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MK 201 > Test 2 (chp 7,8,9,10) > Flashcards

Test 2 (chp 7,8,9,10) Flashcards

1
Q

Marketing research

A

the process of defining a marketing problem or opportunity, systematically collecting and analyzing information, and recommending actions

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2
Q

Marketing Research process

A
  1. define the problem
  2. develop the research plan
  3. collect relevant information
  4. develop findings
  5. take marketing action
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2
Q

Research objectives

A

specific, measurable goals the decision maker seeks to achieve in conducing the marketing research

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3
Q

Measures of success

A

criteria or standards used in evaluating proposed solutions to the problem

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4
Q

explanatory research

A

study conducted at the early stages of a research project to gain a better understanding of a situation – typically qualitative

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5
Q

descriptive research

A

study conducted to provide a detailed, factual account of a specific phenomenon, market, or consumer group – typically quantitative

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6
Q

constraints

A

restrictions placed on potential solutions to a problem – often time or money

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7
Q

concepts

A

ideas about products or services

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8
Q

new-product concept

A

a picture or verbal description of a potential product

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9
Q

research methods

A

techniques and processes used to collect, analyze, and interpret data

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10
Q

observation

A

surveillance of behaviors in person or through mechanical means

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11
Q

questionnaires

A

asking people about their attitudes, awareness, intentions, and behaviors

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12
Q

sampling

A

selecting a group of research participants

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13
Q

statistical inference

A

using statistical methods to generalize the results from a sample to the population of interest

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14
Q

data

A

facts and figures related to the project

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15
Q

secondary data

A

facts and figures recorded prior to the project

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15
Q

primary data

A

facts and figures newly collected for the project

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16
Q

internal secondary data

A

internal records of a company
- valuable because it is really accessible cost-effective, and specific to the company’s operations

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17
Q

inputs

A

budget, customer databases, inventory records

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18
Q

outcomes

A

sales records, customer service logs

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19
Q

external secondary data

A

published data from outside the organization

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20
Q

observational data

A

facts and figures obtained by watching how people behave, using personal observation, mechanical methods, or neuromarketing techniques

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21
Q

mystery shoppers

A

trained researchers hired by companies to stop at their stores and the stores of competitors

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22
Q

ethnography

A

systematic observation of people in their natural settings

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23
Q

mechanical methods

A

people meter, ai-enabled video monitoring, GPS-enabled mobile apps

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24
Q

neuromarketing

A

field of marketing research that focuses on understanding how the brain responds to non conscious, marketing stimuli

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25
Q

neuromarketing techniques

A

eye-tracking, biometric monitoring, facial coding

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26
Q

focus group

A

a qualitative research method that involves bringing together a small group of individuals typically 6 to 10 participants for a structured discussion led by a moderator

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27
Q

experiments

A

testing cause and effect relationships by manipulating factors under tightly controlled conditions

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28
Q

open-ended questions

A

questions that allow respondents to express opinions and idea or describe behaviors in their own words

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29
Q

closed-end questions

A

questions that require respondents to select one or more response options from a set or predetermined choices

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30
Q

semantic differential scale

A

perception levels

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31
Q

likert scale

A

strongly disagree to strongly disagree

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31
Q

big data

A

vast amount of data collected from various sources and analyzed with an increasingly sophisticated set of technologies

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32
Q

data analytics

A

contains analytical tools use to organize, manipulate, and analyze the data to identify managerial insights that exist

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33
Q

data mining

A

the practice of examining large databases to find statistical relationship between consumer purchasing patterns and marketing actions

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34
Q

predictive modeling

A

based on statistical models that use data mining and probability analysis to foretell outcomes

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35
Q

sales forecast

A

the total sales of a product that a firm expects during a specified time period under specified conditions and its own marketing efforts

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36
Q

common sales forecasting techniques

A
  • judgements of the decision-maker
  • surveys of knowledgeable groups
  • statistical methods
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37
Q

lost horse forecast

A

a forecast made by starting with the last known value of the item, listing the factors that could cause changes in that value, estimating the degree of impact that each of those factors would have, and adjusting the base level to arrive at the final moment

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37
Q

trend extrapolation

A

forecasting sales by extending a pattern observed in past data into the future

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38
Q

market segmentation

A

involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action

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39
Q

product differentiation

A

a marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products

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40
Q

steps in segmenting, targeting, and positioning

A
  1. Group potential buyers into segments
  2. group products into categories
  3. develop a market-product grid and estimate the size of markets
  4. select target markets
  5. determine product positioning
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41
Q

built to order

A

built at the time of the order

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42
Q

organizational synergy

A

increased value created through performing organization functions such as marketing or manufacturing more efficiently

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43
Q

cannibalization

A

a decline in the sales of one of a company’s products resulting from an increase in sales of another of its product

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44
Q

“Tiffany/Walmart” strategy

A

selling to high-end to low-end segments

45
Q

geography

A

where prospective customers live or work

46
Q

demographics

A

physical characteristics, measurable characteristics, and other classification attributes of individuals and households

47
Q

psychographics

A

subjective mental or emotional attributes of prospective customers
- not used to segment organizational markets

48
Q

usage rate

A

the quantity of a product consumed (or number of visits to a store) during a specific period

49
Q

80/20 rule

A

concept that 80 percent of a firm’s sales are obtained from 20 percent of its customers

50
Q

Customer Lifetime value

A

represents the financial worth of a customer to a company over the course of their relationship

51
Q

Step 3 in segmentation, targeting, and positioning

A

develop a market-grid and estimate the size of markets

52
Q

market product grid

A

a framework to relate the market segments of potential buyers to products offered or potential marketing actions

53
Q

marketing synergy

A

efficiency by focusing efforts on one market segment

54
Q

product synergy

A

efficiency by focusing efforts on one product

55
Q

product positioning

A

the place a product occupies in consumers’ minds based on important attributes relative to competitive products

56
Q

step 5 in segmentation, targeting, and positioning

A

determine product positioning

57
Q

head-to-head positioning

A

competing directly with competitors on similar product attributes in the same target market

58
Q

differentiation positioning

A

targeting a less competitive, smaller market niche with unique product benefits

59
Q

perceptual map

A

visual representation of the locations of products in the minds of consumers relative to competing products
- identify important attributes for the product class
- determine how target customers perceive competing products on those attributes

60
Q

product repositioning

A

changing the place a product occupies in a consumers’ minds relative to competitive products

61
Q

product positioning statement

A

a succinct written statement derived from the company’s customer value proposition that directs the company’s overall marketing strategy

62
Q

product

A

bundle of tangible and intangible attributes that satisfies customers’ needs and is received in exchange for money or something else of value

63
Q

good

A

tangible product or physical item

64
Q

durable good

A

emphasis on personal selling multiple use product

65
Q

nondurable good

A

emphasis on consumer advertising a couple of time of use

66
Q

types of consumer products

A

convenience product: items that consumers purchase frequently with a minimum of shopping effort

shopping product: items that consumers compare several alternatives on selected criteria

speciality product: items that consumers make special efforts to seek out and buy

unsought product: items that consumers either do not know about or do initially want

67
Q

components

A

raw materials, parts, and assemblies that become part of the final product

68
Q

product class

A

a broad category or group of related products that share similar characteristics, functions, or purposes

69
Q

product form

A

variation or subcategories of products within the same class with distinct attributes or features

70
Q

product item

A

a specific product with a unique brand, size, or price

71
Q

product line

A

a group of closely related products sold by one company that share similar characteristics and serve similar customer needs

72
Q

product mix

A

all the product lines offered by an organization

73
Q

Four I’s of Services

A

intangibility: services cannot be experienced before purchase

inconsistency: the quality of service varies

inseparability: consumers cannot distinguish the service provider from the service itself

inventory(or perishability): services cannot be stored

74
Q

idle production capacity

A

unused productive capacity that occurs when the service provider is available but there is no demand for the service

75
Q

gap analysis

A

technique used to asses service quality by comparing customers’ expectations with their expierences

76
Q

product line extension

A

addition of a new product to an existing product line

77
Q

brand extension

A

using an existing brand name in a product category

78
Q

degree of innovation

A

continuous: no new learning or behavior changes

dynamic: some learning and disruptions to normal routine

discontinuous: extensive learning and entirely new consumption patterns

79
Q

protocol

A

a statement that identifies (1) well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers

80
Q

feature bloat

A

unnecessary product features or functions

81
Q

groupthink

A

psychological phenomenon that occurs when a group of people seeks consensus and harmony within the group at the expense of critical thinking and objective analysis

82
Q

new-product development process

A

the seven stages an organization goes through to identify opportunities and conversations them into salable products

83
Q

Step 1 in the new-product development process

A

new product strategy development
- defining the role for a new product in terms of the firm’s overall objectives (situation and SWOT analysis)

84
Q

Step 2 in the new-product development process

A

idea generation
- developing a pool of concepts to serve as candidates for new products

  • closed innovation
  • open innovation
  • crowdsourcing
  • crowdfunding
85
Q

closed innovation

A

relying primarily on its internal resources, research, and development teams to create new products and technologies

86
Q

open innovation

A

collaborating with external stakeholders, including customers, suppliers, research institutions, startups, and even competitors, to access a broader pool

87
Q

crowdsourcing

A

process of obtaining ideas, content, or solutions by soliciting contributions from a large group of people, typically via the internet

88
Q

crowdfunding

A

a method of raising money for a project by obtaining small contributions from a group of people, typically via an online platform

89
Q

step 3 in the new-product development process

A

screening and evaluation
- internal and external evaluation of new-product ideas to eliminate those that warrant no further effort

90
Q

step 4 in the new-product development process

A

business analysis
- specifying the features of a potential product, developing the marketing strategy needed to bring it to market, and making financial projections

91
Q

step 5 in the new-product development process

A

development
- turning a new-product idea into a prototype

92
Q

prototype

A

full-scale operating model for the product

93
Q

step 6 in the new-product development process

A

market testing
- stage of the new product development process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy

standard test markets
controlled test markets
simulated test markets

94
Q

standard test markets

A

product is sold through normal distribution channels

95
Q

controlled test markets

A

the company contracts the test program to an outside service

96
Q

simulated test markets

A

the program somewhat replicates a full-scale test market

97
Q

stage 7

A

commercialization
- the stage of the new-product development process that positions and launches a new product in full-scale production and sales

98
Q

product life cycle

A

describes the stages a new product goes through in the marketplace - introduction, growth, maturity, and decline

99
Q

skimming pricing

A

setting a high initial price to help the company recover development costs and capitalize on the price insensitivity of early buyers

100
Q

penetration pricing

A

setting a low initial price to discourage competitive entry and build unit volume

101
Q
A
102
Q

brand loyalty

A

a favorable attitude toward and consistent purchase of a single brand over time

103
Q

Strategies to reduce costs

A
  1. harvesting: decide to use cheaper materials
  2. divesting: ship products to another consumer(s)
  3. deletion: resources that will no be longer in use
104
Q

Product level: product class

A

an entire product category or industry

105
Q

product form

A

variations of a product within a product class

106
Q

usage barriers

A

the product is not compatible with existing habits

107
Q

value barriers

A

the product provides no incentive to change

108
Q

risk barriers

A

physical, economic, or social risk of adopting a new product

109
Q

psychological barriers

A

cultural differences or image of the product

110
Q

managing the product life cycle

A
  1. Modify product
    a. Product modification: altering one or more of a product’s characteristics to increase the product’s value to customers and increase sales
  2. modify market
    a. market modification: strategies companies use to find new customers, increase a product’s use among existing customers, and create new use situations
  3. reposition the product
    a. product repositioning: changing the place a product occupies in a customer’s mind relative to competitive products

Trading up
trading down

111
Q

trading up

A

adding value to the product or product line through additional features or higher-quality materials

112
Q

trading down

A

reducing a product’s number of features, quality, or price

113
Q

branding

A

using a name, phrase, design, symbol, or combination of these to identify a company’s products and distinguish them from those of competitors

114
Q

brand name

A

a word, device (design, sound, shape, or color), or combination of these used to distinguish a company’s products from those of competitors

MK 201 (4 decks)

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