MARK EXAM 2

Copycat:

"Dr Dazzle" copying Dr.Pepper with similar packaging. Selling against the brand

What does Associated Services include:

- product warranties - financing - product support - after-sale service.

What does Actual Product include:

- the brand name - features/design - quality level - packaging.

Issues with surveys

-Interviewer bias: Presence of interviewer may change responses -Consumer unwillingness to participate

The 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

Sample

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

What is a data warehouse?

A large computer file containing data including sales transactions, customer relationship management (CRM) systems, websites, social media, blogs, locational devices, wearables, and so forth.

Focus Groups (qualitative):

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.

Survey :

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

Experimental Research (or an experiment)

A type of conclusive and quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on another variables.

Scanner Data:

A type of syndicated external secondary data used in quantitative research that is obtained from scanner readings of UPC codes at checkout counters.

Observation Research (qualitative):

An exploratory research method that entails examining purchase and consumption behaviors through personal or video camera scrutiny. manual, mechanical, ethonographic

In depth Interviews (qualitative)

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. -Limited number -Somewhat unstructured -Time consuming and costly

Veracity

An inherent aspect of big data that infers that big data users must evaluate the accuracy and reliability of the collected data.

Volume

An inherent quality of big data that infers that big data contain a large amount of data.

Variety

An inherent quality of big data that infers that big data contain both numeric and textual data and are obtained from different media formats.

Velocity

An inherent quality of big data that infers that data are collected and can be analyzed and accessed quickly.

prescriptive analytics tools

Analyses that use simulations, which ask a series of what if-type questions, and optimization techniques, which find the most effective or best result, to help firms better understand what they should do.

Product

Anything that is of value to a consumer and can be offered through a voluntary marketing exchange.

active analytics tools

Artificial intelligence algorithms that are used to analyze input gathered by the Internet of Things (IoT)

Jingles/Sounds

Audio messages about the brand that are composed of words or distinctive music. An example is Intel's four-note sound signature that accompanies the Intel Inside slogan.

To respond to the increased amounts of digital data, firms have embraces a relatively new form of secondary data called:

Big Data

Characters

Brand symbols that could be human, animal, or animated. Examples include Tony the Tiger, the Energizer Bunny, and Rice Krispies' Snap, Crackle, and Pop.

Manufacturer brands or national brands

Brands owned and managed by the manufacturer.

Experiments:

Changing a variable and analyzing results Usually change one of 4 P's and look at either sales or awareness.

Panel Data:

Collected over a specific period of time. Contain information collected from a group of consumers.

Brand establishing loyalty

Consumers wouldn't consider switching brands, and feel a strong affinity to certain brands. Amazon a a loyal following bc its reputation for customer service

Syndicated Data:

Data available for a fee from commercial research firms such as Information Resources Inc. (IRI),

What is Big Data

Data sets that are too large and complex to analyze with conventional data management and data mining software.

1.Defining Objectives and Research Needs

Doing the research, collecting the data. And making sense of the data

what is this an example of -frozen vegan chicken strips helped launch the "Beyond Meat' business, but by 2019, 90 percent of Beyond Meat's revenue came from sales of fresh products. The frozen vegan chicken strips were no longer innovative or sufficiently valuable in the market. Thus, Beyond Meat discontinued the strips

EX of Decreasing Depth:

What is this an example of For Häagen-Dazs brand ice cream, adding a line like Häagen-Daz exträas, which is a blend of ice cream and different dessert ingredients, enables it to appeal to its variety-seeking customers.

EX of Increasing Depth:

Increase Breadth

Firms often add new product lines to capture new or evolving markets and increase sales. The firm adds a whole new line of yogurt.

Brand Equity EX:

For example, firms spend millions of dollars on promotion, advertising, and other marketing efforts throughout a brand's life cycle. Marketing expenditures allocated carefully can result in greater brand recog-nition, awareness, perceived value, and consumer loyalty for the brand, which all enhance the brand's overall equity.

Cannibalize:

From a marketing perspective, it is the negative impact on a firm's sales, profits, or market share when one product competes closely with a similar product offered by the same company.

Product Line:

Group of associated items, such as those that consumers use together or think of as part of a group of similar products.

Product Line Decisions:

How is this changing the product mix? Does it increase breadth or depth Is this research or advertising

qualitative research:

Informal research methods, including observation, monitoring of social media sites, in-depth interviews, and focus groups.

Syndicated Data Providers and Some of Their Services

J.D. Power: Widely known for its automotive ratings, it produces quality and customer satisfaction research for a variety of industries.

Questions to Avoid:

Leading Double barreled Jargon or inappropriate terminology Consumer unable to answer

URL

Locations of pages on the Internet, which often substitute for the firm's name, such as Toyota (www.toyota.com).

Love Mark:

Loyalty to a brand beyond reason. Consumers are passionate about a brand. Where a brand wants to ultimately reside.

what is a good example of how a brand is protected from competition and price competition

Lululemon is widely known for its leggings. Although many similar brands are available and some retailers offer their own brands, Lululemon is perceived to be of superior quality, garners a certain status among its users, and therefore can command a premium price.

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.

descriptive analytics tools

Methods that help firms organize, tabulate, and depict their available data, usually in easy-to-understand reports, tables, and charts.

predictive analytics tools

Methods that rely on historically available data to forecast the future.

Social Media Research (qualitative)

Monitoring blogs Online communities Sentiment mining

Generic:

No name brands: Walking into dollar tree grabbing a stack of paper napkins.

Breadth:

Number of product lines offered by a firm; also known as variety

Primary Data Includes: All of these are qualitative research

Observation In-depth interviews Focus groups Social media research

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.

Information:

Organized, analyzed, interpreted data that offer value to marketers.

Secondary Data:

Pieces of info collected prior from other sources to use for this research project "Looking things up" Secondary data exists just a matter of finding it

Retailer/store brands or private-label brands

Premium, generic, copycat, exclusive co-branded -Brands developed and marketed by a retailer and available only from that retailer.

Unsought Products

Products or services consumers either do not normally think of buying or do not know about.

Shopping products/ services

Products or services for which consumers will spend time comparing alternatives, such as apparel, fragrances, and appliances.

Convenience Products

Products or services for which the consumer is not willing to spend any effort to evaluate prior to purchase

Specialty products/services

Products or services toward which the customer shows a strong preference and for which they will expend considerable effort to search for the best suppliers.

Primary Data Collection:

Qualitative methods Data collection specifically for this research Creating New Information

Data

Raw numbers or facts

Value

Reflects the relationship of benefits to costs, or what the consumer gets for what they give.

Advantages and Disadvantages of Primary and Secondary Research

Secondary Advantages: -Saves time in collecting data because they are readily available -Free or inexpensive (except for syndicated data) Primary Advantages: -Specific to the immediate data needs and topic at hand - Offers behavioral insights generally not available from secondary research Secondary Disadvantages: -May not be precisely relevant to information needs - Information may not be timely Primary Disadvantages: -Costly - Time-consuming

Syndicated Secondary Data:

Secondary data might come from free or very inexpensive external sources such as census data, information from trade associations, and reports published in magazines. Although readily accessible, these inexpensive sources may not be specific or timely enough to meet the marketer's research needs and objectives.

2. Designing the research

Secondary versus Primary Qualitative versus Quantitative

Ordering of Questions:

Sensitive, personal questions at the end More difficult questions at the end

Slogans

Short phrases used to describe the brand or persuade consumers about some characteristics of the brand. Examples include State Farm's "Like A Good Neighbor" and Dunkin's "America Runs on Dunkin'."

Premium:

Slightly higher quality, slightly higher price, 'only available at certain select stores'

facial recognition software

Software that can automatically identify or verify individuals from video or digital images.

Inexpensive Secondary Data:

Some sources of secondary data can be quickly accessed at a relatively low cost. The U.S. Bureau of the Census (www. census.gov), for example, provides data about businesses by county and zip code.

Decrease Breadth

Sometimes it is necessary to delete entire product lines to address changing market conditions or meet internal strategic priorities Thus, a firm can drop a line of protein bars and focuses its attention on its energy drinks and vitamin water

Data mining

Statistical tools used to uncover previously unknown patterns or relationships among variables stored in the big data databases.

quantitative research:

Structured responses that can be statistically tested to confirm insights and hypotheses generated via qualitative research or secondary data Large number of respondents Statistically valid Can generalize

Quantitative Research includes:

Survey panel scanner experiments

marketing analytics

Techniques that use advanced technologies and models to gather data so that marketers can improve their decision making, optimize their returns, and make appropriate customer-related decisions.

Survey Research includes

Telephone iNterviews Mail surveys Internet surveys Mall intercept interviews In-person interviews

core customer value

The basic problem-solving benefits that consumers are seeking.

Product Mix:

The complete set of all products offered by a firm

brand association

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

Associated services / Augmented product

The nonphysical attributes of the product

Depth:

The number of categories within a product line. (going down the column)

Churn / Churn Rate

The percentage of customers who discontinue use of a service; c

actual product

The physical attributes of a product

neuromarketing

The process of examining consumers' brain patterns to determine their responses to marketing communications, products, or services for the purpose of developing marketing tactics or strategies.

perceived value

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

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.

Brand Name

The spoken component of branding, it can describe the product or service characteristics and/or be composed of words invented or derived from colloquial or contemporary language.

Logos/Symbols

Visual branding elements that stand for corporate names or trademarks. Symbols are logos without words. Examples include the McDonald's arches.

The 5 V's of Big Data

Volume, Variety, Velocity, Veracity, Value

Where are Big data sets accessed from ?

accessed from numerous sources including sales transactions, customer relationship management (CRM) systems, web-sites, and large computer files known as DATA WAREHOUSE

What is this an example of? Roomba devices gather information about the layout of people's homes, how many pets are shedding onto carpets, and how many children's toys they bump into as they make their automated rounds. Combining such in-formation with data gathered by other in-home devices, such as grocery orders placed through Alexa, marketers can determine what kinds of offers to issue—such as deals on dog food to houses that are overwhelmed by hair.

active analytics tools

Structured questions

are closed-ended questions for which a discrete set of response alternatives, or specific answers, is provided for respondents to evaluate

Unstructured questions:

are open ended and allow respondents to answer in their own words. An unstructured question like "What are the most important characteristics for choosing a brand of shampoo?" yields an unstructured response. -Choices are not provided

Consumer Products

are products and services used by people for their personal use. Marketers further classify consumer products by the way they are used and how they are purchased.

How is churn rate calculated

by dividing the average number of total participants by the number who have discontinued use.

What two terms does Core Customer Value consist of

consists of Actual Product and Associated Services

What are the two primary types of products and services

consumers and businesses.

Firms hope to use predictive analytics tools to generate ________________ that they can apply to their strategic decision making and thereby make good customers better

customer-based insights

For example, Kellogg's used _____________________ to record participants' faces as they watched three different ads for its Crunchy Nut cereal. It then assessed when they smiled or frowned and their overall positive versus negative response—but only after those participants had agreed to be recorded. Kellogg's was then able to promote the ad that was most widely liked

facial recognition software

What is this an example of: If a home improvement retailer such as Lowe's analyzed its purchase data and found that 25 per-cent of the time when its customers buy a garden hose they also purchase a sprinkler, it might run optimization and/or simulation models to test what would happen if it moved the sprinklers. The simulations might highlight the importance of placing the sprinklers next to the hoses. The firm can follow up these insights and change its merchandise placement strategy.

prescriptive analytics tools