way to measure customer loyalty and, in turn, the likelihood of future purchases and referrals

A

Net Promoter Score

89
Q

is measured at specific intervals, for instance, immediately after purchase, during onboarding, a customer service exchange, and so on.

A

Customer Satisfaction Score

90
Q

This metric calculates the total profit earned by the company from a customer over the entire time they remain a customer.

A

Customer Lifetime Value

91
Q

rate reflects the number of customers a business is retaining.

A

Customer churn

92
Q

This brings home the percentage of existing customers who remain during a specific period of time.

A

Customer Retention Cost

93
Q

ROI = (Sales Growth - Marketing Cost) / Marketing Investment x 100

A

ROI = (Sales Growth - Marketing Cost) / Marketing Investment x 100

94
Q

CAC = Total Marketing and Sales Spend / No. of New Customer

A

CAC = Total Marketing and Sales Spend / No. of New Customer

95
Q

CPL = Total Marketing Spend / No. of New Leads

A

CPL = Total Marketing Spend / No. of New Leads

96
Q

Where Total Revenue = Total Income During the Given Time Period

No. of Customers = No. of Customers During the Given Time Period

A

Where Total Revenue = Total Income During the Given Time Period

No. of Customers = No. of Customers During the Given Time Period

97
Q

NPS = % of Promoters - % of Detractors

A

NPS = % of Promoters - % of Detractors

98
Q

CSAT % = No. of Positive Responses / No. Total Responses x 100

A

CSAT % = No. of Positive Responses / No. Total Responses x 100

99
Q

CLV = (Average Transaction Value x Average No. of Transactions in a year x Average Customer Retention in Years) x Profit Margin

A

CLV = (Average Transaction Value x Average No. of Transactions in a year x Average Customer Retention in Years) x Profit Margin

100
Q

CCR = No. of Customers Terminating within a Timeframe / No. of Customers at the Start of the Timeframe

A

CCR = No. of Customers Terminating within a Timeframe / No. of Customers at the Start of the Timeframe

101
Q

CRC = (No. of Customers at End of a Period - Customers Added During the Period) / No. of Customers at Beginning of the Period

A

CRC = (No. of Customers at End of a Period - Customers Added During the Period) / No. of Customers at Beginning of the Period

STRATEGIC MARKETING MANAGEMENT (3 decks)

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