Brainscape's Knowledge GenomeTM

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


See full index

Engineering Management and Law > Week 8: Marketing > Flashcards

Week 8: Marketing Flashcards

1
Q

What is a key issue in innovation?

A

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

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

What is the Kano Model?

A

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

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

What are basic needs and what satisfaction do they bring?

A

These are must haves and fail to excite people

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

What are performance needs and what satisfaction do they bring?

A

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

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

What are excitement needs and what satisfaction do they bring?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What happens over time to the Kano model?

A

Expectations increase and excitement features become basic features

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What do customers tend to focus on?

A

They focus on performance needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the innovators dilemna?

A

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

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

What is sustaining innovation?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is disruptive innovation?

A

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

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

What are some products that went wrong?

A

New Coke

The Apple Newton

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

What are some problems with traditional methods?

A

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

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

What are some customer insight methods?

A

Surveys, questionnaires, focus groups, ethnography

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

When did focus groups start and whos work involved them?

A

In the 1930s with Robert K Merton

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

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

A

200,000

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

What is a focus group defined as?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What do focus groups need?

A

Careful planning and appropriate analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are the strengths of focus groups?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are the limitations of focus groups?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is ethnogrpahy?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What methods of customer insight are more personal and accurate?

A

Repertory grid, interviews, ethnography

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

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

A

Focus groups, questionnaires, surveys

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What are market analytics?

A

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

24
Q

What are the stages of market analysis?

A

Industry overview
Target market
Competition
Pricing and forecast

25
Q

What are the 5 common pricing models?

A 
Cost-plus pricing
Competitive pricing
Price skimming
Penetration pricing
Price bundling
26
Q

What is cost plus pricing?

A

Calculating costs and adding a mark-up

27
Q

What is competitive pricing?

A

Setting a price based on what the competition charges

28
Q

What is price skimming?

A

Setting a high price and lowering it as the market evolves

29
Q

What is penetration pricing?

A

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

30
Q

What is price bundling?

A

Combining products or services to increase value and therefore price

31
Q

What are some price strategy issues?

A

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

32
Q

What is price elasticity?

A

The effect of price on quantity

33
Q

What is innovation defined as?

A

The development and implementation of new ideas

The successful exploitation of ne ideas

34
Q

What is innovation typology?

A 
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)
35
Q

What is technological innovation?

A

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

36
Q

What percentage of the UK economy is services?

A

80 percent as of 2013, cf 45 percent in 1948

37
Q

What is innovation typically a combination of?

A

Products and services

38
Q

What can make innovation difficult?

A

The business environment
Regulation
Technology

39
Q

What IS the technology readiness levels?

A

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

40
Q

What ARE the technology readiness levels?

A

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

41
Q

What happens to lots of technology?

A

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

42
Q

What is Corporate Social Responsibility?

A

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

43
Q

What are some synonyms for CSR?

A

Business for Society and Environment, Corporate Responsibility, Sustainability…

44
Q

What are the common themes of CSR?

A 
It is a voluntary activity
Multi-stakeholder orientation
Practice and values
Transparency
Beyond philanthropy
45
Q

What does Okoye say about CSR?

A

It is essentially a contested construct

46
Q

What is a key theme of CSR?

A

Sustainability

47
Q

What are externalities?

A

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

48
Q

What is Carroll’s Pyramid of CSR?

A

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

49
Q

What is Badens pyramid of CSR?

A

Ethical Responsibilities as base
Then legal compliance
Then economic responsibilities

50
Q

Who’s interests are corporations managed in?

A

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

51
Q

What is at the centre of the stakeholder model?

A

An Organisation

52
Q

What surrounds the organisation in the stakeholder model?

A

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

53
Q

What is the first step of stakeholder analysis?

A

Assess the influence and importance for each stakeholder

54
Q

What is influence defined as in regards to stakeholders?

A

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

55
Q

What is importance defined as in regards to stakeholders?

A

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

56
Q

What are primary stakeholders?

A

Those stakeholders that are both important and influential

57
Q

What are secondary stakeholders?

A

Those who are either influential or important but not both

Engineering Management and Law (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions