midterm Flashcards
What is CRESTD
competition, regulatory, economic, socio-cultural, technological, demographic
consumer purchase decision process
problem recognition, info search, alternatives, purchase decision, post-purchase evaluation
5 steps in the market research process
define problem, develop research plan, collect info, develop findings, take action
qualitative vs quantitive
-focus groups, interviews
-observations, surveys, experiments
secondary research vs primary research
research already there, could be inaccurate, out of date.
data collected specifically for the research at hand .
could be costly
mass marketing
involves targeting the entire market with a single marketing message
segment marketing
This form of market segmentation involves dividing the market into smaller groups and targeting each group with a specific marketing message.
individualized marketing
involves targeting individual consumers with highly customized marketing messages.
niche marketing
involves targeting a small, specific segment of the market with a specialized marketing message
Four I’s
intangibile, inseparbile, inconsistency, inventory
SWOT
strengths, weakness, opportunity, threat
enviornmental scan
researching outside the buisness to see potential threats to it.
what is a market
A market is a group of customers who have a need or want that can be satisfied by a product or service.
3 variations in Involvement and problem-solving
routine, limited, extended
situational influences
physical surroundings, social surroundings, temporal effects, antecedent state, and purchase task.
exploratory research
used to gather initial insights about a new or complex problem.
descriptive research
provides a more in-depth look into specific aspects of a problem
casual research
used to find cause-and-affect relationship
primary data
original and specifically collected only for the project.
seconadary data
-not accurate
-may be out of date
packaging and labelling serve 3 aspects
function, communication, brand image.
product length vs depth
-total number of products or brands in a product line
-Different versions of each product sold within its lines.
consumer products (4)
convenience, shopping, specialty, unsought
a good brand name should have
memorability, relevance, uniqueness,positive association, easy pronounce
baby boomers
gen x
gen y
gen z
1946-1965
1966-1980
1981-2000
2001-beyond
share of wallet
portion of a customer’s spending that goes towards a particular product or brand
total product concepts
core, actual, augmented
