Test2 Flashcards by Tristan smith

What are the 5 steps in marketing research?

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

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Secondary Data vs Primary Data

Secondary is data that is already collected

Primary is data you collect on your own

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Secondary Data varieties

External and Internal

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What is external secondary data?

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

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What is internal secondary data?

Scanning data (retailers)
Information within the company

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Primary Data collection issues:

Qualitative (Exploratory): focus groups and interviews

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

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What is Segmentation?

Breaking down a large market into smaller segments

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What is segmentation rationale?

Efficiency

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4 ways to segment markets:

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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Consumer vs Business markets

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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Innovation definition:

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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Product definition:

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

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What are the 7 stages in new product development

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

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Diffusion of Innovation (5)

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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What is branding?

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

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Branding examples:

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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Branding Legal issues:

Intellectual Property protection

May not carry when going international

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What is Multi-branding?

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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What are Sub-Brands?

Brand within a brand

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What is blanket/family branding?

One brand for all lines

Undiversified approach

What is Co-branding?

More than on brands together

What is second (channel) branding?

Brand aimed at a particular channel

Ralph Lauren vs Polo brand

What are fighter brands?

Brands that fight in price wars

Sacrificial Brands

What are brand extensions

Take the existing brand and slap it on other related products

What is a supply chain?

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

What are customer service factors?

Time Dependability Communication Convenience

What are the 4 I's of Services?

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)

What are the 4 strategy issues? 4 P's

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

How does franchising sold services problems?

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

What is Skimming vs Penetration

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

What are FOB systems?

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

What are experience curves?

Cost predictably decline do to more experience | Experience is defined as cumulative output

Experience curves imply...

penetration pricing strategies

Describe the channel flows:

``` Product Title- Title to the goods Negotiation- Buying and selling Promotion- Anything marketers do Information ```

What are the three types of VCM?

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

The Creston Winery Video Featured:

Transportation Issues

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

10-15%

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

Desk Jobber

Some classic auto industry marketing mistakes occurred due to:

Market segment instability

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

Line number

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

True

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

Retailers and manufactures

Product Life Cycles:

Are the same as Family Life Cycles

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

Multi-branding

The correct way to begin a market research project is:

Define the research problem and develop a research plan

An example of a "discontinuous" innovation is:

The first telephone The first electronic calculator The first personal computer

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

At the shipping point

Segmentation that recognizes geographic variations in culture is called:

Regional marketing

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

True