Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/73

Click to flip

73 Cards in this Set

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