Marketing // market research

What are the steps of marketing research?

define the problem

develop an approach to the problem

formulate a research design

doing field work/collecting data

preparing and analyzing data

preparing + presenting the report

What are the two main types of marketing research?

problem identification research and problem solving research

What is the mgt decision problem about?

defining the business decision to make

What is the brief in marketing research?

agreement on scope and limits of research

What is secondary data?

existing data collected for other purposes

What is a key advantage of secondary data?

its cheaper

What is a common limitation of secondary data?

it may be outdated or irrelevant

What is the most widely used method for primary data collection?

surveys

What is a main strength of surveys?

they gather descriptive information directly from respondents

What is a common problem with surveys?

respondents may give socially desirable answers

What is a typical group size for a focus group interview?

6-10 people

What is a key limitation of focus groups?

it is usually impossible to generalize the results

What is the manager decision problem?

what the manager needs to do

- focuses on action and decision making

What us the market research question?

what the researcher needs to find out

- focuses on information and data collection to help manager decide

What are the 4 psychological factors of marketing?

motivation, perception, learning, and beliefs/attitudes

What is motivation?

a need that is sufficiently pressing to direct the person to seek satisfaction of the need

What is perception?

the process by which people select, organize, and interpret information to form a meaningful picture of the world

How a person acts is influenced by what?

their own perception of the situation

How do we learn?

by the flow of information through our 5 senses

What is the pattern of information processing?

stimuli through the 5 senses

sensor memory

brain perception as recognition

goes into short term memory --> repetition

consolidation into long term memory

What is selective attention?

the tendency for people to screen out most of the information to which they are exposed

What is selective distortion?

the tendency for people to interpret information in a way that will support what they already believe

What is selective retention?

the tendency to remember good points made about a brand they favor and forget good points made about competing brands

What is a belief based on?

a persons knowledge, opinion, and faith about something

What is the buyer decision making process?

need recognition, info search, evaluation of alternatives, purchase decision, and post purchase behavior

How long does the buying process last?

it starts long before the actual purchase and continues long after

What is need recognition?

the first stage of buyer decision process in which the consumer recognizes a problem or need triggered by internal/external stimuli

What is information search?

the stage of buyer decision process in which the consumer in motivated to search for more information

What are the sources of information in the information search?

personal, commercial, public, and experiential sources

What is the alternative evaluation stage?

stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set

What is the lexicographic rule?

consumer selects the alternative that scores highest on the most important attribute, but if two+ are tied the next most important attribute is considered and so on

What is the conjunctive rule?

consumers set minimum acceptable cutoffs for all important attributes, only alternatives meeting all minimums are considered

What is the post purchase behavior?

the stage of buyer decision process in which consumers take further action after the purchase depending on satisfaction

What is the marketers goal during the customer journey?

identify where customers engage, what they feel, and how to improve each step

What is the aim of customer journey mapping

see the experience through the customers eyes

What is a new product?

a good or service that is perceived by some potential customers as new

What are the 5 stages in the processor adopting a new product?

awareness, interest, evaluation, trial, adoption

What are the different kinds of customers in adopting the new products?

innovators: risk takers

early adopters: adopt ideas early but carefully

early mainstream: rarely leaders, but adopt before avg person

late mainstream: skeptical, adopt an idea after majority have tried it

lagging adopters: suspicious of changes, adopt when it becomes tradition

What are product characteristics which influence rate of adoption?

relative advantage

compatibility

complexity

triability

observability

What is a product?

anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want

What are services?

form of a product that consists of activities, benefits, or satisfactions and that is essentially tangible and does not result in the ownership of anything

What are the 3 levels of product?

core customer value, actual product, augmented product

What question does the core customer value level answer?

what is the buyer really buying?

What does the actual product level imply?

product planners must turn the core benefit into an actual product

- need to develop product/service features, design, quality level, brand name, and packaging

What is the augmented product level?

product planners must build an augmented product around the core benefit and actual product by offering additional consumer services and benefits

What are convenience products?

product/services that the customer usually buys frequently, immediately, and with minimum comparison or buying effort

What are shopping products?

less frequently purchased consumer products and services that the customer compares carefully on suitability, quality, price, and style

What are specialty products?

consumer products and service with unique characteristics or brand identification for which a significant group of buyers is willing to purchase

What are unsought products?

items that the consumer does not know about or knows about but does not initially want

What are product attributes?

communicate and deliver benefits by product and service attributes

- quality, features, style, design

What is a brand?

name, term, sign, design, or a combination of these that identifies the maker or seller of a product/service

What is a product mix?

consists of all the product lines and items that a particular seller offers for sale

What are the aspects of a product mix?

width: # of different product lines

length: # of items the company carries within its product lines

depth: # of versions offered of each product in the line

consistency: how closely the various product lines are in end use or production

What is a product line?

a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

What differentiates services from products?

intangibility, variability, inseparability, and perishability

What is internal marketing?

the service firm must orient and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction

What is interactive marketing?

service quality depends heavily on the quality of the buyer-seller interaction during the service encounter

What is brand equity?

the differential effect that knowing the brand name has on customer response to the product or its marketing

What is brand value?

the total financial value of a brand