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MKT 301 > Test2 > Flashcards

Test2 Flashcards

1
Q

What are the 5 steps in marketing research?

A 
Define the Problem
Develop the research plan
Collect relevant information
Develop findings
Take marketing actions
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2
Q

Secondary Data vs Primary Data

A

Secondary is data that is already collected

Primary is data you collect on your own

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3
Q

Secondary Data varieties

A

External and Internal

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4
Q

What is external secondary data?

A

Government, Trade Association, Research Firms, Academic, and Public Documents

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5
Q

What is internal secondary data?

A 
Scanning data (retailers)
Information within the company
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6
Q

Primary Data collection issues:

A

Qualitative (Exploratory): focus groups and interviews

Quantitative (Conclusive): Samples, questions, and communication-email surveys

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7
Q

What is Segmentation?

A

Breaking down a large market into smaller segments

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8
Q

What is segmentation rationale?

A

Efficiency

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9
Q

4 ways to segment markets:

A

Demographics (facts), Usage rates (heavy vs light users), Buyer Behavior (Individual vs group), and Product Benefits (what kind of problem does the product solve)

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10
Q

Consumer vs Business markets

A

Demographics -
Consumer: Income, education, housholds, location
Business: Employee size, number of business, NAICS

Buyer Behavior-
Consumer: Life style research
Business: Purchasing based on employee or company needs

Usage-
Consumer: Who heavy users are-market to heavy over everyone
Business: Who requires it for their business

Benefits-
Consumers: Who will this help? Whats the reason for their purchase.

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11
Q

Innovation definition:

A

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.

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12
Q

Product definition:

A

an article or substance that is manufactured or refined for sale.

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13
Q

What are the 7 stages in new product development

A 
New product strategy development
Idea Generation
Screening and evaluation
Business analysis
Development
Market testing
Commercialization
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14
Q

Diffusion of Innovation (5)

A

Innovators(2.5%)-Venturesome; higher educated
Early Adopters(13.5%)-Leaders in social setting
Early Majority(34%)-Deliberate; many informal social contracts
Late Majority(34%)-skeptical; below average social status
Laggards(16%)-fear of debt; neighbors and friends are information source

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15
Q

What is branding?

A

Somebody’s intellectual property (usually a name but doesnt have to be, could be a logo, color, ect)

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16
Q

Branding examples:

A 
Marriott Corporation
Ritz Carlton-Luxury
Marriott-Quality
Residence Inn-Extended Stay(Sub Brand)
Courtyard-Moderate(Sub Brand)
Fairfield Inn-Economy(Sub Brand)
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17
Q

Branding Legal issues:

A

Intellectual Property protection

May not carry when going international

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18
Q

What is Multi-branding?

A

Uses different names for every product or product line: I.E. Tide, Crest
Requires separate marketing campaigns
Isolates the brands-if one gets hurts, doesnt affect other brands.

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19
Q

What are Sub-Brands?

A

Brand within a brand

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20
Q

What is blanket/family branding?

A

One brand for all lines

Undiversified approach

21
Q

What is Co-branding?

A

More than on brands together

22
Q

What is second (channel) branding?

A

Brand aimed at a particular channel

Ralph Lauren vs Polo brand

23
Q

What are fighter brands?

A

Brands that fight in price wars

Sacrificial Brands

24
Q

What are brand extensions

A

Take the existing brand and slap it on other related products

25
Q

What is a supply chain?

A

Consists of a sequence of firms that perform activities required to create and deliver a product or services to consumers or industrial users

26
Q

What are customer service factors?

A

Time
Dependability
Communication
Convenience

27
Q

What are the 4 I’s of Services?

A

Intangibility (Performance rather than an object)
Inseparability (Services are produced and consumed simultaneously)
Inconsistency (Difficult to replicate, never the same)
Inventory (produced and consumed same time)

28
Q

What are the 4 strategy issues? 4 P’s

A

Product: Commodity Like
Price: Yield Management
Promotion: Internal Marketing
Place: Franchising

29
Q

How does franchising sold services problems?

A 
Intangibility-promotion and branding
Inseparability-standard operations and controls
Labor Intensive/Quality-Training
Discretionary-Multiple Locations
Small Firms-Screening and assistance
30
Q

What is Skimming vs Penetration

A

Skimming- High price + low volume: Pricing as high to see what the market will bear
Penetration- Low Price+ High Volume

31
Q

What are FOB systems?

A

Free on Board
Origin: Title transfers at the shipping point and buyer pays for transportation
Destination: Title transfers at the destination and transportation is built into the cost of the product

32
Q

What are experience curves?

A

Cost predictably decline do to more experience

Experience is defined as cumulative output

33
Q

Experience curves imply…

A

penetration pricing strategies

34
Q

Describe the channel flows:

A 
Product
Title- Title to the goods
Negotiation- Buying and selling
Promotion- Anything marketers do
Information
35
Q

What are the three types of VCM?

A

Administered-weak, informal vertical marketing system
Contractual- franchises, retailer co-op
Corporate-very strong and formal vertical marketing system

36
Q

The Creston Winery Video Featured:

A

Transportation Issues

37
Q

According to the text, what percentage of a products price goes to pay for packaging costs:

A

10-15%

38
Q

A middleman takes title to goods, but not pysical possession, is called what?

A

Desk Jobber

39
Q

Some classic auto industry marketing mistakes occurred due to:

A

Market segment instability

40
Q

In product terminology, a distinct ordering code or item number is a:

A

Line number

41
Q

The sales of private brands (and generics) seem to be somehwat sensitive to economic conditions

A

True

42
Q

EDLP (every day low price) programs are run by:

A

Retailers and manufactures

43
Q

Product Life Cycles:

A

Are the same as Family Life Cycles

44
Q

When P and G uses different brands for different soap categories this is:

A

Multi-branding

45
Q

The correct way to begin a market research project is:

A

Define the research problem and develop a research plan

46
Q

An example of a “discontinuous” innovation is:

A

The first telephone
The first electronic calculator
The first personal computer

47
Q

In FOB orgin pricing systems, the title to goods transfers:

A

At the shipping point

48
Q

Segmentation that recognizes geographic variations in culture is called:

A

Regional marketing

49
Q

The pricing of Arline seats is an example of yield management pricing?

A

True

MKT 301 (1 decks)

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