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Markets, Marketing and Management > Lecture 5 > Flashcards

Lecture 5 Flashcards

1
Q

What are some examples of branding from history?

A
  • Evidence of labels or seals dating back to bronze age
  • Signatures and marks used to indicate ownership
  • Nations conquered new territory and left their flag
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2
Q

What is a brand?

A

A name, term, sign, symbol or design, or a combination of these, that identifies the maker or seller of a product and differentiate from competitors

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3
Q

What are the different elements of brands?

A

Identity, image and personality

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4
Q

What are different dimensions of brand personality?

A

Sincerity, Excitement, Competence, Sophistication, Ruggedness

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5
Q

What is market research?

A

Is the systematic design, collection, analysis and reporting of data relevant to a specific situation facing an organisation

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6
Q

What are the steps of market research?

A
  1. Define the problem and research objective
  2. Develop the research plan
  3. Collect the information
  4. Analyse the information
  5. Present the findings
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7
Q

Market research - What is involved in step 1?

A

The most difficult and the most important stage. Get this wrong and you are wasting time and money, or worse still you might make poor strategic decisions.

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8
Q

Market research - What is involved in step 2?

A

Develop the most efficient plan for gathering the needed information and what that will cost. Secondary research - Online research, academic journals and industry publications. Primary research - Interview industry experts, focus groups, surveys.
May use qualitative and quantitative research

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9
Q

Market research - Describe secondary data sources.

A

Objective - General market/industry background information
Research - More general in nature e.g. national population
Focus of research - Breadth
Research technique - Less costly and resource-intensive
Timescales - Short time scales to access

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10
Q

Market research - Describe primary data sources.

A

Objective - Specific answer relating to market, firm or customers
Research - representative sample of population typically less than secondary study
Focus of research - In-Depth
Research technique - Very costly and resource-intensive
Timescales - End to end process can take a long time

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11
Q

Market research - What is involved in step 3?

A

Data Collection is the most
expensive and most prone to
error stage of the Market
Research process

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12
Q

Market research bias - What is Social desirability bias?

A

This bias results from participants
answering questions in a way that presents them in the best light possible

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13
Q

Market research bias - What is Habitual bias?

A

Habituation bias involves participants
giving you the same answer to similarly worded questions

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14
Q

Market research bias - What is Sponsorship bias?

A

Sponsorship bias occurs when people give a favourable opinion/ don’t prove their true opinion on a product or service as they have been paid to review or judge it.

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15
Q

Market research bias - What is Confirmation bias?

A

Confirmation bias occurs when a
researcher uses a participant’s
information to confirm a belief about
their research hypothesis

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16
Q

Market research bias - What is cultural bias?

A

Researchers create cultural bias
when their research makes
assumptions viewed through a
cultural lens.

17
Q

Market research - What is involved in step 4?

A

Analysis - The type and level of detail will
vary dramatically by project
- Different fundamental approaches required for Qualitative vs Quantitative data
- Vital to retain focus on the core problem definition
(stage 1)
– Don’t solve what is not asked!

18
Q

Market research - What is involved in step 5?

A
  • Research has no value unless it is used.
  • Tailor presentation to your audience – highlights for the top execs, detail for the strategists
  • Consider formats e.g. Running a workshop or immersion, Data visualisation, Make a video, website, or app push, Be inventive!
  • Honesty relay limitations and accuracy
    of findings
19
Q

What is a consumer?

A

A person who buys goods and/or services for personal consumption.

20
Q

What is a customer?

A

Individuals and companies that purchase and pay for a good and/or service.

21
Q

What are the steps of consumer decision process?

A
  1. Need recognition
  2. Information search
  3. Evaluation of alternatives
  4. Purchase decision
  5. Post purchase behaviour
22
Q

What are factors that influence consumer behaviour?

A

Culture, social, personal, psychological

23
Q

What is culture in marketing?

A

“Culture is the collective programming of the mind that distinguishes the members of one category of people from those of another.”
- Geert Hofstede

24
Q

What are some core drivers of consumer behaviour?

A
  1. Wellbeing
  2. Surroundings
  3. Technology
  4. Rights
  5. Identity
  6. Value
  7. Experiences
25
Q

Why should you segment when marketing?

A

To more successfully market products it is useful to segment a market so that you can target different groups with marketing specific to them.

26
Q

What are some variables on which you can segment a market?

A
  1. Geography - location, region, urban/rural
  2. Demographic - Age, lifestyle, household size, sex, gender, occupation, social guide
  3. Psychology - Values, attitudes, beliefs, personality, lifestyle
  4. Behaviour - Buyers/non-buyers, usage rate, loyalty, benefits sought
27
Q

What framework can you use for psychographic segmentation?

A

VALS framework - The best-known psychographic segmentation, which originally stood for “value and lifestyle” by SRI Consulting Business Intelligence (Mitchell, et al.,1978)

28
Q

What elements are required for successful segmentation?

A
  • Can you reach them?
  • Do they have unique needs (that you can target)
  • Will they be around for a while?
  • Are they sizable enough that it’s profitable?
  • Can you monitor them?
29
Q

How do you select targets for marketing?

A

Competition - their strengths, intensity and resources compared to yours
Company fit - objectives, competencies and resources
Segment characteristics - size, growth rate, profitability

30
Q

What is market positioning?

A

A product’s position is the way a product is defined by consumers – the place a product occupies in consumers’ minds
relative to competing products.

31
Q

What types of competition are there?

A
  • Direct competition
  • Indirect competition
  • Multiple frames of reference
32
Q

What is a value proposition statement?

A

A statement that explains how your product solves customer’s problems; delivers specific benefits (and corresponding features), tells the customer why should they buy from you.

Markets, Marketing and Management (6 decks)

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