Term
| What are the three roles of marketing research? |
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Definition
Exploratory: Gather prelimenary information to better understand a problem.
Descriptive: gather descriptive information. (What do consumers think of our product?)
Casual: Testing causal relationships. (What happens if we change the price?)
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Term
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Definition
| the systematic process of recording the behavioral pattens of people, objects, and occurrences without questioning them. |
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Term
| What four ways are primary data collected? |
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Definition
Survey Research:
Observation Research:
Ethnographic Research
Expierements |
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Term
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Definition
| Researcher interacts with people to obtain the facts. Questions should be clear and concise, unambiguous, and specific. |
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Definition
| the study of human behavior in it's natural context |
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Definition
| data collected specifically for the current project. Expensive but persice, takes time. |
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Definition
| data collected previously for a different project. May not directly answer your questions, cheap and quick. |
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Term
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Definition
| the value that the consumer gets from a product, from the original product to the afterwards benefits. |
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Term
| Augmented verses actual product |
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Definition
| augmented: delivery, insulation, warranty etc. |
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Definition
| the value of the brand is based on strong positive consumer associations. |
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Definition
| Product Quality, Product features, and Product Style and Design. |
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Definition
| Level, consistency, product can provide basic but consistent quality. |
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Definition
| Provides an opportunity to differentiate product |
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Term
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Definition
Style: Looks
Design: Functionality and Looks. |
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Definition
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Term
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Definition
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Term
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Definition
| name term, symbol or design or combination thereof that identifies a seller's product. |
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Definition
| the exclusive right to use a brand or part of a brand |
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Definition
| two or more brands on the same product |
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Definition
| Brands owned and managed by a retailer. Earns higher profits off of own brands. Creates customer loyalty. |
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Term
| Brand Development Strategies |
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Definition
- New Name and new product class- new brand
- new brand name and existing product class- multi-brand strategy
- old brand name and new product class- brand extension
- old brand name and existing product class- line extension
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Term
| What does packaging do for a product? |
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Definition
| Protect and contain product, promote, facilitate storage, use and convenience, facilitate recycling and reduce environmental damage. Lowest Cost |
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Term
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Definition
| All the products a company sells. |
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Term
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Definition
| group of closely related products |
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Definition
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Term
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Definition
| can't be touched, seen or heard before purchase. |
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Term
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Definition
| cannot be separated from the provider. |
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Definition
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Definition
| cannot be stored for later sale or use. |
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Term
| New Product Development Process |
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Definition
| Idea Generation, Idea screening, concept development testing, business analysis, market strategy development, product development, test marketing, and commercialization. |
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Term
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Definition
| screen out ideas that do not work or fit organization's strategy |
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Term
| Concept development and testing |
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Definition
| Present idea (product concept) to potential target market. |
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Term
| Marketing strategy development |
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Definition
| define target market, propose marketing mix and develop long term strategy |
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Term
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Definition
How much could we sell of the product?
How much would it cost and can it be profitable? |
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Term
| "real world" test of a product |
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Definition
| test of a product in a limited market. |
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Term
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Definition
| Introduction, growth, maturity, decline |
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Term
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Definition
Few people are buying
most dont know about it
limited competition
Need to create product awareness and primary demand
Have high prices to cover development costs
limited distribution |
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Term
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Definition
Number of people buying rapidly grows
more competetors
Focus on brand advantages
Prices fall due to competition
distribution expands to more outlets |
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Term
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Definition
market is saturated
few large competitors some "niche marketers"
Promote heavily to compete for market share
more emphasise on price
continous product innovation, line extensions, to create/maintain advantage |
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Term
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Definition
Total size of the market is shrinking as buyers are shifting to other products to satisfy needs.
competetors leaving the market
Decrease marketing expenses while maintaining profitability
product line contraction |
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Term
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Definition
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Term
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Definition
| Adding a percentage to cost |
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Term
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Definition
| How much do we need to sell to cover fixed costs plus the variable costs for that quantity? |
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Term
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Definition
| total fixed cost/(unit price- variable cost per unit) |
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Term
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Definition
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Term
| Oligopolistic competition |
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Definition
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Term
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Definition
| many small sellers and differentiated offers |
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Term
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Definition
| many buyers and sellers, product is a commodity |
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Term
| Below competition pricing |
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Definition
| signals value, may start price war, company must have a price advantage |
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Term
| above competition pricing |
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Definition
| signals quality, Do customers think the product is better? |
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Term
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Definition
| Following the price level of the competition |
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Term
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Definition
| memory of prices seen or paid in the past |
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Term
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Definition
| price information in the shopping environment |
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Term
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Definition
| consumers rely on price as an indicator of quality |
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Term
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Definition
a series of prices for a line of merchandise
separation of models |
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Term
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Definition
low price and profit margin for initial investment
high price and profit margins for supplies |
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Term
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Definition
begining high price slowly lowering
product must be unique hard to copy many people willing to pay higher price |
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Definition
low initial prices to quickly grow sales and market share
discourages competition
may encourage market growth
lower profits per unit |
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Term
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Definition
| Raw Materials, parts, producer, wholesaler, retailer, consumer |
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Term
| Why do we need intermediaries? |
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Definition
| specialization and division of labor, overcoming discrepancies and providing contact efficiency |
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Term
| Specialization and division of labor |
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Definition
| breaking down complex activities into smaller tasks that are performed more efficiently by various specialists. |
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Term
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Definition
| cutting out middlemen or replacing channel members with radically new types of channel members |
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Term
| Horizontal Marketing systems |
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Definition
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Term
| multichannel distribution system |
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Definition
| a single firm sets up two or more marketing channels. |
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Term
| Issues for multiple channel strategy |
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Definition
| more channels add more complexity, must be coordinated, may cause horizontal conflict |
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Term
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Definition
reach as many buyers as possible
assumes consumers are not willing to travel to buy product
as many outlets as possible
use wholesalers to increase reach |
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Term
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Definition
more control over how the product is sold.
assumes consumers are willing to spend time to find the product
mostly use retailers that have a specific image and or can provide additional service |
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Term
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Definition
extensive control and exclusive image
assumes consumers are willing to travel extensively to find a product
limited to one or few outlets
mostly high end retailers |
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Term
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Definition
| Process of moving and storing physical flows within the supply chain |
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Term
| The 6 P's of Retailing Mix |
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Definition
Product= assortment
Place= location and hours
Promotion
Price
Personnel= customer service
Presentation= store layout and atmosphere |
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Term
| Assortment width and depth |
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Definition
width- how many different product categories?
depth- how much choice within each product category (brands) |
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Term
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Definition
| large specialty stores that dominate a product category, often due to price/cost advantage |
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Term
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Definition
| company without physical stores |
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Term
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Definition
| companies with physical stores and online stores |
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Term
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Definition
| catalog businesses that also sell online |
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Term
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Definition
| company that resells products primarily to other companies for business use |
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Term
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Definition
| take ownership or "title" of products handled |
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Term
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Definition
perform limited levels of service
does not "take title" of products |
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Term
| manufacturers' sales branches and offices |
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Definition
| act like a wholesaler, broker or agent but belong to the manufacturer's organization |
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