Term
Marketing Research 5-steps; Develop the Research Plan Sampling |
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Definition
Selecting representative elements from a population Probability, Non-Probability and Statistical Inference |
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Term
Marketing Research 5-steps; Develop the Research Plan Probability Sampling |
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Definition
| select the sample such that each element of the population has a specific known chance of being selected |
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Term
Marketing Research 5-steps; Develop the Research Plan Non-Probability Sampling |
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Definition
select the sample so that the chance of selecting a particular element may be unknown or 0 |
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Term
Marketing Research 5-steps; Develop the Research Plan Statistical Inference |
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Definition
| drawing conclusions about a population from a sampling taken from that population |
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Term
Marketing Research Collect Relevant Information Data |
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Definition
| Facts and figures pertinent to the problem |
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Term
Marketing Research Collect Relevant Information Secondary Data |
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Definition
| facts and figures already recorded prior to the project |
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Term
Marketing Research Collect Relevant Information Primary Data |
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Definition
| Facts and figures newly collected for the project |
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Term
Marketing Research Collect Relevant Information Internal Data (Secondary) |
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Definition
(inside the firm) finanacial statements, research reports, files, customer letters, sales call reports and customer lists |
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Term
Marketing Research Collect Relevant Information External Data (Secondary) |
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Definition
(outside of the firm) U.S. Census reports, trade association studies and magazines, business periodicals, and internet-based reports |
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Term
Marketing Research Collect Relevant Information Observational data (Primary) |
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Definition
(watching people) -mechanical and electronic approaches, personal approaches |
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Term
Marketing Research Collect Relevant Information Questionaire data (Primary) |
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Definition
(asking people) idea generation through in-depth interviews and focus groups, idea evaluation by mail, online, telephone, and personal surveys |
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Term
Market Segments and Tagets Why Segment Markets Market Segments |
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Definition
relatively homogeneous groups of prospective buyers that results from the market segmentation process a) have common needs and b) respond similarly to marketing action |
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Term
Market Segments and Tagets Why Segment Markets Product Differentiation |
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Definition
| using different marketing mix activities to help consumers perceive the product as being different and better than competing products |
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Term
Market Segments and Tagets Why Segment Markets Market-Product Grid |
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Definition
| framework to relate the market segmentation of potential buyers to products offered or potential marketing actions by the firm |
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Term
Market Segments and Tagets Why Segment Markets When to Segment |
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Definition
when it will increase its sales profit and return on investment 1) one product, multiple segments (Eukanuba) 2) Many products, many segments (different size dog food) 3) tailoring goods to the tastes of individual consumers on a high-volume scale (Levi website) |
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Term
Market Segments and Tagets Steps in Segmenting Markets Criteria to Use in Forming the Segments |
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Definition
1) Potential for increased profit 2) Similarity of buyer needs in a segment 3) Difference in needs across segments 4)Potential to reach a segment through marketing action 5) Similarity and cost of assigning buyers to segments |
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Term
Market Segments and Tagets Steps in Segmenting Markets Group Potential Buyers into segments |
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Definition
| Ways to segment consumer markets |
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Term
Market Segments and Tagets Steps in Segmenting Markets Customer characteristics |
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Definition
Geographic (region, city size, statistical area) Demographic (gender, age, race, education) Psychographic (personality, values, lifestyles) |
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Term
Market Segments and Tagets Steps in Segmenting Markets Buying situation |
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Definition
Benefits Sought (product features, needs) Usage Rate User Status (current user?) |
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Term
Market Segments and Tagets Steps in Segmenting Markets Ways to Segment B2B Markets |
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Definition
Geographic: stats area Demographic: NAICS, # of employers Benefits Ex: Iams; dry food, canned, sauces, biscuit |
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Term
Market Segments and Tagets Positioning the Product Product Positioning |
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Definition
| place an offereing occupies in consumer's mind on important attributes relative to competitive products |
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Term
Market Segments and Tagets Positioning the Product Two Approaches |
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Definition
Head-to-head: compete based on simiilar attributes in same market Differentiation: Seeking a less competitive niche in which to locate a brand ex: competitive water shoes (nike v. adidas) |
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Term
Developing New Products and Services Variations of Products Product |
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Definition
| a good, service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value |
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Term
Developing New Products and Services Variations of Products Product Line |
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Definition
a group of products that are closely related because they: satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same type of outlets, or fall within a given price range |
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Term
Developing New Products and Services Variations of Products Product Mix |
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Definition
the number of product lines offered by a company ex: Home: appliances Consumer electronics home comfort and safety |
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Term
Developing New Products and Services Classifying Consumer & Business Groups Consumer Groups Convenience Goods |
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Definition
| items that the consumer purchases frequently, conveniently and with a minimum of shopping effort |
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Term
Developing New Products and Services Classifying Consumer & Business Groups Consumer Groups Shopping Goods |
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Definition
items for which the consumer compares several alternatives on criteria, such as price, quality or style ex: Sony camera |
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Term
Developing New Products and Services Classifying Consumer & Business Groups Consumer Groups Specialty Goods |
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Definition
items that a consumer makes a special effor tot search out and buy ex: nice car |
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Term
Developing New Products and Services Classifying Consumer & Business Groups Consumer Groups Unsought Goods |
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Definition
| items that the consumer either does not know about or knows about, but does not initially want |
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Term
| Consumer Groups | | | Convenience | Shopping | Specialty | Unsought | | Product | | | | | | Price | | | | | | Place | | | | | | Promote | | | | | | Brand Loyalty | | | | | | Behavior | | | | |
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Definition
| Consumer Groups | | | Convenience | Shopping | Specialty | Unsought | | Product | Crest | Sony camera | nice car | thesaurus | | Price | inexpensive | fairly inexpensive | expensive | variable | | Place | widespread | selective | limited | very limited | | Promote | price availability awareness | differentiation | uniqueness | awareness | | Brand Loyalty | low | low, substitutes | strong | low | | Behavior | frequent purchase. Little time spent shopping | infrequent, comparison shopping | infrequent, extensive search | infrequent some comparison |
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Term
Developing New Products and Services Classifying Consumer & Business Groups Business Groups Production Goods |
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Definition
| items used in the manufacturing process that become part of the final product |
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Term
Developing New Products and Services Classifying Consumer & Business Groups Business Groups Support Goods |
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Definition
items used to assist in producing other goods and services installations (intel) accessory (lexmark printer in Corp.) supplies (stapler) industrial service (marketing research) |
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Term
Developing New Products and Services New Product Success What is a new Product Continuous Innovation |
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Definition
no new behavior must be learned gain consumer awareness ex: sony walkman |
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Term
Developing New Products and Services New Product Success What is a New Product Dynamically continuous |
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Definition
minor changes in behavior advertise points of differences and benefits ex: New Blackberry |
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Term
Developing New Products and Services New Product Success What is a New Product Discontinuous |
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Definition
New consumption patterns Educate through personal selling and product trials ex: Segway |
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Term
Developing New Products and Services New Product Success Success Factors |
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Definition
1) Insignificant point of difference 2) Incomplete market and product definition before development 3) Too little attractiveness 4) Poor Execution of Marketing Mix 5) Poor Product quality or attention to customer needs 6) Bad timing 7) No economic access to consumers |
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Term
Developing New Products and Services New Product Success protocol |
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Definition
a statement that before product development begins, identifies: a well-defined target market (Premier cigarettes) specific customers' needs, wants and preferences (Singles) what the product will be and do (flavoring for Indian Food) |
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Term
Product Management Product Life Cycle |
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Definition
| Stages a new product goes through in the marketplace |
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Term
Product Management Product Life Cycle 4 Stages |
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Definition
1) Introduction 2) Growth 3) Maturity 4) Decline |
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Term
Product Management Product Life Cycle Introduction Stage |
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Definition
Marketing Objective | Gain Awareness | | Competition | Few | | Product | One | | Price | Skim-High (expensive so it will say something about quality) | | | Penetrate - low | | Promotion | Educate | | Distribution | Limited |
Gwen Stefani |
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Term
Product Management Product Life Cycle Growth Stage |
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Definition
| Marketing Objective | Differentiation | | Competition | More | | Product | Multiple versions | | Price | Gain share, deal (how can we gain more share) | | Promotion | Differentiation | | Distribution | more outlets |
Desperate Housewives |
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Term
Product Management Product Life Cycle Maturity Stage |
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Definition
| Marketing Objective | Brand Loyalty | | Competition | many | | Product | fun product line | | Price | market share profit (prices decline) | | Promotion | remind oriented | | Distribution | most outlets |
Sarah Jessica Parker |
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Term
Product Management Product Life Cycle Decline Stage |
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Definition
| Marketing Objective | Harvest, Deletion | | Competition | Reduce | | Product | best sellers | | Price | stay profitable | | Promotion | minimal | | Distribution | fewer outlets |
JLo Harvest- sell, but not promote Deletion- quit selling all together |
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Term
Product Management Product Life Cycle Shape of the cycle High-learning product |
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Definition
slower growth and smooth peak |
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Term
Product Management Product Life Cycle Shape of the cycle Low-learning product |
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Definition
| Fast growth to maturity stage |
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Term
Product Management Product Life Cycle Shape of the cycle Fashion product |
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Definition
| goes through product life cycle multiple times |
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Term
Product Management Product Life Cycle Shape of the cycle Fad product |
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Definition
rapid maturity stage -sad face- |
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Term
Product Management Product Life Cycle Consumers |
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Definition
1) Innovators- venturesome, multiple info source, higher education 2) Early adopters- leaders in social settings, above average education 3) Early majority- deliberate, many, informed, first 50% 4) Late Majority- skeptical, below average social status 5) Laggards- fear of debt, neighbors and friends as information sources |
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Term
Product Management Strategic Implications Product Manager Brand Manager |
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Definition
a. manages the marketing efforts of closely-related family of products b. responsible for managing product through stages of life cycle - marketing plans - adropy - media selection - package design |
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Term
Brands Who benefits from brand placement? |
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Definition
Brands- recognition and affiliation with celebrity (Red Stripe and Tom Cruise) Consumers- heightened product awareness (Nokia phone and Matrix) Studios- 1) Cash for placement 2) Reciprical marketing budget (Car and Firewall) 3) Props (The Italian Job) 4) Realism (Truman Show) |
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Term
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Definition
| "a name, term, sign, symbol, or design, or combination of them which is intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors" |
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Term
Brands Brand Brand Personality |
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Definition
set of human characteristics associated with a brand name: -Traditional (Buick) -Romantic (Pink) -Rugged (Thermos) -Sophisticated (Rolex) -Rebellious (Sporster Motorcycle) |
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Term
Brands Picking a good Brand Name |
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Definition
A. Suggest the product benefits (hotels.com) B. Memorable, distinctive, positive (Visa) C. Fit company image (Porsche-SUV) D. No Legal or regulatory restrictions
(Tylenol) E. Simple and Emotional (Firebird car) -Also should be logical to other brands within the company |
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Term
Brands Brand Strategies Multi-product branding |
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Definition
One name for all products in a product class (lawnmower and snowblower) |
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Term
Brands Brand Strategies Multi-branding |
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Definition
each product has a distinctive name (P&G) |
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Term
Marketing of Services Introduction & Importance Services |
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Definition
| intangible activities or benefits that an organization provides to consumbers in exchange for money or something else of value |
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Term
Marketing of Services Unique aspects of services Four I's of service |
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Definition
Intangibility- Performance rather than an object (a play) Inconsistency- Variability due to variability in service provider (Days Inn) Inseperability- Difficult to separate from deliverer of service (John Mayer Concert) Inventory- a. costs associated with maintaining the ability to deliver a service (Molly Maid) b. Idle production capacity-service provider is available but there is no demand (diesel worker in America) |
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Term
Marketing of Services Unique aspects of services Service Continuum |
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Definition
| range from the tangible to the intangible or good-dominant to service-dominant offering available in the marketplace |
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Term
Marketing of Services Unique aspects of services Classifying Services |
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Definition
1. Equipment based a. Automated (ATM) b. Operated by semi-skilled labor (Taxi Driver) c. Operated by skilled labor (Delta jets)
2. People based a. unskilled labor (maid services) b. skilled labor (chef) c. Professionals (doctors)
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Term
Marketing Research 5-Steps |
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Definition
Define the Problem Develop the research plan Collect relevant information by specifying secondary and primary data Develop findings Take marketing actions |
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Term
Marketing Research 5-Steps Define the Problem Set research objectives |
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Definition
| specific goals the decision maker seeks to achieve in solving a problem |
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Term
Marketing Research 5-Steps Define the Problem Three Kinds of research |
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Definition
Exploratory- ideas about a vague problem Descriptive- frequency that something occurs Causal- determine extent that a change in one thing changes another thing |
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Term
Marketing Research 5-Steps Define the Problem Measures of Success |
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Definition
| criteria or standards used in evaluating proposed solutions to a problem |
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Term
Marketing Research Role of Marketing Research Marketing Research |
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Definition
process of defining a marketing problem and opportunity, systematically collecting and analyzing info and recommending actions |
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Term
Marketing Research 5-Steps Develop the Research Plan Specify constraints |
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Definition
restrictions placed on potential solutions to a problem |
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Term
Marketing Research 5-Steps Develop the Research Plan |
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Definition
Specify Constraints Identify data needed for marketing actions Determine how to collect data |
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Term
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Definition
Role of Marketing Research A Research Process I. Define the Problem II. Develop the Research Plan III. Collect Relevant Information IV. Develop Findings V. Take Action |
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Term
| Marketing Segments and Targets |
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Definition
I. Why Segment Markets II. Steps in Segmenting Markets III. Positioning the Product IV. Sales Forecasting Techniques |
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Term
Developing New Products and Services |
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Definition
I. Variations of Products II. Classifying Goods III. New Product Success IV. New Product Process |
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Term
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Definition
I. Product Life Cycle II. Strategic Implications of Product Life Cycle III. Packaging |
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Term
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Definition
I. Brand II. Measuring Customer-Based Brand Equity III. Outcomes of Brand Equity IV. Picking a good Brand Name V. Brand Strategies |
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Term
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Definition
I. Introduction & Importance II. Unique aspects of service III. Purchasing services IV. Managing Services |
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