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Marketing > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

Marketing research

A

The process of defining a market problem and opportunity, systematically collecting and analyzing information, and recommending actions

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2
Q

Why use marketing research

A
  • reduces the risk of marketing
  • understand consumers
  • design/coordinate the marketing mix (4Ps)
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3
Q

Steps of the marketing research process

A

1) define the problem
2) develop the research plan
3) collect relevant information
4) develop findings
5) take marketing actions

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4
Q

Step 1: define the problem

A
  • Set SMART research objectives

- All research should lead to marketing actions

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5
Q

Step 2: develop the research plan

A

1) specify the constraints
2) identify the data
3) determine methods to collect data
Different types of research: exploratory, descriptive, causal

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6
Q

Step 3: collect relevant information

A
  • obtain secondary and primary data through:
    - Sampling through
    - Observations or questionnaire data
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7
Q

Secondary vs primary data

A

Secondary:
A: saves time, inexpensive
D: out of date, not specific enough, could be irrelevant

Primary
A: specific to the problem, rich insights, more control
D: expensive, time consuming

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8
Q

Types of data collection methods

A

Observational data: watching people interact with the marketplace
-personal methods
-neuromarketing
Questionnaire data: asking people about their attitudes, awareness, intentions, and behaviors
-individual/depth interviews
-focus groups

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9
Q

Types of questions

A
  • open-ended question: capture voice of consumer, no restrictions
  • dichotomous question: two options (yes or no)
  • closed-end or fixed alternative questions (choose from a set of options
  • demographic questions: personal household facts
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10
Q

Types of questionnaires

A
  • mail, online, and fax surveys
  • telephone surveys
  • individual interview and mail intercept surveys
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11
Q

Questionnaire wording problems

A
  • leading question
  • ambiguous questions
  • unanswerable question
  • two questions in one
  • nonmutually exclusive answers
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12
Q

Alternative sources of primary data

A

Social media: netnography
Panels: a sample of consumers or stores from which researchers take a series of measurements to see if consumers change their behavior over time
Experiments: obtain data by manipulating factors under tightly controlled conditions to test cause and effect
Info tech: involves operating computer networks that can store and process data
Data Mining: the extractions of hidden predictive info from large databases to find stat links b/t consumer purchasing patterns and marketing actions

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13
Q

Step 4: develop findings

A

Analyze the data & present the findings

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14
Q

Step 5: take marketing actions

A

Make action recommendations, implement the action recommendations, evaluate the results

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15
Q

Services

A

Are intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value

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16
Q

Four I’s of Services

A

1) intangibility (can’t be touched/seen)
2) inconsistency (quality varies)
3) inseparability (hard to separate service from provider)
4) inventory (cost of person to provide service and equipment cost)

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17
Q

Service continuum

A

Consists of the range of offerings companies bring to the market, from the tangible to the intangible or product-dominant to service-dominant

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18
Q

Equipment based services

A
  • less inconsistency
  • may seem impersonal
  • automated, operated by unskilled operators, operated by skilled operators
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19
Q

People based services

A
  • more inconsistent
  • personal relationships
  • unskilled labor, skilled labor, professionals
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20
Q

Gap analysis

A

Customer expectations vs customer experiences

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21
Q

Factors that influence expectations

A
  • word of mouth
  • personal needs
  • past experience
  • promotions
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22
Q

Dimensions of service quality

A
  • reliability
  • tangibility
  • responsiveness
  • assurance
  • empathy
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23
Q

Service failure

A

When a customer has a bad service experience

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24
Q

Relationship of marketing for service customers

A
  1. Continuity (same level of service, same service provider)
  2. Customized service
  3. Reduced stress
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25
Q

Seven P’s in service marketing mix

A
  1. Product (brand reputation)
  2. Price (price=quality)
  3. Place (distribution channel)
  4. Promotion (benefits of service)
  5. People (employees)
  6. Physical environment (appearance, locations, equip, building)
  7. Process (what is created and how)
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26
Q

Off-peak pricing

A

Involves charging different prices during different times of the day or during different days of the week to reflect variations in demand for the service

27
Q

Internal marketing

A

A service organization must focus on its employees before successful programs can be directed at customers

28
Q

Price

A

Money exchanged for use of a product

  • customers must be willing to pay it
  • must generate enough sales to earn profit
  • small changes can make a big impact
29
Q

Price transparency

A

Instant access to multiple prices for the same product (because of the internet)

30
Q

Price equation

A

Price = list price - incentive & allowances + extra fees

31
Q

Value

A

Consumers judgment of product worth relative to alternatives

32
Q

Value pricing

A

Simultaneously increasing product benefits while maintaining or decreasing price

33
Q

Profit equation

A

Profit = total revenue - total cost

TR=P•Q
TC=VC+FC

34
Q

Six steps in setting price

A
  1. Identify pricing objectives and constraints
  2. Estimate demand and revenue
  3. Determine cost, volume, and profit relationships
  4. Select an approximate price level
  5. Set list or quoted price
  6. Make special adjustment to list or quoted price
35
Q

Pricing objectives

A

The role of price in an organization’s marketing and strategic plans

  • profit
  • sales
  • Marketing share
  • unit volume
  • survival
  • social responsibility
36
Q

Pricing constraints

A

Factors that limit the range of prices a firm may set

  1. Demand
  2. Stage in life cycle
  3. Cost of producing
  4. Single product vs line
  5. Cost of changing prices
  6. Type of competitive market
  7. Competitors prices & consumers reactions
  8. Legal and ethical considerations
37
Q

Estimating demand

A

Helps answer:

  1. Customer taste
  2. Price and availability or similar products
  3. Consumer income
38
Q

Estimating revenue

A

Helps answer:
-Total revenue (P•Q)
-Average revenue (P)
Revenue generated not just demanded

39
Q

Price elasticity

A

Measures the percent change in quantity demanded relative to a percentages change in price

  • elastic = price sensitive
  • inelastic = not price sensitive
40
Q

Estimating costs

A

TC = total expense (=FC+VC)
FC = fixed, do not change
VC = variable, vary directly with quantity of a product
Unit Variable Cost = per unit basis (UVC=VC/Q)

41
Q

Break-Even Analysis

A

Total revenue vs total cost to determine profitability at various levels of output
BE-point is where TR=TC

42
Q

Demand-oriented approaches

A
  • skimming: come in really high

- penetration: come in really low

43
Q

Fixed price policy

A

Setting one price for all buyers of a product or service

44
Q

Dynamic pricing policy

A

Different prices for products and services in real time in response to supply and demand conditions

45
Q

Special adjustments to list prices

A 
Discounts
-quantity
-seasonal
Allowances
-everyday low prices (EDLP)
46
Q

Logistics

A

Getting the right amount of the right products to the right places at the right time at the lowest cost

47
Q

Supply chain

A

A series of linked suppliers and customers

48
Q

Marketing channel

A

Forms and individuals involved in the process of making a product or service available for use of consumption

49
Q

Supplier network

A

Between suppliers and producers

50
Q

Logistics responsibilities

A
  • choosing and managing external transportation carriers
  • operating distribution centers
  • managing finished goods inventories
  • processing orders for sales
51
Q

Steps to align a Supply Chain with Marketing Strategy

A
  1. Understand the customer
  2. Understand the supply chain
  3. Harmonize the supply chain with the marketing strategy (fits with target market needs and corporate mission and identity)
52
Q

Role of supply chain manager

A

Translate customer requirements into actual orders

53
Q

Tech and logistics in supply chain management

A
  • order processing
  • transportation scheduling
  • inventory facility management
54
Q

Reverse logistics

A

Is a process of reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption or use for repair, remanufacturing, redistribution, or disposal

  • reduced waste = ecological benefits
  • lower operations costs = economic benefits
55
Q

Types of marketing channels

A
  • Direct
  • indirect
  • internet marketing
  • direct marketing
  • multichannel marketing
  • dual distribution
  • strategic channel alliances
56
Q

Direct channel

A

A producer and ultimate consumers deal directly with each other

57
Q

Indirect channel

A

Intermediaries are inserted between the producer and consumers
-retailers
-wholesalers
-agents
As number of intermediaries increase, profit margins decrease

58
Q

Internet marketing channels

A

Use the internet to make products and services available for or use

59
Q

Direct marketing

A

Consumers buy products by interacting with various advertising media without a face-to-face meeting
-trying to get customers to take direct action by calling this number or visiting this website

60
Q

Multichannel marketing

A

Blending different communication and delivery channels that mutually reinforce, attract, retain, and build relationships with consumers who shop and buy in traditional and online channels

61
Q

Dual distribution

A

A form reaches different buyers by employing two or more different types of channels for the same basic product
-franchises

62
Q

Strategic Channel alliances

A

One firms marketing channel is sued to sell another firms products
-Barnes and Nobles has Starbucks inside

63
Q

Selection criteria for marketing channels

A
  1. Which will provide the best target market coverage?
  2. Which will best satisfy the buying requirements of the target market?
  3. Which will be the most profitable?

Marketing (3 decks)

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