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MKTG 361

Test #3

Marketing Information Everyday information about developments in the marketing environment that managers use to prepare and adjust marketing plans.
Decision Support System (DSS) An interactive, flexible computerized information system that enables managers to obtain and manipulate information as they are making decisions.
4 Characteristics of a True DSS (1) Interactive, (2) Flexible, (3) Discovery-oriented, (4) Accessible
Interactive Managers give simple instructions and see immediate results. The process is under their direct control; no computer programmer is needed. Managers don't have to wait for scheduled reports.
Flexible A DSS can sort, regroup, total, average, and manipulate the data in various ways. It will shift gears as the user changes topics, matching information to the problem at hand.
Discovery-oriented Managers can probe for trends, isolate problems, and ask "what if" questions
Accessible Managers who aren't skilled w/ computers can easily learn how to use a DSS. Novice users should be able to choose a standard, or default, method of using the system. Can work w/ basic system while gradually applying advanced features.
Database Marketing The creation of a large computerized file of customers' and potential customers' profiles and purchase patterns.
Marketing Research The systematic gathering, recording, and analyzing of data with respect to a particular market. It allows managers to make decisions based on objective and systematically gathered information, rahter than merely on intuition.
Three Roles of Marketing Research (1) Descriptive = Gathering and presenting factual statements, (2) Diagnostic = Explaining data, (3) Predictive = Adresses "what if" questions
How Marketing Research Helps Managers (4 Ways) (1) Improves the quality of decision making, (2) Trace problems, (3) Focus on keeping existing customers, (4) Understand changes in the marketplace
Marketing Research Process (7 Steps) (1) Identify and formulate the problem/opportunity, (2) Plan the research design and gather primary data, (3) Specify the sampling procedures, (4) Collect the data, (5) Analyze the data, (6) Prepare and present the report, (7) Follow up.
Marketing Research Problem Determining what information is needed and how that information can be obtained efficiently and effectively
Marketing Research Objective The specific information needed to solve a marketing research problem; the objective should be to provide insightful decision-making information
Management Decision Problem A broad-based problem that uses marketing research in order for managers to take proper actions
Secondary Data Data previously collected for any purpose other than the one at hand. Traditional sources: internal corp info, govt agencies, trade & industrial orgs, mktg research firms, commerical publications, news media. Internet: search engines, directories, discus
Advantages of Secondary Data Saves time and money, can aid in the formulating the problem statement and suggest research methods and other types of data needed for solving the problem, can pinpoint the kinds of people to approach and their locations and serve as a basis of comparison
Disadvantages of Secondary Data Stem mainly from a mismatch between the reasearcher's unique problem and the purpose for which the secondary data were originally gathered, which are typically different. Quality of secondary data may also pose a problem.
Research Design Specifies which research questions must be answered, how and when the data will be gathered, and how the data will be analyzed.
Primary Data Information collected for the first time. Is used for solving the particular problem under investigation.
Advantages of Primary Data Answers a specific research question that secondary data cannot answer. Is current and researchers know the source. Researchers specify the methodology of the research. Secrecy can be maintained because the info is proprietary.
Disadvantages of Primary Data Gathering primary data is expensive. Firms may cut back on the # of in-person interviews to save money. "Piggybacking" may confuse respondents. Quality may decline if interviews are lengthy. Reluctance to participate in lengthy interviews. Pros>Cons
Piggybacking Larger companies that conduct many research projects use this cost-saving technique. They piggyback studies, or gather data on two different projects using one questionnaire. Drawbacks: can be confusing and requires longer interview. Quality may decline.
Survey Research The most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes.
Types of Survey Research (7 Types) In-home personal interviews, mall intercept interviews, central-location telephone interviews, self-administered and one-time mail surveys, mail panel surveys, executive interviews, focus groups.
Mall Intercept Interview A survey research method that involves interviewing people in the common areas of shopping malls.
Computer-Assisted Personal Interviewing An interviewing method in which the interviewer reads the questions from a computer screen and enters the respondent's data directly into the computer.
Computer-Assisted Personal Interviewing An interviewing method in which a mall interviewer intercepts and directs willing respondents to nearby computers where the respondent reads questions off a computer screen and directly keys his or her answers into a computer.
Central-Location Telephone (CLT) Facility A specially designed phone room used to conduct telephone interviewing.
Executive Interviews A type of survey that involves interviewing businesspeople at their offices concerning industrial products or services.
Focus Group Seven to ten people who participate in a group discussion led by a moderator.
Group Dynamics Group interaction essential to the success of focus-group research.
Questionnaires include three basic types of questions (1) Open-ended question, (2) Closed-ended question, (3) Scaled-response question
Open-ended question An interview question that encourages an answer phrased in the respondent's own words.
Closed-ended question An interview question that asks the respondent to make a selection form a limited list of responses.
Scaled-reponse question A closed-ended question designed to measure the intensity of a respondent's asnwer.
Observation Research A research method that relies on four types of observation: people watching people, people watching an activity, machines watching people, and machines watching an activity. Ex: Mystery shoppers, one-way mirror.
Mystery Shoppers Researchers posing as customers who gather observational data about a store.
Experiment A method a researcher uses to gather primary data. The researcher alters one or more variables while observing the effects of those alerations on another variable (sales). The best experiment: all factors are held constant except the ones being manipulate
Sample A subset from a larger population.
Universe The population from which a sample will be drawn.
Probability Sample A sample in which every element in the population has a known statistical likelihood of being selected. Types: simple random, stratified, cluster, systematic.
Random Sample A sample arranged in such a way that every element of the population has an equal chance of being selected as part of the sample.
Nonprobability Sample Any sample in which little or no attempt is made to get a representative corss section of the population. Types: convenience, judgment, quota, snowball.
Convenience Sample A form of non probability sample using respondents who are convenient or readily accessible to the researcher - for example, employees, friends, or relatives.
Measurement Error An error that occurs when there is a difference between the information desired by the researcher and the information provided by the measurement process.
Sampling Error An error that occurs when a sample somehow does not represent the target population.
Frame Error An error that occurs when a sample drawn from a population differs from the target population.
Random Error An error that occurs when the selected sample is an imperfect representation of the overall population.
Advantages of Internet Surveys Rapid development, real-time reporting. Dramatically reduced costs. Personalized questions and data. Improved respondent participation. Contact with hard-to-reach.
Unrestriced Internet Sample A survey in which anyone with a computer and modem can fill out the questionnaire.
Screened Internet Sample An Internet sample with quotas based on desired sample characteristics.
Recruited Internet Sample A sample in which respondents are prerecruited and must qualify to participate. They are then e-mailed a questionnaire or directed to a secure Web site.
Types of Online Focus Groups (1) Real-time online focus groups = Live, interactive sessions with four to six participants and a moderator in a chat room format. (2) Time-extended online focus groups = These sessions follow a message board format and last 5 to 10 days; 15-20 minutes
Advantages of Online Focus Groups (5) Speed, cost-effectiveness, broad geographic scope, accessibility, honesty
Other Uses of the Internet by Marketing Researchers Dist of requests for proposals (RFPs) and proposals; Collaboration between the client and the research supplier in the mgmnt of a research project; Data mgmnt and online analysis; Publication and distribution of reports; Viewing of oral pres of mktg survy
Scanner-Based Research A system for gathering information from a single group of respondents by continuously monitoring the advertising, promotion, and pricing they are exposed to and the things they buy. Two major suppliers: IRI - BehaviorScan and InfoScan; A.C. Nielsen
BehaviorScan A scanner-based research program that tracks the purchases of 3000 households through store scanners in each research market. A product by Information Resources. Inc. (IRI)
InfoScan A scanner-based sales-tracking service for the consumer packaged-goods industry. IRI's most successful product.
Competitive Intelligence (CI) An intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors. Can help companies avoid unnecessary costs and respond to competitive threats.
A good questionnaire should... Consider all possible answers, be clear and concise, use reasonable terminology, be careful with stating the purpose, avoid asking two questions in one, and be unbiased.
Sources of Competitive Intelligence Internet, company personnel, experts, CI consultants, government agencies, UCC filings, suppliers, periodicals, yellow pages, and trade shows.
Product Everything, both favorable and unfavorable, that a person receives in an exchange. Can be a physical object, service, place, person, organization, or idea.
Business Product (Industrial Product) A product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers.
Consumer Product A product bought to satisfy an individual's personal wants.
Convenience Product A relatively inexpensive item that merits little shopping effort. Focus on distribution.
Shopping Product A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores.
Two Types of Shopping Products Homogeneous = Basically similar. Ex: washers, dryers, refriges, and tvs. Look for lowest-priced brand that has desired features. Heterogeneous = Essentially different. Ex: furniture, clothing, housing, unis. Have trouble comparing b/c of varying features.
Specialty Product A particular item that consumers search extensively for and are very reluctant to accept substitutes. Ex: Rolex watches, Rolls Royce automobiles, Bose speakers. Distribution often limited. Marketers use selective, status-conscious advertising. Focus=prodc
Unsought Product A product unknown to the potential buyer or a known product that the buyers does not actively seek. New products fall into category as well as needed products we do not like to think about. Ex: burial plots, insurance, encyclopedias. Aggressive selling.
Service The result of applying human or mechanical efforts to people or objects. Service sector accounts for 76% of U.S. GDP and 79% of employment.
Services have four unique characteristics that distinguish them from goods... (1) intagibility, (2) inseperability, (3) heterogeneity, (4) perishability
Intangibility The inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed. Cannot be physically measured. Evaluating service quality is usually difficult.
Search Quality A characteristic that can be easily assessed before purchase.
Experience Quality A characteristic that can be assessed only after use.
Credence Quality A characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience.
Inseperability The inability of the production and consumption of a service to be seperated. Consumers must be present during the production. Implications: service providers are critical; need to provide great accessibility to the services.
Heterogeneity The variability of the inputs and outputs of services, which causes services to tend to be less standardized and uniform than goods. Overcome through standardization and training.
Perishability The inability of services to be stored, warehoused, or inventoried. Managing demand and supply.
Product Item A specific version of a product that can be designated as a distinct offering among an organization's products.
Product Line A group of closely related product items.
Product Mix All products that an organization sells.
Product Line Benefits Advertising economies (several products can be advertised under the umbrella of the line), package uniformity, standardized components, efficient sales and distribution, equivalent quality (purchasers expect & believe all products in a line are = in qual)
Product Mix Width The number of product lines an organizaiton offers. Firms increase the width of their product mix to diversify risk and to capitalize on established reputations.
Product Line Depth The # of prdct items in a prdct line. Firms increase the depth of prdct lines to attract buyers with different preferences, to increase sales & profits by further segmtng the mkt, to capitalize on econs of scale in prdctn and mkt, & to even seasonal sls
Product Modification Changing one or more of a product's characteristics. Types: quality, functional, and style
Quality Modification Change in a product's dependability or durability.
Functional Modification Change in a product's versatility, effectiveness, convenience, or safety.
Style Modification Aesthetic product change, rather then a quality or functional change.
Planned Obsolescence The practice of modifying products so those that have already been sold become obsolete before they actually need replacement.
Repositioning Involves changing consumers' perceptions of a brand. Changing demographics, declining sales, or changes in the social environment often motivate firms to reposition established brands.
Product Line Extension Adding additional products to an existing product line in order to compete more broadly in the industry. The new items may have new flavor, forms, colors, added ingredients, or package sizes, and usually target different segments.
Product Line Contraction Deleting products from a line. Symptoms of product line overextension include: some products in line do not contribute to profits, manufacturing or marketing resources are disproportionately allocated to slow-moving products, some items are obsolete
Three Major Benefits of Product Line Contraction (1) Resources bcome concentrated on most important products (2) Managers no longer waste resources trying to improve sales and profits of poorly performing products (3) New product items have a > chance of being successful b/c more resources can manage tm
Brand A name, term, symbol, design, or combination therof that identifies a seller's products and differentiates them from competitors' products.
Brand Name That part of a brand that can be spoken, including letters, words, and numbers.
Brand Mark The elements of a brand that cannot be spoken.
Brand Equity The value of company and brand names.
Three Main Purposes of Branding (1) Product identification (most important), (2) Repeat sales, (3) New-product sales
Global Brand A brand where at least 20 percent of the product is sold outside its home country or region
Brand Loyalty A consistent preference for one brand over all others.
Generic Product A no-frills, no-brand-name, low-cost product that is simply indentified by its product category. Main appeal is their low price. Popular in categories such as canned fruits and vegetables, paper products, pharmaceuticals.
Manufacturer's Brand The brand name of a manufacturer. AKA "National Brand" - Do not have to be nationally distributed.
Private Brand A brand name owned by a wholesaler or retailer. AKA Private label or Store brand.
Individual Branding Using different brand names for different products.
Family Brand Marketing several different products under the same brand name.
Cobranding Placing two or more brand names on a product or its package.
Three Common Types of Cobranding Ingredient branding, cooperative branding, and complementary branding.
Ingredient Branding Identifies the brand of a part that makes up the product.
Cooperative Branding Occurs when two brands receiving equal treatment (in the context of an advertisement) borrow on each other's brand equity.
Complementary Branding Products are advertised or marketed together to suggest usage, such as a spirits brand (Seagram's) and a compatible mixer (7-Up)
Trademark The exclusive right to use a brand or part of a brand.
Service Mark A trademark for a service.
Generic Product Name Identifies a product by class or type and cannot be trademarked. Former brand names that were not sufficiently protected by their owners and were subsequently declared to be generic product names by U.S. courts include aspirin, cellophane, linoleum, cola
Three Most Important Functions of Packaging To contain and protect products, promote products, and facilitate the storage, use, and convenience of products. A fourth function that is becoming increasingly important is to facilitate recycling and reduce environmental damage.
Persuasive Labeling A type of package labeling that focuses on a promotional theme or logo and consumer information is secondary.
Informational Labeling A type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the pruchase. Includes use/care.
Universal Product Codes (UPCs) A series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products.
Warranty A confirmation of the quality or performance of a good or service.
Express Warranty A written guarantee.
Implied Warranty An unwritten guarantee that the good or service is fit for the purpose for which it was sold. All sales have an implied warranty under the Uniform Commercial Code.
Consumer Generated Media (CGM) Examples: YouTube, Yahoo Movies
New Product A product new to the world, the market, the producer, the seller, or some combination of these.
Six Categories of New Products (1) New-to-the-world products AKA discontinuous innovations; (2) new product lines; (3) additions to existing product lines; (4) improvements or revisions of existing products; (5) repositioned products; (6) lower-priced products
New-to-the-World Products AKA discontinuous innovations. Create an entirely new market. Represent the smallest category of new products. Ex: penicillin, transistor radio, polio vaccine, mosaic (the first graphic Web browser)
New Product Lines Products which the firm has not previously offered. Allow it to enter an established market.
Additions to Existing Product Lines Includes new products that supplement a firm's established line.
Improvements or Revisions of Existing Products The "new and improved" product may be significantly or slightly changed. Package improvement; formulation improvement.
Repositioned Products These are existing products targeted at new markets or market segments.
Lower-Priced Products Refers to products that provide performance similar to competing brands at a lower price.
New-Product Strategy A plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation.
Eight Steps in the New-Product Development Process NPD is risky. (1) New-product strategy, (2) idea generation, (3) idea screening, (4) business analysis, (5) development, (6) test marketing, (7) commercialization, (8) new product
New-Product Ideas Come From Seven Sources (1) Customers, (2) employees, (3) distributors, (4) competitors, (5) vendors, (6) research and development, (7) consultants
Product Development A mktg strat that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products. Proto is developed that has required funct feats, conveys intended physio feats, Calls 4 jump in invst
Brainstorming The process of getting a group to think of unlimited ways to vary a product or solve a problem.
Screening The first filter in the product development process, which eliminates ideas that are inconsistent with the organization's new-product strategy or are obviously inappropriate for some other reason.
Concept Test A test to evaluate a new-product idea, usually before any prototype has been created. Testing concepts with a group of target consumers to find out if the concepts have strong appeal. Concept may be presented symbolically or physically.
Business Analysis The second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated. Data may come from industry statistics, history of similar products, market survey.
Development The stage in the product development process in which a prototype is developed and a marketing strategy is outlined.
Simultaneous Product Development A team-oriented approach to new-product development.
Test Marketing The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation. Allows management to evaluate alternative strategies and to assess how well the various aspects of the marketing mix fit
Simulated (Laboratory) Market Testing The presentation of advertising and other promotional materials for several products, including a test product, to members of the product's target market.
Alternatives to Test Marketing (Two alternatives) Single-source research (combining data on media exposure to promtions and scanner data on purchase behavior; or simulated (laboratory) market testing (recruit a sample, give them some money to shope at a laboratory store)
Commercialization The decision to market a product. Sets several tasks in motion: ordering production materials & equip, starting production, building inventories, shipping the product to field distribution points, training sales force, announcing new product to trade, ads
Adopter A consumer who was happy enough with his or her trial experience with a product to use it again.
Innovation A product perceived as new by a potential adopter.
Diffusion The process by which the adoption of an innovation spreads.
Five categories of adopters participate in the diffusion process... Innovators, early adopters, early majority, late majority, laggards
Innovators The first 2.5% of all those who adopt the product. Are eager to try new ideas and products. Have higher incomes, are more worldly and more active outside their community. Rely less on group norms and are more self-confident. Well-educated, venturesome.
Early Majority The next 34% to adopt. Weighs the pros and cons before adopting a new product. Likely to collect more info and evaluate more brands - extending the adoption process. Rely on the group for info. Deliberate.
Early Adopters The next 13.5% to adopt the product. Adopt early in the product's life cycle. Rely much more on gorup norms and values. More oriented to the local community. More likely to be opinion leaders b/c of close group affiliation. Respect of others.
Late Majority The next 34% to adopt. Adopts a new product because most of their friends have already adopted it. Rely on group norms. Adoption stems from pressure to conform. Tends to be older and below average income and education. Depend on word-of-mouth. Skepticism.
Laggards The final 16% to adopt. Do not rely on group norms. Independence is rooted and tied to tradition. The past weighs heavily on decisions. By the time product is adopted, it is probably outmoded and replaced by something else. Tradition.
Five Product Characteristics Can Be Used to Predict and Explain the Rate of Acceptance and Diffusion of a New Product... (1) Complexity, (2) Compatibility, (3) Relative advantage, (4) Observability, (5) "Trialability"
Complexity The degree of difficulty involved in understanding and using a new product. The more complex the product, the slower its diffusion.
Compatibility The degree to which the new product is consistent with existing values and product knowledge, past experiences, and current needs. Incompatible products diffuse more slowly than compatible products.
Relative Advantage The degree to which a product is perceived as superior to existing substitutes
Observability The degree to which benefits or other results of using the product can be observed by others and communicated to target customers.
"Trialability" The degree to which a product can be tried on a limited basis.
Two types of communication aid the diffusion process... Word-of-mouth communication (opinion leaders discuss new products with their followers and other opinion leaders) and communication directly from the marketer to potential adopters (should normally use different appeals to each mover group).
Product Life Cycle (PLC) A concept that provides a way to trace the stages of a product's acceptane, from its introduction (birth) to its decline (death). Tool to help marketers forecast future events and suggest appropriate strategies.
Product Category All brands that satisfy a particular type of need. Have the longest life cycle.
Introductory Stage Full-scale launch of a new product into the mktplace. A high failure rate, little competition, frequent product modification, & limited distribution typify the introduct stage of the PLC. High marketing costs. Build primary demand through awareness&trial
Growth Stage The second stage of the product life cycle when sales typically grow at an increasing rate, many competitors enter the market, large companies may start acquiring small pioneering firms, and profits are healthy. Distribution; develop selective demand=objs
Maturity Stage Period when sales increase at a decreasing rate. Normally, the longest stage of PLC. New users cannot be added indefinitely, and sooner or later the market approaches saturation. Emergence of "niche" markets. Build and keep selective demand; max profits
Decline Stage A long-run drop in sales. Rate of decline is governed by how fast consumer tastes change or substitute products are adopted. Objectives: reduce expenditures and "milk" the brand.
Promotion Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response.
Promotional Strategy A plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, and sales promotion.
Competitive Advantage One or more unique aspects of an organization that cause target consumers to patronize that firm rather than competitors. Ex: high product quality, rapid delivery, low prices, excellent service, or a feature not offered by the competition.
Promotional Mix The combination of promotional tools - including advertising, public relations, presonal selling, and sales promotion - used to reach the target market and fulfill the organization's overall goals.
Advertising Impersonal, one-way mass communication about a product or organization that is paid for by a marketer. Can reach a large audience; cost per contact is low; can be micro-targeted. However, high total cost. Along w/ PR, most effective at getting attention.
Public Relations The marketing function that evaluates public attitudes, identifies areas w/in the organization the public may be interested in, & executes a program of action to earn public understanding and acceptance. Along with ads, is most effective at getting attent
Publicity Public information about a company, good, or service appearing in the mass media as a news item.
Sales Promotion Marketing activities - other than personal selling, advertising, & public relations - that stimulate consumer buying and dealer effectiveness. Ex: free samples, contests, premiums, trade shows, vacation giveaways. Most effective in getting desire & action
Personal Selling A purchase situation in which two people communicate in an attempt to influence each other. Both the buyer and the seller have specific objectives they wish to accomplish. Most effective in getting interest and desire.
Communication The process by which we exchange or share meanings through a common set of symbols.
Two Major Categories of Communication (1) Interpersonal communication = direct, face-to-face communication between two or more people, (2) mass communication = the communication of a concept or message to large audiences
Sender The originator of the message in the communication process.
Encoding The conversion of a sender's ideas and thoughts into a mesage, usually in the form of words or signs. What matters is not what the source says but what the receiver hears.
Channel A medium of communication - such as a voice, radio, or newspaper - for transmitting a message.
Noise Anything that interferes with, distorts, or slows down the transmission of information.
Decoding Interpretation of the language and symbols sent by the source through a channel.
Receiver The person who decodes a message.
Feedback The receiver's response to a message.
Promotion can perform one or more of three tasks... Inform the target audience, persuade the target audience, or remind the target audience. Often a marketer will try to accomplish two or more of these tasks at the same time.
Informative Promotion Increasing awareness of new brand, product class or product attribute; explaining how the product works; suggesting new uses for a product; builiding a company image
Persuasive Promotion Encourage brand switching; change customers' perceptions of product attributes; influencing customers to buy now; persuading customers to call
Reminder Promotion Reminding consumers that the product may be needed in the near future; reminding consumers where to buy the product; maintaining consumer awareness
AIDA Concept A model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message; the acronym stands for attention, interest, desire, and action.
The particular promotional mix chosen by a firm for a product or service depends on six factors: The nature of the product, the stage in the product life cycle, target market characteristics, the type of buying decision, funds available for promotion, and whether a push or a pull strategy will be used.
Push Strategy A marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise.
Pull Strategy A marketing strategy that stimulates consumer demand to obtain product distribution.
Integrated Marketing Communications (IMC) The careful coordination of all promotional messages for a product or a service to assure the consistency of a messages at every contact point where a company meets the consumer.
Potential Problems of Test Marketing Competitors try to sabotage environment; highly expensive; new product is exposed to competitors
Post-Launch Evaluation Monitor consumer response and indentify possible problems with the marketing mix.
Created by: lauralo8