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process of defining a marketing problem and oppurtunity, systematically collecting and analyzing info, and recommending actions.
finding the frequency that something occurs or the extent of a relationship between two factors
facts and figures newly collected for the project; observational, questionnaire, & (other: social networks, panels and experiments, info technology and data mining)
facts and figures that have already been recorded before the project at hand; internal and external
allows respondents to express opinions, ideas, or behaviors in their own words without choosing alternatives that have been predetermined
semantic differential scale
five-point scale in which the opposite ends have one- or two-word adjectives that have opposite meanings
simplest form of a fixed alternative question that allows only a "yes" or "no" response
closed-end (fixed alternative questions)
requires resopndents to select one or more response options from a set of predetermined choices
aggregating prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action
criteria used to select target segments
cost of reaching the segment
compatibility with the organization's objectives and resources
way to display or graph in two dimesions the location of products or brands in the minds of comsumers to enable a manager to see how consumers perceive competing products or brands, as well as its own product or brand.
the place a product occupies in comsumer's minds on important attributes relative to competitive products
items that the consumer purchases frequently, conveniently, and with a minimum shopping effort
items for which the consumer compares several alternatives on criteria such as price, quality, or style
items that the consumer does not know about or knows about but does not initially want
U.S. Federal Trade Commission definition of new
use with a product upto six months after it enters regular distribution
Marketing reasons for New-Product failure
(1) Insignificant point of difference
(2) Incomplete market and product protocol before product development starts
(3) Not satisfying customer needs on critical factors
(5) Too little market attractiveness
(6) Poor products quality
(7) Poor execution of the marketing mix: brand name, package, price, promotion, distribution
(8) No economical access to buyers
Organizational Problems in New-Product failure
(1) Not really listening to the "voice of the consumer"
(2) Skipping stages in the new-product process
(3) Pushing a poorly conceived product into the market to generate quick revenue
(4) Encountering "groupthink" in task force and committe meeting
(5) Not learning critical takeaway lessons from past failures
style of the times, are introduced then decline and then return once again ex's women's sheer hosiery( out of style now but may return)
experience rapid sales on introduction and then an equally rapid decline; short life cycles. Ex's car tattoos, vinyl dresses
an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors
a firm has legally registered its brand name or trade name s the firm has its exclusive use, thereby preventing others from using it
the added value a brand name gives to a product beyond the functional benefits provided
elasticity of demand
the percentage change in quantity demanded relative to a percentage change in price
break even analysis
technique that analyzes the relationship between total revenue and total cost to determine profitabilty at various levels of output
setting the highest initial price that customers really desiring the product are willing to pay
setting a high price so that quality- or status-conscious consumers will be attracted to the product and buy it
intermediary who sells to other intermediaries( usually to retailers); term usually applies to consumer markets
imprecise, intermediaries who perform a variety of distribution functions, including selling, maintaining inventories, extending credit, and so on
more imprecise term that can mean the same as distributor, retailer, wholesaler, and so on...
a firm reaches different buyers by employing two or more different types of channels for the same basic product (Ex: Apple: can buy directly from Apple or go to Best Buy)
cash and carry wholesalers
dop shippers/desk jobbers
furnish the racks or shelves of retail stores, retain title to products displayed and bill retailers only for the merchandise sold
cash and carry wholesalers
take title to merchandise but sell only to buyers who call on them, pay cash for merchandise, and furnish their own transportation for merchandise. Do not make delieveries Ex Sam's & Costco
drop shippers/ desk jobbers
own merchandise they sell but dont physically handle, stock, or deliever it. They solicit orders. Ex's coal, lumber, and chemicals
small wholeslers that have a small wharehouse from which they stock their trucks for distribution to retailers
vertical marketing system
professionally managed and centrally coordianated marketing channels designed to achieve channel economies and maximum marketing impact
a firm tries to place its product and services in as many outlets as possible Ex Coca-cola
only one retailer in a specified geographical area carries the firm's products. Ex specialty products, Gucci, yachts
a firm selects a few retailers in a specific geographical area to carry its products. Ex Dell
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