Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

MKT 320 Test 2 > Test > Flashcards

Test Flashcards

1
Q

5 Steps in Marketing Research

A
  1. Define the Problem
  2. Develop the Research Plan
  3. Collect Relevant Info
  4. Develop Findings
  5. Take Marketing Actions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a “Measure of Success”

A

Criteria or standards used in evaluating proposed solutions to a problem

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Triangulation

A

If 3 different research methods come back with the same results, then the results are most likely good

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q
  1. Like-Type Scale ?’s in Market Research
A

Strongly Disagree 1 2 3 4 5 Strongly Agree.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q
  1. Semantic Differential ?’s in Market Research
A

Important………Unimportant; Draw a X where you think it applies.
Interim step is evaluator deciding what number value would coincide with the X

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q
  1. Dichotomous ?’s in Market Research
A

__Yes __No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q
  1. Multiple Choice ?’s in Market Research
A

MC answers, always include a “Other” choice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q
  1. Open-ended ?’s in Market Research
A

Respondent provides a essay/short answer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

3 examples Probability Sampling

A
  1. Simple Random Sample; Ex: Draw from hat
  2. Systematic Sample; Nth number
  3. Stratified Sample- Divide into a segment, then random sample
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

2 example of Non-Probability Sampling

A
  1. Convenience sample; people who are available to sample

2. Quota Sample- People from certain segments are sampled

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Market Segmentation

A

Putting prospective buyers into groups that: 1. Have common needs and 2. will respond similarly to a marketing action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Market Segments

A

relatively homogenous groups of prospective buyers that result from the market segmentation process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Target Market

A

A specific group of potential buyers a business targets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Product Differentiation

A

A marketing strategy that involves using different marketing mix activities to help consumer perceive their product as Different & better

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Positioning (Image)

A

The place a product occupies in consumer’s minds based on important attributes relative to competitive products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Niche

A

Very Small Marketing Segment of loyal customers

17
Q

Market Product Grid

A

A framework to relate the market segments of potential buyers

18
Q

Steps for Market Segmentation

A
  1. Identify Market Needs
  2. Link Needs to action
  3. Execute marketing programs actions
19
Q

3 ways to segment a market

A
  • One Product and multiple market segments (Johnson baby Oil) Lowest Price
  • Multiple Product/Multiple Segments: Coke, Diet Coke, Coke w/ lime, w/o caffeine, 2nd highest price
  • Mass customization: ‘segments of one’ Highest Price
20
Q

Criteria for Grouping Potential Buyers into Segments

A 
Simplicity and Cost effectiveness 
Potential for increased profit
Similarity of needs
Differences of needs 
Potential of a marketing action to reach segment
21
Q

Two approaches to Product Positioning

A

Head to Head: take on same position as competition (McDonalds vs Burger King)
Differentiation- image that shows how different it is compared to competitors

22
Q

Product

A

A offering. Can be tangible or intangible, an idea

23
Q

Product Line

A

related products of various sizes, types, colors, qualities

24
Q

Product Line Extension

A

making a product line longer by adding a different variation of the product

25
Q

Types of Consumer Product

A
  • Convenience- Relatively inexpensive
  • Shopping- Fairly inexpensive, Large number of selective outlets, Differentiation from customers
  • Specialty- Very Expensive, very limited, Uniqueness of brand stressed
  • Unsought-consumers to do not seek these types
26
Q

Reasons why new products fail

A
  • Insignificant points of difference
  • Incomplete market and product definition
  • Too little market attractiveness
  • Poor Execution of 4 P’s
  • Poor Product quality
  • Doesn’t satisfy needs on critical factors
  • Bad Timing
27
Q

Seven Stages in the new-product process leading to success

A
  1. New product Strategy development
  2. Idea Generation
  3. Screening and evaluation
  4. Business Analysis
  5. Development
  6. Market Testing
  7. Commercialization
28
Q

Uniqueness of Service; The 4 I’s

A
  1. Intangibility
  2. Inconsistency
  3. Inseparability
  4. Inventory “Use it or lose it”
29
Q

Reasons for Repositioning a Product

A
  • Reacting to a competitor’s position
  • Reaching a New Market
  • Catching a Rising Trend
30
Q

Branding Equity

A
  • Provides a competitive advantage
  • Consumers are willing to pay a premium
  • Financial advantage, Liscensing
31
Q

Multiproduct Branding Strategy

A

“Corporate”; Multiple Products with the same brand name *Toro

32
Q

MultiBranding Strategy

A

Company produces multiple brands *Sears

33
Q

Private Branding Strategy

A

“Private Label” select stores are the only ones to carry the specific brand

34
Q

Mixed Branding Strategy

A

Sears makes Michelin and Sears tires

MKT 320 Test 2 (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions