MARK3000 Test 2 - Grantham

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.

secondary data

Pieces of information that have already been collected from other sources and usually are readily available.

primary data

Data collected to address specific research needs.

sample

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

data

Raw numbers or facts.

information

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

syndicated data

Data available for a fee from commercial research firms such as Information Resources Inc. (IRI), National Purchase Diary Panel, and ACNielsen.

scanner data

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

panel data

Information collected from a group of consumers.

data warehouses

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

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.

churn

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

big data

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

qualitative research

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

quantitative research

Structured responses that can be statically tested to confirm insights and hypotheses generated via qualitative research or secondary data.

observation

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

virtual community

online networks of people who communicate about spefic topics

sentiment mining

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

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.

focus group interviews

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

survey

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

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.

unstructured questions

Open-ended questions that allow respondents to answer in their own words.

structured questions

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

experimental research (experiment)

A type of conclusive and quantitative research that systematically manipulates one arm ore variables to determine which variables have a casual effect on another variable.

biometric data

Digital scanning of the physiological or behavioral characteristics of individuals as a means of identification.

product

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

core customer value

The basic problem solving benefits that consumers are seeking.

actual product

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

associated services

The non-physical attributes of the product including product warranties, financing, product support, and after-sale service.

augmented product

What is another name for associated services?

consumer products

Products and services used by people for their personal use.

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.

shopping products/services

Those of which consumers will spend time comparing alternatives, such as apparel, fragrances, and appliances.

convenience products/services

Those for which the consumer is not willing to spend any effort to evaluate prior to purchase.

unsought products/services

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

product mix

See product assortment. The complete set of all products offered by a firm.

product lines

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

breadth

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

depth

The number of categories within a product line.

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 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.

perceived value

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

brand associations

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

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.

manufacturer brands (national brands)

Brands owned and managed by the manufacturer.

retailer/store brands

Also called private-label brands, are products developed by retailers.

private-label brands

Brands developed and marketed by a retailer and available only from that retailer; also called store brands.

family brand

A firm's own corporate name used to brand its product lines and products.

individual brands

The use of individual brand names for each of a firm's products.

brand extension

The use of the same brand name for new products being introduced to the same or new markets.

line extension

The use of the same brand name within the same product line and represents an increase in a product line's depth.

brand dilution

occurs when a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold.

co-branding

The practice of marketing two or more brand together, on the sam package or promotion.

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.

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.

primary package

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

secondary package

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

sustainable packaging

product packaging that is ecologically responsible

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 a service, spreads throughout a market group over time and over various categories of adopters.

pioneers (breakthroughs)

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

first movers

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

innovators

Those buyers who want to be the first to have the new product or service.

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"

early majority

A group of consumers in the diffusion of innovation model the represents approximately 34% of the population; members don't like to take much risk and therefore tend to wait until bugs are worked out of a particular product or service; few new products and services can be profitable until this large group buys them.

"Deliberate"

late majority

The last group of buyers to enter a new product market; when they do, the product has achieved its full market potential.

laggards

Consumers who like to avoid change and rely on traditional products until the yard no longer available.

reverse engineering

Involved 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.

lead users

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

concepts

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

concept testing

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

product development

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

product design

See product development.

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 is produced through different manufacturing processes, sometimes even crafted individually.

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.

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.

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.

test marketing

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

trade promotions

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

introductory price promotions

Short-term price discounts designed to encourage trial.

trade show

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

manufacturer's suggested retail price (MSRP)

The price the manufacturers suggest retailers use to sell their merchandise.

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.

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.

introduction stage

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

growth stage

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

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.

decline stage

Stage of the product life cycle when sales decline and the product eventually exits the market.

marketing channel management

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

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 or business users.

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 systemwide costs while satisfying the service levels their customers require.

viral marketing program

a promotional strategy that encourages people to pass along a marketing message to potential consumers

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.

fulfilment center

warehouse facilities used to ship merchandise directly to customers

direct marketing channel

The manufacturer sells directly to the buyer.

indirect marketing channel

When one or more intermediaries work with manufacturers to provide goods and services to customers.

Defining Objectives and Research Needs

Designing the Research

Data Collection Process

Analyzing Data and Developing Insight

Action Plan and Implementation

What are the steps to the marketing research process?

Specialty Products

Convenience Products

Shopping Products

Unsought Products

What are the four type of products?

Brand Mark

The unspoken bard of a brand