Upgrade to remove ads
MARK TEST 2
Terms in this set (87)
Step 1 of Marketing Research Process
Define objectives and research needs.
Step 2 of Marketing Research Process
Step 3 of Marketing Research Process
Data collection process (includes primary and secondary)
Step 4 of Marketing Research Process
Analyze data/ develop insight.
Step 5 of Marketing Research Process
Action plan and implementation.
Already existing data.
Ex: Gathering data from a study that's already been done.
Available for a fee from commercial research firms.
Used in quantitative research obtained from store scanners. (particular stores)
Info collected from group of consumers, organized into panels over time. (particular person)
# of consumers who stop using product / avg. # of consumers of product
Types of Primary Collection
Observation/Social Media/In-depth Interviews/Focus Group/Survey research/Experimental Research
Entails examining purchase and consumption behavior through personal or video camera scrutiny (Best method to see how consumers use their products)
people showing their opinions about certain products
viewing customer's sentiments, and then distill customer attitudes toward and preferences for products
In Depth Interviewing
trained researchers ask questions, listen to and record the answers, and then pose additional questions to clarify or expand on issue
small group comes together for intense discussion on a topic
type of quantitative research that systematically manipulates one or more variables to determine which variables have a casual effect on other variables
digital scanning of the physical/behavioral characteristics of individuals as a means of identification
Core customer value
Defines the basic problem solving benefits that consumers are seeking (coverts into actual product)
Augmented product/associated services
nonphysical aspects of the product, such as product warranties, financing, support, etc.
Types of product
products and services used by people for their personal use
those for which customers express such a strong preference that they will expend considerable effort to search for the best suppliers
products/services for which consumers will spend a fair amount of time comparing alternatives
products/services for which the consumer is not willing to spend any effort to evaluate prior to purchase
products consumers either do not normally think of buying or don't know at all
complete set of all products and services offered by a firm (goes with breadth)
groups of associated items that consumers tend to use together or think of as part of a group of similar products or services (goes with Depth)
represents a count of the number of product lines offered by the firm (Ex: Kelloggs makes more than cereal)
equals the number of products within a product line(Ex: Kelloggs makes different types of cereal)
Values of branding for customer
1.Brands facilitate purchases, 2.Brands establish loyalty, 3.Brands protect from competition and price competition, 4.Brands are assets, 5.Brands affect market value.
Brands facilitate purchases
brands help make quick decisions because of how easily the brand is recognized by consumers
Brands establish loyalty
consumers learn to trust certain brands.
Brands protect from competition and price competition
because such brands are more established in the market and have a more loyal customer base, neither competitive pressures on price nor retail-level competition is as threatening to the firm.
Brands are assets
can be legally protected through trademarks and copyrights and thus constitute a unique form of ownership
Brands affect market value
value of a company is its overall monetary worth, comprising a vast number of assets .
set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service
measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it
relationship between a product's benefits and its costs
Normally compare product's value with competitors
reflect the mental and emotional links that consumers make between a brand and its key product attributes, such as logo and its color, slogan, or famous personality
occurs when a consumer buys the same brand's product repeatedly over time rather than from multiple suppliers in same category
owned and managed by the manufacturer
Ex: Nike, Sony
products developed by the retailers. Have their own and also manufacturer products
firm's own corporate name used to brand its product lines
individual brand names for each of firm's products
refers to the use of the same brand name in different product line (increase in Breadth)
strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences
use of the same brand name within the same product line and represents an increase in a product line's depth
occurs when the brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold
practice of marketing two or more brands together on the same package, promotion, or store
contractual arrangement between firms whereby one firm allows another to use its brand name, logo, symbols, and/or characters in exchange for a negotiated fee
wrapper or exterior carton that contains primary package and provides the label
One consumer uses. Consumers seeking convenience in terms of storage, use, and consumption
refers to the process by which ideas are transformed into new offerings
Diffusion of innovation
process by which the use of an innovation spreads throughout a market group, over time and across various categories of adopters
first to have new product or service, enjoy taking risks, highly knowledgeable, 2.5% of population, help product gain acceptance
also called breakthroughs, truly new-to-the-world products that can create new markets, can add tremendous value to firms. "first movers"
34% of population, few products can be profitable until this large group buys them, tend to wait until the bugs are worked out of a product or service
wait and purchase the product after careful review, normally go ahead and purchase regarded as opinion leaders for products, 13.5% of population, crucial for bringing in next three groups, size of this group depends on how many people are in this group
34%, last group of buyers to enter a new product market, market has achieved full market potential, sales tend to level off/may decline
Things that affect speed of diffusion.
1.relative advantage of product over another, 2.compatibility, observability (how often someone sees product being used), and 3.complexity/trialability.
16%, avoid change and rely on traditional products, may never adopt a product or service
ideas with potential are divided into concepts, which are then presented to potential buyers or users to obtain their reactions
internal research and development, collaboration with other firms, brainstorm, licensing, competitors, and consumer research
entails a process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a product's form and features
first physical form or service description
firm attempts to determine whether the product will perform according to its design and whether it satisfies the intended need
uses potential consumers who examine the prototype in a real-use setting to determine its functionality, performance, or potential problems
before they actually bring a product to market to determine how many customers will try and then continue to use the product according to a small group of potential consumers.
Most critical step in new product introduction because it requires tremendous financial resources and extensive coordination of marketing mix
introduces offering to a limited area prior to national launch, strong predictor for success, and uses all elements of marketing mix. (Costs more and takes longer than Premarket)
Product life cycle
1.introduction (product is launched), 2.growth (product gains acceptance, demand and sales increase, and more competitors emerge in product category), 3.maturity (sales peak, add new features/rejuvenate product by entering new markets or developing new products), and 4.decline (exits the market)
fee paid simply to get new products into stores or to gain more or better shelf space for their products
Indirect marketing channel
one or more intermediaries work with manufacturers to provide goods and services to customers
Supply chain management
refers to set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores and transportation intermediaries into a seamless operation in which merchandise is produced and distributed properly, while minimizing costs
firms that buy products from manufacturers, and resell them to retailers, who then sell products directly to consumers
3 indicators of new product success
satisfaction of technical requirements such as performance, customer acceptance, and satisfaction of firm's financial requirements
Direct marketing channel
no intermediaries between buyer and seller.
Seller is typically a manufacturer or individual; can be B2B, B2C, C2C
huge database where data collected at point of sale goes.
Make plethora of marketing decisions about developing and replenishing merchandise assortments using data collected and put into warehouse
Push marketing strategy
merchandise is allocated to stores based on previous sales forecasts. Once a forecast is developed, specified quantities of merchandise are shipped
Pull marketing strategy
amount of merchandise sent to the store is determined based on sales data captured by POS terminals.
Customers pull the product into the marketing channel by demanding it
Electronic data interchange
computer-to-computer exchange of business documents from a retailer to a vendor and back
Sales data, purchase orders, invoices, and data about returned merchandise
approach for improving marketing channel efficiency in which the manufacturer is responsible for maintaining the retailer's inventory levels in each of its stores
facility for the receipt, storage, and redistribution of goods to company stores/customers, may be operated by retailers, manufacturers, or distribution specialists
THIS SET IS OFTEN IN FOLDERS WITH...
Spanish 631 Stories/Authors/Movies 2
MSIT Test 1
Real Estate 4000 Test 3 James Stevens
BUSN SP Kahoot Test 1
YOU MIGHT ALSO LIKE...
UCF MAR 3023 Exam 3 Review (Ch. 9 -12 Study Guide)
Marketing 3000 Test 2 Vocab
Marketing test 2