COMM 296 - Midterm
look for products that enhance image of personal success
Achievement
what person feels about issue at hand - like/dislike of something
Affective Component
enduring evaluation of feelings about and behavioural tendencies toward object
Attitude
sell merchandise or services from one business to another
B2B Marketing
businesses sell to consumers
B2C Marketing
born after WWII, between 1946 and 1964
Baby Boomers
value of project
Before designing research project, what should you assess?
actions person takes with regard to issue at hand
Behavioural Component
divide based on how product used
Behavioural Segmentation
grouping based on benefits derived from products
Benefit Segmentation
data sets too large and complex to analyze with conventional data management and data mining software
Big Data
stars = heavy resource investment; cash cows = excess resources can be spun off to those products that need it; question marks = require significant resources to maintain and increase market share; dogs = generate enough resources to maintain themselves, but not "stars"
Boston Consulting Group Matrix
consumers sell to other consumers
C2C Marketing
yes
Can panel and scanner data be secondary and primary?
# of participants who discontinue use of service, divided by average # of total participants
Churn
what person believes to be true
Cognitive Component
trades off one characteristic against another such that good characteristics compensate bad ones
Compensatory Decision Rule
selecting single, primary target market and focusing energies on providing product to fit market needs
Concentrated Targeting Strategy
end purchaser
Consumer
criteria consumers use consciously/subconsciously to quickly and efficiently select from alternatives
Consumer Decision Rules
products used by people for personal use
Consumer Products
evaluate performance of marketing strategy and take necessary corrective actions
Control Phase
consumer isn't willing to spend any effort to evaluate prior to purchase, such as bread, soap, juice
Convenience Products
% of consumers who buy product after viewing it
Conversion Rate
parties that work with focal firm
Corporate Partners
easy-to-spot visible nuances particular to country (dress, language, food) and subtler aspects, which are hard to identify
Country Culture
too many people; too much merchandise; lineup too long
Crowding
shared meanings, beliefs, morals, values, and customs of people
Culture
retailer, such as Safeway
Customer
retaining loyal customers and providing excellent customer service
Customer Excellence
buy certain brands; shop at certain stores; include no other firms in evoked set
Customer Loyalty
raw numbers or facts
Data
report on past, analyze present, predict future
Data Analytics
use statistical analysis tools to uncover previous unknown patterns in data stored in databases
Data Mining
large computer files store millions of pieces of individual data
Data Warehouses
group consumers according to measured, objective characteristics, such as age, gender, income
Demographic Segmentation
characteristics of population used to identify consumer markets, such as age, gender, income, and education
Demographics
judgement that level of sweetness too much
Describe attitude with the use of an example.
level of sweetness you taste
Describe perception with the use of an example.
product features important to buyer and on which competing brands perceived to differ
Determinant Attributes
target several market segments with different offering for each
Differentiated Targeting Strategy
similar products to fulfill same need in same target segment
Direct Competition
perceive, then form attitude
Do you perceive something first or form an attitude first?
no
Does marketing research always happen in steps listed?
affects way consumers buy merchandise and spend money, both in home country and abroad
Economic Situation
enable people to fulfill their inner desires
Esteem Needs
salient, important attributes about particular product
Evaluative Criteria
alternative brands/stores consumers would consider when making purchase decision
Evoked Sets
trade things of value between buyer and seller so each better off
Exchange
quantitative research manipulates variables to determine which variables have causal effect
Experimental Research
purchase decision process during which consumer spends considerable time and effort analyzing alternatives
Extended Problem Solving
fate/external factors control outcomes; doesn't matter how much information gathered
External Locus of Control
buyer seeks information outside personal knowledge to help make buying decision
External Search for Information
automatically identifies individuals from video/digital images
Facial Recognition Software
monetary outlay; includes initial cost and costs of using item
Financial Risk
intensive discussion about topic, with conversation guided by trained moderator using unstructured method of inquiry
Focus Group Interviews
changes in value of country's currency relative to currency of another country
Foreign Currency Fluctuations
pertain to performance of product
Functional Needs
born between 1965 and 1976; grew up in homes where parents work and 50% divorced
Gen X
born between 1977 and 2000; biggest since postwar baby boom
Gen Y (Millennials)
born between 2001 and 2014; born into technology, such as Internet and social networks
Gen Z (Digital Natives)
people of same generation; have similar purchase behaviours because shared experiences and same stage of life
Generational Cohort
uses combination of geographic, demographic, and lifestyle characteristics
Geodemographic Segmentation
organizes customers into groups on basis of where they live
Geographic Segmentation
can physically touch
Goods
supply customers with environmentally friendly merchandise
Green Marketing
exploiting customers by dishonestly marketing products as environmentally friendly to increase public approval and sales
Greenwashing
purchase decision process in which consumers engage with little conscious effort
Habitual Decision Making
scrutinize all information provided and process key elements of message more deeply
High-Involvement Consumer
knowing how children influence food-buying decisions or which age cohorts shop at specific stores
How can "family" create an opportunity to make a difference in the bottom line?
b2c, b2b, and c2c
How can marketing be performed by individuals and organizations?
use financial metrics, such as sales and profits
How can you assess performance?
communication strategy
How can you effectively and easily portray a product's benefits?
through persuasive communication and personal experience
How can you influence attitude?
investing in brand; positioning product using clear, distinctive brand image; reinforcing image through merchandise
How can you maintain your competitive advantage through product excellence?
strong brand, unique merchandise, superior customer service, and loyalty programs
How can you retain loyal customers?
segment/divide into groups that are important
How can you satisfy customer needs and wants?
marketing research insights, excellent source of ideas and information
How do blogs help marketers?
lifetime value perspective, rather than transaction-by-transaction basis
How do you view customers, in order to retain them?
attract customer traffic to sites, better conversion methods
How does Google help firms?
better integrate data, visualize them, move to real-time insights
How does SAP help firms, in terms of data?
finds out what would happen to sales, if decrease price of unpopular product
How does scanner data help?
provide opinions about products, interests, polls, blogs; learn about likes, dislikes, preferences
How does social media help marketers?
first divide market, determine which to pursue, and decide how to position
How does the STP work?
use weighted average score based on importance of various attributes and performance on those issues
How does the multi-attribute model work?
randomly or based on characteristics, such as age
How is a sample chosen?
questions cannot be misleading, address one issue, layout professional, easy to follow
How should a questionnaire be designed?
profit margin % = (selling price - variable costs) / selling price
How to calculate profit margin %?
segment profitability = (segment size x segment adoption % x purchase behaviour x profit margin %) - fixed cost
How to calculate profitability of market segment?
purchase behaviour = purchase price x # of times buy in yr
How to calculate purchase behaviour?
guided by knowledge or principles
Ideal Motivation
position at which particular market segment's ideal product would lie on perceptual map
Ideal Point
thoughts, opinions, and philosophies
Ideas
identify who within market to design products to meet needs
Identifiable
identify and evaluate opportunities by engaging in STP; implement marketing mix using 4 Ps
Implementation Phase
buying decision made on the spot when see merchandise
Impulse Buying
time, resources available, amount of knowledge needed for project
In order to define objectives and research needs, what do you need to consider?
researchers ask questions, listen to and record answers, and pose additional questions for clarity
In-Depth Interviews
enticed to purchase because of special assistance from salespeople
In-Store Demonstrations
filling same need but in different product form, aimed at same target segment
Indirect Competition
increase in prices of goods and services
Inflation
organized, analyzed, interpreted data that offer value to marketers
Information
general ads, personal selling, sales promotion, public relations, direct marketing, electronic media = used to provide clarity, consistency, and maximum communicative impact
Integrated Marketing Communications
cost of borrowing money
Interest Rates
have some control over outcomes of actions, so engage in more search activities
Internal Locus of Control
buyer examines own memory about product gathered through past experiences
Internal Search for Information
consumer's interest in product
Involvement
none, like filter/lens
Is perception negative or positive?
change in thought process or behaviour from experience
Learning
way consumers spend time and money to live
Lifestyle
way person lives to achieve goals
Lifestyles
purchase decision calls for moderate amount of time and effort
Limited Problem Solving
having strong physical location and Internet presence
Locational Excellence
expressed through interactions with others
Love Needs
process ad in less thorough manner; pay less attention to key elements; focus on brand name
Low-Involvement Consumer
feel so strongly that firm can meet needs best that competitors excluded from consideration
Loyal Customers
investing in loyalty initiatives to retain firm's most profitable customers
Loyalty Segmentation
external environment affects company's business, such as CDSTEP
Macroenvironment
annual rate of growth of specific market in which product competes
Market Growth Rate
defining marketing mix variable so that target customers have clear understanding of what product does or represents in comparison with competing products
Market Positioning
consumers who respond similarly to firm's marketing efforts
Market Segment
dividing market into groups of customers with different needs, wants, and characteristics; appreciate products geared for them
Market Segmentation
dividing market into groups of customers with different needs, wants, characteristics
Market Segmentation
% of market accounted for by specific entity (units, revenue, sales)
Market Share
focused on consumer needs and wants, before they designed, made, or attempted to sell products
Market-Oriented Era
activities, institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society
Marketing
analysis of current marketing situation; OP and TH for firm; marketing objectives and strategy (4Ps); action programs; projected or proforma income statements
Marketing Plan (Advanced)
specifies marketing activities for specific period of time
Marketing Plan (Simplified)
techniques to collect, record, analyze, and interpret data that can aid decision makers involved in marketing
Marketing Research
identifies target market, marketing mix, and how firm plans to build sustainable competitive advantage
Marketing Strategy
classifies motives; when lower-level basic needs fulfilled, turn to satisfying higher-level human needs
Maslow's Hierarchy of Needs
quantifies trend, dynamic, or characteristic
Metric
extreme form of segmentation that tailors product to meet individual customer needs
Micromarketing (One-to-One Marketing)
monitors time in front of shelf, products touched/picked, added to cart
Microsoft Kinect Sensors
broad description of firm's objectives and scope of activities it plans to undertake
Mission Statement
seek social/physical activity or independence
Motivation of Self-Expression
need strong enough to cause person to seek satisfaction
Motives
model of customer decision making based on notion that customers see product as collection of attributes
Multi-Attribute Model
consumers have unsatisfied need and want to go from actual state to desired state
Need Recognition
consumers spread negative information about product to others
Negative Word of Mouth
examine consumer brain patterns to find responses to products to develop marketing strategies
Neuromarketing
choose product based on subset of its characteristics, regardless of values of other attributes
Noncompensatory Decision Rule
examining purchase + consumption behaviours through personal or video camera
Observation
based on when product purchased/consumed
Occasion Segmentation
efficient operations, excellent supply chain management, and strong relationships with suppliers
Operational Excellence
design and update packages to be more appealing and eye catching
Packaging
information collected from group of consumers
Panel Data
don't repeat purchase or recommend products to others
Passive Consumers
select, organize, interpret information to form meaningful picture of world
Perception
displays in two dimensions the position of products/brands in consumer's mind
Perceptual Map
perceived danger inherent in poorly performing product
Performance Risk
basic biological necessities of life: food, drink, rest, shelter
Physiological Needs
fear of actual harm should product not perform properly
Physiological Risk (Safety Risk)
delivering value proposition
Place
product readily accessible where and when customer wants it
Place and Value Delivery
define business mission and objectives; assess how other players affect firm's potential of success
Planning Phase
comprises political parties, government organizations, legislation and laws
Political/Regulatory Environment
psychologically uncomfortable state produced by inconsistency between beliefs and behaviours that evokes a motivation to decrease dissonance
Postpurchase Cognitive Dissonance
capturing value
Price
charge price that customers see as giving good value for product
Price and Value Capture
collected to address specific research needs
Primary Data
creating value
Product
providing products with high perceived value; effective branding and positioning
Product Excellence
associated items, such as those consumers use/think of together
Product Lines
develop products that customers see as valuable enough to buy
Product and Value Creation Products
concerned with product innovation, not with satisfying consumer needs
Production-Oriented Era
market growth, market competitiveness, and market access
Profitable
communicating value proposition
Promotion
communicate value proposition
Promotion and Value Communication
"buy one, get one free"; coupons; free gift with purchase
Promotions
based on how they spend time and money, what activities they pursue, and attitudes and opinions about world they live in
Psychographic Segmentation
describe themselves using characteristics that help them choose how they spend time and underlying psychological reasons that determine choices
Psychographics
pertain to personal gratification consumers associate with product
Psychological Needs
way people feel if product doesn't convey right image
Psychological Risk
predisposed to purchase certain product because of psychological/social factor, but factors change in certain situations
Purchase Situation
informal research methods
Qualitative Research
structured responses can be statistically tested to confirm insights and hypotheses generated via qualitative research or secondary data
Quantitative Research
questions designed to gather information from respondents and accomplish objectives
Questionnaire
enables firm to track item from manufacturer, through distribution system, to retail store, and to consumers
Radio Frequency Identification Device
must know product exists, understand what it can do, recognize how to buy it
Reachable
people whom individual uses as basis for comparison regarding beliefs, feelings, behaviours
Reference Groups
influence area within country in which people live
Regional Culture
measure of product's strength in market; sales of focal product divided by sales of largest firm
Relative Market Share
must react similarly and positively
Responsive
brands/stores that consumer can readily bring forth from memory
Retrieval Sets
identify and evaluate opportunities to increase sales and profits
STP
conducting situation analysis within marketing plan in which both internal environment (ST and WK) and external environment (OP and TH) examined
SWOT Analysis
protection and physical wellbeing
Safety Needs
depended on personal selling and advertising
Sales-Oriented Era
educate consumers about product attributes; pointing out advantages of item; encouraging purchases
Salespeople
group of customers who represent customers of interest in research study
Sample
used in quantitative research obtained from scanner readings of UPC codes at checkout counters
Scanner Data
information that has already been collected from other sources and readily available
Secondary Data
completely satisfied with life; don't care about what others think; don't buy because of celebrities
Self-Actualization
image person has of themself
Self-Concept
goals for life, not just a day; overriding desires that drive how person lives life
Self-Values
data gathered by evaluating customer comments posted on social media sites
Sentiment Mining
intangible customer benefits that are produced by people or machines and cannot be separated from producer
Services
consumers will spend time comparing alternatives, such as apparel, fragrances, travel, appliances
Shopping Products
ready to purchase product, but completely derailed once arrive in store
Shopping Situation
specific to situation that may override or influence psychological and social issues
Situational Factors
worry others might not regard purchases positively
Social Risk
customer has strong preference and will expend considerable effort to search for best suppliers
Specialty Products
developed unique images that are based at least in part on internal environment
Store Atmosphere
division of firm that can be managed and operated independently and have different mission/objectives
Strategic Business Unit
closed-ended questions for which discrete responses or specific answers provided to evaluate
Structured Questions
market too small or buying power insignificant, won't generate sufficient profits or support marketing mix
Substantial
collecting information from people using questionnaire
Survey
advantage over competition that can't be easily copied and can be maintained over long time
Sustainable Competitive Advantage
available for fee from commercial research firms
Syndicated Data
classifies US residential neighbourhoods into 65 distinctive segments based on demographics and lifestyles
Tapestry Segmentation
evaluating attractiveness of segments and then deciding which to pursue as market
Targeting
greatly contributed to improvement of value of both products and services in past few decades
Technological Advances
state of mind at particular time can change preconceived notions; mood swings alter consumer behaviour
Temporal State
true
True or False: Attitude has the ability to influence decisions/actions.
true
True or False: The value proposition is the same as positioning.
product perceived to provide same benefits to everyone with no need to develop separate strategies
Undifferentiated Targeting Strategy (Mass Marketing)
all possible choices for product category
Universal Sets
consumers don't normally think of these products or don't know about
Unsought Products
open-ended questions that allow respondents to answer in own words
Unstructured Questions
relationship of benefits to cost
Value
customers act as collaborators to create product
Value Cocreation
unique value that product provides to customers and how it's better than and different from those of competitors
Value Proposition
classifies consumers into 8 segments: innovators, thinkers, believers, achievers, strivers, experiencers, makers, survivors
Value and Lifestyle Survey
market oriented; transcended production or selling orientation and try to discover and satisfy customer needs
Value-Based Marketing Era
online networks of people who communicate about specific topics
Virtual Community
occasion, loyalty, benefits
What are common measures of behavioural segmentation?
don't sell/fundraise under research; avoid omitting data; produce unbiased, factual information
What are ethical ways of using customer information?
loyalty cards; put garden hose and sprinklers together
What are examples of data mining?
yoga, meditation, books
What are examples of esteem needs?
family, salesperson, consumer reports, magazines
What are examples of external search for information?
observation, following social media sites, in-depth interviews, focus groups, projective techniques
What are examples of qualitative research?
experiments, surveys, scanner and panel data
What are examples of quantitative research?
self-respect, self-fulfillment, sense of belonging
What are examples of self-values?
focus groups, in-depth interviews, surveys
What are examples of sources collecting primary data?
universal sets, retrieval sets, evoked sets
What are some attribute sets of evaluation of alternatives?
compensatory and noncompensatory decision rule
What are some consumer decision rules?
fair trade by prohibiting monopolies, abstain from false ads, refrain from using harmful materials
What are some examples of a political/regulatory environment?
data warehouses, data mining
What are some examples of internal sources of secondary data?
census, information from trade associations, reports in magazines
What are some external sources of secondary data?
perceived benefits vs. costs of search; locus of control; actual/perceived risk
What are some factors affecting consumers' search processes?
produce food in reasonable sizes, have basic nutrients, no added sweetners, yoga
What are some health and wellness concerns?
sales invoices, customer lists, other reports
What are some internal sources of secondary data?
hackers, place "cookies"
What are some privacy concerns?
motives, attitude, perception, learning, lifestyle
What are some psychological factors?
purchase situation, shopping situation, temporal state
What are some situational factors?
family, reference groups, culture
What are some social factors?
health and wellness concerns; green consumers; privacy concerns
What are some social trends?
build realistic expectations; show correct product use; give money-back guarantees; encourage feedback; thank customers for support
What are some steps to ensure postpurchase satisfaction?
scanner data, panel data
What are some syndicated external sources of secondary data?
loyalty, defection rate, costs of replacing lost customers
What are some variables you would look at over a lifetime to determine profitability?
product, price, place and promotion
What are the 4 P's of the marketing mix?
helps open business
What are the benefits of a census?
helps get bigger market share, increases market for products, decreases risk
What are the benefits of a differentiated targeting strategy?
common, easy to identify, easy to reach
What are the benefits of demographic segmentation?
useful for finding new locations; retailers identify best locations and determine what types of people live in area surrounding stores
What are the benefits of geodemographic segmentation?
decreases uncertainty, provides link between firms and environments, monitors competitors
What are the benefits of marketing research?
save costs, broader range of customers
What are the benefits of online focus groups?
popular, many responses, good for small budgets and tight deadlines, generate reports quickly
What are the benefits of online surveys?
identifiable, substantial, reachable, responsive, profitable
What are the characteristics to evaluate segment attractiveness?
cognitive, affective, behavioural
What are the components of attitude?
satisfying customer needs and wants; entails exchange; requires product, price, place, and promotion decisions; performed by individuals and organizations; affects various stakeholders; helps create value
What are the components of marketing?
not always appropriate or cost-effective
What are the cons of psychographic segmentation?
difficulty understanding cultural nuances, subcultures, view products and consumer roles differently
What are the difficulties of choosing a global marketing strategy?
inadequate to meet researchers' needs because collected for other purpose, so irrelevant
What are the disadvantages of a census?
expensive and time-consuming
What are the disadvantages of in-depth interviews?
specialty, shopping, convenience, and unsought
What are the four types of consumer products?
geographic, demographic, psychographic, and behavioural
What are the four types of segmentation?
production-oriented era, sales-oriented era, market-oriented era, and value-based marketing era
What are the four ways marketing helps create value?
customer excellence, operational excellence, product excellence, and location excellence
What are the four ways you can develop sustainable competitive advantages?
self-actualization, esteem, love, safety, physiological
What are the levels in Maslow's Hierarchy of Needs from top to bottom?
target market, offering name/brand, product/service category or concept, unique point of differences/benefits
What are the main components of the value proposition?
self-values, self-concept, lifestyles
What are the three components of psychographic segmentation?
planning phase, implementation phase, and control phase
What are the three components of the marketing plan?
goods, services, and ideas
What are the three types of products?
qualitative and quantitative research
What are the two components of primary data collection techniques?
internal and external sources
What are the two components of secondary data?
performance risk, financial risk, social risk, physiological risk, psychological risk
What are the types of actual/perceived risks?
product (features), services (speedy), channels (coverage), people (training staff), image (distinctive values and benefits)
What are the types of differentiation factors?
internal and external locus of control
What are the types of locus of control?
service, packaging, brand name, warranties
What are ways of creating value of products?
site selection, inventory control, warehousing
What are ways of delivering value of place?
store atmosphere; salespeople; crowding; in-store demonstrations; promotions; packaging
What can impact a shopping situation?
dietary tastes and preferences
What can regional culture impact?
up-to-date news about company, products, services, competitors
What can social media gather?
have products identifiable by and relevant to particular group of people
What challenge does culture pose for marketers?
strengths, weaknesses, and reactions to marketing activities
What components should you assess, when evaluating competitors?
offer information and enhance consumer's self-image
What do reference groups do?
satisfying customer needs that match their core competencies
What do successful marketing firms focus on (company capabilities)?
prepare results and present to appropriate decision makers
What do you do in the fifth step of the marketing research process?
wall
What does a competitive advantage act like?
attitudes and perception
What does learning affect?
how attractive particular market is
What does market growth really measure?
weekly consumption by person
What does panel data focus on?
items purchased and responses to survey
What does panel data record?
supply chain management
What does place deal with?
weekly consumption of product in store
What does scanner data focus on?
finding balance of functional and psychological needs that appeal to firm's target markets
What does successful marketing require?
value of research; committed to project and abide by results
What factors should you consider, before conducting market research?
shifting brand preferences, product usage in households
What information does syndicated data provide?
demographics
What is Value and Lifestyle Survey more useful than to predict consumer behaviour?
consistent
What is a component of excellent customer service?
more costly
What is a con of a differentiated targeting strategy?
multi-attribute model
What is an example of a compensatory model?
census
What is an example of an inexpensive external source of secondary data?
milk affects entire industry of milk and provides health benefits to society
What is an example of marketing affecting various stakeholders?
spend more time researching for house than dollhouse
What is an example of perceived benefits vs. costs of search?
if your goal is to belong, then you want to be seen as fun-loving
What is an example of self-concept?
Cheesecake Factory
What is an example of store atmosphere?
CDSTEP
What is another component the SWOT Analysis assesses?
target market and differentiation
What is brand positioning?
reference groups
What is culture similar to?
buyers' remorse
What is postpurchase cognitive dissonance also known as?
identify and develop positioning strategy
What is the fifth step of the STP process?
postpurchase
What is the fifth step of the consumer decision process?
evaluate performance of marketing strategy and take necessary corrective actions
What is the fifth step of the marketing plan?
developing and implementing action plan
What is the fifth step of the marketing research process?
select the position
What is the fifth step of the perceptual map?
define business mission and objectives
What is the first step in the marketing plan?
establish overall strategy/objectives
What is the first step of the STP process?
need recognition
What is the first step of the consumer decision process?
define objectives and research needs
What is the first step of the marketing research process?
determine consumers' perceptions and evaluations of product in relation to competitor's product
What is the first step of the perceptual map?
customer information and purchase history
What is the focus of internal sources of secondary data?
select target market
What is the fourth step of the STP process?
purchase and consumption
What is the fourth step of the consumer decision process?
implement marketing mix using 4 Ps
What is the fourth step of the marketing plan?
analyzing data and developing insights
What is the fourth step of the marketing research process?
determine consumer preferences
What is the fourth step of the perceptual map?
degree of perceived risk associated with purchasing product
What is the length and intensity of search based on?
generalize opinions to describe customers with same characteristics
What is the purpose of a sample?
gather qualitative data about initial reactions to products, opinions about competitive offerings, reactions to marketing stimuli
What is the purpose of focus group interviews?
understand nature of industry, trends, consumer preferences
What is the purpose of in-depth interviews?
figure out how much customers willing to pay to be satisfied, while sellers earn reasonable profit
What is the purpose of pricing?
informs, persuades, and reminds buyers about product or service
What is the purpose of promotion?
use segmentation methods
What is the second step of the STP process?
search for information
What is the second step of the consumer decision process?
assess how other players affect firm's potential of success
What is the second step of the marketing plan?
designing research
What is the second step of the marketing research process?
identify market's ideal points and size
What is the second step of the perceptual map?
monitor the positioning strategy
What is the sixth step of the perceptual map?
evaluate segment attractiveness
What is the third step of the STP process?
evaluation of alternatives
What is the third step of the consumer decision process?
identify and evaluate opportunities by engaging in STP
What is the third step of the marketing plan?
collecting data
What is the third step of the marketing research process?
identify competitor's positions
What is the third step of the perceptual map?
culture, tradition, upbringing, past experiences, attitudes, interests
What makes up perception?
what type of business are we? what do we need to do to accomplish goals and objectives?
What questions does a mission statement ask?
mission/objectives/SWOT
What should the overall strategy/objectives be consistent with?
focus on opportunities that build strengths relative to those of competition
When are firms successful in positioning a product?
research necessary to collect them
When designing research, what should you find?
type of data needed
When designing research, what should you identify?
when consumers engaged in process of information search
When does evaluation of alternatives occur?
consumer perceives purchase as risky
When does extended problem solving occur?
have prior experience or perceived risk is moderate
When does limited problem solving occur?
consumer questions appropriateness of purchase after decision made
When does postpurchase cognitive dissonance occur?
have more access to data; ease of collecting and storing data; manipulating data in real time
Which changes has the field of marketing research seen in the last few years?
ones that respond quickly, accurately, and sensitively to consumers
Which marketers succeed in constantly changing market environment?
observation
Which method determines how customers use products?
expensive, infrequently purchased, don't work as intended, with high levels of risk
Which products is postpurchase cognitive dissonance likely for?
value-based marketing
Which type of marketing provides greater value to consumers than competitors offer?
young consumers
Who are reference groups powerful among?
entrepreneurial start-up ventures
Who benefits from a concentrated targeting strategy?
company, competition, corporate partners, and consumers
Who is a part of the immediate environment?
culture, political/legal, economic, technology, social, demographics
Who is a part of the macroenvironment?
managers
Who is accountable for performance when they can control situation?
non-profit; political parties
Who, other than marketers, use marketing research?
entails actual rather than potential customers
Why are marketers interested in postpurchase?
