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ICO > Marketing > Flashcards

Marketing Flashcards

1
Q

Marketing research

A

To analyze the market (detect needs and wants). It’s a process

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2
Q

Marketing management

A

Offer profitable solutions (Plan, implement & control)

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3
Q

Market information

A

Result

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4
Q

Secondary Data

A
  • Cheap
  • easy to access
  • some data can just be obtained by secondary data
  • may not meet data requirement
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5
Q

Primary Data

A
  • expensive
  • a lot effort
  • some data can be just obtained from primary data (e.g. corporate image)
  • meets the data requirement perfectly
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6
Q

Company’s Macroenvironment

A
  • Economic
  • Political / Legal
  • Social / Cultural
  • Demographic
  • Technological
  • Physical
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7
Q

Company’s Microenvironment

A
  • Company
  • Suppliers
  • Intermediaries
  • Stakeholders
  • Costumer / Consumers
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8
Q

7O’s

A
  1. Occupants (Who)
  2. Objects (What)
  3. Objectives (Why)
  4. Operations (How)
  5. Organization (?)
  6. Outlets (Where)
  7. Occasions (When)
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9
Q

Guideline of market research

A
  1. Introduction
  2. Customer study
  3. Competition study
  4. Intermediaries study
  5. Environment study
  6. Conclusions
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10
Q

Types of collecting behavioral data

A
  • Visual observation

- Technical means

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11
Q

Use of observational data

A
  • 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
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12
Q

Method of collecting information in which conditions are controlled to test a commercial hypothesis

A

Control group

- Governed by the principe of the black box.

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13
Q

Group technique

A

Process of obtaining ideas or solutions to a marketing problem

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14
Q

Types of group techniques

A
  • Focus groups, Mini focus groups
  • Interviews
  • Brainstorming
  • Role-playing
  • Philipps 66
  • Delphi
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15
Q

Internal experts

A

Marketers, product managers, executives

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16
Q

External experts

A

Experts, customers

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17
Q

Delphi method

A

Goal: minimize the subjectivity of personal opinions
- Degree of agreement is the degree of objectivity
Advantages: reduces inhibitions, avoid consequences of leadership, economical…..

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18
Q

Panel studies

A

Method of collecting data

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19
Q

Retail panel applications: Time series

A
  • Stock rotation time
  • Number of shops with the product or brand
  • Market share by type of shop
  • Average prices by type of establishment
20
Q

Audience panel application

A
  • Audience media
  • Audience characteristics
  • Audience loyalty
  • Ranking programm
21
Q

Consumer panel apllications

A
  • Sales volume by geographical areas, by period of time
  • sales volume by brand
  • Season of consumption
  • Sensitivity of sales to pirce, advertising etc….
22
Q

types of managing promotional activities

A
  1. Up-selling

2. Cross-selling

23
Q

Up-selling

A

Objective: Increase customers total purchases

E.g.: If the customer reaches a monthly purchase worth 400$, he is given a check worth 15$

24
Q

Cross-selling

A

Its goal is for the customers to purchase products he normally doesn’t buy.

25
Q

Internal secondary data

A
  1. Ratio analysis
  2. Assessment of the market knowledge of a company
  3. Competitiveness analysis of a company
26
Q

External secondary data sources

A
  • Official organizations
  • Private organizations
  • Publications
27
Q

Consumer Price Index

A

Objective: Provide a statistical measurement of the evolution of the prices of a set of goods and services

28
Q

Segmentation

A

-divide the total market into smaller segments. Due to the range of DEMAND

29
Q

Differentiation

A

Differentiate the market offer to create superior value. Due to the range of SUPPLY

30
Q

Positioning

A

Position the market offering in the minds of target customers. It is based on the image in the mind of the CONSUMER

31
Q

Market segmentation process

A
  1. Market division or creation of segments
  2. Segment analysis
  3. Evaluating and selecting segments
32
Q

Descriptive Segmentation variables

A

Can be measured easily

  • Demographic
  • Geographic
  • Socioeconomic
  • Psychographic
  • Specific
33
Q

Functional segmentation variables

A

Can be measured indirectly

  • Purchase reason
  • Benefits sought (expected benefits)
34
Q

Selecting target market segments

A
  1. Objectives and resources of the company
  2. Structural analysis of the segment (Porters 5forces)
  3. Economic analysis of segment
35
Q

Segment & Marketing strategy

A
  1. Undifferentiated - Mass marketing
  2. Differentiated - segmented marketing
  3. Concentrated - Niche marketing
36
Q

Variables for stratification:

A
  • Income
  • Country/Region
  • Rural/Urban
  • Age
  • Retired?
37
Q

Sampling methods

A

-Random routes
-Database (mail survey-> address)
-Brochures
Contest to motivate people

38
Q

Types of questions in a Questionnaire

A
  • Closed-response
  • Open-response
  • Semi-open
  • Contact-
  • Filter
  • Control
39
Q

Sampling methods

A
  • Simple random
  • Systematic random
  • Stratified random
  • modal instance
  • Random routes
40
Q

Control Systems Survey

A

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.

41
Q

Marketing research process

A

Design: 1. Define a problem & objectives
2. Implement research planning

Collect: 3.Collect data

Analysis: 4. Analyze the information
5. Present the results

42
Q

Internal records

A
  • Accounting data
  • Production costs
  • Business records
  • Different reports prepared in the past
  • Complaints and claims
43
Q

Types of managing promotional activites

A
  1. Up selling

2. Cross selling

44
Q

Up-selling

A

It’s objective is to increase a customer’s total purchases.

45
Q

Cross-Selling

A

It’s goal is fot the customer to purchase products or sections that he doesn’t usually buy

46
Q

External secondary data sources

A
  • Official Organizations
  • Private organizations
  • Publications
47
Q

Segmentation variables

A
  • General subjective
  • Specific
  • General objective

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