Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
39 Cards in this Set
- Front
- Back
|
Types of Market Research? |
Exploratory Descriptive Casual |
|
|
Marketing Information System? |
A set of procedures and processes for collecting, sorting, analyzing, and summarizing marketing information on an ongoing basis |
|
|
Market Research? |
Process of planning, collecting and analyzing information in order to recommend actions to improve marketing activities |
|
|
Exploratory Market Research? |
Initial research done to identify the problem or opportunity |
|
|
Descriptive Marketing Research? |
Research used to find characteristics of a given population or to find out their behaviour/attitudes |
|
|
Casual Marketing Research? |
Used to find out cause-and-effect relationships in different situations |
|
|
Metrics? |
Numeric data that is collected and grouped to track performance, often presented in spreadsheets and dashboards |
|
|
Dashboards? |
Visualization of data and key performance indicators using graphs charts and numbers |
|
|
Key Marketing Metrics? |
1. Market Share 2. Brand Development Index (BDI) |
|
|
Market Share? |
Percentage of sales volume for a product relative to the entire sales category of items which is is in competition with |
|
|
Brand Development Index (BDI)? |
How well a brand's sales are doing compared to the population of the region |
|
|
Analytics? |
Process of taking metrics data and using it to make better business decisions |
|
|
Web Analytics? |
Analyzing website data to measure online traffic Ex: # of views, new visitors/old visitors etc. |
|
|
Predictive Analytics? |
Using data from different sources to figure out consumer behaviour patterns to figure out what to do to be more successful in the future |
|
|
Big Data? |
Large amounts of data characterized as high-volume infmormation |
|
|
RFM analysis |
Rating of customers on the basis of recency (recently purchased items) frequency (how often products were purchased) and monetary value (dollar value of each transaction) |
|
|
Data Mining? |
Large amounts of data being used to make future decisions |
|
|
Types of Data? |
Structured Data Unstructured Data Semi-Structured Data Legacy Data |
|
|
Structured Data? |
Data that can be easily tagged and retrieved as it is organized and uses frequently used terms and organized into tables, columns, rows |
|
|
Unstructured Data |
Comes from word processed documents, audio-files etc. that can't be easily categorized in a database |
|
|
Semi-Structured Data? |
Hybrid data format that contains structured and unstructured data |
|
|
Legacy Data? |
Difficult to use because it has been collected and stored in a format or system that isn't compatible with current systems |
|
|
Marketing Segmentation? |
Aggregation prospective buyers into groupsthat have common needs and respond similarly to marketing programs |
|
|
Consumer Market? |
Products/ideas/services that a customer can buy for personal use |
|
|
Business Market? |
Products purchased to run a business or be used within a buisness |
|
|
Product Differentiation? |
Selling a product to a target group so that it seems different than competitors products |
|
|
Forms of Marketing Segmentation? (3) |
Mass Marketing Segment Marketing Niche Marketing |
|
|
Mass Marketing Strategy? |
Marketing product to appeal to entire market without using different marketing Ex: Vegetable sales |
|
|
Segment Marketing Strategy? |
Marketing a bunch of products and brands to meet the needs of specific target markets Ex: Pickle sales to restaurants having to follow requirements of restaurant in order to keep their business |
|
|
Niche Marketing Strategy? |
Marketing a limited product to a narrow (but profitable) segment of the market that is similar to that of major competitors Ex: Kashi cereal being sold only at all organic markets |
|
|
Target Market? |
Specific group of existing and potential consumers that a product/service is being directed to |
|
|
Target Market Profile? |
Description of target market group in four areas: Geographic's, Demographics, Psychographics, and Behavioristics |
|
|
1. Geographics? 2. Demographics? 3. Psychographics? 4. Behavioristics? |
1. Where target market lives (country,city,suburban,rural) 2. Age, family composition, income, occupation,education, ethnic background, home ownership 3. Attitudes, life, beliefs, behaviour, values 4. Why they do the things they do (why do they buy certain things etc.) |
|
|
Personas? |
Character description in form of narrative character as well as images that capture values, behaviour, demographics and expected behaviour with brand |
|
|
Product Positioning? |
Impression of your brand that you want customers to have in comparison to their needs/wants etc. |
|
|
Positioning Statement? |
Formal statement that identifies a product in a brand and what makes it different from other similar products |
|
|
Positioning Maps? |
Visual representation of how products are positioned in a category to a consumer (How good a consumer thinks a product is) |
|
|
Steps in Marketing Segmentation? (10) |
1. Review strategic companyobjectives 2. Identify specific businessunit objectives 3. Identify consumer/customerneeds and common characteristics in the market 4. Cluster commonconsumer/customer variables to create meaningful market segments 5.Conduct SWOT analysis on thesegments to determine strengths, weaknesses, opportunities, and threats 6. Identify strategy that best meets strategic company objectives 7. Identify marketing programs andbudget requirements needed for this segment 8. Identify marketing programs andbudget requirements needed for this segment 9. Create a sales forecast forthis segment4. Conduct a profit-and-lossfinancial analysis for this segment 10. Check financial forecastsagainst specific business unit objectives |
|
|
SWOT Analysis? |
Assessment of how well an organization or brandis servicing its business and target markets by evaluating its internalstrengths and weaknesses and its external opportunities and threats |
