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29 Cards in this Set
- Front
- Back
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What are the Four-step plus one market research
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1. define problem
2. develop research plan 3. collect relevant info by specifying 4. develop findings 5. Take marketing actions |
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what are two qualitative research methods?
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observational and ethnographic research
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what is the valued Centered Interview process?
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one on one in depth computer assisted intervies
step by step with respondent go from rational to emotional |
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what is the most widely used research method?
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Survey research...best for descriptive info
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What is market segmentation?
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understanding Who we could exchange with
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What is target market selection?
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who should we exchange with?
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What is positioning?
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How do we position the product in the customer's mind?
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What are the ways to segment the market
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1. geographic
2. Demographic 3. Psychographic 4. behavioral: product features 5. behavioral: usage |
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What is the most popular segmentation method?
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Demographic segmentation
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What is age and life-cycle stage segmentation?
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Process of offering different products or using different marketing approaches for different age and life cycle groups
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What is psychographic segmentation?
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divides buyers into different groups based on social class, lifestule or personality traits
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What is behavioral segmentation
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Divides buyers into groups based on their knowledge, attitudes, uses or responses to a product
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Characteristics of Good brand names:
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concise, grab attention, capture the essence of the brand, and no legal restrictions
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Market research
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Process of defining a market problem and opportunity, collect and analyze info, and recommending actions
-Reduce risk and improve market decisions - |
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5 step Marketing Research
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1. define problem
2. develop research plan 3. Collect relevant info 4. Develop findings 5. Take marketing actions |
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What are steps in developing findings?
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1. Analyze data
2. Present findings |
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What are steps in taking marketing actions?
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-Make Action Recommendations
-Implement the Action Recommendations -Evaluate the results: Continuing way of life for effective marketing managers -Evaluate the decision itself: is the action necessary in the future? -Evaluate the decision process used |
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What are the three main sales forecasting techniques?
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judgments of decision maker 2. Surveys of knowledgeable groups 3. Statistical methods
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what is product differentiation?
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Strategy of using different marketing mix activities to help consumers perceive a product as being different and better than competing product
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what are the three specific segmentation strategies that illustrate the point that segmenting is done in the name of profits
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1. one product and multiple market segments
2. Multiple product and multiple market segment 3. Segments of one or mass customization |
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Five key steps in segmenting and targeting markets
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1. Group potential buyers into segments
2. Group products to be sold into categories 3. Develop a market-product grid and estimate the size of markets 4. Select target markets 5. take marketing actions to reach target markets |
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what criteria is needed to form market segments?
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1. simplicity and cost-effectiveness of assigning potential buyers to segments
2. Potential for increased profits 3. Similarity of needs of potential buyers within a segment 4. Difference of needs of buyers among segments 5. Potential of a marketing action to reach a segment |
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what is the 80/20 rule?
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that 80% of a firm's sales are obtained by 20% of its customers.
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what is a market-product grid?
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framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization
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How to evaluate and criteria to use in selecting target segments
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Look at
1. Market Size 2. Expected Growth 3. Competitive Position 4. cost of reaching the segment 5. compatibility with organization's objectives and resources |
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What is head-to-head positioning?
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Compete directly with competitor
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What is differentiation positioning?
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seek less-competitive, small market niche
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What is a perceptual map?
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Means of displaying products in minds of consumers to see how consumers view their brand and competing brand as well
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4 keys to position a brand
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1. identify important attributes
2. Discover how target customers rate other products based on these attributes 3. Discover where the company's product or brand is on these attributes in customer's mind 4. Reposition |
