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Test 1 (Chapters 1 & 2)
jakemb
16
Business
Undergraduate 4
02/09/2016

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Term
AMA definition of marketing
Definition
The function that links the consumer to the marketer through information
Term
Book definition of marketing (long ugh)
Definition
the identification, collection, analysis, dissemination, and use of information to assist management in decision making
Term
How is information used in market research?
Definition
- to identify market opportunities and problems
- to generate, refine and evaluate marketing performance
- to monitor marketing performance (like ROI of ads)
- to improve the understanding of marketing as a process
Term
what is problem identification research?
Definition
Research that is undertaken to help identify problems that are not necessarily apparent on the surface but may exist OR arise in the future
Term
what is market potential?
Definition
the potential for our product in a particular area (ex. would someone buy it it at a store)
Term
what is image research?
Definition
researching how others see our brand
Term
What is problem solving research and in what areas might you conduct the research?
Definition
Research undertaken to help solve specific marketing problems

Areas:
- Segmentation research: break up demographic into smaller segments to better target one group (who might use bikes for fun vs transportation)
- product research: (kellogg might test the look of their new cereal box, dell might test the design of their new keyboard)
- price research: research on elasticity (how much can we charge customers before they won't buy the product)
- promotional research: determine the effectiveness of an ad (do people still like Flo from progressive?)
- distribution research: may look at location of retail outlets, margins throughout the distribution process
Term
What are the 6 steps of the MARKET RESEARCH PROCESS? (overall)
Definition
1 - define the problem (make sure you know what your needs are, discuss w/ mkt mgr)
2 - develop an approach to the problem (what steps are you taking to solve the problem?)
3 - formulate the research design (decide how you'll collect the data, ex. figure out who you might survey)
4 - do the field work/collect the data
5 - analyze and prepare the data
6 - prepare and present the report (tell managers how the problem will be solved using your research)
Term
What (4 things) must you do before you begin the PROBLEM DEFINITION PROCESS?
Definition
1 - discussion with decision makers
2 - interview with experts
3 - secondary data analysis
4 - qualitative research
Term
What is the first OFFICIAL step of the PROBLEM DEFINITION PROCESS?
Definition
DEFINE THE PROBLEM (lol duh): you do this by taking the management decision problem and turning it into the marketing research problem
Term
turn this management decision problem into a marketing research problem: Should a new product be introduced?
Definition
To determine consumer preferences and purchasing intentions for the proposed new product.
Term
go backwards, turn this marketing research problem into the management decision problem: to determine the price elasticity of demand and the impact on profits of various levels of price changes
Definition
Should the price of our products be increased?
Term
What is the second step of the PROBLEM DEFINITION PROCESS?
Definition
Developing an approach to the problem
Components of an approach:
- objective/theoretical foundations
- analytical models
- verbal models
- graphical models (not designed to provide numeric results)
- mathematical models (equation of a line)
Term
What is a research question (RQ) and how are they different than survey questions?
Definition
RQ = refined statements of the specific components of the problem (ex. what's the consumer profile of a sears shopper?)
- differ from survey questions b/c you may have 2-3 RQ's corresponding with 20-30 SQ's (SQ: what is your age, gender, income?)
Term
What is a hypothesis?
Definition
an unproven statement about a factor that is of interest to the researcher, often is a possible answer to the research question
(ex. RQ: do sears customers exhibit store loyalty? H: customers who are store-loyal are less knowledgeable about the shopping environment)
Term
What is the third step of the PROBLEM DEFINITION PROCESS?
Definition
research design (aaaaand segway to chapter 3)
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