Final Exam Flashcards
(94 cards)
There are three ways that consumers make purchase decisions. What is the one in which they spend a lot of time researching, reading reviews, studying competitive products, etc.?
cognitive
T/F While the tactics used to execute marketing plans constantly evolve - for example, the emerging opportunities with social media and mobile smartphone marketing are new marketing tools still evolving - the strategies that lead to successful marketing plans have remained surprisingly consistent over time.
true
The type of quantitative research that is used to test the acceptance of a new idea that has not yet been produced or manufactured is called:
concept testing
What are the key things to know about market research?
It requires systematic planning at all stages, with well-documented and methodologically sound procedures.
AND It must be conducted impartially, eliminating bias and reporting findings truthfully, even if the information is negative.
Research that is original and collected to solve the problem at hand, that can be either qualitative or quantitative (or both), is called:
primary research
Which forms of research would be classified as qualitative research?
focus groups, one-on-one, customer satisfaction research
What is the document called that outlines your scope of influence, primary and secondary objectives, aspirations, defines measures of success, and probes for possible constraints that are out of your control which could have an adverse effect on your business?
Operating Charter
P&G’s marketers decided to look at consumer needs in the laundry detergent category. Their research revealed the many “needs” consumers identified in choosing a detergent – things like “Everyday Clean”, “Sensitive Skin”, “Cold-Water” washing, or “Color” protection. P&G aligned each detergent brand to meet a particular need and grew its business significantly.
What is the name of the marketing research tool P&G used to perform this analysis?
segmentation analysis
What ate the three steps to building a WORKING Misson Statement?
- List the core ideas that you think sum up your job activities.
- List a core principle for which you will stand.
- Write down whom you are working to help.
T/F: Al Ries and Jack Trout authored a book entitled: Positioning: The Battle for Your Mind. Their findings stated that having a clear product superiority versus competition is the key to success in business.
false
Which of these items would be considered “Branding” related, and which would be considered “Marketing” related? Positioning, Consumer Promotions, Packaging strategy, Communication strategy, social media, Advertising?
Branding: Positioning, Packaging Strategy
Marketing: Consumer Promotions, Communication Strategy, Social Media, Advertising
Understand the definitions and descriptions of: Pay-Per-Click, Paid Search, Search Engine Optimization, Organic Search, Contextual Targeting.
Paid Search: Companies pay search engines like Google to have their links appear at the top of search results pages when consumers search for specific keywords. Companies bid on keywords relevant to their products or services.
Pay-Per-Click (PPC): Advertisers pay the search engine only when a user clicks on their ad. If the ad is displayed but not clicked, the advertiser doesn’t pay. Google uses an algorithm to predict the likelihood someone will click on the ad, and decides which four listings to show with the hope that the customer clicks on it.
Search Engine Optimization (SEO): Techniques used to improve a website’s visibility in organic search results. This involves optimizing website content, titles, and meta-tags to match what users are searching for. The cheapest way to get found from searches online is called organic search.
Organic Search: Unpaid search results that appear below paid search listings. These listings are determined by search engine algorithms based on relevance and SEO factors.
Contextual Targeting: Delivering relevant ads to users based on the content they consume online. Google uses contextual targeting, which delivers relevant advertising to users based on the type of content they consume online. Google watches what websites you visit, what web stores you shop or browse in, what content you read, what you buy online, and what things you search for online. They feed you ads for things you’ve shown an interest in.
Gillette started as a popular men’s razor and blade brand has transformed into a men’s personal care brand, including shave gel and foam, skin care, body wash, and antiperspirant / deodorant. This business strategy is called:
brand extension
When Cheerios comes out with a new version of its popular cereal brand - like Strawberries & Cream Cheerios; Protein Plus Cheerios; or Banana Nut Cheerios - what is this marketing strategy called?
line extension
T/F: Google watches what websites you visit, what web stores you shop or browse in, what content you read, and what things you buy or query online. Then, they feed you ads about those things you’ve shown an interest in. This is called network targeting.
false
Eighty-five percent of new products / services introduced into the marketplace fail within the first twelve months. However, Eureka Ranch! research found that every time you do this thing during the concept testing phase of development, you reduce the chance of failure with a new product or service by 50% each time you do it. What is the thing you do to reduce failure?
Cycles of learning (rapid cycle)
Plan
Do
Study
Act
In the concept testing phase of idea development, what are the two measures by which to judge an idea’s potential for success?
Buying intent and how new and different it is
3 ways people make a purchase decision
cognitive, reflexive, responsive
What does doing market research accomplish?
provides management with reliable, accurate, relevant information
Market research attempts to provide accurate information that reflects a true state of affairs.
What is Primary Research?
research done firsthand for the first time
What is Secondary Research?
past research which has already been performed and often already published
What is Qualitative Research?
done on a few people for exploratory purposes
What is Quantitative Research?
done on a lot of people, statistically relevant, draws conclusions
