Term
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Definition
| The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. |
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Term
| Marketing research helps marketer's how? (5 ways) |
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Definition
(C) Complete effectively
(U) Understand the customer
(R) Reduce risk and uncertainty and save money
(R) Remain focused and organized
(D) Develop new products |
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Term
| Five-Step marketing Research Approach to Making Better Decisions |
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Definition
1. Defining the problem
2. Develop the research plan
3. Collect relevant information
4. Develop Findings
5. Take marketing actions |
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Term
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Definition
| Specific, measurable goals the decision maker seeks to achieve in conducting the marketing research |
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| 3 main types of research objectives |
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Definition
1. Exploratory Research
2. Descriptive Research
3. Casual Research |
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Definition
| provides ideas about a relatively vague problem. |
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Definition
| involves trying to find the frequency that something occurs or the extent of a relationship between two factors. |
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| the most sophisticated, tries to determine the extent of a relationship between 2 factors |
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| criteria or standards used in evaluating proposed solutions to the problem |
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| the restrictions placed on potential solutions to a problem |
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| limitations on the time and money available to solve the problem |
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Definition
| ideas about products or services |
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| a picture or verbal description of a product or service that firm might offer for sale. |
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| the approaches that can be used to collect data to solve all or part of the problem |
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Definition
| Selecting representative elements from population |
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Term
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Definition
| involves using precise rules to select the sample such that each element of the population has a specific known chance of being selected |
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Definition
| used when time and budget are limited; uses arbitrary judgments to select the sample so that the chance of selecting a particular element may be unknown or 0; Can be bias |
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Definition
| drawing conclusions about a population from a sample taken from that population. |
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Definition
| the 'universe' of all people, stores, or salespeople about which researchers with to generalize |
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Term
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Definition
| the facts and figures related to the problem, divided into two parts: secondary data and primary data |
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Term
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Definition
| facts and figures that have already been recorded before the project at hand (reused) |
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Definition
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Definition
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Definition
| facts and figures that are newly collected for your project |
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| Two principal ways to collect primary data |
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Definition
| Observing people and asking them questions |
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Term
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Definition
| collecting data as it happens |
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Definition
| facts and figures obtained by watching, either mechanically or in person, how people actually behave. |
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Definition
| facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors. |
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Definition
| a sample of consumers or stores from which researchers take a series of measurements |
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Definition
| obtaining data by manipulating factors under tightly controlled conditions to test cause and effect |
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Term
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Definition
| operating computer networks that collect, store, and process data |
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Definition
| where the ocean of data is collect and stored |
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Definition
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Term
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Definition
| The extraction of hidden predictive information from large databases; focus is on finding statistical links about consumer purchasing patterns that suggest marketing actions |
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Term
| National Guard Objectives |
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Definition
1. Implement time line planning
2. Construct a problem definition
3. Learn the relationship between the decision maker and marketing researcher team
4. Develop research questions and hypothesis
5. Design survey questions and a survey
6. Consider different research methods/designs
7. Make a list of survey lessons learned |
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Term
| US Household Penetration = ? |
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Definition
| (Total HH in Market / HHs that bought prouduct) times 100 |
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Term
| Buying Rate (Average) = ? |
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Definition
| Total products bought / HHs that bought product |
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Term
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Definition
| The money or other considerations (including other goods and services) exchanged for the ownership or use of a good or service |
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Definition
| Exchanging goods and services for other goods and services rather than for money |
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Term
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Definition
| List price - (incentives + allowances) + extra fees |
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Definition
| the ratio of perceived benefits to price or perceived benefits/price |
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Term
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Definition
| the practice of simultaneously increasing product and service benefits while maintaining or decreasing price. |
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Term
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Definition
total revenue - total cost
(unit price x Quantity sold) - (fixed cost + variable cost) |
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Term
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Definition
1. Identify pricing objectives and contstraints
2. Estimate demand and revenue
3. Determine cost, volume, and profit relatioships
4. Select an approximate price level
5. Set list or quoted price
6. Make special adjustments to list or quoted price |
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Term
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Definition
| specifying the role of price in an organization's marketing and strategic plans. |
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Term
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Definition
| occurs when a firm sets a profit goal , usually determined by its board of directors. |
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Definition
| factors that limit the range of prices a firm may set. |
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Definition
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Definition
| Many sellers who compete in price and non-price competitions. |
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Definition
| few sellers who are sensitive to each other's prices |
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Term
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Definition
| One seller who sets the price for a unique product. |
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Term
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Definition
| a graph relating the quantity sold and price, which shows maximum number of units that will be sold at a given price. As price falls, more people decide to buy and unit sales increase. |
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Term
| Besides Price what three other factors estimate demand |
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Definition
1. Consumer tastes
2. Price and availability of similar products
3. Consumer income |
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Term
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Definition
| factors that determine consumes' willingness and ability to pay for goods and services |
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Term
| Demand Curves lead directly to 3 related revenue concepts critical to pricing deciions |
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Definition
| Total Revenue, Average Revenue, Marginal Revenue |
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Term
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Definition
total money received from the sale of a product.
TR = unit price of product X quantity of the product sold |
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Term
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Definition
the average amount of money received for selling one unit of a product, or simply the price of that unit
AR = TR/Q = P |
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Term
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Definition
the change in total revenue that results from producing and marketing one additional unit.
MR = change in TR / 1 unit increase in Q |
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Term
| Price elasticity of demand |
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Definition
| the % change in quantity demanded relative to a % change in price |
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Term
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Definition
| % change in quantity demanded / % change in price |
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Term
| Elastic Demand exists when |
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Definition
| 1 % decrease in price produces more than 1% increase in quantity demanded, thereby actually increasing sales revenue/ |
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Term
| Inelastic Demand exists when |
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Definition
| 1 % decrease in price produces less than 1% increase in quantity demanded, thereby actually decreasing sales revenue. |
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Term
| Unitary Demand exists when |
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Definition
| the % change in price is identical to the % change in quantity demanded so that sales revenue remains the same. |
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Term
| 3 factors of price elasticity |
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Definition
1. the more substitutes a product or service has, the more like it is to be price elastic.
2. Products and services considered to be necessities are price inelastic
3. Items that require a large cash outlay compared with a person's disposable income are price elastic. |
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Term
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Definition
the total expense incurred by a firm in producing and marketing a product
TC = fixed cost + variable cost |
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Term
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Definition
| the sum of expenses of the firm that are stable and do not change with the quantity of a product that is produced and sold. |
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Term
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Definition
| the sum of the expense of the firm that vary directly with the quantity of a product that is produced and sold; |
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Term
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Definition
variable cost expressed on a per unit basis
UVC = VC / Q |
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Term
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Definition
The change in total cost that results from producing and marketing one additional unit of a product
MC = change in TC / 1 unit increase in Q |
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Term
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Definition
| a continuing, concise trade-off of incremental costs against incremental revenues |
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Term
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Definition
| a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output |
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Term
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Definition
| the quantity at which total revenue and total cost are equal. |
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Term
| Break even Point (BEP) = ? |
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Definition
| fixed cost/(unit price - unit variable cost) |
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Term
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Definition
| setting the highest initial price that customers really desiring the product are willing to pay |
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Term
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Definition
| setting a low initial price on a new product to appeal immediately to the mass market. |
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Term
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Definition
| setting a high price so that quality or status conscious consumers will be attracted to it and buy it. |
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Term
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Definition
| involves setting the price of a line of products at a number of different specific pricing points |
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Term
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Definition
| setting prices a few dollars or cents under and even number |
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Term
| target pricing consists of three things: |
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Definition
1. Estimating the price that ultimate consumers would be willing to pay for a product.
2. Working backward through markups take by retailers and wholesalers to determine what price to charge wholesalers.
3. Deliberately adjusting the composition and features of the product to acheive the target price to consumers. |
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Term
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Definition
| the marketing of 2 or more products in a single package price. |
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Term
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Definition
| the charging of different prices to maximize revenue for a set amount of capacity at any given time. |
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Term
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Definition
| adding a fixed % to the cost of all items in a specific product class. |
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Term
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Definition
| summing the total unit cost to arrive at a price |
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Term
| Cost-plus percentage-of-cost-pricing |
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Definition
| a fixed % is added to the total unit cost. |
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Term
| Cost plus fixed fee pricing |
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Definition
| a supplier is reimbursed for all costs, regardless of what they turn out to be, but is allowed only a fixed fee as profit that is independent of the final cost of the project. |
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Term
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Definition
| a firm may set an annual target of a specific dollar volume of profit. |
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Term
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Definition
| no benchmark of sales or investment used to show how much of the firm's effort is needed to achieve the target. |
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Term
| Target return on sale pricing |
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Definition
| set typical prices that will give them a r profit that is a specified % of the sales volume |
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Term
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Definition
| for products where tradition, a standardized channel of distribution, or other competitive factors dictate the price |
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Term
| Above, at, or below market pricing |
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Definition
| setting a market price for a product or product class based on a subjective feel for the competitors' price or market price as the benchmark |
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Term
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Definition
| for a special promotion retail stores deliberately sell a product below its customary price to attract attention to it. |
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Definition
| setting one price for all buyers of a product or service. |
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Term
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Definition
| setting different prices for products or serivces depending on the individual buyers. |
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Definition
| the way that a person navigates through a website. Depending on their behavior prices can be set at different levels. |
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Term
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Definition
| reductions from the list price that a seller gives a buyer as a reward for some activity of the buy that is favorable to the seller. |
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