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Marketing Exam 2
ALL eligible content for the final exam
| Term | Definition |
|---|---|
| Basis for Segmentation | 1. What / How We Buy 2. Who We Are |
| Defining What / How We Buy | Criteria... - BENEFITS SOUGHT BY CONSUMERS - Usage Rates - Brand Loyalty - Sensitivity |
| Defining Who We Are | Demographics, Psychographics, Geography |
| Psychographics | involves knowing and understanding how consumers describe themselves - ex: personality, motive, lifestyle 3 Concepts --> Self-Value, Self-Concept, Lifestyles |
| Targeting | criteria for target markets... - Substantial; is market big enough? - Reachable; can we distribute there? - Identifiable; can we narrow the market down? - Responsive; will we get a positive response? - Profitable |
| Segmentation Strategies | Undifferentiated, Differentiated, Concentrated, Micromarketing |
| Undifferentiated Strategy | target everyone; used for basic commodities |
| Differentiated Strategy | target several market segments w/ a different marketing mix for each - higher market share, lower risk of failing because of diversification, efficient, higher return on investment - costly |
| Concentrated Strategy | selecting a single target market and focus all energy on providing a product to fit those needs; very specific + defined positioning |
| Micromarketing | firm tailors a good / service to suit an individual's wants and needs; provides a one to one marketing - uses past data from purchases to offer individualized g/s |
| What is the key reason for marketing research? | INFORMATION REDUCES RISK; helps companies make a good decision |
| Primary Data | new data collected for project - answers a specific research questions, only person to have the data, but requires lots of time + money |
| Secondary Data | data that's already collected; internal data OR external data (ALWAYS USE SECONDARY DATA FIRST) internal --> from inside the firm so financial statements, customer letters etc external --> outside the firm so U.S. Census reports, magazine, etc |
| Qualitative Research | broad, open-ended questions to understand the phenomenon of interest - Informal - Focus groups, observation, interviews, social media |
| Quantitative Research | structured responses that can be statistically tested - formal - done after qualitative research - experiments, surveys, scanner / panel data |
| Surveys | most popular; ask people what they think, feel, etc. - can be online, person to person, groups, etc. |
| Focus Groups | get feedback on product through guided conversation |
| Observational Research | watch other people through people or machines |
| Customer Lifetime Value (CLV) | see the value of customers 1. estimate revenue 2. less cost to serve + acquire 3. calculate |
| Experiments + Tests | lots of variables used to gather primary data |
| Product Line | a group of clearly related product items - Breadth: number of lines (HORIZONTAL) - Depth: number of products in a line (VERTICAL) |
| Branding Benefits to Marketer | - helps differentiate the products - creates loyalty - increases brand equity; awareness of brand and perceived value |
| Stages of Product Life Cycle | Introduction, Growth, Maturity, Decline, |
| Introduction Stage | stage when innovators start buying the product - initial losses due to high start up costs and low sale revenues as product begins to take off |
| Growth Stage | stage where the product gains acceptance, sales increase, and competitors emerge - market becomes more segmented and consumer preferences more varied |
| Maturity Stage | stage where sales reach their peak; firms try to rejuvenate sales by adding new features / repositioning - intense competition - increase in marketing costs - combat market saturation by entry into new markets / segments or product development |
| Decline Stage | stage where sales decline and eventually exit the market - can position themselves for a niche segment OR w/ special need fulfillment |
| Product Development Stages | Idea Generation, Concept Testing, Product Development, Market Testing, Product Launch, Evaluation of Results |
| Idea Generation | development of new product ideas through... - internal research + development - r and d external groups - licensing - brainstorming -outsourcing |
| Concept Testing | process where a concept statement is presented to potential buyers/consumers think about... - purchase intentions, what needs it satisfies, ask about quantity, frequency of purchase, and price |
| Product Development | process of developing a good/service form + features - different prototypes are tested through alpha testing + beta testing --> iterative processes |
| Market Testing | either pre-market OR test market pre-market - to determine usage before test marketing - determining success potential of anew product + introduces offering to a limited geo area prior to national launch |
| Product Launch | only launch when market testing results in positive outcome! otherwise hard to recover from involves... - confirming target market + positioning - timing of launch |
| Evaluation of Results | determine if launch was a success or failure; decide if additional resources or changes to marketing mix are needed measuring success - satisfaction of technical requirements? - customer acceptance - satisfaction of firm's financial requirements? |
| 4 Differences of Services | Intangible, Inseparable, Inconsistent, Perishable |
| Dimensions of Service Quality | R - reliable A - assurance T - tangible E - empathy R - responsive |
| Private Label Brands | - Created by wholesalers + retailers - Massive growth because retailers are getting more powerful - Lead to better margins + customer loyalty |
Created by:
Zetiris
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