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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
entails identifying a brand's location in the market compared to competitors.
Brand Positioning
26
It entails identifying the target market and differentiating the brand based on distinctive qualities and benefits
Brand Positioning
27
refers to the human characteristics or features associated with a brand.
Brand Personality
28
This helps to develop an emotional connection with consumers, making the brand relatable and memorable.
Brand Personality
29
encompasses the methods and tactics utilized to transmit the brand's message to the target audience.
Brand Communication
30
This encompasses advertising, public relations, social media, and content marketing
Brand Communication
31
Importance of Branding in Strategic Marketing Management
Differentiation Customer loyalty Perceived value Competitive advantage
32
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.
Positioning Statement
33
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.
Positioning Statement
34
is essential for making strategic marketing decisions, as it provides a central theme that shapes every part of brand communication.
Positioning Statement
35
The main areas influenced by the positioning statement include:
Branding and messages Product development Customer experience Competitive strategy
36
The brand's ads, packaging, social media, and PT efforts all reflect the positioning statement
Branding and Messaging
37
Brand's product features and design should match its positioning statement
Product Development
38
Positioning statement helps shape the overall customer experience, making sure it aligns with the brand's promise
Customer Experience
39
A well-defined positioning statement helps a brand keep a strong place in the market even there's a lot of competition
Competitive Strategy
40
Key Components of a Positioning Statement
Target audience Market definition Brand promise or value proposition Differentiation or point difference Reason to believe Brand personality and tone
41
Specifies the core demographic and lifestyle of the people the brand wants to reach.
Target Audience
42
Describes the category or industry the brand belongs to, which helps customers understand its competition
Market Definition
43
Defines the main benefit the brand offers to its audience
Brand Promise (or Value Proposition)
44
Crafting an Effective Positioning Statement
Conduct market research Define the brand’s core values and strengths Identify key differentiators Clarify the benefit to the customer Simplify the message
45
MARKETING MIX
Product Price Place Promotion People Process Physical evidence
46
Highlights the qualities that make the brand different from competitors.
Differentiation
47
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.
Reason to Believe:
48
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.
Brand Personality and Tone:
49
satisfies the needs of individuals or groups and can be tangible (goods) or intangible (services).
product
50
is what customers pay for a product and is crucial for a company's profitability
Price
51
involves positioning and distributing the product in locations that are easily accessible to potential buyers, ensuring effective reach.
Place
52
is how a company communicates its product’s features to the public.
Promotion
53
play a crucial role in delivering services to clients
People/Employees
54
ensures smooth operations and cost-efficiency
Process
55
This refers to tangible proof that a service has been delivered, which is especially important in service industries.
Physical Evidence
56
This emphasizes understanding what customers truly value by conducting research, gathering feedback, and analyzing customer behavior.
Customer
57
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.
Cost
58
It ensures that products are easily accessible to customers, whether through store hours, user-friendly online navigation, or easy access to information
Convenience
59
This involves fostering a two-way dialogue with customers, actively listening, and responding to their suggestions
Communication
60
potential for negative outcomes or losses due to uncertainties in consumer behavior, competition, market conditions, or ineffective campaigns, impacting profitability and brand reputation
Risk
61
A systematic process of identifying, assessing, and mitigating potential risks associated with marketing activities
Marketing Risk Management
62
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.
Marketing Risk Management
62
How is marketing risk management accomplished
Assessment Analysis Planning Monitoring
63
is the process of estimating future trends, sales, or consumer behavior using historical data and market analysis.
Forecast
64
Reasons Why Marketing Forecasting is Important
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
t specifies exact amounts to allocate for staff salaries, office space, equipment, marketing communications, ad design and specific marketing channels.
Budget
66
Purpose of a Marketing Budget
CONTROL COST STRATEGIC ALLOCATION PERFORMANCE TRACKING
67
are specific and measurable steps that are taken to achieve a goal.
Objectives
68
They are typically shorter-term and help to ensure that a business is making progress towards its overall goals.
Objectives
69
How to set objectives
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
two critical components of the strategic management process, forming a continuous cycle that ensures the organization's long-term success.
Assessment and Adjustment
71
involves a systematic evaluation of the organization's current strategy and its performance.
Assessment
72
This process helps identify any gaps between the intended and actual outcomes, and pinpoints areas where adjustments may be necessary
Assessment
73
Key Aspects of Assessment
STRATEGY EVALUATION PERFORMANCE MEASUREMENT ENVIRONMENTAL SCANNING
74
involves reviewing the organization's core purpose, long-term direction, and specific objectives.
Strategy Evaluation
75
focuses on tracking key performance indicators (KPIs) to monitor progress towards strategic goals.
Performance Measurement
76
involves monitoring changes in the external environment, such as economic, technological, social, and political factors.
Environmental Scanning
77
refers to the process of modifying the organization's strategy or implementation plans in response to the findings of the assessment.
Adjustment
78
KEY ASPECTS OF ADJUSTMENT
STRATEGIC OPERATIONAL ORGANIZATIONAL
79
involve making significant changes to the overall direction of the organization.
Strategic Adjustments
80
focuses on improving the efficiency and effectiveness of an organization's day-to-day operations.
Operational Adjustments
81
involve making changes to the organization's structure, culture, and workforce to support the implementation of new strategies.
Organizational Adjustments
82
are an established method of expressing the performance of a campaign and a key element in the set of marketing measurements.
Market metrics
83
are what the business is using in order to measure their customers. These are usually the result of some aggregated evaluation of customer feedback.
Customer Metrics
84
This is a metric that points to the profits from incremental sales that are contributed by marketing activity.
Return on Marketing Investment
85
It is a marketing measurement that considers all marketing and sales costs including sales team salaries and benefits to the as spend.
Customer Acquisition Cost
86
It is a marketing metric that will help in developing marketing strategies by understanding how much it costs to onboard and retain a customer
Cost Per Lead
87
It is a measure of the revenue generated by each customer.
Average Revenue Per Account
88
is a way to measure customer loyalty and, in turn, the likelihood of future purchases and referrals
Net Promoter Score
89
is measured at specific intervals, for instance, immediately after purchase, during onboarding, a customer service exchange, and so on.
Customer Satisfaction Score
90
This metric calculates the total profit earned by the company from a customer over the entire time they remain a customer.
Customer Lifetime Value
91
rate reflects the number of customers a business is retaining.
Customer churn
92
This brings home the percentage of existing customers who remain during a specific period of time.
Customer Retention Cost
93
ROI = (Sales Growth - Marketing Cost) / Marketing Investment x 100
ROI = (Sales Growth - Marketing Cost) / Marketing Investment x 100
94
CAC = Total Marketing and Sales Spend / No. of New Customer
CAC = Total Marketing and Sales Spend / No. of New Customer
95
CPL = Total Marketing Spend / No. of New Leads
CPL = Total Marketing Spend / No. of New Leads
96
Where Total Revenue = Total Income During the Given Time Period No. of Customers = No. of Customers During the Given Time Period
Where Total Revenue = Total Income During the Given Time Period No. of Customers = No. of Customers During the Given Time Period
97
NPS = % of Promoters - % of Detractors
NPS = % of Promoters - % of Detractors
98
CSAT % = No. of Positive Responses / No. Total Responses x 100
CSAT % = No. of Positive Responses / No. Total Responses x 100
99
CLV = (Average Transaction Value x Average No. of Transactions in a year x Average Customer Retention in Years) x Profit Margin
CLV = (Average Transaction Value x Average No. of Transactions in a year x Average Customer Retention in Years) x Profit Margin
100
CCR = No. of Customers Terminating within a Timeframe / No. of Customers at the Start of the Timeframe
CCR = No. of Customers Terminating within a Timeframe / No. of Customers at the Start of the Timeframe
101
CRC = (No. of Customers at End of a Period - Customers Added During the Period) / No. of Customers at Beginning of the Period
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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