Marketing Research Flashcards
What is an industry?
“A group of firms producing products that are close substitutes for each other”
Which are the four rules-of-thumb for industry analysis which are mentioned in the lecture?
• Unit of analysis within industry is business unit,
not the company (although the two may coincide)
• Industry competitors are actors (BUs) that have
core business within the industry
• Define ‘the middle’, industry competitors, as
narrowly as possible
• It may be practical to subdivide the industry
competitors into strategic groups
Which are the four steps in using Michael Porter’s 5 forces, mentioned in the lecture?
- Identify industry or segment boundaries.
- Identify players in each Force using case facts.
- Assess level of threat, power, intensity of each Force using case facts and course concepts.
- Make final assessment of whether it is an attractive industry in which to compete using results of 5 Forces analysis to support your view.
Which are the nine subparts of “threat of new entrants”?
• High capital requirements • High economies of scale • Strong customer loyalties • High switching costs • High product differentiation • Limited access to distribution channels • High legal/regulatory barriers • Large cost disadvantages independent of scale • Strong retaliation by industry participants
Which are Michael Porter’s “five forces that shape strategy”?
Threat of new entrants Threat of substitute products or services Bargaining power of customers (buyers) Bargaining power of suppliers Intensity of competitive rivalry
How is marketing research defined in the lecture?
Marketing research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.
Which three points did we miss in the group presentation regarding the five forces?
- Make sure to analyze the whole industry, not the company’s position in the market
- Always specify which force is easiest to affect
- Always reach a summarized conclusion of how attractive the market is
What is a reference group?
A person’s reference groups are all the groups that have a direct (face-to-face) or indirect influence on their attitudes or behavior.
What is a brand association?
Brand associations consist of all brand-related thoughts, feelings, perceptions, images, experiences, beliefs, attitudes, and so on that become linked to the brand node.
Which are the five steps of the consumer buying process?
- Problem recognition
- Information search
- Evaluation of alternatives
- Purchase decision
- Postpurchase behavior
What is the conjunction heuristic?
With the conjunctive heuristic, the consumer sets a minimum acceptable cutoff level for each attribute and chooses the first alternative that meets the minimum standard for all attributes. For example, if Linda decided all attributes had to rate at least 5, she would choose laptop computer B.
What is the lexicographic heuristic?
With the lexicographic heuristic, the consumer chooses the best brand on the basis of its perceived most important attribute.With this decision rule, Linda would choose laptop computer C.
What is the elimination-by-aspects heuristic?
Using the elimination-by-aspects heuristic, the consumer compares brands on an attribute selected probabilistically where the probability of choosing an attribute is positively related to its importance and eliminates brands that do not meet minimum acceptable cutoffs.
Which post-purchase variables must be monitored?
Marketers must monitor postpurchase satisfaction, post-purchase actions, and postpurchase product uses and disposal.
What is a major downside of the expectancy-value model?
The expectancy-value model assumes a high level of consumer involvement, or engagement and active processing the consumer undertakes in responding to a marketing stimulus.
