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IMC Unit 1 Terms

QuestionAnswer
market planning Identifying who will buy products is a key step for a business. There are several components of market planning (also known as market intelligence or market research), all which help businesses identify its target market and its product needs.
target marketing geared to a more specific audience. Businesses focus on the potential or current customer segment that are most likely to purchase their product or brand.
market analysis (SWOT) thorough assessment of a market within a specific industry. The company studies it's internal strengths and weaknesses and it looks at the external opportunities and threats that might affect their business idea
primary goal of Integrated Marketing Communications to create a singular brand message
promotional pricing used with other sales promotions where prices are reduced for a short period of time. Ex - buy one get one free, 25% off this weekend only, etc.
True tapping into a larger audience is an advantage of expanding your brand message and customer reach
Integrated messages help a solid and loyal customer base
barriers to integrated communications lack of resources, training, complex messages, and lack of communication within the company
product extension when a company offers a new product in the same line of products - Ex - Stanley Cup vs Thermos
product planning Making decisions related to product mix, packaging, branding, product features, etc. is best known as…
population the total number of possible people you wish to survey
sample the smaller group of people who represent the total number of people for a survey
primary data consists of surveys, point of sale research and observations. It is done for the first time and data is used to make decisions about a current problem or issue
secondary data data that is collected previously for another purpose, but can be used to help with a current problem or issue
analyze data The step in the Market Research process that involves studying the results so you can determine the needs of your customers i
promotional mix direct marketing, advertising, sales, sales promotions, and public relations
product What type of business policy is most likely to attract customers to the business
predatory pricing when a company purposely sets its prices lower than its competitors to drive them out of business
competition when major trade alliance, businesses in certain countries lower prices and offer new products to face off against businesses in other countries it can lead to increased
primary research If marketers do not have enough secondary data available to meet the company's needs, they must
size and resources how research will be conducted depends on a business's
survey Which of the following research designs would be best suited to determine the reach of an advertisement in a particular target market:
how many people to survey What question does establishing a sampling plan for a research project answer
easy to analyze Surveys are excellent tools for data collection because the
types of questions What should researchers consider when evaluating the design of questionnaires
product mix strategy The way in which a business makes changes in the amount or type of goods or services it offers is known as its
to reduce costs Why do businesses want to meet quality standards
whether to change the product which of the following is a decision a company might make during the decline stage of the product life cycle
free from harm and satisfied with their purchases When products and services are managed ethically, customers
product bundling when a deal benefits customers by providing them with two needed products for less;
idea All existing goods and services began with a(n)
technology tools used in product planning surveys, social media, analytics, and customer reviews
TRUE Technology helps with pricing decisions based on factors like demand, inventory levels, competitor pricing, and market conditions
promotional pricing a pricing strategy used with other sales promotions where prices are reduced for a short period of time.
Created by: janice ritchey
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