Week 8: Marketing

Question 1

What is a key issue in innovation?

Answer 1

Customer’s don’t always know what they want!

Question 2

What is the Kano Model?

Answer 2

It is a way of expressing features against the satisfaction that they bring

Question 3

What are basic needs and what satisfaction do they bring?

Answer 3

These are must haves and fail to excite people

Question 4

What are performance needs and what satisfaction do they bring?

Answer 4

These are expressed as x per y and are generally what are expressed by the customers - the more the better

Question 5

What are excitement needs and what satisfaction do they bring?

Answer 5

These are seldom expressed and new to the world, the better they are implemented, the greater the satisfaction, but if they are not there then the customers won’t be dissatisfied

Question 6

What happens over time to the Kano model?

Answer 6

Expectations increase and excitement features become basic features

Question 7

What do customers tend to focus on?

Answer 7

They focus on performance needs

Question 8

What is the innovators dilemna?

Answer 8

It is that listening to your customers can satisfy their next generation needs, but if their suggestions are bad or if you stay too close to customers, you may be outmanoeuvred if disruptive innovation occurs

Question 9

What is sustaining innovation?

Answer 9

Improved performance, efficiency, cost, evolutionary. It satisfies the customers current needs

Question 10

What is disruptive innovation?

Answer 10

It is cheaper, lower performance, lower margins and meets customers future needs and established new markets - offers long term survival

Question 11

What are some products that went wrong?

Answer 11

New Coke

The Apple Newton

Question 12

What are some problems with traditional methods?

Answer 12

Customers are not able to answer questions beyond performance needs
Respondents are unable to articulate complex or emerging issues
Most customers are unable to identify breakthrough features

Question 13

What are some customer insight methods?

Answer 13

Surveys, questionnaires, focus groups, ethnography

Question 14

When did focus groups start and whos work involved them?

Answer 14

In the 1930s with Robert K Merton

Question 15

How many focus groups take place in the US per year?

Answer 15

200,000

Question 16

What is a focus group defined as?

Answer 16

A group of people assembled to participate in the discussion about a product before it is launched, or to provide feedback on a political campaign, tv series, etc

Question 17

What do focus groups need?

Answer 17

Careful planning and appropriate analysis

Question 18

What are the strengths of focus groups?

Answer 18

Concentrated amounts of rich data in own words on the topic of interest
Interaction of participants adds richness
Cost effective
Participants guide discussion

Question 19

What are the limitations of focus groups?

Answer 19

Small number of participants
Limits generalisability
Group dynamics can be challenging
Time consuming and requires expert analysis

Question 20

What is ethnogrpahy?

Answer 20

It is the observation of people using products or services in real situations

Question 21

What methods of customer insight are more personal and accurate?

Answer 21

Repertory grid, interviews, ethnography

Question 22

What customer insight methods are more representative of a larger group?

Answer 22

Focus groups, questionnaires, surveys

Question 23

What are market analytics?

Answer 23

It is a way of using web data to observe patterns and trends, target new customers, drive traffic and increase sales

Question 24

What are the stages of market analysis?

Answer 24

Industry overview
Target market
Competition
Pricing and forecast

Question 25

What are the 5 common pricing models?

Answer 25

``` Cost-plus pricing Competitive pricing Price skimming Penetration pricing Price bundling ```

Question 26

What is cost plus pricing?

Answer 26

Calculating costs and adding a mark-up

Question 27

What is competitive pricing?

Answer 27

Setting a price based on what the competition charges

Question 28

What is price skimming?

Answer 28

Setting a high price and lowering it as the market evolves

Question 29

What is penetration pricing?

Answer 29

Setting a price low to enter a competitive market and later raising it

Question 30

What is price bundling?

Answer 30

Combining products or services to increase value and therefore price

Question 31

What are some price strategy issues?

Answer 31

Price is related to demand in varying ways, psychological pricing (looking cheaper or lucky), premium pricing (price represents value - low means cheap)

Question 32

What is price elasticity?

Answer 32

The effect of price on quantity

Question 33

What is innovation defined as?

Answer 33

The development and implementation of new ideas | The successful exploitation of ne ideas

Question 34

What is innovation typology?

Answer 34

``` New products or services New production methods (or processes) New ways of business organisation New markets New ways to offer products on the market (business models) ```

Question 35

What is technological innovation?

Answer 35

New or significantly modified technological products and processes, where technological novelty emerges, unlike improvements, from their performance characteristics

Question 36

What percentage of the UK economy is services?

Answer 36

80 percent as of 2013, cf 45 percent in 1948

Question 37

What is innovation typically a combination of?

Answer 37

Products and services

Question 38

What can make innovation difficult?

Answer 38

The business environment Regulation Technology

Question 39

What IS the technology readiness levels?

Answer 39

A measurement system used to assess the maturity level of a particular technology that was introduced by NASA in 1974

Question 40

What ARE the technology readiness levels?

Answer 40

Levels 1 and 2 - Oberving principles and showing applications Levels 3, 4 and 5 - Demonstrating proof of concept and validation Levels 6 and 7 - Demonstrating prototype and validating it Levels 8 and 9 - System completion and in use in successful operations

Question 41

What happens to lots of technology?

Answer 41

It fails to move from research to innovation - known as the valley of death

Question 42

What is Corporate Social Responsibility?

Answer 42

It is a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with stakeholders voluntarilty

Question 43

What are some synonyms for CSR?

Answer 43

Business for Society and Environment, Corporate Responsibility, Sustainability...

Question 44

What are the common themes of CSR?

Answer 44

``` It is a voluntary activity Multi-stakeholder orientation Practice and values Transparency Beyond philanthropy ```

Question 45

What does Okoye say about CSR?

Answer 45

It is essentially a contested construct

Question 46

What is a key theme of CSR?

Answer 46

Sustainability

Question 47

What are externalities?

Answer 47

These are consequences of production born by society | The externalities of an economic transaction is an impact on a party that is not involved in the transaction

Question 48

What is Carroll's Pyramid of CSR?

Answer 48

The base is to be profitable and economic responsibilities Then it is legal responsibilities Then ethical responsibilities Then philanthropic responsibilities

Question 49

What is Badens pyramid of CSR?

Answer 49

Ethical Responsibilities as base Then legal compliance Then economic responsibilities

Question 50

Who's interests are corporations managed in?

Answer 50

Not just the stockholders but all stakeholders that have a legitimate interest in the corporation as well

Question 51

What is at the centre of the stakeholder model?

Answer 51

An Organisation

Question 52

What surrounds the organisation in the stakeholder model?

Answer 52

Providers of captial, suppliers, general public, community, pressure groups, competitors, employees, customers

Question 53

What is the first step of stakeholder analysis?

Answer 53

Assess the influence and importance for each stakeholder

Question 54

What is influence defined as in regards to stakeholders?

Answer 54

The extent to which they are able to affect the organisation (power)

Question 55

What is importance defined as in regards to stakeholders?

Answer 55

The extent to which their problems needs and interests are affected by the organisations activities

Question 56

What are primary stakeholders?

Answer 56

Those stakeholders that are both important and influential

Question 57

What are secondary stakeholders?

Answer 57

Those who are either influential or important but not both