Final Flashcards
(48 cards)
role of marketing research
def: management about decision making
ex: Bob makes decisions frequently regarding is business. This is known as what?
marketing research process
def: set of 6 steps- problem definition, developing approach to problem, research design formulation, field work, data prep and analysis, and report presentation
ex: Dana owns a clothing store and has noticed an issue with something. Which step in the marketing research process is she in?
qualitative vs quantitative data
def: qual- exploratory research. uses focus groups, individual interviews, observations etc
ex: Shirley gathered a focus group to know more about how she can improve her company. Which form of research is this?
def: quantitative- numerical data. uses surveys, polls etc.
ex: Ryan collects data through an online survey to gather data. Which type of data is this?
focus group interview
def: an assembled diverse group of people to participate in a discussion before launch of product for feedback.
ex: Lyon Company gathers several people from different geographical areas to discuss their product. They are looking for consumer insight and feedback. This is an example of what type of interview?
in depth interview
def: qualitative intensive research with individual to explore perspectives.
ex: Bill holds an interview with Sam and asks many questions and ask for insight on new ideas. The meeting lasted for 45 minutes. This is an example of which type of interview?
experiment
def: the act of conduction an investigation or test. Company or individual physically changes atmosphere to gather research.
ex: FlavorCo gives an individual 3 of their new launched flavors of juice. They want to gather data to see which one was most liked by the consumers. Which type of data gathering technique is this?
survey
def: the study of the spending characteristics and purchasing power of consumers
ex: NewCo gathers data by giving out a questionnaire to consumers in the demographic area
primary data
def: data that you gather yourself
ex: Shana gathers date to figure out which type of shampoo her clients like better
secondary data
def: data that has already been gathered previously by someone else that is relevant to you
ex: John looks at the AIDA index to see how many consumers in downtown Sacramento make over 50 thousand per year
segmentation
def: process of dividing an entire market into different customer segments
ex: Jeep Co divides the consumers into several segments i.e. luxury shoppers, money savers, impulse buyers and older consumers. What did Jeep Co just do?
targeting (target market)
def: a particular group of consumers at which a product or service is aimed
ex: Fruity 2 Go seeks to aim their selling demographic to children under 10 years old. This is known as what?
positioning
def: How your product or service is perceived in the consumers mind relative to the competition
ex: Adidas pushes and ad with a runner, and the runner stops and says, “Faster, lighter, an quicker than any other brand.”
repositioning
def: Changing or altering the original positioning strategy. Hard to accomplish
ex: Orange Juice Co is widely known to drink in the morning. They push an ad that suggest, “Try it at lunch, or dinner. It is healthier than soda!”
product mix
def: refers to the total number of product lines that a company offers
ex: Apple sells iPods, iPhones, iPad etc. Same company, many different types of product lines. This is known as what?
product line extension
def: when a company creates a new product within a preexisting product line
ex: YumYum cookies sells cookies. But they also have low fat, mint flavor, and christmas decorated cookies. YumYum is demonstrating an example of what?
product life cycle
def: cycle that every product goes through from introduction to demise.
ex: The new product introduced at LifeCo started off very well. Then it matured, then it declined. It was eventually terminated. This is known as what?
product audit
def: Where a company asses whether or not to pursue a product based on its performance
ex: Product Z has been inconsistent in sales. The company has gathered to determine whether or not to discontinue this product. This company has just done what?
brand
def: name, symbol or design that identifies and differentiates a product from others
ex: The swoosh logo makes Nike instantly recognizable. This is known as what?
brand personality
def: when a brand essentially takes on human characteristics
ex: Axe body spray is sexy, it is cool. It will make you more attractive. Axe has taken on what?
co-branding
def: a marketing partnership between two different brands of goods and services for the better good of each
ex: Taco Bell and Sony Playstation partner up to help promote each other. This is known as what?
Line extension
def: occur when a company introduces additional items in the same product category under the same brand name.
ex: Such as new flavors, forms, colors, added ingredients, package sizes
brand portfolio
def: the set of all brands (brand lines) particular firm offers for sale in a particular product/service category or market segment
ex: Proctor & Gamble
brand revitalization
def: Looking to revitalize your brand. Brand Revitalization. A strategy to recapture lost sources of brand equity and identify and establish new sources of brand equity.
ex: When a brand is seen to be going downhill, When consumers no longer are strongly associated with it, When competition has eroded the brand position
brand management
def: How to bring the brand promise to life…Achieving superior brand delivery along three stages
a) Creation of a brand mindset
b) Brand delivery across customer touch points
c) Long-term institutionalization
ex:
