Marketing Flashcards
Marketing research
To analyze the market (detect needs and wants). It’s a process
Marketing management
Offer profitable solutions (Plan, implement & control)
Market information
Result
Secondary Data
- Cheap
- easy to access
- some data can just be obtained by secondary data
- may not meet data requirement
Primary Data
- expensive
- a lot effort
- some data can be just obtained from primary data (e.g. corporate image)
- meets the data requirement perfectly
Company’s Macroenvironment
- Economic
- Political / Legal
- Social / Cultural
- Demographic
- Technological
- Physical
Company’s Microenvironment
- Company
- Suppliers
- Intermediaries
- Stakeholders
- Costumer / Consumers
7O’s
- Occupants (Who)
- Objects (What)
- Objectives (Why)
- Operations (How)
- Organization (?)
- Outlets (Where)
- Occasions (When)
Guideline of market research
- Introduction
- Customer study
- Competition study
- Intermediaries study
- Environment study
- Conclusions
Types of collecting behavioral data
- Visual observation
- Technical means
Use of observational data
- Analysis of the behaviors of customers (e.g. routes, act of purchase etc.)
- Investigate the conduct or efficiency of vendors
- Meaasuring the impact of adverstising sketches
Method of collecting information in which conditions are controlled to test a commercial hypothesis
Control group
- Governed by the principe of the black box.
Group technique
Process of obtaining ideas or solutions to a marketing problem
Types of group techniques
- Focus groups, Mini focus groups
- Interviews
- Brainstorming
- Role-playing
- Philipps 66
- Delphi
Internal experts
Marketers, product managers, executives
External experts
Experts, customers
Delphi method
Goal: minimize the subjectivity of personal opinions
- Degree of agreement is the degree of objectivity
Advantages: reduces inhibitions, avoid consequences of leadership, economical…..
Panel studies
Method of collecting data
Retail panel applications: Time series
- Stock rotation time
- Number of shops with the product or brand
- Market share by type of shop
- Average prices by type of establishment
Audience panel application
- Audience media
- Audience characteristics
- Audience loyalty
- Ranking programm
Consumer panel apllications
- Sales volume by geographical areas, by period of time
- sales volume by brand
- Season of consumption
- Sensitivity of sales to pirce, advertising etc….
types of managing promotional activities
- Up-selling
2. Cross-selling
Up-selling
Objective: Increase customers total purchases
E.g.: If the customer reaches a monthly purchase worth 400$, he is given a check worth 15$
Cross-selling
Its goal is for the customers to purchase products he normally doesn’t buy.
Internal secondary data
- Ratio analysis
- Assessment of the market knowledge of a company
- Competitiveness analysis of a company
External secondary data sources
- Official organizations
- Private organizations
- Publications
Consumer Price Index
Objective: Provide a statistical measurement of the evolution of the prices of a set of goods and services
Segmentation
-divide the total market into smaller segments. Due to the range of DEMAND
Differentiation
Differentiate the market offer to create superior value. Due to the range of SUPPLY
Positioning
Position the market offering in the minds of target customers. It is based on the image in the mind of the CONSUMER
Market segmentation process
- Market division or creation of segments
- Segment analysis
- Evaluating and selecting segments
Descriptive Segmentation variables
Can be measured easily
- Demographic
- Geographic
- Socioeconomic
- Psychographic
- Specific
Functional segmentation variables
Can be measured indirectly
- Purchase reason
- Benefits sought (expected benefits)
Selecting target market segments
- Objectives and resources of the company
- Structural analysis of the segment (Porters 5forces)
- Economic analysis of segment
Segment & Marketing strategy
- Undifferentiated - Mass marketing
- Differentiated - segmented marketing
- Concentrated - Niche marketing
Variables for stratification:
- Income
- Country/Region
- Rural/Urban
- Age
- Retired?
Sampling methods
-Random routes
-Database (mail survey-> address)
-Brochures
Contest to motivate people
Types of questions in a Questionnaire
- Closed-response
- Open-response
- Semi-open
- Contact-
- Filter
- Control
Sampling methods
- Simple random
- Systematic random
- Stratified random
- modal instance
- Random routes
Control Systems Survey
The objective is not to find bugs, but ensure the goodness of the information contained.
A. Respondents:
E.g. controll telephone respondents (usually between 10 to 25% polling)
Control questions in the questionnaire
B. Interviewer: Ask for phone number of respondents, route tracking, sending metro or bus tickets etc.
Marketing research process
Design: 1. Define a problem & objectives
2. Implement research planning
Collect: 3.Collect data
Analysis: 4. Analyze the information
5. Present the results
Internal records
- Accounting data
- Production costs
- Business records
- Different reports prepared in the past
- Complaints and claims
Types of managing promotional activites
- Up selling
2. Cross selling
Up-selling
It’s objective is to increase a customer’s total purchases.
Cross-Selling
It’s goal is fot the customer to purchase products or sections that he doesn’t usually buy
External secondary data sources
- Official Organizations
- Private organizations
- Publications
Segmentation variables
- General subjective
- Specific
- General objective
