Mark 140 Final

Front 1

marketing research

Back 1

process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions

Front 2

decision

Back 2

conscious choice from among two or more alternatives

Front 3

measures of success

Back 3

criteria or standards used in evaluating proposed solutions to a problem

Front 4

constraints

Back 4

restrictions placed on potential solutions to a problem
ex: limitations on time and money

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sampling

Back 5

selecting representative elements from a population

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probability sampling

Back 6

using precise rules to select the sample such that each element of the population has a specific known chance of being selected

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non-probability sampling

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using arbitrary judgements to select the sample so that the chance of selecting a particular element may be unknown or zero

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statistical inference

Back 8

drawing conclusions about a population from a sample taken from that population

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data

Back 9

facts and figures related to the problem: divided in two parts- primary and secondary

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secondary data

Back 10

facts and figures that have already been recorded before the project at hand

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data mining

Back 11

extraction of hidden predictive information from large databases

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information technology

Back 12

involves a computer and communication system to satisfy an organizations needs for data storage, processing and access

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questionnaire data

Back 13

facts and figures obtained by asking people about their attitudes, awareness, intentions and behaviors

Front 14

observational data

Back 14

facts and figures obtained by watching, either mechanically or in person, how people actually behave

Front 15

primary data

Back 15

facts and figures that are newly collected for the project

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3 types of marketing research

Back 16

exploratory, descriptive, casual

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five-step marketing research approach

Back 17

1. define problem
2. develop research plan
3. collect relevant information
4. develop findings
5. take marketing actions

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3 parts of developing research plan

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1. specify constraints
2. identify data needed
3. determine how to collect data

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3 parts of taking marketing action

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1. make action recommendations
2. implement action recommendations
3. evaluate the results

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market segments

Back 20

the relatively homogeneous groups of prospective buyers that result from the market segmentation process

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product differentiation

Back 21

involves a firm's usage of different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different and better than competing products

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market-product grid

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framework to relate the market segments of potential buyers to products offered or potential marketing actions by the firm

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synergy

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increased customer value achieved through performing organizational functions more efficiently

Front 24

usage rate

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quantity consumed or patronage- store visits- during a specific period

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80/20 rule

Back 25

concept that suggests that 80 percent of a firms sales are obtained from 20 percent of its customers
-small portion of customers provide large portion of sales

Front 26

product positioning

Back 26

refers to the place an offering occupies in consumers minds on important attributes relative to competitive products

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product repositioning

Back 27

changing the place an offering occupies in a consumer's mind relative to competitive products

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perceptual map

Back 28

means of displaying or graphing in two dimensions the location of products or brands in the mind of consumers to enable a manager to see how consumers perceive competing products or brands relative to its own and then take marketing actions

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market or industry potential

Back 29

refers to the maximum total sales of a product by all firms to a segment during a specified time period under specified environmental conditions and marketing efforts of the firms

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sales or company forecast

Back 30

refers to the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing actions
-specific company

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direct forecast

Back 31

estimating the value to be forecast without any intervening steps

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lost-horse forecast

Back 32

making a forecast using the last known value and modifying it according to positive or negative factors expected in the future

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survey of buyers intentions forecast

Back 33

asking prospective customers if they are likely to buy the product during some future time period

Front 34

salesforce survey forecast

Back 34

asking the firm's salespeople to estimate sales during a coming period

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trend extrapolation

Back 35

extending a pattern observed in past data into the future
- best known statistical method of forecasting

Front 36

linear trend extrapolation

Back 36

using a straight line to extend a pattern observed in past data into the future

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product

Back 37

good or service or idea consisting of a bundle of tangible or intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value

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product line

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group of products that are closely related because they satisfy a class of needs, are used together, are sold in the same consumer group, are distributed through the same type of outlets, or fall within a given price range

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product mix

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the number of product lines offered by a company

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consumer goods

Back 40

products purchased by the ultimate consumer

Front 41

business goods

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products that assists directly or indirectly in providing products for resale

Front 42

convenience goods

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items that the consumer purchases frequently, conveniently and with minimum shopping effort

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shopping goods

Back 43

items for which the consumer compares several alternatives on criteria, such as price, quality or style

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specialty goods

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items that a consumer makes a special effort to search out and buy

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unsought goods

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items that a consumer does not know about or knows about but does not initially want

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production goods

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items used in the manufacturing process that become part of the final product

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support goods

Back 47

items used to assist in producing other goods and services

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protocol

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a statement that identifies a well-defined target market, specific consumers needs, wants and preferences; and what the product will be and do

Front 49

new-product process

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stages a firm goes through to identify business opportunities and convert them to a salable good or service

Front 50

new-product strategy development

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stage of new-product process that defines the role for a new product in terms of the firm's overall corporate objectives

Front 51

six sigma

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a means to delight the customer by achieving quality through a highly disciplined process to focus on developing and delivering near-perfect products and services

Front 52

idea generation

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stage of new-product process that involves developing a pool of concepts as candidates for new products

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screening and evaluation

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stage of new-product process that involves internal and external evaluations of the new-product ideas to eliminate those that warrant no further effort

Front 54

business analysis

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stage of the new-product process that involves specifying the product features and marketing strategy and making necessary financial projections needed to commercialize a product

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development

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stage of new-product process that involves turning the idea on paper into a prototype

Front 56

market testing

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stage of new-product process that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy

Front 57

commercialization

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stage of new-product process that involves positioning and launching a new product in full-scale production and sales

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slotting fee

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payment a manufacturer makes to place a new item on a retailers shelf

Front 59

failure fee

Back 59

penalty payment a manufacturer makes to compensate a retailer for sales its valuable shelf space failed to make

Front 60

types of consumer goods

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convenience, shopping, specialty, unsought

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7 stages of new-product process

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1. new-product strategy development
2. idea generation
3. screening and evaluation
4. business analysis
5. development
6. market testing
7. commercialization

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product life cycle

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the stages a product goes through in the marketplace

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product life cycle stages

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introduction
growth
maturity
decline

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product class

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entire product category or industry

Front 65

product form

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variations of a product within a product class

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product modification

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altering a products characteristics, such as its quality, performance, or appearance to try to increase sales

Front 67

market modification

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strategies a company tries to find new customers

Front 68

trading up

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adding value to a product through additional features or higher-quality materials

Front 69

trading down

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reducing the number of features, quality or price

Front 70

downsizing

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reducing the content of packages without changing package size and maintaing or increasing the package price

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branding

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an organization uses a name, phrase, design, symbols or a combination to identify its products and distinguish them from competitors

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brand name

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any word, device (design, sound, shape or color) or combination used to distinguish a good or service

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trade name

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commercial, legal name under which a company does business

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trademark

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identifies that a firm has legally registered its brand name or trade name so the firm has exclusive use preventing others from using it

Front 75

brand personality

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set of human characteristics associated with a brand name

Front 76

brand equity

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added value a given brand name gives to a product beyond the functional benefits provided

Front 77

brand licensing

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contractual agreement whereby one company allow its brand names or trademarks to be used with products or services offered by another company for a royalty or fee

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multiproduct branding

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a company uses one name for all its products in a product class

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co-branding

Back 79

the pairing of two brand names of two manufacturers on a single product

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multibranding

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giving each product a distinct name

Front 81

private branding

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a company manufactures products but sells them under the brand name of a wholesaler or retailer

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mixed branding

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a firm markets products under its own name and hat of a reseller because the segment attracted to the reseller is different from its own market

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packaging

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any container in which a product is offered for sale and on which label information is conveyed

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label

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typically identifies a product or brand, how it is to be used and package contents or ingredients

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warranty

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statement indicating the liability of the manufacturer for product deficiencies

Front 86

services

Back 86

intangible activities or benefits that an organization provides to consumers

Front 87

four I's of services

Back 87

the four unique elements to services; intangibility, inconsistency, inseparability, and inventory

Front 88

sidle production capacity

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occurs when the service provider is available but there is no demand

Front 89

service continuum

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a range from the tangible to the intangible or good-dominant to service dominant offerings available in the marketplace

Front 90

gap analysis

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differences between the consumer's expectations and experience

Front 91

customer contact audit

Back 91

flowchart of the points of interaction between consumer and service provider

Front 92

internal marketing

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based on notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at customers

Front 93

capacity management

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integrating the service component of the marketing mix with the efforts to influence consumer demand

Front 94

off-peak pricing

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charging different prices during different times of the day or days of the week to reflect variations in demand for the service

Front 95

value

Back 95

ratio or perceived benefits to price
value= perceived benefits over price

Front 96

value-pricing

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practice of simultaneously increasing product and service benefits while maintaining or decreasing price

Front 97

profit equation

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profit is total revenue minus total cost

Front 98

pricing objectives

Back 98

specifying the role of price in an organizations marketing and strategic plans

Front 99

pricing constraints

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factors that limit the range of prices a firm may set

Front 100

demand curve

Back 100

graph relating the quantity sold and price, which shows the maximum number of units that will be sold at a given price

Front 101

demand factors

Back 101

factors that determine consumers' willingness and ability to pay for goods and services