S&E Marketing Unit 3 Test

market research

doing research into a specific marker to understand the market need, size and competition

e.g. of market research

fast-food market

marketing research

gathering, analyzing, and interpreting information about a product or service, your company, and customers

e.g. of marketing research

how do customers percieve us?

why is marketing research needed

to determine need for a product, what strategies work and what consumers want

goal of marketing research

gives insight that is used for marketing strategies, product development and the overall performance of businesses

two types of marketing research are?

primary and secondary

to types of techniques in marketing research are?

qualitative & quantitative

primary research

gathers NEW research, you have done it first-hand.

e.g. of primary research

surveys, focus groups

secondary research

using data collected by others

e.g. of secondary research

articles, websites, books, etc.

pros n cons of primary

more specific and tailored to company, but more expensive and time-consuming. more accurate and you own all data

pros n cons of secondary

cheaper and quicker, but doesn’t provide specifics and may be too much information that isnt manageable

qualitative research

data that isn’t numerical. used to uncover attitude, beleifs, perceptions, etc. gives big picture

e.g. of qualitative

focus groups, interviews, observations

quantitative research

numerical data, helps to draw genral conclusions about a sample population

e.g. of quantitative

surveys, analysis of secondary, a/b testing, social listening, etc.

research objective

what we want to find out from research

e.g. of research objectives

what our fan demographics are, preferences, and feedback on product/service

types of internal info sources

sales records, inventory records, promotional records, customer databases

customer relationship management (CRM)

used for sales marketing, commerce, IT, service, etc.

helps centralize all important customer info and company data that departments can use to deliever on product/service

goal in CRM for sports

manage and analyse interactions with said fans and customers

CRM examples

“the buds are back” in toronto leafs ad promo

where does data come from

ticket sales, social media, online engagement. all give insight to customer behaviour & preference

sampling meaning

select a group of people to represent market. e.g. you can market all gr 11 girls, so you choose a smaller group

sample size & randomnes

better when its larger and therefore more accurate. should also be selected randomly

what to avoid with biases

leading questions or absolute questions, ambigous questions, (yes/no, true/false), hard to understand, doubled barreled questions

what are close ended questions

multiple choice, single selection. answeres are funneled

what are open ended questions

responder answeres how they want, short answer kind of

consumer goods

goods purchases and used by the consumer for personal use

business goods

goods purchased by organizations for use in their operations

point of difference

a unique product characteristic or benefit that sets it apart from a competitor

step 1 - swot analysis

strengths, weaknesses, opportunities, threats

step 2 - idea generation

consumers, employees, r&d departments, competitors. a protocol is written

step 3 - screening and evaluation

does the company have the technology to make the product and does it fit in with company objectives

step 4 - business analysis

financial aspects, legal issues (copyrights & patents)

step 5 - development

a prototype is developed. quality & safety are addressed

step 6 - test marketing

the product is offered for sale in a small geographic area. can help in forecasting sales and market share

step 7 - commercialization

beginning of a product’s life cycle

focus group

a panel of 6-10 consuers who discuss opinions about a topic under the guidance of a moderator

protocol

a statement that identifies a target market, specific customer’s needs and wants, and explains the product and its point of difference

what is the product life cycle

the stages a product moves through from the time its introduced on the market until its taken off the market

introduction stage

customers first introduced, investment is important for ads and customer awareness. little competitton. may be in the negative as sales are low

growth stage

most crucial, product might catch or fail. called a bust if the product is removed from the market before costs are recovered. focus on differentiating product from competitors

maturity stage

most profitable, cost of producing & advertising is less. competition high, sales levels stable. want to be in this stage for long time.

decline stage

happens when too much competition, alternative better products exist, or ad efforts not as prominent

what to do to get out of decline stage

modify prodect, market product, reposition product or phase out of it

plc may be different for…

fads and fashions

what is a fad

a shorter lived trend. has quick rise in sales but quick decline. short life cycle

fashion and seasonal products

goes from intro to decline but reapears as it is cyclical.

what is a brand

a name, term, sign, symbol, design or any combination of these intended to identfy the goods and services of a seller

what can be a brand

phsyical goods, services, retailers, people, organizations, sports, art, and entertainment

brand elements

name, logo, symbols, type of font, colour, slogan. must be consistent in all presentation like packaging, ads, etc.

psychology of red

bold, passion, strength, attention, love, exciting, action, aggresive

psychology of orange

happy, energetic, sociable, friendly, afforadable, enthusaistic, sunny

psychology of green

nature, wealth, fresh, life, harmony, enviornment, growth, new

psychology of yellow

logical, optimistic, progressive, confident, playful, creative

psychology of purple

royalty, mystery, pomp, ceremony, creative, unique, majesty

psychology of blue

trusted, conservative, staid, dependable, honesty, calm, secure, cool

psychology of black

sophisticated, luxurious formality, style, elegance, expensive, authority

imortance of brans

helps consumers identify source of product, signal of quality, reduces research for consumer, is symbolic

similarities in s&e branding

need for visual identity, storytelling helps connect with audience, cross-promotions and partnerships. e.g. athelete coming in movie

differences in s&e branding

sports branding emphasized competitin, loyalty, and legacy. entertainment branding focuses on reativity, storytelling and lifestyle

what is positioning

refers to the place a brand occupies in the mind of your consumers and how its distinguished from competition. often based on attributes of p/s. companies positon based off importance to target market

positioning maps

help visualize product relative to competitors. usually based on 2 attributes

why are positioning maps used

help you identify gaps in market

why is positioning important

want to stand out in crowded market, want your product to be what peple thing of in area of specialization, to build loyalty, and to send your message through marketing

attributes/benefits strategy

associate product with a particular benefit

price strategy

associate your product with competitive pricing

quality strategy

associate product with high quality

use/application strategy

associate product with specific use/application that is easy and practical

what is a positioning statement

bried description of product or service. it explains target market, need of market, brand name, indsutry, benefit and how you are different from competitor

_{place decision}

involves how you get product in hands of customer. different cutomers require different channels of distribution

channel of distribution

path a product takes from the producer or manufacturer to the consumer

direct marketing examples

telephone sales, print, televison, online and retail

direct channel meaning

the path a produt takes without the help of any intermediaries between the producer and consumer

direct marketing meaning

marketing activities to sell products directly to customers through the use of a customer database

agent indirect channel

dont have ownership of goods but brings buyers and sellers together

agents examples

ticketmaster, amazon, stubhub

wholesalers indirect channels

resellers who buy goods from manufacturers, store them and sell them in smaller quantities to retailers or sports organizations. e.g. costco

retailer indirect channel

sells direct to consumer

what is an indirect channel

a path a product takes using intermediaries between producer and consumer

what is revenue

total income brought in through the sales of goods & services

what is gross profit

revenue minus cost of goods sold

what is net profit

gross profit minus expenses

pricing goals

to recover costs, for return on an investment, to beat competitor pricing, for ahigher profit margin, and increased market share

what is profit margin

the difference between expensesa nd retail price. can be perent or dollar amount

what is market share

percentage of the total sales of all companies that sell same type of product

factors that contribute to pricing

consumer perception, demand, cost, newness of product, competition

what is consumer perception

relationship of price and quality in consumers mind

what is prestige pricing

very expensive good is priced high about average price to attract consumers that percieve quality by price

what is odd-even pricing

pricing item with odd number to suggest a deal, and pricing with even number to reflect expensive and quality in item

what is target pricing

pricing based on what customer is willing to pay

high demand and low supply means…

high price as a result

how companies use demand to advantages

they create limited edition item to increase demand

large supply and low demand means….

low price to increase demand

situations where price doesnt have effect

product is neccessary, there are no substitutes, the increase in price isnt relative to consumer income, time constraints

what is markup pricing

used by wholesalers and retailers to resell product. the markup is the difference between retail/wholesale price and cost of item. markup should be high enough to cover expenses and ensure a profit

what is cost-plus pricing

used by manufacturers and service providers. product is priced byc alculating costs and expenses then adding in desired profit