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Marketing Test 2

Terms in this set (81)

Marketing Research
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
Steps for conducting marketing research
-Define Problem
-Plan Design/Primary Data
-Specify Sampling Procedure
-Collect Data
-Analyze Data
-Prepare/ Present Report
-Follow Up
Why companies conduct marketing research
-high levels of uncertainity
-improve quality of decision making
-identity/trace problems
-understand changes in marketplace
descriptive
gathering and presenting factual statements
diagnostic
explaining data
predictive
addressing "what if" questions
secondary data
inside company- company files, intranet, reports, marketing information system, people, sales, cost data
Outside company- internet, libraries, governments, trade associations, universities, private research organizations
primary data
observation- equipment (video, scanner, etc); website analysis; personal approaches
Survey-researcher- in-depth and focus group interviews; online, mail, phone, personal surveys, panels
secondary data def
information that has previously been collected or published
Primary data def
information specifically collected to solve a current problem.
survey research
The most popular technique for gathering primary data in which a researcher interacts with people to obtain facts, opinions, and attitudes
types of surveys
in-home interviews
mall intercept interviews
telephone interviews
mail survey
executive interviews
focus groups
Questionnaire Design
open ended question
An interview question that encourages an answer phrased in respondent's own words.
questionnaire design
close ended question
An interview question that asks the respondent to make a selection from a limited list of responses.
questionnaire design
scaled response design
A closed-ended question designed to measure the intensity of a respondent's answer
Questionnaire Design
-clear and concise
-no ambiguous language
- only one question
- unbiased
-reasonable terminology
Observation research
A research method that relies on three types of observation:
-people watching people
-people watching an activity
-machines watching people
-machines watching an activity
ethnographic research
the study of human behavior in its natural context; involves observation of behavior and physical setting
Qualitative
asks why and how
open ended questions
focus group observation
small sample
results not projectable
Quantitative
asks how much and how many
identical questions and fixed answer formats
large sample
results projectable
Types of Samples
Probability samples
simple random sample
stratified sample
cluster sample
systematic sample
Types of Samples
Nonprobability samples
convenience sample
judgement sample
quota sample
snowball sample
MOEN- new shower head.
used observation research to discover what shower heads people like.
new product
a product new to the world, the market, the producer, the seller, or some combination of these
What is the innovation success rate?
4.5%
Product something
new-to-world
New product line
Product line additions
Improvements or revisions
repositioned products
New Product Development Process
New product strategy
Idea generation
Idea screening
Business analysis
Product development
Test marketing
Commercialization
New Product
idea generation
source of new product ideas can be from
-costumers
-employees
-distributors
-competitors
-vendors
Idea screening
eliminates ideas that are inconsistent with the organization's new-product strategy
Concept testing
a test to evaluate a new product idea, usually before any prototype has been made
desireable products
products that give both high immediate satisfaction and high long-run benefits
pleasing products
products that give high immediate satisfaction but may hurt consumers in the long run
salutary products
products that have low immediate appeal but may benefit consumers in the long run
deficient products
products that have neither immediate appeal nor long-run benefits
business analysis
Consider demand, cost, sales, profitability
Test Marketing
the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
Alternatives to test marketing
-single source research using scanner data
-simulated (laboratory) market testing
-online test marketing
Product Development
creation of prototype
marketing strategy
manufacturing feasibility
final government approval if needed
Commercialization
production, inventory buildup, distribution shipments, sales training, trade announcements, customer advertising
Diffusion
The process by which the adoption of an innovation spreads
Diffusion can happen through
word of mouth
message direct from marketer
Categories of adopters
Innovators
Self confident (first group)
Categories of adopters
early adoption
rely more on group norms (second group)
Categories of adopters
early majority
collect more info
Categories of adopters
late majority
friends already adopted
Market
people or organizations with needs or wants and the ability and willingness to buy
Market segment
a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
Market segmentation
the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
Explain the importance of market segmentation.
allows a business to precisely reach a consumer with specific needs and wants
Discuss criteria for successful market segmentation.
- a market must be substantial and have potential customers to be viable
- a market segment must be identifiable and measurable
- members of a market segment must be accessible to marketing efforts
Geographic segmentation
segmenting markets by region of a country or the world, market size, market density, or climate
Demographic segmentation
segmenting markets by age, gender, income, and ethnic background
Psychographic segmentation
dividing a market into different segments based on personality, motives, lifestyles, geodemographics
Benefits sought segmentation
this approach attributes people seek and benefits they expect to receive from a good or service
Usage rate segmentation
dividing a market by the amount of product bought or consumed
List the steps involved in segmenting markets
(1) selecting a market or product category for study
(2) choosing a basis or bases for segmenting the market
(3) selecting segmentation descriptors
(4) profiling and evaluating segments
(5) selecting target markets
(6) designing, implementing, and maintaining appropriate marketing mixes
Undifferentiated target strategy
views the market as one big market with no individual segments and thus requires a single marketing mix
Concentrated target strategy
used to select one segment of a market for targeting marketing efforts
Multisegment target strategy
chooses two or more well-defined market segments and develops a distinct marketing mix for each
Explain the importance of developing new products
New products are important to sustain growth and profits and to replace obsolete items
New-to-the-world products
create an entirely new market
New product lines
not new to the marketplace but are usually new to the company
Additions to existing product lines
new products that supplement a firm's established line
Product improvements
offer improved quality, features or performance of an existing product
Re-positioning
changing consumers' perceptions of a brand in relation to competing brands
Cost reductions
reduction of the costs involved in the production process
What is a product?
Everything, both favorable and unfavorable, that a person receives in an exchange.
Canned soup, steel pipe, paper towels
100% physical good emphasis
Restaurant meal, cell phone, automobile tune-up
Blend of Physical goods and service emphasis
Satellite radio, hair styling, postal service
100% service emphasis
A product is the starting point of marketing mix
:)
Convince Product
A relatively inexpensive item that merits little shopping effort
Shopping Products
A product that requires comparison shopping, because it is usually more expensive and found in fewer stores
Specialty Products
A particular item for which consumers search extensively and are reluctant to accept substitutes
Unsought Products
A product unknown to the potential buyer or a known product that the buyer does not actively seek
Product line
is a group of product items that can satisfy the same needs and wants, they have more or less similar features.
Product item
is a specific model, bran, or size of a product within a line of products
Product mix
Product mix of a company is made up of all product lines and items. It includes the total number of varieties or models offered by the company.
What is a brand?
A brand is a distinguishing name and/or symbol intended to identify the goods or services of either one seller or a group of sellers, and to differentiate those goods or services from those of competitors.
What does a brand protect?
It protects both customers and producers from competitors who would attempt to provide products that appear to be identical
Describe marketing uses of branding.
A brand is a name, term, or symbol that identifies and differentiates a firm's products. Established brands encourage customer loyalty and help new products succeed. Branding strategies require decisions about individual, family, manufacturers', and private brands.
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