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MK101 > Midterm > Flashcards

Midterm Flashcards

1
Q

All The individuals and households that buy or acquire goods and services for personal consumption

A

Consumer marketing

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2
Q

They make many buying decisions everyday

A

Consumer

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3
Q

Model of consumer helps managers answer questions about what consumers buy, where they buy, how much they buy and why they buy

A

Kotler’s Model of Consumer Behavior

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4
Q

Learning about what, where, when and how much is fairly easy

Learning about the why is much more difficult

A

Kotler’s Model of Consumer Behavior

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5
Q

4 Ps

A

Product
Price
Place
Promotion

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6
Q

Other stimuli

A

Technological
Economic
Political
Cultural

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7
Q

They must figure out what is consumer’s ‘Kotler’s black box”

A

Marketers

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8
Q

Two parts of Kotler’s black box

A

Buyer’s characteristics

Buyer’s decision

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9
Q

Strongly influenced by cultural,social, personal and psychological characteristics. For the most part, the marketer cannot control them but they must be taken into account

A

Consumer purchases

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10
Q

Exert the broadest and deepest influence on consumer behavior.

A

Cultural Factors

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11
Q

The marketer needs to understand the role played by buyer’s

A

Culture
Subculture
Social Class

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12
Q

Most basic cause of a person’s wants and behavior

A

Culture

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13
Q

It is largely learned

A

Human behavior

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14
Q

A Filipino child learns or is exposed to the following values:

A 
Material comfort
Achievement and success
Progress
Activity and involvement
Individualism
Humanitarianism
Youthfulness
Efficiency and practicality
Fitness and health
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15
Q

Group of people with shared value systems based on common life experiences and situations

A

Subculture

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16
Q

Might be nationality groups, religious groups, racial groups, or geographic area groups

A

Subculture

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17
Q

Subcultural grouo

A

Asian-American
Hispanic
African-American
Mature

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18
Q

This group is the fastest growing and most affluent segments.

A

Asian-American

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19
Q

Language and cultural barriers appear to be the largest barriers to the effective marketing for this group. However, because of its rapid grwoth, this group will receive increased attention from marketers

A

Asian-American

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20
Q

This group is very brand loyal and tends to favor companies that show interest in them

A

Hispanic

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21
Q

This group has a tremendous purchasing power and it is growing in affluence and sophistication.

A

African-American

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22
Q

Some companies have developed special items, packaging, and appeals for this group.

A

African-American

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23
Q

This groups appears to be very price-conscious, are motivated by quality and selection, and emphasize brand name and loyalty

A

African-American

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24
Q

This group is another very attractive market considering the fact that the Philippine population is aging.

A

Mature

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25
Q

Seniors are better off financially, and they average twice the disposable income of consumers in the under-35 age group. As the seniors segment grows in size and buying power, more marketers will develop aggressive policies for attracting this market.

A

Mature

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26
Q

Two or more people who interact to accomplish individual or mutual goals.

A

Reference group

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27
Q

Groups that have a direct influence and to which a person is called.

A

Membership groups

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28
Q

Exposes a person to new behaviors and lifestyles, influence the person’s attitudes and self-concept, and creates pressures to conform that may affect the person’s products and brand choices.

A

Reference group

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29
Q

Serve as direct (face-to-face) or indirect points of comparison or reference in forming a person’s attitudes or behavior

A

Reference groups

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30
Q

One to which the individual wishes to belong.

A

Aspirational group

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31
Q

Marketers try to identify the reference groups of their target markets

A

Aspirational group

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32
Q

Person within a reference group who because of special skills, knowledge, personality, or other characteristics-exert influence on others

A

Opinion leader

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33
Q

Most important consumer buying organization in society, and it has been researched extensively.

A

Family

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34
Q

Consists of the activities people are expected to perform according to the persons around them

A

Role

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35
Q

Each role carries a __ reflecting the general esteem given it to by society

A

Status

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36
Q

Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behavior

A

Social Class

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37
Q

Not determined by a single factor, such as income but is measured as a combination of occupation, income, education, wealth and other variables

A

Social class

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38
Q

Show distinct product and brand references in areas

A

Social class

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39
Q

A consumer;s behavior is influenced by social factors:

A

Small groups
Family
Social role
Status

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40
Q

Consists of two or more people who interact to accomplish individual or mutual goals.

A

Group

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41
Q

These are groups which a person belongs

A

Membership groups

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42
Q

A buyer’s decision can also be influenced by personal characteristics such as:

A 
Buyer's age and Life cycle stage
Occupation
Economic situation
Lifestyle
Personality
Self-concept
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43
Q

Person’s unique psychological characteristics that lead to relatively consistent and lasting responses to his or her own environment.

A

Personality

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44
Q

Usually described in terms of traits such as self-confidence, dominance or sociabilitu

A

Personality

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45
Q

Can be useful for analyzing consumer behavior for certain brand or product choices

A

Personality

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46
Q

The basic idea is that people’s possessions contribute to and reflect their identities

A

Self concept describes self-image

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47
Q

A buyer’s choice are influenced by 4 major psychological factors:

A

Motive (drive)
Beliefs and attitudes
Learning
Perception

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48
Q

Refers to the buying behavior of final consumers individuals and households who buy goods and services for personal consumption

A

Consumer Buying

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49
Q

A need that is sufficiently pressing to the direct the person to seek satisfaction of the need.

A

Motive (drive)

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50
Q

A person has many needs at any given time and these can be biological or psychological.

A

Motive (drive)

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51
Q

Assumes that people are largely unconscious about the real psychological forces shaping their behavior. Accordingly, a person does not fully understand his or her motivation

A

Freud’s theory

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52
Q

Seeks to explain why people are driven by particular needs at particular times

A

Maslow’s theory of motivation

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53
Q

Maslow’s theory of motivation

A 
Physiological needs
Safety needs
Social needs
Esteem needs
Self-actualization needs
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54
Q

Process by which people select, organize, and interpret information to form a meaningful picture of the world.

A

Perception

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55
Q

The marketer must remember that two people with the same motivation and in the same situation may act differently because they perceive the situation differently

A

Perception

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56
Q

These difference in perception can be accounted for by three perceptual process

A

Selective attention
Selective distortion
Selective retention

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57
Q

Tendency of people to screen out most of the information to which they are exposed

A

Selective attention

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58
Q

Tendency of people to interpret information in a way that will support what they already believe

A

Selective distortion

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59
Q

Tendency of people to retain only part of the information to which they are exposed, usually information that supports their attitudes and beliefs

A

Selective retention

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60
Q

An interesting side bar is the concept of __ where some researchers attempted to appeal to customers between the conscious thinking and perception level. Most agree that no link has been found between this somewhat devious technique and consumer behavior

A

Subliminal advertising

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61
Q

Described as changes in an individual’s behavior arising from experience

A

Learning

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62
Q

Learning occurs through the interplay of:

A 
a drive
a drive
cues
response
reinforced
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63
Q

A strong internal stimulus that calls for action

A

a drive

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64
Q

Minor stimuli that determine when, where and how the person responds

A

cues

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65
Q

becoming a motive when it is directed toward a particular stimulus object

A

a drive

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66
Q

Can influence a buyer’s response to an impulse

A

Cues

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67
Q

If the experience is rewarding then the response is __

A

reinforced

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68
Q

Descriptive thought that a person has about something

A

Belief

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69
Q

May be based on real knowledge, opinion or faith

A

Belief

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70
Q

May ot may not carry an emotional charge

A

Belief

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71
Q

Person’s consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea

A

attitude

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72
Q

Buyer’s decision process

A 
Need recognition
Information search
Evaluation of alternatives
Purchase decision
Post-purchase behavior
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73
Q

First stage of the buyer’s decision in which the consumer recognizes a problem or need

A

Need recognition

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74
Q

Put people into a frame of mind of liking or disliking things, moving toward or away from them

A

Attitude

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75
Q

Difficult to change

A

Attitude

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76
Q

Fit into a pattern and changing one attitude may require changing others

A

Person’s attitudes

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77
Q

Examines how a consumers make buying decisions .

A

Buyer Decision Process

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78
Q

The need can be triggered by __ when one of the person’s normal need rises to a level high enough to become a drive

A

Internal stimuli

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79
Q

Stage of the buyer decision process in which the consumer is aroused to search for more information; the consumer may simply have heightened attention or may go into active information search

A

Information search

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80
Q

Information can be attained from several sources

A

Personal sources
Commercial sources
Public Sources
Experiential sources

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81
Q

Such as family and friends

A

Personal sources

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82
Q

Such as advertising and salespeople

A

Commercial Sources

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83
Q

Such as the mass media and consumer-rating organizations

A

Public sources

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84
Q

Such as handling, examining, or using the product

A

Experiential sources

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85
Q

Stage of the buyer’s decision process in which the consumer uses infromation to evaluate alternative brands choices

A

Alternative evaluation

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86
Q

Stage of the buyer’s decision process in which the customer actually buys the product

A

Purchase decision

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87
Q

Generally, the consumer’s purchase decision in will be to buy the most preferred ; however two factors come between purchase intention and and the purchase decision:

A

Other people’s attitude

Unexpected situational factors

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88
Q

Stage of the buyer decision process in which consumers take further action after purchase based on their satisfaction or dissatisfaction

A

Post-purchase behavior

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89
Q

Buyer discomfort caused by post-purchase conflict and it is very common

A

Cognitive dissonance

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90
Q

It is very important to satisfy customers because a company’s sales comes from two basic groups

A

New customers

Retained customers

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91
Q

Is a good, service, or idea that is perceived by some potential customers as new

A

New product

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92
Q

The product may have been around for a while, but marketers are interested in how customers learn about products for the first time and make decisions on whether to adopt them

A

New product

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93
Q

Mental course through which an individual passes from first hears about an innovation to final adoption

A

Adoption process

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94
Q

Defined as the decision by an individual to become a regular user of the product

A

Adoption

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95
Q

Five stages of the adoption process:

A 
Awareness
Interest
Evaluation
Trial
Adoption
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96
Q

The consumer becomes aware of the new product, but lacks information about it

A

Awareness

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97
Q

The consumer is stimulated to seek information about the new product

A

Interest

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98
Q

The consumer considers whether trying the new product makes sense

A

Evaluation

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99
Q

The consumer tries new product on a small scale to improve his or her estimate of its value

A

Trial

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100
Q

The consumer decides to make full and regular use of the new product

A

Adoption

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101
Q

5 different adoption categories can be identified as:

A 
Innovators
Early adopters
Early majority
Late majority
Laggards
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102
Q

Venturesome and they try new ideas at some risk

A

Innovators (2.5%)

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103
Q

Guided by respect

A

Early adopters (13.5%)

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104
Q

They are opinion leaders in their communities and adopt new ideas early but carefully

A

Early adopters (13.5%)

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105
Q

Are deliberate. Although rarely leaders, they adopt new ideas before the average person

A

Early majority 34%

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106
Q

Are skeptical, They adopt an innovation only after a majority of people have tried it

A

Late majority 34 %

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107
Q

Tradition bound

A

Laggards 16%

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108
Q

They are suspicious of changes and adopt the innovation only when it has becoming something of a tradition itself

A

Laggards 16%

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109
Q

5 new product’s characteristics:

A 
Relative advantage
Compatibility
Complexilty
Divisibility
Communicability
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110
Q

Degree to which it appears superior to existing products

A

Relative advantage

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111
Q

Degree to which it fits the values and experiences of potential customers

A

Compatibility

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112
Q

Degree to which it is difficult to understand or use

A

Complexity

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113
Q

Degree to which it mat be tried on a limited basis

A

Divisibility

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114
Q

Degree to which the results can be observed or described to others

A

Communicability

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115
Q

Other characteristics for products affect the rate of adoption

A

Ongoing costs
Risk and uncertainty
Social approval

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116
Q

Refers to the buying behavior of all the organizations that buy goods and services to use in the production of other products and services that are sold, rented or supplied to others.

A

Business buyer behavior

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117
Q

This includes retailers and wholesalers

A

Business Buyer Behavior

118
Q

MRO

A

Maintenance, Repair and operations

119
Q

Stages of Business Buying Process

A 
Problem Recognition
General need description
Product specification
Supplier search
Proposal solicitation
Supplier selection process
Order routine specification
120
Q

In this stage, the company recognizes a problem or need that can be met by acquiring a good or service

A

Problem recognition

121
Q

The company describes the general characteristics and quantity of a needed item

A

General need description

122
Q

Stage where the buying organization decides on and specifies the best technical product characteristics for a needed item

A

Product specification

123
Q

Develops the item’s specifications

A

Value analysis engineering team

124
Q

Approach to cost reduction in which components are carefully studied to determine if they can be redesigned, standardized or made by cheaper methods of production

A

Value analysis

125
Q

Conducted to help the buyer find the best vendors

A

Supplier search

126
Q

Buyer invites qualified suppliers to submit proposals

A

Proposal solicitation

127
Q

Is important because this is where the buyer review proposals and selects a supplier or suppliers

A

Supplier selection procrss

128
Q

The buyer writes the final order with the chosen supplier, lists the technical specifications, quantity needed, expected time of delivery, return policies, warranties and so-on

A

Order routine specification

129
Q

Creates a long-term relationship in which the supplier promises to re-supply the buyer as needed at agreed prices for a set time period

A

Blanket contract

130
Q

Leads to more single source buying and more items from that source

A

Blanket contracting

131
Q

Buyer rates his or her satisfaction with suppliers, deciding whether to continue, modify or drop them

A

Performance review

132
Q

Factors that influence the supplier selection process:

A 
Quality products and process
On-time delivery
Ethical corporate behavior
Honest communications
Competitive process
Repair and servicing capabilities
Geographic location
Performance history
Reputation
133
Q

Major types of Buying Situations:

A

Straight Rebuy
Modified Rebuy
New task

134
Q

Situation is fairly routine decision.

A

Straight rebuy

135
Q

A buyer routinely reorders something without any modifications in this situation.

A

Straight rebuy

136
Q

Situation which the buyer wants to modify product specifications prices, terms or suppliers

A

Modified rebuy

137
Q

Industrial buying situation in which the buyer purchases a product or service for the first time

A

New task

138
Q

Many business buyers prefer to buy a packaged solution to a problem from a single seller

A

Systems selling

139
Q

The sale often goes to the firm that provides the most complete system meeting the customer’s needs

A

Systems selling

140
Q

The decision-making unit of a buying organization

A

Buying center

141
Q

Major influences on Business Buyers:

A

Personal
Interpersonal
Environmental
Organizational

142
Q

These factors include such things as shortages of raw materials (specifically) or technology, political, competitive, culture and customs

A

Environmental

143
Q

Every buying organization has its own set of objectives, policies, procedures structure and systems

A

Organizational

144
Q

Person’s pattern of living as expressed in his or her psychographics

A

Lifestyle

145
Q

Profiles a person’s while pattern of acting and interacting with the world

A

Lifestyle

146
Q

AIO Dimensions

A

Activities
Interests
Opinions

147
Q

Identifying market segments, selecting one or more of them and developing products and marketing programs

A

Mass Marketing ➡️ Marketing Segmentation and Targeting

148
Q

3 Major steps of Target Marketing

A

Market Segmentation
Market Targeting
Market Positioning

149
Q

Dividing a market into distinct groups of buyers with different needs, characteristics or behaviors who might require separate products or marketing mixes

A

Market segmentation

150
Q

Evaluating each market segment’s attractiveness and selecting one or more of the market segments to enter

A

Market Targeting

151
Q

Setting the competitive positioning for a product and creating a detailed marketing mix

A

Market positioning

152
Q

Consists of buyers which differs in wants, resources, locations, buying attitudes and buying practices

A

Markets

153
Q

No segmentation

A

Mass Marketing

154
Q

Complete segmentation

A

MicroMarketing

155
Q

Something in between

A

Segment Marketing or niche marketing

156
Q

Companies have not always practiced target marketing. For most of this century major consumer products held fast to __

A

Mass Marketing

157
Q

Mass producing, distributing, promoting about the same product in about the same way to all consumers

A

Mass Marketing

158
Q

For example, Coke produced only one drink for the whole market hoping it would appeal to everyone.

The traditional argument that it creates the largest potential market which leads to lower costs

A

Mass Marketing

159
Q

Recognizes the buyers differ in their needs, perceptions, and buying behavior

A

Segment Marketing

160
Q

The company tries to isolate broad segments that make up a market and adapts its offers to more closely match the needs of one or more segments

A

Segment marketing

161
Q

Benefits of Segment Marketing:

A

Efficiently
Effectively
Fewer Competitors

162
Q

There is no single way to segment a market.

4 bases of segmenting the consumer markets:

A

Geographic
Demographic
Paychographic
Behaviorable variables

163
Q

Calls for dividing the market into different geographical units such as nations, states, countries, cities or neigborhoods

A

Geographic segmentation

164
Q

!Many marketers operate in more than one geographical area
!It is common to localize products, advertising, promotions, and sales efforts to fit the needs of geogaphical areas (nations, regions citieds and neigborhoods)
!Many firms are looking to cultivate untapped geographic territories

A

Geographic Segmentation

165
Q

Dividing the market into groups based on variables like age, gender, family size, family life cycle, education, religion, race, income, occupation, and nationality

A

Demographic Segmentation

166
Q

Most Popular bases for segmenting customer groups

A

Demographic Factors

167
Q

Buyers

A

MARKET differs in wants, needs, resources, locations, buying attitudes and buying practices

168
Q

The popularity of this method is due to observed relationship that consumer’s needs and wants often vary closely with demographics

A

Demographic Segmentation

169
Q

Consists of offering different products or using different marketing approaches for different age and life cycle groups

A

Age and Life Cycle Segmentation

170
Q

Marketers must guard against stereotypes when using this form of segmentation

A

Age and Life-Cycle Segmentation

171
Q

When certain age and life-cycle groups do behave similarly, __ is often a poor predictor of a person’s life cycle, health, work or family status, needs and buying power

A

AGE

172
Q

Dividing a market into different groups based on gender

A

Gender segmentation

173
Q

This segmentation form has been long used for clothing, cosmetics, toiletries, and magazines

A

Gender Segmentation

174
Q

New opportunities in this area are emerging such as mobile phone, shampoo, hair salon services

A

Gender Segmentation

175
Q

A growing number of Web sites now target women

A

Gender Segmentation

176
Q

Dividing a market into different income groups

A

Income segmentation

177
Q

This form of segmentation has long been used by marketers for condominiums, cars, clothing, travel, cosmetics and hair salon services

A

Income Segmentation

178
Q
A

Income Sementation

179
Q

Dividing a market into groups based on social class, lifestyle or personality characteristics

A

Psychographic Segmentation

180
Q

People in the same demographic class can exhibit very different psychographic characteristics

A

Psychographic Segmentation

181
Q

Lifestyle aslo affects people’s interest of various goods and the goods they buy express those lifestyles.

This method is gaining more popularity

A

Psychographic Segmentation

182
Q

Can also be used to segment markets. Marketers will give their products personalities that correspond to consumer personalities

A

Personality Variables (Psychographic Segmentation)

183
Q

Dividing a market into groups based on consumer knowledge, attitudes, uses or responses to a product

A

Behavioral Segmentation

184
Q

Marketers believe that this is the best starting point for building market segements

A

Behavior variables (Behavioral Segmentation)

185
Q

Dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase or used the purchased item

A

Occasion Segmentation (Behavior Segmentation)

186
Q
A

Benefit Segmentation

187
Q

Behavioral Segmentation is dividing the groups based on variables like:

A 
User Status
Benefit
Occasion
Loyalty
Usage Rate
188
Q

Can be used to divide a market. Classifies non-users, ex-users, potential users, first-time users and regular users of a product

A

User rate

189
Q

Another way to segment market. Classifies light, medium and heavy user groups

A

Usage rate

190
Q

Can also be used to segment markets. Classifies as Completely, Somewhat or not loyal.

A

Loyalty Status

191
Q

One of the most promising developments in multivariable segmentation is__

A

“geodemographic” segmentation

192
Q

Help organizations to link Philippine Census Data with lifestyle patterns

A

MORES

193
Q

MORES

A

Organization as Marketing Organization in Research

194
Q

Segmenting Business Characteristics

A

Operating Characteristic
Purchasing Approaches
Situational Factors
Personal Characteristics

195
Q

Companies can segment international markets using one or more of a combination of variables.

The chief factors/Segmenting International Market

A

Geographic Factors
Economic factors
Political and legal factors

196
Q

They have a much better chance to deliver value to consumers and to receive maximum rewards for close attention to customer needs

A

Compnies

197
Q

In this approach, companies form segments of consumers who have similar needs and buying behavior even though they are located in different countries.

A

Intermarket Segmentation

198
Q

Requirements for effective Segmentation:

A 
Measurability
Accessibility
Substantiability
Differentiation
Actionability
199
Q

Degree to which the size, purchasing power, and profiles of a market segment can be measured

A

Measurability

200
Q

Degree to which a market segment can be reached and served

A

Accessibility

201
Q

Degree to which a market segment is sufficiently large or profitable

A

Substantiality

202
Q

Degree to which a market segment can conceptually be distinguished and has the ability to respond differently to different marketing mix elements and programs

A

Actionability

203
Q

Divides a market by the amount of product bought or consumed

A

Usage-Rate Segmentation

204
Q

Three Factors in evaluating market segments:

A

Size and Growth
Objective and Resources
Segment Structural Attractiveness

205
Q

Analyze current segment sales, growth rates, and expected profitability for various segments

A

Segments Size and Growth

206
Q

Consider effects of competitors, availability of substitute products and the power of suppliers and buyers

A

Segment Structural Attractiveness

207
Q

Factors to consider in SSA:

A

Current and potential customers
Threat of substitute prouducts
Relative power of buyers
Relative power of suppliers

208
Q

Set of buyers who share common needs or characteristics that the company decides to serve

A

Target Market

209
Q

3 Market Coverage Strategies

A

Undifferentiated Marketing
Differentiated Marketing
Concentrated Marketing

210
Q

Firm decides to ignore market segment differences and go after the whole market with one offer

A

Undifferentiated Marketing

211
Q

It relies on mass distribution and mass marketing for its success

A

Undifferentiated Marketing

212
Q

Firm decides to target several market segments and designs a separate offer for each

A

Differentiated Marketing

213
Q

Firm goes after a large share of one or a few submarkets

A

Concentrated Marketing

214
Q

Important Considerations:

A 
Company Resources
Product Variability
Product's stage in the life cycle
Market variability
Competitors' marketing strategies
215
Q

When a company’s resources are limited, concentrated marketing makes the most sense

A

Company Resources

216
Q

Standardization can be matched with undifferentiated strategies, variance can be matched with differentiated strategies

A

Product Variability

217
Q

In the beginning stages, use limited product offerings and pursue undifferentiated or concentrated markets and expand product offerings (differentiation in the latter stages)

A

Product’s stage in the life cycle

218
Q

If tastes are the same, use undifferentiated

A

Market variability

219
Q

Be careful in using opposites unless you can segment where they have not

A

Competitor’s marketing strategies

220
Q

Helps companies to be more efficient and effective by focusing on the segments that they can satisfy best and more profitability

A

Smart targeting

221
Q
A

Product’s Position

222
Q

It simplifies the buying helping consumers organize products into categories

A

Product Positioning

223
Q

Marketers must:

A

Plan positions
Design positions
Design marketing mixes

224
Q

3 steps in Positioning task/Strategy:

A

Identifying a set of possible competitive advantages
Choosing the right competitive advantage
Selecting an overall position strategy

225
Q

Advantage over competitors gained by offering consumers greater value, either though lower prices or by providing more benefits that justify competitive advantage

A

Competitive Advantage

226
Q

Specific ways a company is differentiated from different competitors:

A 
Product Differentiation
Services Differentiation
Channel differentiation
People Differentiation
Image Differentiation
227
Q

Differentiating a company’s physical product

A

Product differentiation

228
Q

Methods of Product Differentiation:

A

Features performance, style and attributes

229
Q

Differentiates the services that accompany the product

A

Services Differentiation

230
Q

Methods of Services Differentiation:

A

Speedy
Installation service
Customer Training service

231
Q

Gains competitive advantage through the way the company designs its channel coverage, expertise and performance

A

Channel Differentiation

232
Q

Involves hiring and training better people than competitors

A

People Differentiation

233
Q

Requires working to establish images that differentiate them from competitors. SYMBOLS CAN BE USED

A

Image Differentiation

234
Q

Adman Rosser Reeves called the benefit USP

A

Unique Selling Proposition

235
Q

AVOID

A

Underpositioning
Overpositioning
Confused positioning

236
Q

Failing to ever really position the company at all

A

Underpositioning

237
Q

Giving buyers too narrow a picture of the company

A

Overpositioning

238
Q

Leaving buyers with a confused image of a company

A

Confused positioning

239
Q

A difference is worth establishing if it satisfies the following criteria

A 
Superiority
Importance
Distinctiveness
Communicability
Affordability
Preemptiveness
Profitability
240
Q

Full positioning of a brand which is a full mix of benefits upon which the brand is positioned

A

Value Proposition

241
Q

Typical brand proposition

A 
More for more
More for the same
Same for less
Less for much less
More for less
242
Q

Information mangers would like to have

A

Benefit

243
Q

What they really need and what is feasible to offer

A

Cost

244
Q

Information needed by the managers to be obtained from:

A

Marketing Intelligence
Internal Data
Marketing Research

245
Q

Consists of electronic collections of information obtained from data sources of the company

A

Internal databases

246
Q

It can usually be accessed more quickly and economically than other information sources which is regularly used

A

Internal databases

247
Q

Systematic collection and analysis of publicly available information about competitors and developments in the marketing environment

A

Marketing Intelligence

248
Q

Marketing Intelligence sources:

A 
company personnel
suppliers
information on competitors
analyzing competitor's products
new patemts
buying information
online databases
249
Q

Systematic design, collection, analysis and reporting about a specific marketing situation

A

Marketing Research

250
Q

MARKETING RESEARCH PROCESS

A

Defining problem and research objectives
Developing research plan for collecting information
Implementing the research plan collecting and analyzing data
Interpreting and reporting the findings

251
Q

Must work closely together to carefully define the problem and agree on research objectives

A

Marketing manager and researcher

252
Q

Must know enough about marketing research to help in the planning and interpret research results

A

Marketing managers

253
Q

Often the hardest step in the process:

A

Define the problem and research objectives

254
Q

3 General Types of Objectives:

A

Descriptive Research
Exploratory Research
Casual Research

255
Q

Where the objective is to gather preliminary information that define the problem and suggest hypotheses

A

Exploratory Research

256
Q

Where the intent is to describe things such as the market potential of the product or the demographics and attitudes of customers who buy the product

A

Descriptive research

257
Q

Which would test hypotheses about cause and effect relationship

A

Casual Research

258
Q

It will guide the entire research process:

A

Statement of the problem and research objectives

259
Q

It’s best to put in writing so it can be reached and everyone knows the direction of the research effort

A

Defining problem and research objectives

260
Q

The attempt is to determine the information needed, develop a plan for gathering it efficiently and presenting the plan to marketing management

A

Developing research plan

261
Q

It spells out specific research approaches, contact methods, sampling plan and improvements that researchers will use to gather primary data

A

Research plan

262
Q

Information that already exists somewhere, having been collected for another purpose

A

Secondary data

263
Q

Information collected for specific purpose at hand

A

Primary data

264
Q

Information is gathering data by observing people, actions and situations (exploratory)

A

Observation research

265
Q

Asking individuals about attitudes, preferences or buying behaviors (descriptive)

A

Survey Research

266
Q

Using groups of people to determine cause-and0effect relationship (causal)

A

Experimental Research

267
Q

Form of personal interviewing

A

Focus group interviewing

268
Q

It incites 6-10 people to gather for a few hours with a trained interviewer to talk about service or an organization

A

Focus group interviewing

269
Q

A new method used in technology age-group today. Consumers read questions from a computer screen and respond

A

Computer-assisted interviewing

270
Q

Consists of Internet surveys, experiments and online focus groups. Many experts predicted it would be the primary use for marketing researchers

A

Online (Internet) marketing Research

271
Q

Used to outline how samples will be constructed and used

A

Sampling plans

272
Q

Segment of the population selected for marketing research to represent the population as a whole

A

Sample

273
Q

Requires three decisions in a survey:

A

Who is to be surveyed? (sampling unit)
How many people surveyed?
How should be chosen (Sampling procedure)

274
Q

Research instruments can be divided into two main categories:

A

Questionnaire

Mechanical Instruments

275
Q

By far the most common instruments. It consist of a set of questions presented to a respondent for his or her answers.

A

Questionnaire

276
Q

In preparation of questionnaire, the marketing researcher needs to decide:

A

What questions asked?
Form of questions (Close-end, Open-End questions)
Wording of Question
Ordering of Question

277
Q

Questions that include all the possible answers and allow subjects to make choices among them

A

Close-end Questions

278
Q

Questions that allow respondents to answer in their own words

A

Open-end questions

279
Q

Also used to collect information. Two common forms are people meters and supermarket scanners or measure subjects’ physical responses

A

Mechanical Instruments

280
Q

Measures strength of interest or emotions aroused by a subject’s exposure to different stimulu, such as an ad or picture

A

Galvanometer

281
Q

Used to study a respondent’s eye movements to determine at what points his or her eyes focus first and how long they linger on a given item

A

Eye cameras

282
Q

At this stage, the marketing researcher puts the research plan into action. This involves sufficient processing and analyzing the information

A

Implementing the research plan

283
Q

Most expensive part of the research process

A

Data collection

284
Q

The market researcher must now interpret the findings, draw conclusions and report them to management

A

Interpreting and Reporting the Findings

285
Q

Important phase of the marketing process

A

Interpretation

286
Q

Most expensive and subject to Error

A

Collecting data
Processing the data
Analyzing the data

287
Q

Researchers should present important findings that are useful to the major decisions faced by management

A

Step1 Interpret the findings
Create conclusion
Report to Management

288
Q

Might involve a collection of analtical models that will help marketers make better decisions and help answer what if and what’s best

A

Information analysis

289
Q

A special software and analysis techniques which facilitates integrating and applying the mountains of individual customer data contained in their databases

A

CRM (Customer Relationship Management)

290
Q

Companies look for touch points and develop data warehouses abd use data mining techniques to find information about customers

A

CRM

291
Q

Functions of MIS Distributing

A

Distrbute routine for information making
Information must be distributed to the right mangers at the right time
Distribute non-routine information

MK101 (4 decks)

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