MARK 3000 Exam 2 Grantham Ch 10, 11, 12, 15

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Peter Drucker: How to tell if you're in decline

"If we didn't launch this product already, would we launch it now?" if answer is no- decline stage has begun

Netflix Slogan

#SheRules - diversifying programs

Concept Testing

The process in which a concept statement that describes a product or a service is presented to potential buyers or users to obtain their reactions

Receiving

The process of recording the receipt of merchandise as it arrives at a distribution center or store. -arrival receipt

Perceived Value

The relationship between a product's or service's benefits and its cost.

Early Adopters

The second group of consumers in the diffusion of innovation model, after innovators, to use a product or service innovation; generally don't like to take as much risk as innovators but instead wait and purchase the product after careful review * opinion leaders, well respected, integrated, care what ppl think

Brand Equity

The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service/ financial(monetary) value of brand itself

Data Mining

The use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in databases or relationships among variables

internal secondary data

data mining, data warehousing

Benefits of JIT/Quick Response

-reduced lead time -Increased product availability and lower inventory investment

Mkting research process

1. Defining objectives and research needs 2. Designing the research 3. Data collection process 4. Analyzing data and developing insights 5. Action plan and implementation

Brand Licensing

A contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, or characters in exchange for a negotiated fee

What makes a brand?

brand name, URLs, logo, symbols, characters, slogans, jingles

lovemark

brands that transcend loyalty- you can't live w/o them and will go out of your way to purchase no matter what - consumers less sensitive to price - mkting costs decrease

Niche Mkt

catering to small specific group of consumers -v short growth pd but lasting maturity -ex: skateboarding, scapbooking

external secondary syndicated data examples

census AC Nielson- TV show ratings IRI- makes sense (data-wise) of kroger card swipes JD Power- ranks companies Simmons- census based info

organized abandonment

company starts distancing themselves from product ex: use of photo film

Core Customer Value

the basic problem solving benefits that consumers are seeking

Dominoes Pizza Turnaround

used research process to change pizza for better

Shorter, more direct channel for

complex, expensive, customized items -many B2B products

probability

convenience

Breadth

count of number of product lines offered by a firm; also known as variety -ex. BMW- BMW, MINI, Rolls-Royce, Motorrad

Primary Data

data collected to address specific research needs- include focus groups, in-depth interviews, and surveys. Grewal, Dhruv. M: Marketing (Page 198). McGraw-Hill Higher Education. Kindle Edition.

Value of branding example- Apple v Samsung

Lawsuit by Apple- Samsung stole our intellectual property - Samsung pays fine + made to pull items

Trade Show

Major events attended by buyers who chose to be exposed to products and services offered by potential suppliers in an industry

Steps in Distribution Center

Management of inbound transportation Receiving and checking using UPC and RFID Storing and Cross Docking Getting Merchandise Floor Ready Preparing to ship Shipping to store

The American Marketing Association provides three guidelines for conducting marketing research: Grewal, Dhruv. M: Marketing (Page 213). McGraw-Hill Higher Education. Kindle Edition.

(1) It prohibits selling or fund-raising under the guise of conducting research (2) it supports maintaining research integrity by avoiding misrepresentation or the omission of pertinent research data 3) it encourages the fair treatment of clients and suppliers Grewal, Dhruv. M: Marketing (Page 213). McGraw-Hill Higher Education. Kindle Edition.

Associated Services

(also called augmented product) The non-physical attributes of the product including product warranties, financing, product support, and after-sale service

Selective Demand

(growth stage) need to educate public of how brand differs and is better than competition

Primary Demand

(part of intro phase) when there is demand for entire product type -ex: Got Milk? (doesn't mention one kind of milk, want to increase overall consumption)

Texas Roadhouse - Scott Colosi

- Just getting started - Avid Reader - Think like a freak - Its your ship - Do you know why? People are more collobortive when they understand the why Mission: Keep it simple. Legendary food and service. Core Values-Passion, partnership., intergrity, fun Every interaction you are showing them whether you care or not Difference between tough love/accountibility and pushing it too far Do not be afraid to ask

cross docking distribution centers

A distribution center to which vendors ship merchandise prepackaged and ready for sale. The merchandise goes to a staging area rather than into storage. When all the merchandise going to a particular store has arrived in the staging area, it is loaded onto a truck, and away it goes. Thus, merchandise goes from the receiving dock to the shipping dock—cross dock. Grewal, Dhruv. M: Marketing (Page 323). McGraw-Hill Higher Education. Kindle Edition.

Pick Ticket

A document or display on a screen in a forklift truck indicating how much of each item to get from specific storage areas

Distribution Center

A facility for the receipt, storage, and redistribution of goods to company stores or customers; may be operated by retailers, manufacturers, or distribution specialists

Family Brand

A firm's own corporate name used to brand its product lines and products. When all products are sold under one family brand, the individual brands benefit from the overall brand awareness associated with the family name. Kellogg's uses its family brand name prominently on its cereal brands (e.g., Kellogg's Special K, Kellogg's Froot Loops, Kellogg's Rice Krispies). Grewal, Dhruv. M: Marketing (Page 230). McGraw-Hill Higher Education. Kindle Edition.

Questionnaire

A form that features a set of questions designed to gather information from respondents and thereby accomplish the researchers' objectives; questions can be either unstructured or structured

Sample

A group of customers who represent the customers of interest in a research study

independent marketing channels

A marketing channel in which several independent members—a manufacturer, a wholesaler, and a retailer— each attempts to satisfy its own objectives and maximize its profits, often at the expense of the other members. Grewal, Dhruv. M: Marketing (Page 314). McGraw-Hill Higher Education. Kindle Edition.

viral mkting program

A promotional strategy that encourages people to pass along a marketing message to other potential consumers. Grewal, Dhruv. M: Marketing (Page 309). McGraw-Hill Higher Education. Kindle Edition.

Focus Group Interviews

A research technique in which a small group of persons (usually 8 to 12) comes together for an intensive discussion about a particular topic, with the conversation guided by a trained moderator using an unstructured method of inquiry

Marketing Research

A set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas.

Brand Repositioning (rebranding)

A strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences

Survey

A systematic means of collecting information from people that generally uses a questionnaire

Experimental Research (experiment)

A type of conclusive and quantitative research that systematically manipulates one or more variables that have a causal effect on customer input and continual feedback- usually based on sales/product awareness - changing 1 of 4 Ps

Premarket Test

Conducted before a product or service is brought to market to determine how many customers will try and then continue to use it. Consumers can opt into this. ex. AC NIELSON BASES- Ppl asked to try product and asked if they would buy. From these data, the firm generates a sales estimate for the new product that enables it to decide whether to introduce the product, abandon it, redesign it before introduction, or revise the marketing plan. Grewal, Dhruv. M: Marketing (Page 255). McGraw-Hill Higher Education. Kindle Edition.

Scanner Data

A type of syndicated external secondary data used in quantitative research that is obtained from scanner readings of PC codes at check-out counters -i.e. Whenever you go into your local grocery store, your purchases are rung up using scanner systems. The data from these purchases are likely to be acquired by leading marketing research firms, such as IRI or Nielsen, which use this information to help leading consumer packaged-goods firms (e.g., Kellogg's, Pepsi, Kraft) assess what is happening in the marketplace. For example, a firm can use scanner data to determine what would happen to its sales if it reduced the price of its least popular product by 10 percent in a given month

Product Development

Also called product design; entails a process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a product's form and features or a service's features

Marketing Channel Management

Also called supply chain management, refers to a set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers

Retailer/Store Brands

Also called the private-label brands, are products developed by retailers (Kroger Brand)

Vendor-managed Inventory (VMI)

An approach for improving supply chain efficiently in which the manufacturer is responsible for maintaining the retailer's inventory levels in each of its stores

Alpha Testing

An attempt by the firm to determine whether a product will perform according to its design and whether it satisfies the need for which it was intended; occurs in the firm's research and development (R&D) department - internal to company (ex. Chick-fil-A gives employees free lunch- tries new things out on them first)

Advanced Shipping Notice (ASN)

An electronic document that the supplier sends the retailer in advance of a shipment to tell the retailer exactly what to expect in the shipment

Observation

An exploratory research method that entails examining purchases and consumption behaviors through personal or video camera scrutiny

In-Depth Interview

An exploratory research technique in which trained researchers ask questions, listen to and record the answers, and then pose additional questions to clarify or expand on a particular issue

Evaluation of Results

Analysis of the performance of the new product and making appropriate modifications

Product

Anything that is of value to a consumer and can be offered through a voluntary marketing exchange - includes goods, services, places, ideas, organizations, people, and communities

Value of branding for consumers

Brands facilitate purchase, establish loyalty, protect from competition and price competition, are assets, affect mkt value

Manufacturer Brands (National Brands)

Brands owned and managed by the manufacturer (Nike, Coca-Cola, KitchenAid, and Sony) - the manufacturer develops the merchandise, produces it to ensure consistent quality, and invests in a marketing program to establish an appealing brand image. The majority of the brands marketed in the United States are manufacturer brands Grewal, Dhruv. M: Marketing (Page 229). McGraw-Hill Higher Education. Kindle Edition. )

Concepts

Brief written descriptions of a product or service; its technology, working principles, and forms: and what customer needs it would satisfy

Structured Questions

Closed-ended questions for which a discrete set of response alternatives, or specific answers, is provided for respondents to evaluate ex: Please rate the importance of the following shampoo attributes. Price 1 2 3 4 5 Fragrance 1 2 3 4 5 Ability to clean 1 2 3 4 5 Dandruff control 1 2 3 4 5 Grewal, Dhruv. M: Marketing (Page 210). McGraw-Hill Higher Education. Kindle Edition.

Laggards

Consumers who like to avoid change and rely on traditional products until they are no longer available, often ignored by mkters- products in early decline or late maturity when they become interested * traditional

Intensity Lvl: Intensive

Convenience goods Many intermediaries ex: Coke wants to place their drinks w/in an arms reach of everyone on the planet

Ticketing and Marking

Creating price and identification labels and placing them on the merchandise

Sentiment Mining

Data gathered by evaluating customer comments posted through social media sites such as Facebook and Twitter

big data

Data sets that are too large and complex to analyze with conventional data management and data mining software. Grewal, Dhruv. M: Marketing (Page 204). McGraw-Hill Higher Education. Kindle Edition.

Product Life Cycle

Defines the stages that new products move through as they enter, get established in, and ultimately leave the marketplace and thereby offers marketers a starting point for their strategy planning

Pull Marketing Strategy

Designed to get consumers to pull the product into the supply chain by demanding it Orders based on sales data More accurate inventory Better when the demand is uncertain

Push Marketing Strategy

Designed to increase demand by motivating sellers--wholesalers, distributors, or salespeople--to highlight the product, rather than the products of competitors, and thereby push the product onto consumers Merchandise allocated based on forecast Good for steady demand items

Product Development

Development of prototypes and/or the product

Idea Generation

Development of viable new product ideas

biometric data

Digital scanning of the physiological or behavioral characteristics of individuals as a means of identification. Grewal, Dhruv. M: Marketing (Page 214). McGraw-Hill Higher Education. Kindle Edition.

Inbound Transportation

Dispatcher coordinates deliveries •Manufacturer may pay transportation expenses or retailers may negotiate directly with trucking companies and pay expenses

Brand extension failures

Evaluation of Results stage - strayed too far from core concept of brand ex: cosmo yogurt, colgate frozen dinners

Slotting Allowance

Fees firms pay to retailers simply to get new products into stores or to gain more or better shelf space for their products

Increase Depth & examples

Firms might add items to address changing consumer preferences or to preempt competitors while boosting sales -ex. Oreos add cinnamon flavor -ex. Taco Bell- addition of new varieties of its Doritos Locos Tacos enable it to appeal better to consumers who enjoy spicy foods or love Cool Ranch flavor. The tacos still contain the same ingredients, but the availability of 123 different Doritos flavors significantly increases the product line's depth. Grewal, Dhruv. M: Marketing (Page 222). McGraw-Hill Higher Education. Kindle Edition.

Data Warehouses

Large computer files that store millions and even billions of pieces of individual data

Increase Breadth & Examples

Firms often add new product lines to capture new or evolving markets and increase sales -ex. Listerine branches out from mouthwash to floss, breath freshener -ex. adding new line of yogurt

Decrease Depth & examples

From time to time, it is also necessary to delete products within a product line to realign the firm's resources. firms often must prune their product lines to eliminate unprofitable or low margin items and refocus their marketing efforts on their more profitable items. -ex. McCormick- stop creating spices that don't sell -ex. P&G introduced Tide Basic as an extension of its Tide line—probably the best-known detergent brand and a product that enjoys a reputation as an innovative, high-end brand. Tide Basic was priced 20 percent cheaper than regular Tide, but P&G deleted the extension less than a year after introducing it, worried that an inexpensive, less effective version simply undermined its brand rather than offering an appealing alternative. Grewal, Dhruv. M: Marketing (Page 222). McGraw-Hill Higher Education. Kindle Edition.

Marketing Channel Management Affects Other Aspects of mkting such as

Fulfilling delivery promises Meeting customer expectations Reliant on an efficient supply chain

Product Launch

Full scale commercialization of the product

Product Lines

Groups of associated items, such as those that consumers use together or think of as part of a group of similar products -ex: BMW's product lines (brands) include BMW, cars targeted at middle-aged professionals; the MINI, cars targeted to the young adult market; Rolls-Royce, cars targeted at the ultra-wealthy market; and BMW Motorrad, its motorcycle line. Grewal, Dhruv. M: Marketing (Page 220). McGraw-Hill Higher Education. Kindle Edition.

Beta Testing

Having potential consumers examine a product prototype in a real-use setting to determine its functionality, performance, potential problems, and other issues specific to its use. - external to company (ex. having ppl try out Google Glass)

Product Development Process

Idea generation Concept testing Product development Market testing Product launch Evaluation of results Grewal, Dhruv. M: Marketing (Page 248). McGraw-Hill Higher Education. Kindle Edition.

Planners

In a retailing context, employees who are responsible for the financial planning and analysis of merchandise, and its allocation to stores

Sources of ideas

Includes Internal R&D, R&D Consortia, Licensing, Brainstorming, Outsourcing, Competitors' products, and Customer input

Qualitative Research

Informal research methods, including observation, following social media sites, in-depth interviews, focus groups, and projective techniques

Panel Data

Information collected from a group of consumers, organized into panels, over time.

Lead Users

Innovative product users who modify existing products according to their own ideas to suit their specific needs

Test Marketing

Introduces a new product or service to a limited geographical area (usually a few cities) prior to a national launch- mini product launch

Just-In-Time (JIT) Inventory Systems / Quick Response

Inventory management systems designed to deliver less marchandise on a more frequent basis than traditional inventory systems; the firm gets the merchandise "just in time" for it to be used in the manufacture of another product, in the case of parts or components, or for sale when the customer wants it, in the case of consumer goods; also known as quick response (QR) systems in retailing - backbone of supply chain mgmt

Reverse Engineering

Involves taking apart a competitor's product, analyzing it, and creating an improved product that does not infringe on the competitor's patents, if any exist

Factors in deciding # of lvls (of intermediaries)

Market characteristics •Size, geographic dispersion, buying patterns Productfactors •Complexity, cost ,ease of movement Company(mfg)factors •Size, desire for control, diversity in consumers/retailers

Brand Awareness

Measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements (brand name, logo, symbol, character, packaging, or slogan) in the firm's communications to consumers -The more aware or familiar they are, the easier their decision-making process is, which improves the chances of purchase. Grewal, Dhruv. M: Marketing (Page 226). McGraw-Hill Higher Education. Kindle Edition.

"floor ready" merch

Merchandise that is ready to be placed on the selling floor immediately. Grewal, Dhruv. M: Marketing (Page 323). McGraw-Hill Higher Education. Kindle Edition.

Pioneers

New product introductions that establish a completely new market or radically change both the rules of competition and consumer preferences in a market; also called breakthroughs - ipod, Iphone

Brand Dilution

Occurs when a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold ex: Cheetos Lip Balm was based on the idea that if you like Cheetos, you would want to wipe it all over your lips. Grewal, Dhruv. M: Marketing (Page 231). McGraw-Hill Higher Education. Kindle Edition.

Brand Loyalty

Occurs when a consumer buys the same brand's product or service repeatedly over time rather than buying from multiple suppliers within the same category

Unstructured Questions

Open-ended questions that allow respondents to answer in their own words ex: what do you think about this brand of shampoo?

Information

Organized, analyzed, interpreted data that offer value to marketers

Secondary Data

Pieces of information that have already been collected from other sources and usually are readily available- including census data, information from trade associations, and reports published in magazines, AC Nielson Grewal, Dhruv. M: Marketing (Page 200). McGraw-Hill Higher Education. Kindle Edition.

sustainable packaging

Product packaging that is ecologically responsible. Grewal, Dhruv. M: Marketing (Page 234). McGraw-Hill Higher Education. Kindle Edition.

First Movers

Product pioneers that are the first to create a market or product category, making them readily recognizable to consumers and thus establishing a commanding and early market share lead

Consumer Products

Products and services used by people for their personal use

Unsought Products/Services

Products or services consumers either do not normally think of buying or do not know about -ex. burial plots, fire extinguishers

Specialty Products/Services

Products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers, go out of their way to get/obtain - ex. car you want is not in Athens -> go to Atl

Data

Raw numbers or facts

Supply Chain Management

Refers to a set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and transportation intermediaries into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, as well as to minimize system wide costs while satisfying the service levels their customers require

likert scale

Respondents may be offered a choice of five to seven or even nine pre-coded responses with the neutral point being neither agree nor disagree. In it final form, the Likert Scale is a five (or seven) point scale which is used to allow the individual to express how much they agree or disagree with a particular statement.

Channel Intermediaries

Retailer, Merchant wholesaler, Agent/Broker

Introductory Price Promotions

Short term price discounts designed to encourage trial

Decrease Breadth & Examples

Sometimes it is necessary to delete entire product lines to address changing market conditions or meet internal strategic priorities -ex. the firm drops its line of protein bars and focuses its attention on its energy drinks and vitamin water - ex. TCBY starts only focusing on yogurt and deleting sandwiches and ice cream bc of competition Grewal, Dhruv. M: Marketing (Page 222). McGraw-Hill Higher Education. Kindle Edition.

Maturity Stage

Stage of the product life cycle when industry sales reach their peak, so firms try to rejuvenate their products by adding new features or repositioning them. - firms add line extensions, increase depth of product line

Introduction Stage

Stage of the product life cycle when innovators start buying the product

Decline

Stage of the product life cycle when sales decline and the product eventually exits the market *Laggards gain interest at this stage

Growth Stage

Stage of the product life cycle when the product gains acceptance, demand and sales increase, and competitors emerge in the product category

Quantitative Research

Structured responses that can be statistically tested to confirm- experiments, surveys, scanners

Market Testing

Testing the actual products in a few test markets

Concept Testing

Testing the new product idea among a set of potential customers (JUST THE IDEA ITSELF), no significant investment made yet

lead time

The amount of time between the recognition that an order needs to be placed and the arrival of the needed merchandise at the seller's store, ready for sale. Grewal, Dhruv. M: Marketing (Page 324). McGraw-Hill Higher Education. Kindle Edition.

Universal Product Code (UPC)

The black-and-white bar code found on most merchandise

Product Mix

The complete set of all products offered by a firm

Electronic Data Interchange (EDI)

The computer-to-computer exchange of business documents from a retailer to a vendor and back

Prototype

The first physical form or service description of a new product, still in rough or tentative form, that has the same properties as a new product but its produced through different manufacturing processes, sometimes even crafted individually

Late Majority

The last group of buyers to enter a new product market; when they do, the product has achieved its full market potential * skeptics, adopt new product after they see it works for others

Direct Marketing Channel

The manufacturer sells directly to the consumer

Brand Associations

The mental links that consumers make between a brand and its key product attributes; can involve a logo, slogan, or famous personality

Churn

The number of consumers who stop using a product or service, divided by the average number of consumers of that product or service

Primary Package

The packaging the consumer uses, such as the toothpaste tube, from which he or she typically seeks convenience in terms of storage, use, and consumption

Actual Product

The physical attributes of a product including the brand name, features/design, quality level, and packaging

Co-Branding

The practice of marketing two or more brands together, on the same package or promotion - Co-branding can enhance consumers' perceptions of product quality by signaling unobservable product quality through links between the firm's brand and a well-known quality brand. For example, Yum! Brands frequently combines two or more of its restaurant chains, including A&W, KFC, Long John Silver's, Pizza Hut, and Taco Bell, into one store space. This co-branding strategy is designed to appeal to diverse market segments and extend the hours in which each restaurant attracts customers. Grewal, Dhruv. M: Marketing (Page 231). McGraw-Hill Higher Education. Kindle Edition.

Manufacturer's Suggested Retail Price (MSRP)

The price that manufacturers suggest retailers use to sell their merchandise

Innovation

The process by which ideas are transformed into new products and services that will help firms grow

Diffusion of Innovation

The process by which the use of an innovation, whether a product or service, spreads throughout a market group over time and over various categories of adopters

Individual Brands

The use of individual brand names for each of a firm's products -For example, while Kellogg's makes good use of the family branding strategy, it also allows other products, such as Morningstar Farms, Famous Amos cookies, Keebler cookies, and Cheez-Its, to keep individual identities not readily seen as being under the Kellogg's umbrella. - P&G does a good job of this. They control brands like Tide detergent and Bounty paper towels

Brand Extension

The use of the same brand name for new products being introduced to the same or new markets (Coke and, eventually, Dasani water) - increases product mix's breadth

Line Extension

The use of the same brand name within the same product line and represents an increase in a product line's depth (Coke and Coke Zero)

Secondary Package

The wrapper or exterior carton that contains the primary package and provide.s the UPC label used by retail scanners; can contain additional information that may not be available on the primary package

Innovators

Those buyers who want to be the first to have the new product or service, don't care what ppl think * venturesome

Wholesalers

Those firms engaged in buying, taking title to, often storing, and physically handling goods in large quantities, then reselling the goods (usually in smaller quantities) to retailers or industrial business users

Shopping Products/Services

Those for which consumers will spend time comparing alternatives, such as apparel, fragrances, and appliances - ex. shoes, laptop, cellphone

Convenience Products/Services

Those for which the consumer is not willing to evaluate prior to purchase- minimum effort - ex. shampoo, candy

Radio Frequency Identification (RFID) Tags

Tiny computer chips that automatically transmit to a special scanner all the information about a container's contents or individual products

Checking

Undamaged Ordered=received

Brand History in Advertising & Example

Use of "heritage" in advertising - ex. Planters Peanuts: tried and true > new and improved Planters Peanut has been re-drawn over 100 yrs but it is still familiar this helps brands stay relevant

Fufillment Center

Warehouse facillities used to ship merchandise directly to customers

Indirect Marketing Channels

When one or more intermediaries (retailers, etc) work with manufacturers to provide goods and services to customers

Trade Promotions

advertising to wholesalers or retailers to get them to purchase new products, often through special pricing incentives

Depth

equals the number of products within a product line. -ex. Within BMW's Rolls-Royce brand, for example, it offers Phantom, Wraith, and Ghost models. Grewal, Dhruv. M: Marketing (Page 221). McGraw-Hill Higher Education. Kindle Edition.

Why experience is the heart of branding (article)

even the most carefully crafted brand imagery is meaningless w/o experience

Syndicated Data

external data available for a fee from commercial research firms such as Information Resources Inc. (IRI), National Purchase Diary Panel, and Nielsen. Grewal, Dhruv. M: Marketing (Page 201). McGraw-Hill Higher Education. Kindle Edition.

Agent/Broker

facilitate sale, no title (think realtor) -B2B

Non-Traditional PLCs

fads, trends, seasonal, niche

Steps to create a questionnare

for a questionnaire to produce meaningful results, its questions cannot be misleading in any fashion (e.g., open to multiple interpretations), and they must address only one issue at a time. They also must be worded in vocabulary that will be familiar and comfortable to those being surveyed. The questions should be sequenced appropriately: general questions first, more specific questions next, and demographic questions at the end. Finally, the layout and appearance of the questionnaire must be professional and easy to follow, with appropriate instructions in suitable places. Grewal, Dhruv. M: Marketing (Page 210). McGraw-Hill Higher Education. Kindle Edition.

factory to store to consumer

funneling efforts, need less transactions - increased efficiency and lower expenses

Product Launch example- iPad 2

iPad 1 was v successful so the iPad 2 was positioned as an entirely new design to keep ppl interested

Lanham Act

in place to protect brand name - can't use a brand name to refer to a general product ex: calling all tissues "kleenex" or all ice pops "popsicles"

primary v secondary panel data

include their records of what they have purchased (i.e., secondary data) as well as their responses to survey questions that the client gives to the panel firm to ask the panelists (i.e., primary data). Secondary panel data thus might show that when Diet Pepsi is offered at a deep discount, 80 percent of usual Diet Coke consumers switch to Diet Pepsi. Primary panel data could give insights into what they think of each option. Grewal, Dhruv. M: Marketing (Page 202). McGraw-Hill Higher Education. Kindle Edition.

Extending Time in PLC

increase frequency of use -by same consumers increase number of users -expand into diff target mkt w/ same product find new users -ID new applications for product

seasonal mkt

increased and decreased pds of demand depending on -ex: ski resorts in winter v summer

issues w surveys

interviewer bias - need a moderator

retailer

know consumers, understand price discount -B2C

questions to avoid during surveys

leading, double barreled (asking 2 q at once- should be formatted separately), jargon or inappropriate terminology, consumer unable to answer

longer, more indirect channel for

low cost standard items -most consumer products

Trend

mass movement, can be composed of # of products -more lasting effect on mkt than fad -ex: organic food, fashion trends (represented by fashion in this picture)

Early Majority

members don't like to take much risk and therefore tend to wait until bugs are worked out of a particular product; few new products can be profitable until this large group buys them * deliberate, intentionally evaluate alternatives, collect info, weigh pros + cons

You can eliminate the store but

not the function

eye tracking technology

observation research- what ppl's eyes movements are online - erratic movements- confused - controlled movements- reading -"heat maps"

transportation

physical flow of merch -ex: Sprinkles cupcake ATM

The Supply Chain

physical supply network - raw materials - components mkting channel (place) - resellers -consumers

predictive analytics

predicting what ppl want by studying shopping habits

sampling issues for primary data

probability v nonprobability

Fad

product is v popular for brief pd of time -unpredictable -> increases risk -ex: sillybandz, furbys

Disintermediation

reduction in the use of intermediaries/lvls between producers and consumers, for example by investing directly in the securities market rather than through a bank - direct -> disintermediation -> indirect

nonprobability

sampling frame simple random sampling - can generalize from this bc everyone has = chance of participation

merchant wholesaler

take title to merch, sells the merch to other businesses, more risk -B2B

Intensity Lvl: Selective

shopping and some specialty goods several intermediaries ex: clothing designer puts clothes in only some stores (higher end clothing in higher end shop)

Intensity Lvl: Exclusive

specialty goods and some industrial equipment one intermediary ex: airplanes, caviar only found in one place in the world

Mkting Environment

spot mkting -> wholesale rack -> brand rack -> retail

TARGET data mining

studying pregnant women- able to ID pregnant women by sifting thru data of past purchases - camouflage targeting by adding unrelated items

Walmart Case Study

supply chain mgmt sets standard - @ backbone of their success -uses EDI


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