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134 Cards in this Set
- Front
- Back
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consumer insight is... |
perceived meanings of data collected from the study of consumer behavior
why customers like one product over another |
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marketing research is... |
the acquisition and analysis of info used to identify and define marketing opportunities that connect consumers to marketers |
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market research falls into 2 categories: |
applied research pure research |
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applied research |
helps answer practical problems |
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pure research |
more scientific
looking for a cure for cancer |
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uses of marketing research |
make better decisions; identify opportunities (and threats); monitor performance |
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5 market research process steps |
1 define the problem (most important) 2 design the research 3 conduct the research 4 analyze the data 5 address the problem |
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define the problem (market research process steps) |
what do you want to learn? will the results matter? is it cost effective? |
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types of research data |
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secondary data (types of research data) |
data collected from other people's research; always start with secondary
pros: -available more quickly and at a lower cost than primary data -may provide data the company can't secure on its own
cons: -desire info may not exist -not all info found is usable; carefully evaluate info to be certain it is relevant, accurate, current, and impartial |
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primary data (types of research data) |
data you collect yourself
-must be relevant, accurate, current, and unbiased -must determine: research approach contact methods sampling plan research instruments |
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research design categories (important) |
-exploratory - very broad; helps become more focused and narrow down -descriptive - who, what, where, when; -explanatory - willingness to buy or pay; relationship between dependent and independent variables - like experiments |
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qualitative (research types) |
things you can't capture through a survey
focus groups, interviews, observational, ethnographic (when researcher immerse themselves in the group) |
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quantitative (research types) |
surveys experiment |
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focus groups (qualitative research) |
6 to 10 people trained moderator
challenges: -expensive -difficult to generalize from small group -consumers not always open and honest |
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observational research (qualitative research) |
many restaurants, retail stores, and other service-oriented businesses use mystery shoppers - a type of observational research - to evaluate the quality of customer service and aspects of the facilities |
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survey research (qualitative research) |
surveys can help marketers to understand attitudes, willingness to buy, satisfaction level, etc |
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experimental research (quantitative research) |
is best for gathering causal info: cause-and-effect relationships
examples: putting peanut butter and jelly next to the bread; putting a cheaper brand by the higher end brands to see if they think it's a higher end item |
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online research |
advantages: -low cost -speed -higher response rates -good for hard to reach groups |
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4 measurement scale types |
-nominal - classification - can be limited; yes/no; male/female -ordinal - order - indicate level of education: HS, some college, bachelor's, graduate degree -interval - temperature - is 80 degrees twice as hot as 40 degrees?; size of differences -ratio - number of hot dogs purchased, time spent reading textbooks, etc; |
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questionnaire development |
respondent motivation - complete survey; be open and honest -speak respondent language -screening questions -classification questions |
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sample plan |
determines how who/many people will be sampled |
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probability sample |
everyone has the same chance of being included in the sample |
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nonprobability sample |
not equal chance of being selected for sample;
convenience sample - because the person is there
purposive sample -
snowball sample - ask 5 friends and then have them ask 5 friends etc.
quota sample - 20 seniors, 20 juniors, 20 sophomores, 20 freshman |
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conduct the research |
-collect data -make sure there are no nonsampling errors - biased -validity - accuracy -reliability - consistent |
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analyze the research
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statistical analysis
descriptive statistics - ex: demographics group differences |
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address the problem |
-write report of findings -conclusive findings -recommendations -write for the intended reader |
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a marketing information system is... |
a series of steps that include collection, analysis, and presentation of information for use in making marketing decisions
looking at competitors |
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marketing information systems |
-internal company data -market intelligence systems -decision - support data -marketing research systems |
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competitive marketing intelligence (developing marketing information)
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the systematic collection and analysis of publicly available info about consumers, competitors and developments in the marketplace
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a brand is... |
a promise to deliver specific benefits associated with products or services to consumers
60% of the best known brands are over 50 years old
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benefits of a brand to manufacturers |
represents ownership
distinguishes from competitors
adds value |
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benefits of a brand to consumers |
delivers a promise
offers consistency |
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product (product vs brand) |
made in a factory easily duplicated can be outdated generic |
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brand (product vs brand) |
created through marketing efforts unique timeless has personality |
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branding benefits |
-higher perceived quality -price premium -greater market share -financial strength -brand extensions - brand expanding into different categories |
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brand equity is... |
the power of a brand, through creation of a distinct image, to influence customer behavior
can dramatically increase the price that consumers are willing to pay |
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applications of brand equity |
-channel switching - P&G buying Iams dog food and selling it everywhere instead of just pet club etc -brand stretching - allows for new products to be introduced under that brand name -brand alliances - co-branding; 2 brands on one product; ie southwest visa card, NFL on budweiser can, etc -relationship building - the bigger the brand, the stronger the relationship -supplier advantages - strong products attracts suppliers for better sales |
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building brand equity |
loyalty (more repeat purchases) >commitment (brand relationships) >customer equity (how is the consumer going to respond to the brand?)> brand equity |
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a strong brand... |
occupies a distinct position in consumer's minds based on relevant benefits and creates an emotional connection between businesses and consumers |
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building strong brands |
provide identity
project the right message
saves time |
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attributes, benefits, values (building strong brands) IMPORTANT |
positioning strategy - are we going for attributes like teeth whitening, or benefits, or values like "giving you white smiles for life" |
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brand personality scale |
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brand name selection |
-distinct -describes something about the product/service -memorable - easy to pronounce, recognize and remember -appropriate for the category -extendable to other categories; ex: amazon started with books and now sells everything -exportable - easily translated to other languages/countries -protectable - make sure it doesn't become generic |
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brand sponsorship |
-manufacturer (national) brands; ex: heinz, kellogg's -licensing - can license your brand out; ex: bandaid using disney designs -co-branding - kellog's pop-tarts with smucker's jelly -store (private label) brands - fry's/kroger, safeway |
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brand development strategies |
brand extension - going into different category; ex: tide making tide pens line extension - coming out with a different color, size, flavor; ex: tide with bleach or in a different size multibrands - one product category with multiple brands; ex P&G has tide, gain, downey new brands - entirely new brand and new category; ex: fabreez, swiffer |
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brand management is... |
the overall coordination of a brand's equities to create long-term brand growth through overseeing marketing mix strategies |
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managing brands |
-consistent brand message -manage customer experience -focus on long-term growth |
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brand protection |
-product recalls -bad publicity -counterfeit products -genericize |
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products are... |
items consumed for personal or business use |
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services are... |
activities that deliver benefits to consumers or businesses |
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distinctions of a service |
-intangible -inseparable - can't separate the service from service provider; ex: cant learn marketing 300 w/o a prof -perishable - can't store or save for later use -variability - who is providing the service; can have a change on experience; ex: which prof is teaching mkt 300 |
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the product-service continuum |
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levels of product |
core benefits - fundamental benefit that the consumer is buyer; ex: buying a car, the core benefit is transportation |
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consumer product classifications |
convenience - gum, soda, chips shopping - tvs, computers, speakers unsought - don't like to think about - casket, specialty - unique, higher price, - crystal stemware, rolex |
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new product development |
idea generation (unmet needs in the marketplace)> idea screening (collect ideas and choose best) > concept development (concept of the product)> business analysis (will we make money from the product?)> market testing> commercialization (launch product) |
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types of new products |
-cosmetic (incremental) - bluetooth 3.0 >4.0 -context (new direction) - what happened to the music industry when ipod/itunes was released -concept (breakthrough) - PC, airplanes |
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a product portfolio is... |
the collection of all products and services offered by a company
product mix width - # of product lines a company offers product mix depth - number of products within each line product mix length - total # of products offered |
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the product life cycle is... |
a model describing the evolution of a product's sales and profit throughout its lifetime |
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product life cycle |
aka PLC -introduction -growth -maturity -decline |
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intro stage (product life cycle) |
sales volume - low product features - basic retail outlets - limited marketing goal - trial; get people to try it
*profits are negative in the intro stage |
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growth stage (product life cycle) |
sales volume - growing product features - increasing retail outlets - increasing marketing goal - preference |
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maturity stage (product life cycle) |
sales volume - flat product features - new retail outlets - maximum marketing goal - preference
ways to increase sales: -line extensions -new users -new uses |
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decline stage (product life cycle) |
sales volume - declining product features - reduced retail outlets - reduced marketing goal - survival |
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adopter categorization IMPORTANT |
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product mix width |
product categories
ex: cameras, tvs, computers, etc |
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product mix depth |
how many they make in each category
ex: desktop, laptop, notebook |
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product mix length |
total number of products being offered |
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a marketing channel is... |
a network of all parties involved in moving products or services from producers to consumers or business customers |
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marketing functions |
exchange physical facilitating |
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exchange (marketing functions) |
-communications -negotiate prices -place orders -make sales |
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physical (marketing functions) |
-store and transport -create assortments -break bulk |
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facilitating (marketing functions) |
-gather info -provide credit |
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how much of a product's cost is attributed to distribution costs? |
30-50% |
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how many contacts are made between manufacturers and consumers? |
36 contacts |
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how many contacts are made between manufacturers and consumers when an intermediary (retailer) is involved? |
12 |
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channel intermediaries |
-resellers - wholesalers (work with smaller stores), retailers (large stores like walmart, target, etc) -brokers - agents -facilitators - transportation companies *both brokers and facilitators never take title of the product |
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a channel strategy... |
involves the decisions a manufacturer makes to effectively and efficiently move its products to the customer |
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CONSUMER marketing channels picture |
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BUSINESS marketing channels picture |
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multichannel design picture |
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Distribution intensity picture |
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distribution intensity explained |
-intensive - getting products in as many places as possible ex: coca cola -selective - not going everywhere; a little less selective; ex: cameras - exclusive - limited in geographic areas |
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product (channel strategy factors) |
short channels - technical; perishables; not as many steps to get it to you; ex: flowers
long channels - standardized; durable; less expensive |
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customer (channel strategy factors) |
short chan - price negotiations; high level of service long chan - broad assortment; product inspection |
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organization (channel strategy factors) |
short chan - larger firms; broad product line long chan - smaller firms; narrow product line |
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channel organization |
conventional channel
vertical marketing system |
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conventional channel (channel organization) |
producer>wholesaler>retailer>consumer
all channel members work independently |
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vertical marketing system (channel organization) |
producer, wholesaler, retailer (one channel member takes over) > consumer |
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horizontal marketing system (channel organization) |
when 2 or more channels from an alliance share some resources; ex: starbucks inside of a target |
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vertical conflict (channel conflict) |
wholesaler>retailer |
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horizontal conflict (channel conflict) |
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multichannel conflict (channel conflict) |
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logistics is... |
the coordination of all activities related to the movement of raw materials and finished goods that occur within the boundaries of a single business or organization |
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logistics diagram |
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inbound logistics |
movement of products from suppliers to a company (tires) |
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outbound logistics |
movement of products from company to customer (dealership, retailer) |
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reverse logistics |
moving product backwards through the system (returns) |
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logistics decisions |
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production (logistics decisions) |
what, how, and when to produce |
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inventory (logistics decisions) |
how much to make and how much to store |
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location (logistics decisions) |
where best to do what activity |
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transportation (logistics decisions) |
how and when to move product |
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information (logistics decisions) |
the basics for making these decisions |
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logistics decisions diagram |
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physical distribution is... |
the process of moving finished goods to customers through various transportation modes (shippers, carriers, consignees) |
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shippers (physical distribution) |
producers of the goods, owner of the goods |
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carriers (physical distribution) |
transport the goods to the consignees |
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consignees (physical distribution) |
retailers, wholesalers |
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modes of transportation |
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breaking bulk (warehousing) |
breaking down big bulk of products to create assortments |
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RFID chip (warehousing) |
tracks the precise location of product |
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barcode/UPC (warehousing) |
scan for price and where product should go |
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distribution center (warehousing) |
very large warehouses |
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retailing is... |
the activities involved in the sale of products to consumers for their personal, nonbusiness use |
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retailers diagram |
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types of retailers |
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specialty (types of retailers) |
narrow, focused ex: david's bridal |
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category killer (types of retailers) |
office max, toy's r us, petco, best buy |
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department (types of retailers) |
wide variety of department lines
ex: nordstrom, sears |
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discount (types of retailers) |
standard merchandise at lower prices
walmart target |
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off-price (types of retailers) |
charge less than retail
TJ maxx, big lots |
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warehouse (types of retailers) |
costco, sams club |
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supermarkets (types of retailers) |
thousands of products, low margins
fry's, safeway |
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convenience (types of retailers) |
limited lines
7-eleven |
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nonstore retailing |
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retail strategies are... |
the decisions to be made regarding the establishment and ongoing operations of a retailer |
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marketing mix |
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wholesaling is... |
the sorting, storing, and reselling of products to retailers or businesses |
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wholesaler functions |
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types of wholesalers |
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merchant wholesalers |
*they take ownership (title) of products
full service
limited service
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merchandise agent/brokers |
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manufacturers' branches |
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