CH 7 and 8 Marketing – Flashcards
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Marketing Research
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The process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions.
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Data Mining
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the extraction of hidden, predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions.
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Lost Horse Forecast
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involves starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast.
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Secondary Data
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Facts and Figures that have already been recorded PRIOR to the project at hand.
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Sales Forecast
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total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts
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Information Technology
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Involves operating computer networks that can store and process data. For marketers, it can be used to extract hidden information from large databases such as households' product purchases, TV viewing behavior, and responses to coupons or free-sample promotions.
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Primary Data
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Facts & Figures that are newly collected for the project
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Define the problem
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1st of 5 steps in the marketing research approach
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Develop the research plan
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2nd of 5 steps in the marketing research approach
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Collect relevant information
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3rd of 5 steps in the marketing research approach
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Develop findings
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4th of 5 steps in the marketing research approach
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Take marketing actions
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5th of 5 steps in the marketing research approach
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Concepts, Methods
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What are the 2 key elements in deciding how to collect marketing data?
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Time, Money
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What are the most common constraints in marketing problem solving?
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Specify Constraints, Identify Data Needed for marketing actions, and determine how to collect data
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.What are the three key elements when defining a marketing research problem?
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Mass customization
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Tailoring products or services to the tastes of individual customers on a high volume scale.
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Build to order
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Manufacturing a product only when there is an order from a customer
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Differentiation
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Seeking a less competitive, smaller market niche in which to locate a brand
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Product Repositioning
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Changing the place a product occupies in a consumers mind relative to competitive products.
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Perceptual Map
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A graph displaying consumers' perceptions of product attributes in two dimensions
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Market Segmentation
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Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.
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Market Segments
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A relatively homogenous group of prospective buyers that results from the market segmentation process
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Head-to-head
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Competing directly with competitors on similar product attributes in the same target market.
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Product- Market Grid
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A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization.
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Tiffany/Walmart Strategy
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Offer different variations of the same basic product or service to high end and low end segments.
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Organizations synergy
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the increased customer value achieved through performing organizational functions like marketing or manufacturing more efficiently.
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Group potential buyers into segments
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1 of 5 steps in segmenting and targeting markets
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Group products to be sold into categories
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2 of 5 steps in segmenting and targeting markets
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Develop market - product grid and estimate the size of markets
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3 of 5 steps in segmenting and targeting markets
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Select Target Markets
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4 of 5 steps in segmenting and targeting markets
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Take marketing actions to reach target markets
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5 of 5 steps in segmenting and targeting markets
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Market and Product
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2 key types of synergies
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Geographic= costumers live or work
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1 of 4 ways to segment consumer markets
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Demographic= Gender, race, age, income
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2 of 4 ways to segment consumer markets
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Psychographic = personality, lifestyle, "Birds of a feather"
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3 of 4 ways to segment consumer markets
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where, what , how customers buy
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4 of 4 ways to segment consumer markets
