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60 Cards in this Set
- Front
- Back
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What is a marketing information system? |
A system developed around information sources, computer systems, and decision makers to provide good marketing information at the time it is needed. |
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What is the difference between data and intelligence discussed in class? |
A datum is a fact, intelligence is a full appraisal of information. |
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One of the major issues to consider when designing the computer system to support a marketing information system is...? |
Will decision makers need to be able to manipulate the data. |
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Sometimes technology can make it difficult to create organizational intelligence, for example...? |
Different departments may have different data bases that are independent of each other. |
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___________ attempts to identify new business opportunities by analyzing data from past transactions? |
Data Mining |
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One of the barriers to creating intelligence within an organization is _____________. |
Sometimes people don't do the paperwork asked of them. |
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According to your instructor, what is pseudo-research? |
Research that is conducted to support a decision that has already been made. |
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One of the major issues in designing computer systems to support a marketing information system discussed in class is...? |
Who has permission to enter and/or edit information in the database. |
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A _________ is a conscious choice from among two or more alternatives. |
Decision |
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What is one of the three typical uses for information in a marketing information system? |
To generate routine rapports showing progress toward meeting marketing goals. |
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The computer term GIGO is used as a caution for those developing marketing information systems, this is because good decisions require what...? |
Good information |
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A major advantage of secondary data is that...? |
it is immediately available. |
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The main advantage of primary data is that...? |
It addresses you specific research question. |
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Why is it important to understand the assumptions that went into the research when you are making recommendations? |
So you don't over-generalize or read more into the data that is actually there. |
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What would a reader expect to find in the executive summery of a research report? |
A one page summary of the project including major findings. |
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The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company introduce the new product into the company's overall product mix? |
Commercialiation |
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The biggest disadvantage to introducing a new product that represents a continuous innovation is that...? |
It is difficult to gain a sustainable competitive advantage with incremental changes. |
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When it comes to carrying inventory in the fashion industry, which approach tends to be the more profitable. |
Carry just enough inventory to meet anticipated demand. This will allow you to capitalize on the demand that has been created for the product without the expense of getting rid of excess inventory at a discount. That may hurt the brands image. |
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The goal at the _________ stage of the product life cycle is to maximize profit without investing a lot of resources in the product. |
decline |
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The product life cycle consists of two curves which show the expected _________ and ________ of a product over time. |
sales, profits |
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According to diffusion theory, the first 2.5% of the population to adopt a product are called _______. |
Innovators |
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The introductory stage pricing strategy that attempts to gain as much market share as possible, even though it may mean more time before the product becomes profitable is called ___________. |
penetration pricing |
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When dealing with tangible products, consistency is usually measured in terms of ____________. |
defects |
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What do we mean when we say that, from the consumer perspective, new products span a continuum from small, incremental changes to radically different products? |
That "newness" is hard to define and new could mean different things for different products. |
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The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company define the marketing strategy for and determine the projected income from a new product? |
Business Analysis |
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_________ refers to the number of product line in a company's product mix. |
Breadth |
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What is TRUE about the product life cycle? |
The product life cycle deals with aggregate demand over the lifetime of a product. |
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Bruce went over to the student Union for a bowl of icecream. All they had was Dreyers Ice Cream and Bruce was really in the mood for Haagen Daz. So he walked over to Stownstown mall in order to get a bowl of Haagen Daz ice cream even though he really didn't have the time. In terms of product classification, Haagen Daz ice cream could best be described as a ____________ for Bruce. |
Specialty Good |
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The central level of the levels of the product concept consists of _____________________. |
The core benefit that a consumer will get from the product. |
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What is FALSE about the growth stage of the product life cycle? |
Increase demand and decreasing competition lead to higher profits. |
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The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company identify feasible idea and turn them into product concepts? |
Screening and evaluation |
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____________ is an example of a product normally considered to be a production good in business. |
Component parts |
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According to the research discussed in class, what is the most important factor affecting the success rate of a new product introduction? |
Insignificant point of difference |
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The biggest disadvantage to introducing a new product that represents a continuous innovation is that....? |
it is difficult to gain a sustainable competitive advantage with incremental changes. |
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The Boston Consulting Group matrix is a 2X2 matrix with __________ on one axis and _________ on the other axis. This creates four positions: cash cows, stars, problem children (or question marks), and dogs. |
market growth rate, relative market share |
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What do we mean when we speak of the length of a product line? |
The number of choices within a product category. |
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The goal at the __________ stage of the product life cycle is to build market share and differentiate the product. |
growth |
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Profit leaders generate 39% of sales from new products while profit laggards generate 23% of sales from new products. What was the point trying to be made? |
It is really important for business to develop new products. |
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According to your instructor, most consumer products are in the _________ of the product life cycle. |
maturity |
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A ________ is a style that has been adopted by a significant number of people for a reasonably long period of time. |
fashion |
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The ______________ is an important factor during the introductory stage of the product life cycle. |
new product adoption process |
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The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company be seeking input from customers, following up on complaints, listening to employees, analyzing market research and monitoring competitors? |
Idea Generation |
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The goal at the ______ stage of the product life cycle is to maintain market share and extend the life of the product. |
Maturity |
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The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company typically determine the relative importance of new product development to the overall goals of the organization? |
New-product strategy development |
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For new products that have a major benefit to the customer, but the benefit is not obvious by casual inspection, _______ becomes an important factor in whether customers will adopt the new product. |
Trialability |
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One of the strategies during the decline stage of the product life cycle is to sell the product to another company or simply to stop producing the product. This strategy is called __________. |
Exiting the Market |
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The value of the levels of the product concept is that the actual product can be thought of as __________. |
A way to deliver the core benefit to the consumer. |
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The actual product, in the levels of the product concept refers to __________________________. |
The bundle of tangible and intangible attributes we normally think of as the product. |
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Bruce company is a small startup with just enough money in the bank to get it through the end of the month. Which market entry strategy might work best for Bruce Company? |
First mover strategy, it is risker and Bruce Company has little to lose if it doesn't work out. |
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What do we mean when we speak of the length of a product line? |
The number of choices within a product category. |
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Hermione was the office manager for a small business in the city. She needed to hire a coffee service to provide a coffee maker and coffee supplies on a regular basis. She went online and searched for several coffee services. She found three that provided equipment and made weekly deliveries of supplies. She chose the supplier that advertised the lowest price. Hermione used ______ to evaluate the quality of this service. |
Search Qualities |
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_____________ is NOT a functional benefit pf packaging? |
Acting as a silent salesperson |
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Typically, ______________ is done by the retailer of a product rather than by the manufacturer. |
Private Branding |
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When you are dealing with the ________________ characteristic of a service, one approach is to institute procedure manuals and training programs so that your service employees will know how they are supposed to deal with customers. |
Variability (inconsistency) |
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________ is NOT one of the components customers use to evaluate service quality according to your text. |
Price |
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A major disadvantage of _____________ is that it can be very expensive to create a brand identity for each product. |
Individual product branding |
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Marketers and Lawyers disagree about what is the best thing to do when you make a mistake in delivering a service. Marketers are more likely to _________________. |
admit to making a mistake and work with the customer to resolve the problem. |
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Delilah just bought a new cell phone. She signed a contact that gave her 1,000 anytime minutes, voice mail, call forwarding, ringtones, the ability to download mp3's, and free calls to others who used the same service. The cell phone was free as long as she agreed to use the service for 2 years. In terms of the goods-service continuum, this is an example of ______________. |
Service dominated offering |
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What is NOT one of the unique characteristics of a service described in the text? |
Invisibility |
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Proctor & Gamble creates a separate brand identity for each product they bring to market. This strategy is called _____________. |
Individual product branding |
