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73 Cards in this Set
- Front
- Back
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Marketing Research
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key prerequisite to successful decision making
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Marketing information system
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a set of procedures and methods that apply to the regular, planned collection, analysis, and presentation of information that then may be used in marketing decisions
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Data Warehouses
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large computer files that store individual data
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Data Mining
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variety of statistical analysis tools to uncover previously unknown patterns in the data or relationships among variables
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Brand equity
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value of something to company, set of assetts or abilities linked to brand
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Brand Loyalty
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customers tie to brand, relationship with brand
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Brand Extension
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refers to the use of the same brand name for new products being introduced to the same or new markets
ex: Fritos: original, scoops, twists |
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Brand
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logo, symbol-describes products, name, charc.
heuristic, value to customer |
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Elements of Brand Equity
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-facilitates purchase
-establishes loyalty -protects from competition -reduce MKTG cost -asset -impacts market value |
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National Brand
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Big brand name (Del Monte)
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Private Brand
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company (wal-mart) contracts with national brand (Del Monte) and puts own brand on product (Great Value)
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Co-Branding
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partnership of two brands
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Product Life Cycle
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1) Idea generation
2) Concept testing 3) product development 4) Marketing testing 5) Launch 6) Intro-educate/promote 7) growth 8) maturity 9) decline 10) extinction? |
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Types of Buyers
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1) Innovators
2) Early Adoptors 3) Early Majority 4)Late Majority 5) Laggers |
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Services differing from Goods
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-inseparable from their delivery
-intangible, can't carry it around -perishable -variable |
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Continuim of Service
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<---------------->
Fully Fully Service Good |
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Services Gaps
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-Knowledge gap--->understand customers
-Delivery gap--->actual performance -Standards gap--->actions perscribed -Communications gap--->customer understanding what is product or service is |
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Interaction
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Reliabilty
Responsiveness Assurance Empathy Tangibles |
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Marketing Research Process
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Step 1- Defining objectives
Step 2- Designing research project Step 3- Data Collection Step 4- Analyzing Data Step 5- Presenting Results |
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Decison Making
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Collecting data+
Recording data+ Analyzing data+ Interpreting data= |
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Benefits of new products
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1) Satisfy the changing needs of consumers
2) Diversify firms risk 3)Add value to the firm |
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Factors affecting product diffusion
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-compatibilty
-observabilty -trialability -relative advantage |
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Proctor and Gamble
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individual lines- febreeze, aussie
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Nike
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corporate/family brandings
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Primary Data
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data collected to address specific research needs
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Exploratory research
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attempts to understand the phenomenon of interest
can include: observation, in-depth interviews, focus groups, and projective techniques |
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Conclusive research
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provides the information needed to confirm those insights and which managers can use to pursue appropriate courses of action
can include: Experiments, survey, Scanner, and panel |
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Product Mix or Product Assortment
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complete set of all products offered by a firm
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Product Lines
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groups of associated items, such as items that consumers use together or think of as part of a group of similar products
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product category
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assortment of items that the customer sees as reasonable substitutes fo one another or are used under similar circumstances
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breadth
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variety, the number of product lines offered by the firm
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Depth
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number of categories within a product line
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Product
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anything that is of value to the consumer and can be offered thorugh a voluntary marketing exchange
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Stock keeping units (SKUs)
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the smallest unit available for inventory control
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category depth
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number of SKUs within a category
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Brand Awareness
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measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about that brand
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Percieved Value
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the relationship between a product or service's benefits and its cost
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Brand Associations
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reflect the mental links that consumers make between a brand and its key product attributes, such as a logo, slogan or famous personality
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Brand Personality
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refers to such a set of human characteristics associated with a brand, which has symbolic or self-expressive meanings for consumers
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2 Basic Brand Ownership strategies
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Manufacturer brands (National Brands) and Private-Label brands
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4 Categories of Private brands
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Premium Brands
Generic Brands Copycat Brands Exclusive Brands |
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Brand Dilution
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occurs when the brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold
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Brand repositioning
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refers to a strategy in which marketers change a brand's focus to target new markets or realign the brands core emphasis with changing market preferences
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Primary packaging
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consumers typically seek convenience in terms of storage, use, and consumption
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Secondary packaging
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the wrapper or exterior varton that contains the primary package and provides the UPC label used by retail scanners
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Innovation
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process by which ideas are transformed into new products and services that will help firms grow
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Pioneers and breakthroughs
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establish a completely new market or radically change both the rules of competition and consumer preferences in a market
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First movers
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the first to create the market of product category
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Diffusion of Innovation
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process by which the use of an innovation whether a product or a service spreads throughout a market group, over time and over various categories of adoptors
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Innovators
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those buyers who want to be the first on the block to have the new product or service
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Early Adoptors
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second subgroup that begins to use a product or service innovation
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early majority
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represents approximately 34% of the population, can't be profitable until this group buys the product
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Late majority
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34% of the market, last group of buyers to enter a new product market, product has acheived its full potential when group buys
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Laggards
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roughly 16% of market, consumers like to avoid change and rely on traditional products until they are no longer available
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Clinical trial
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medical study that tests the safety and effectiveness of drug or treatment in people
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Reverse Engineering
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take apart a product, analyzing it, and creating an improved product that does not infringe on the competitor's patents, if any exist.
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Lead users
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innovative product users who modify existing products according to their own ideas to suit their specific needs
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concept testing
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process in which a concept statement is presented to potential buyers or users to obtain their reactions
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Product development or product design
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entails a process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a products form and features or a services features
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alpha testing
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firm attempts to determine whether the product will perform according to its design and whether it satisfies the need for which it was intended
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beta testing
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used potential consumers, who examine the product prototype in a real use setting to determin its fuctionality, performance, potential problems, and other issues specific to its use
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premarket test
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tests firms conduct before they actually bring a product or service to market to determine how many customers will try and then continue to use the product or service according to a small group of potential consumers
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test marketing
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method of determining the success potential of a new product, it introduces the offering to a limited geographical area prior to a national launch
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Introductory price promotion
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limited duration lower than normal prices designed to provide retailers with an incentive to try the products
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slotting allowance
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a fee paid simply to get new products into stores or to gain more or better shelf space for their products
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service quality
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customers perceptions of how well a service meets or exceeds their expectations, often is difficult for customers to evaluate
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voice of customer program
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collects customer inputs and integrates them into managerial decisions
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zone of tolerance
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refers to the area between customers expectations regarding their desired service and the minimum level of acceptable service
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empowerment
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allowing employees to make decision about how service gets provided to customers
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instrumental support
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systems and equipment, to deliver the service properly
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RFIDs (radio frequency identification devices)
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tiny computer chips that automatically transmit to a special scanner all the information about a containers contents or individual products
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Distributive fairness
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pertains to a customers perception of the benefits he or she received compared with the costs
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procedural fairness
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refers to the perceived fairness of the process used to resolve them
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