Principles of Marketing Chapters 5, 6 – Flashcards

Unlock all answers in this set

Unlock answers
question
process of planning, collecting, and analyzing data relevant to a marketing decision
answer
Marketing research
question
producers, ad agencies, marketing research companies
answer
Who provides marketing research?
question
addresses a specific problem or opportunity, more focused, in a finite time period ex. Frank Luntz - estate tax vs. death tax, global warming vs. climate change
answer
Project approach (to marketing research)
question
provides marketing information on a consistent basis, used internally, broad general purpose ex. sales report
answer
Systems approach (to marketing research)
question
A set of procedures and methods for the regular, planned collection, analysis, and presentation of information for use in making marketing decisions ex. Sales analysis reports
answer
Marketing Information System (MIS)
question
when results are unactionable, when managers cant agree on what info they need when the info already exists when research is unethical
answer
When NOT to use Project approach (to marketing research)
question
language, talk to people about the problem
answer
Qualitative data
question
numbers, x causes y
answer
Quantitative data
question
the problem the research hopes to analyze, should be well defined and structured from beginning ex. Why are store revenues so low?
answer
Decision problem
question
what is going on? (what/why)
answer
Discovery oriented decision problem
question
How do we best address this? (more about implementation)
answer
Strategy oriented decision problem
question
a restating of decision problem in research terms Ex. This: Why are store revenues so low? Turned to this: Among the possible explanations for why store revenues are low, what is the most likely culprit?
answer
Research Problem
question
exploratory descriptive causal
answer
Types of research
question
qualitative, small scale
answer
Exploratory research
question
secondary research Depth interviews Focus groups Case analyses
answer
Examples of exploratory research
question
quantitative, ex. how often do you go to these sites?
answer
Descriptive research
question
questionnaires
answer
Examples of Descriptive Research
question
Longitudinal, cross sectional
answer
Types of Descriptive Research
question
fixed sample of elements repeated over time, seeing if there's change over time
answer
Longitudinal study
question
single point in time, research time and contextually dependent - Most common
answer
Cross Sectional Research
question
quantitative, cause and effect
answer
Causal research
question
experiments market tests
answer
examples of causal research
question
a situation with exact conditions, control of variables other than x and y is maximized
answer
Lab experiment
question
a situation with fluid conditions, control of variables other than x and y is challenging
answer
Field experiment
question
what YOU have collected adv - fits with research problem, timely, accurate, complete dis - time and money costs, harder to get can be obtained by either communication or observation
answer
Primary Data
question
what OTHERS have collected You should start with this - usually used for exploratory research adv - saves time/money dis - hard to answer a specific research question internal (from your own company) or external (like Nielson or Axiom)
answer
Secondary Data
question
what is reality? does it exist in one or many forms? ex. is there an obesity crisis? what is obesity?
answer
Ontological Assumption
question
what is the overriding goal of research? verstein (complete understanding)
answer
Axiological Assumption
question
Is knowledge time and contextually dependent? What is causality? What does the design look like? ex. what is beauty? What is wealth?
answer
Epistemological Assumption
question
methods aren't comparable, cant answer the same questions with the same research
answer
The Contingency Approach
question
either method can answer the same question, approaches tap into different dimensions of the same phenomenon
answer
The Interdisciplinary Approach
question
phenomenon will keep changing based on culture changing, research is time and contextually dependent, no absolute truth driven by epistemological approach
answer
The Relativist Approach
question
studies culture from within, a little biased, voice of participant ex. can be done using depth interviews
answer
Emic Analysis
question
voice of researcher, saying what the person meant
answer
Etic analysis
question
An interview question that encourages an answer phrased in respondent's own words. respond in our own words
answer
Open ended question
question
An interview question that asks the respondent to make a selection from a limited list of responses. multiple choice/ranking
answer
Closed ended question
question
A closed-ended question designed to measure the intensity of a respondent's answer. range of intensity
answer
Scaled response question
question
a subset from a large population research will only apply to them
answer
Sample
question
The population from which a sample will be drawn
answer
Universe
question
A sample in which every element in the population has a known statistical likelihood of being selected. RANDOM
answer
Probability Sample
question
A sample arranged so that every element of the population has an equal chance of being selected.
answer
Random Sample
question
Any sample in which little or no attempt is made to get a representative cross-section of the population. NOT RANDOM
answer
Non Probability Sample
question
A form of nonprobability sample using respondents who are convenient or readily accessible to the researcher. ex. using students for marketing research at belmont
answer
Convenience Sample
question
way to analyze data, looks at the statistical difference between 2 groups
answer
T-Test
question
way to analyze data, model of fit between multiple groups
answer
Chi-Square
question
sorta looks like this picture, want ratio numbers to go up to infinity more power with infinity
answer
Regression
question
analysis of variance, difference between 2 groups, less power with categorical
answer
ANOVA
question
multiplication
answer
Moderator variable
question
subtraction
answer
Mediation Variable
question
Measurement, Sampling, Frame, Random
answer
Types of Errors
question
Error when there is a difference between the information desired and the information provided by research
answer
Measurement Error
question
helps avoid measurement analysis
answer
Reliability analysis
question
Error when a sample somehow does not represent the target population.
answer
Sampling Error
question
Error when a sample drawn from a population differs from the target population.
answer
Sampling Error
question
Error because the selected sample is an imperfect representation of the overall population.
answer
Random Error
question
1. People or organizations with 2. needs or wants that can be satisfied by the product 3. and with the ability and 4. the willingness to buy that offerings within that category.
answer
Market
question
subgroup of people who share some of the same characteristics that cause them to have similar product needs
answer
Market Segment
question
1. Substantial (it will provide a profitable market share) 2. Identifiable and Accessible (done through research) 3. Responsive 4. Mutually exclusive and collectively exhaustive
answer
Criteria for successful segmentation
question
process of dividing the market into meaningful, relatively similar, identifiable segments or groups.
answer
Market Segmentation
question
Value Based (what ppl need) and Profile Based (demographics, etc.) Not mutually exclusive (can put user based with occasion based)
answer
Bases for segmentation
question
[Part of Value Based Segmentation] segmentation based on benefits of the offerings ex. leaf car
answer
Benefit Based Segmentation
question
[Part of Value Based Segmentation] segmentation based on usage occasion
answer
Occasion Based Segmentation
question
Demographics (age, gender, etc) Geography (climate, terrain, urban/rural, etc.) Psychographic Profile (personality traits, lifestyle, motives) Behavioral Profile (consumer behavior towards a product)
answer
Bases for Profile-Based Segmentation
question
segmentation based on consumers usage 80/20 principle - 80% of profit made from 20% of customers
answer
User-Based segmentation
question
identify segmented groups and develop one to one message for them (separate marketing mix for each segment)
answer
Targeting
question
A marketing approach that views the market as one big market with no individual segments and thus requires a single marketing mix. adv - cost savings dis - lacks innovation, more susceptible to competition usually used for staple goods like foods ex. snickers, milk, credit card
answer
Mass Marketing (undifferentiated) targeting strategy
question
A strategy used to select one segment of a market for targeting efforts. adv - concentrated, strong positioning dis - segments too small
answer
Concentrated Targeting Strategy
question
A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each. (most companies do this) adv - greater financial success dis - high cost of marketing, cannibalization ex. Cheerios
answer
Multisegment Targeting Strategy
question
when you steal customers from yourself ex. creating a new kind of cheerios makes old cheerios customers buy new kind instead of old kind
answer
Cannibalization
question
An individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer. Can be done much easier today with social media (using info from Axiom, etc.) ex. put your own image on your credit card
answer
One-To-One Targeting Strategy
question
should deliver superior value to customers
answer
Value Proposition
question
Comparative, noncomparative
answer
Types of Positioning Statements
question
Compares product to something else ex. Gatorade is a smart beverage choice for athletes because it rehydrates, replenishes, and refuels in ways water can't. This isnt allowed in all countries
answer
Comparative Positioning Statement
question
does not compare product to something else, just lists benefits ex. Gatorade is a smart beverage choice for athletes because it rehydrates, replenishes, and refuels.
answer
Noncomparative Positioning Statement
question
use as a tool for rebranding, can see your position in the market and figure out where you want to be.
answer
Perceptual Mapping
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New