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MKTG 341 > Quiz 2 > Flashcards

Quiz 2 Flashcards

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1
Q

How do you increase sales in a mature market?

A
  1. STEALING from competitors

2. Finding NEW SEGMENTS of consumers and adjusting to them (ex. Diet Coke –> Coke Zero)

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2
Q

Three reasons to segment the market?

A
  • Diverse consumer needs
  • Limited Resources
  • Gaining clear consumer insight
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3
Q

Geographic Segmentation pertains to:

A

Where customers LIVE

ex. you wouldn’t market a heater in Mexico
ex2. Pizza toppings offered around the world differ

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4
Q

Demographic Segmentation includes:

A
  1. AGE Segmentation
  2. GENDER Segmentation
  3. INCOME Segmentation
  4. ETHNIC Segmentation

NEEDS evolve through time

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5
Q

Gender Segmentation

A

Ex. Wedding planning services that are catered to men as they are becoming more involved compared to the past

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6
Q

Income Segmentation

A

Ex. Cars vs. luxury cars

catering to a higher income or lower income as Toyota does with Lexus

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7
Q

Ethnic Segmentation

A

Ex. Specific stores sell certain products the culture of the people surrounding it in Canada (Asian grocery aisle)

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8
Q

Psychological Segmentation uses ____ and ____ to segment market.

A
  • self concept
    (what people like to be seen as, ex. dating websites that advertise happy couple)
  • Lifestyles
    (ex. lululemon)
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9
Q

Behavioral Segmentation pertains to products’

A

Benefits,
Usage Rate,
Occasion and
Loyalty

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10
Q

Benefit Segmentation (Behavioural) is based on

A

the DIFFERENT BENEFITS that consumers are looking for with a product
ex. Choice to watch a rom com with your partner over an action film

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11
Q

Occasion Segmentation (Behavioural)

A

Ex. Selling suits for formal occasions vs. daily wear

Ex2. Packing chips based on use (party pack, snack pack)

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12
Q

Loyalty Segmentation (Behavioural) involves

A
  • 80/20 Rule: you get 80% of profit from 20% of customers

- extract the most you can out of loyal customers, even by giving rewards

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13
Q

Usage Rate Segmentation (Behavioral) includes programs that

A

attract people with low usage rate more often

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14
Q

Multiple Segmentation includes

A

geodemographic segmentation

- combines multiple types of segmentation

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15
Q

Positioning is

A

the MENTAL PICTURE people have about a company and services relative to competitors

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16
Q

What does positioning help to do?

A

Helps Communicate

  • Value proposition
  • Benefits and reasons to purchase

EVER CHANGING to stay relatable

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17
Q

Value Propositions

A
  • Get more for more (luxury)
  • Get more for the same (ex. Lexus)
  • Get more for less (not often possible, but most desirable ex. Uber)
  • Get the same for less (Walmart)
  • Get less for much less (budget airlines)
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18
Q

Positioning Methods include:

A
  • Product attributes
  • Benefits and symbolism
  • Competition (the most costly)
  • Market leadership
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19
Q

Positioning using market leadership involves

A

being dominant in the market so you just focus on being a leader

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20
Q

Perceptual Map of Positioning is drawn up using

A

specific attributes in your market

ex. cost and quality
ex2. convenience and taste

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21
Q

Roles in marketing research include

A 
-Descriptive Role 
(What?)
- Diagnostic Role
(Why?)
- Predictive Role
(What's next?)
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22
Q

What is the first step in Market Research?

A

Identify the Problem

  • Major source of poor research designs
  • Thoroughly review relationships and factors involved
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23
Q

For example, what would you consider when researching a restaurant’s slow sales?

A
  • Factors that go into customer decision to dine out
  • Demographic profile of patrons
  • External factors (time, expense, location) influence willingness to dine out
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24
Q

Second Step in Market Research?

A

Design the Research

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25
Types of Research include
Exploratory and Conclusive
26
Exploratory Research
``` - Looks for KEY RELATIONSHIPS and variables Find out effective factors by: - Speaking with industry professionals - focus groups - expert interviews - literature search ```
27
Conclusive Research
follows exploratory research | - how these variables relate to your problem and connect
28
The 2 Types of Conclusive Research
Descriptive: Surveys, observation Causal: Experiments
29
Third Step in Market Research
Collecting the Data
30
Secondary Data
info that's already out there | ex. buying data from companies, Canada Stats
31
Primary Data
find your own info and collect data based on your need
32
Inexpensive, Clarifies Problems, Fast to Collect
Advantages of Secondary Data
33
Collected for another purpose, Questionable Resources, Quickly outdated
Disadvantages of Secondary Data
34
Focuses on solving a specific problem, sources are known, results more accurate
Advantages of Primary Data
35
Expensive, Time- consuming, Requires specific skills sets
Disadvantages of primary data
36
Qualitative Method
- determines scope - no quantitative data - depth interviews - focus groups
37
Quantitative Methods
- More convincing - Survey research - Interviews - Observation research - Ethnographic Research (blending in) - Experiments (field or lab)
38
Probability Samples are taken when
you randomly pick 100 people, this can be generalized to the population
39
Non-probability samples are taken when
you pick the most convenient groups, can't be generalized
40
Final 3 Steps of Marketing research are
Analyze the data Present the Report Provide Follow Up
41
Managerial recommendations are
actionable strategies that can be followed up on
42
Big Data is
Collected information for over 10 years and tries to find patterns
43
Factors to consider when evaluating segment attractiveness
- Identifiable - Reachable - Responsive - Substantial and profitable
44
Mass Marketing is
undifferentiated targeting ex. sugar, salt, fuel greeting cards - Want to get away from this by making yourself something different
45
Differentiated Targeting strategy targets
each segment based on their needs | ex. Adidas Group --> adidas, reebok, taylor made
46
Concentrated (Niche) targeting is
- focused on YOUNG people - try to just please their segment and make money from them ex. A&F
47
Micromarketing is
- very specific, based on person - Was only B2B in the past but now public with tech ex. Designing own sneakers on nike.com
48
Ethical Dilemma with marketing example discussed in class
Marketing designer labels to kids/ teens
49
Pure Good example
Clothes
50
Pure Service example
Air travel
51
Cell phone and service is
A product and service
52
Core benefit of a product is
the beginning of every new idea | - How should I satisfy this need in the market?
53
Actual Product is
the product you receive/ sell | - involves the brand name, features, design, packaging
54
Augmented Product is
things aside from the actual product, side services | - includes after sales service, installation, warranty, and delivery/ credit
55
Convenience Products
- DON'T spend alot of time researching - Impulse (last minute) - Staples (Fuel, paper, toothpaste) - Emergency (AMA, last min needs for holidays)
56
Shopping Products
Think about purchase - May be important to research to some and not others - most INVOLVED purchases ex. appliances
57
Specialty Products are
luxury products - only a percentage of the market will pay so you don;t have to make them cheap - want it to be rare
58
Unsought Products
normally don't want to have - business puts pressure on you ex. insurance, pre-planned funeral service, donating blood
59
Product Mix means
a firm must think in terms of its entire portfolio
60
Adjusting product lines and mixes can involve
- product MODIFICATIONS - Functional mods - Style mods - Planned Obsolescence - Re-positioning - Line Extensions - Line Contractions
61
What is essential as the market changes?
New Product Developments
62
NPD: Idea Generation stems from
- Customers (using a loyalty club to propose new ideas) - Employees (Google employees develop new projects) - Distributors - Competitors - Vendors - R&D - Consultants
63
NPD: Idea Screening involves
Concept tests | - test your concept on your market
64
NPD: Business Analysis involves
the numbers and seeing if an idea will be profitable
65
NPD: Development includes
making a prototype and testing within the company then a sample population
66
NPD: Test Marketing involves
testing your product on a small remote population that resembles the real population
67
NPD: Commercialization involves determining
the important things about the product vs. the product itself ex. distribution etc
68
Types of Innovations
- Continuous - Discontinuous - Dynamically Continuous
69
Continuous (Incremental) Innovations
neither behaviour or tech changes - Line extensions, small changes ex. Razors with more blades
70
Dynamically Continuous Innovations
Some tech has changed but behaviour is the same - upgraded tech ex. new monitor resolutions, mobile music tech
71
Discontinuous (Radical) Innovations
Major tech and behaviour change | ex. hoverboards
72
What do disruptive innovations do?
- change how a market behaves - changes the whole market - starts with a small segment and then takes over ex. Uber, airbnb

MKTG 341 (1 decks)

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