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Definition
| process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions. |
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| provides ideas about a relatively vague problem |
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| involves trying to find the frequency that something occurs or the extent of a relationship between 2 factors |
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| tries to determine the extent to which the change in one factor changes another one |
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| technique to select a group of distributors, customers, or prospects and treating the info they provide as typical of all those in whom they are interested |
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| generalizes the results from the sample to much larger groups of distributors, customers, or prospects to help decide on marketing actions |
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| facts and figures that have already been recorded before the project at hand |
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| facts and figures that are newly collected for the project |
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| facts and figures obtained by watching either mechanically or in person, how people actually behave |
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| facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors |
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| extraction of hidden predictive information from large databases to find statistical links between customer purchasing patterns and marketing actions |
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Term
| 3 Segmentation strategies |
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Definition
1. one products in multiple segments
2. multiple products in multiple segments
3. mass customization |
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| 2 effective market segmentation |
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Definition
1. form meaningful groups with shared characteristics
2. develop specific marketing mix action |
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Term
| 5 criteria to form segment |
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Definition
1. simplicity and cost effectiveness of assigning potential buyers to segments
2. potential for increased profit
3. similarity of needs of potential buyers within a segment
4. difference of needs of buyers among segments
5. potential of a marketing action to reach a segment |
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Term
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Definition
1. geographic
2. demographic
3. psycho-graphic
4. behavioral |
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Term
| 4 steps to product positioning |
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Definition
1. identify important attributes for a product
2. discover how target customers rate competing products or brands with respect to those attributes
3. discover where the company's product is on the these attributes in the minds of potential customers
4. reposition the company's product in the minds of potential customers |
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Definition
| products that organizations buy that assist in providing other products for sale |
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| items that the consumer purchases frequently, conveniently, and with minimum shopping effort |
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| items for which the consumer compares several alternatives on criteria such as price, quality or style |
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| items that the consumer does not know about or want |
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| items that the consumer makes a special effort to search out and buy |
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| specific product that has a unique brand, size or product |
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| group of product or service items that are closely related because they satisfy a class of needs |
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| consists of all of the product lines offered by an organization |
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Term
| 7 stages of new product development |
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Definition
1. new product strategy development
2. idea generation
3. screening and evaluation
4. business analysis
5. development
6. market testing
7. commercialization |
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Term
| new product strategy development |
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Definition
| defines the role for a new product in terms of the firm's overall objectives |
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Definition
| develops a pool of concepts as candidates for new products |
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| internally and externally evaluates new product ideas to eliminate those that warrant no further effort |
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| specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections |
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Definition
| integrating the service component of the marketing mix with efforts to influence consumer demand |
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Definition
| turns the idea on paper into a prototype |
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| exposing actual products to prospective consumers under realistic purchase conditions |
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Definition
| positions and launches a new product in full-scale production and sales |
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| focus on trying to gain awareness |
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Definition
| focus on trying to stress differentiation |
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Definition
| focus on maintaining market share |
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Term
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Definition
| have to delete or harvest |
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Definition
| dropping product from company's product line |
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Definition
| company retains the product but reduces marketing costs |
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| entire product category or industry |
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| variations within the product class |
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Term
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Definition
1. intangibility
2. inconsistency
3. inseparability
4. inventory |
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Term
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Definition
| services are intangible, can't be held, touched, or seen before purchase decision |
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Term
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Definition
| services depend on the people who provide them, their quality varies with each person's capabilities |
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| consumer cannot separate the deliverer of the service from the service itself |
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| service provider is available but there is no demand |
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| 5 steps of product adoption |
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Definition
1. Innovators
2. Early adopters
3. Early majority
4. Late majority
5. Laggards |
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Term
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Definition
| same name across product lines (Toro) |
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Term
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Definition
| use different name across and sometimes within product lines (Tide, Cheer..) |
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Term
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Definition
| brand is associated with outlet (Sears and Kenmore) |
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Term
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Definition
| make products to sell ourselves and for private branding purposes |
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Term
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Definition
| requires no new learning (new flavor of coke) |
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Term
| dynamically continuous innovation |
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Definition
| does not require totally new learning, but does disrupt normal routine (electric toothbrush) |
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Term
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Definition
| requires new learning and consumption patterns (electric car) |
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Term
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Definition
| difference between expectations and actual experience |
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Term
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Definition
| % of all product line sales in specific market area/ % of population in specific market area |
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Term
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Definition
| % of brand sales in market area/% of population in market area |
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