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MKTG 341 > Quiz 2 > Flashcards

Quiz 2 Flashcards

1
Q

How do you increase sales in a mature market?

A
  1. STEALING from competitors

2. Finding NEW SEGMENTS of consumers and adjusting to them (ex. Diet Coke –> Coke Zero)

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2
Q

Three reasons to segment the market?

A
  • Diverse consumer needs
  • Limited Resources
  • Gaining clear consumer insight
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3
Q

Geographic Segmentation pertains to:

A

Where customers LIVE

ex. you wouldn’t market a heater in Mexico
ex2. Pizza toppings offered around the world differ

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4
Q

Demographic Segmentation includes:

A
  1. AGE Segmentation
  2. GENDER Segmentation
  3. INCOME Segmentation
  4. ETHNIC Segmentation

NEEDS evolve through time

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5
Q

Gender Segmentation

A

Ex. Wedding planning services that are catered to men as they are becoming more involved compared to the past

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6
Q

Income Segmentation

A

Ex. Cars vs. luxury cars

catering to a higher income or lower income as Toyota does with Lexus

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7
Q

Ethnic Segmentation

A

Ex. Specific stores sell certain products the culture of the people surrounding it in Canada (Asian grocery aisle)

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8
Q

Psychological Segmentation uses ____ and ____ to segment market.

A
  • self concept
    (what people like to be seen as, ex. dating websites that advertise happy couple)
  • Lifestyles
    (ex. lululemon)
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9
Q

Behavioral Segmentation pertains to products’

A

Benefits,
Usage Rate,
Occasion and
Loyalty

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10
Q

Benefit Segmentation (Behavioural) is based on

A

the DIFFERENT BENEFITS that consumers are looking for with a product
ex. Choice to watch a rom com with your partner over an action film

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11
Q

Occasion Segmentation (Behavioural)

A

Ex. Selling suits for formal occasions vs. daily wear

Ex2. Packing chips based on use (party pack, snack pack)

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12
Q

Loyalty Segmentation (Behavioural) involves

A
  • 80/20 Rule: you get 80% of profit from 20% of customers

- extract the most you can out of loyal customers, even by giving rewards

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13
Q

Usage Rate Segmentation (Behavioral) includes programs that

A

attract people with low usage rate more often

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14
Q

Multiple Segmentation includes

A

geodemographic segmentation

- combines multiple types of segmentation

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15
Q

Positioning is

A

the MENTAL PICTURE people have about a company and services relative to competitors

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16
Q

What does positioning help to do?

A

Helps Communicate

  • Value proposition
  • Benefits and reasons to purchase

EVER CHANGING to stay relatable

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17
Q

Value Propositions

A
  • Get more for more (luxury)
  • Get more for the same (ex. Lexus)
  • Get more for less (not often possible, but most desirable ex. Uber)
  • Get the same for less (Walmart)
  • Get less for much less (budget airlines)
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18
Q

Positioning Methods include:

A
  • Product attributes
  • Benefits and symbolism
  • Competition (the most costly)
  • Market leadership
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19
Q

Positioning using market leadership involves

A

being dominant in the market so you just focus on being a leader

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20
Q

Perceptual Map of Positioning is drawn up using

A

specific attributes in your market

ex. cost and quality
ex2. convenience and taste

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21
Q

Roles in marketing research include

A 
-Descriptive Role 
(What?)
- Diagnostic Role
(Why?)
- Predictive Role
(What's next?)
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22
Q

What is the first step in Market Research?

A

Identify the Problem

  • Major source of poor research designs
  • Thoroughly review relationships and factors involved
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23
Q

For example, what would you consider when researching a restaurant’s slow sales?

A
  • Factors that go into customer decision to dine out
  • Demographic profile of patrons
  • External factors (time, expense, location) influence willingness to dine out
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24
Q

Second Step in Market Research?

A

Design the Research

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25
Q

Types of Research include

A

Exploratory and Conclusive

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26
Q

Exploratory Research

A 
- Looks for KEY RELATIONSHIPS and variables 
Find out effective factors by: 
- Speaking with industry professionals
- focus groups 
- expert interviews 
- literature search
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27
Q

Conclusive Research

A

follows exploratory research

- how these variables relate to your problem and connect

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28
Q

The 2 Types of Conclusive Research

A

Descriptive: Surveys, observation

Causal: Experiments

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29
Q

Third Step in Market Research

A

Collecting the Data

30
Q

Secondary Data

A

info that’s already out there

ex. buying data from companies, Canada Stats

31
Q

Primary Data

A

find your own info and collect data based on your need

32
Q

Inexpensive, Clarifies Problems, Fast to Collect

A

Advantages of Secondary Data

33
Q

Collected for another purpose, Questionable Resources, Quickly outdated

A

Disadvantages of Secondary Data

34
Q

Focuses on solving a specific problem, sources are known, results more accurate

A

Advantages of Primary Data

35
Q

Expensive, Time- consuming, Requires specific skills sets

A

Disadvantages of primary data

36
Q

Qualitative Method

A
  • determines scope
  • no quantitative data
  • depth interviews
  • focus groups
37
Q

Quantitative Methods

A
  • More convincing
  • Survey research
  • Interviews
  • Observation research
  • Ethnographic Research (blending in)
  • Experiments (field or lab)
38
Q

Probability Samples are taken when

A

you randomly pick 100 people, this can be generalized to the population

39
Q

Non-probability samples are taken when

A

you pick the most convenient groups, can’t be generalized

40
Q

Final 3 Steps of Marketing research are

A

Analyze the data
Present the Report
Provide Follow Up

41
Q

Managerial recommendations are

A

actionable strategies that can be followed up on

42
Q

Big Data is

A

Collected information for over 10 years and tries to find patterns

43
Q

Factors to consider when evaluating segment attractiveness

A
  • Identifiable
  • Reachable
  • Responsive
  • Substantial and profitable
44
Q

Mass Marketing is

A

undifferentiated targeting

ex. sugar, salt, fuel greeting cards
- Want to get away from this by making yourself something different

45
Q

Differentiated Targeting strategy targets

A

each segment based on their needs

ex. Adidas Group –> adidas, reebok, taylor made

46
Q

Concentrated (Niche) targeting is

A
  • focused on YOUNG people
  • try to just please their segment and make money from them
    ex. A&F
47
Q

Micromarketing is

A
  • very specific, based on person
  • Was only B2B in the past but now public with tech
    ex. Designing own sneakers on nike.com
48
Q

Ethical Dilemma with marketing example discussed in class

A

Marketing designer labels to kids/ teens

49
Q

Pure Good example

A

Clothes

50
Q

Pure Service example

A

Air travel

51
Q

Cell phone and service is

A

A product and service

52
Q

Core benefit of a product is

A

the beginning of every new idea

- How should I satisfy this need in the market?

53
Q

Actual Product is

A

the product you receive/ sell

- involves the brand name, features, design, packaging

54
Q

Augmented Product is

A

things aside from the actual product, side services

- includes after sales service, installation, warranty, and delivery/ credit

55
Q

Convenience Products

A
  • DON’T spend alot of time researching
  • Impulse (last minute)
  • Staples (Fuel, paper, toothpaste)
  • Emergency (AMA, last min needs for holidays)
56
Q

Shopping Products

A

Think about purchase

  • May be important to research to some and not others
  • most INVOLVED purchases
    ex. appliances
57
Q

Specialty Products are

A

luxury products

  • only a percentage of the market will pay so you don;t have to make them cheap
  • want it to be rare
58
Q

Unsought Products

A

normally don’t want to have

  • business puts pressure on you
    ex. insurance, pre-planned funeral service, donating blood
59
Q

Product Mix means

A

a firm must think in terms of its entire portfolio

60
Q

Adjusting product lines and mixes can involve

A
  • product MODIFICATIONS
  • Functional mods
  • Style mods
  • Planned Obsolescence
  • Re-positioning
  • Line Extensions
  • Line Contractions
61
Q

What is essential as the market changes?

A

New Product Developments

62
Q

NPD: Idea Generation stems from

A
  • Customers (using a loyalty club to propose new ideas)
  • Employees (Google employees develop new projects)
  • Distributors
  • Competitors
  • Vendors
  • R&D
  • Consultants
63
Q

NPD: Idea Screening involves

A

Concept tests

- test your concept on your market

64
Q

NPD: Business Analysis involves

A

the numbers and seeing if an idea will be profitable

65
Q

NPD: Development includes

A

making a prototype and testing within the company then a sample population

66
Q

NPD: Test Marketing involves

A

testing your product on a small remote population that resembles the real population

67
Q

NPD: Commercialization involves determining

A

the important things about the product vs. the product itself
ex. distribution etc

68
Q

Types of Innovations

A
  • Continuous
  • Discontinuous
  • Dynamically Continuous
69
Q

Continuous (Incremental) Innovations

A

neither behaviour or tech changes

  • Line extensions, small changes
    ex. Razors with more blades
70
Q

Dynamically Continuous Innovations

A

Some tech has changed but behaviour is the same

  • upgraded tech
    ex. new monitor resolutions, mobile music tech
71
Q

Discontinuous (Radical) Innovations

A

Major tech and behaviour change

ex. hoverboards

72
Q

What do disruptive innovations do?

A
  • change how a market behaves - changes the whole market
  • starts with a small segment and then takes over
    ex. Uber, airbnb

MKTG 341 (1 decks)

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