Marketing Principles Midterm 2

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Refers to goods and services consumers want to purchase frequently, immediately and with minimal effortMilk, bread, soft drinks-includes both staples and impulse buys
Nonprobability sample divided to maintain the proportion of certain characteristics among different segments or groups seen in the pop. as a wholeEach worker assigned a quota that specifies number and characteristics of people to contact
Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world class performance
Solicits opinions from several people, but it also gathers input from experts outside the firm, such as academic researchers, rather than relying completely on execs. Qualitative-best for long term, predicts things such as technological breakthrougs, expensive and time consuming
Study where researches view the actions of subjects being studiedEx. Counting the number of cars passing by, checking license plates, Nielsen TV ratings
Emphasize societal issues and well-beingVALS
Amount that a retailer adds to the cost of a product to determine its selling priceResults from services provided by the retailer(more services, higher markup) or inventory turnover rate(high TR leads to more profit and smaller markup)
Bundle of physical, service and symbolic attributes designed to satisfy a customers wants and needsCustomers want satisfaction, not objects
Data provided by private organizations for marketing decision makingEx. Trade associations, business and trade magazines; scanning technology
Value duty and traditionVALS
Series of related products offered by one companyMotivations include desire to grow, enhancing co. position, expoliting lifecycle, improve market position
Division of an overall market into homogeneous groups based on locationGovt. now classifies urban data in several categories---core statistical area, metro stat area
Data gathered from cyberspaceEx. Online Databases, research aggregators(companies that acquire, catalog, reformat, segment and resell premium research reports), chat rooms
The Fourth Step in the Marketing Research ProcessMaster plan/model for conducting research--must ensure it will measure what researchers intend to measure
Refers to variations in each product the firm markets in its mix
Total group of people the researcher wants to studyEx. Eligible voters for a campaign, women of a certain age
Form of business Intelligence that focuses on finding info about competitors using published sources, interviews, observations by salespeople and suplliers, public filings, and othIts aim is to uncover the specific advantages a comp. has(new products, promo strategies, ads)
Sample that involves personal judgement somewhere in the selection processResearches decide which groups to study--include convenience and quota
Agent wholesaling intermediary that represents manufacturers of related buy noncompeting products and receives a commission on each sale
Marketing information system that links a decision maker with relevant databases and analysis toolsAllows managers to explore info such as state of market, consumer behavior, slaes forecasts. Four main characteristics(interactive, investigative, flexible, accessible)
Firms that specialize in a limited number of activitesIncludes interviews or performing data processing
Products consumers purchase after comparing competing offeringsCompare price, quality, styly--includes computers and furniture
The Third Step in the Marketing Research ProcessHypothesis: tentative explanation, statement about relationship among variables with implications for testing this relationship--sets stage for more in depth research
Strategy that focuses on producing a single product and marketing it to all customersAKA mass marketing
Weighs each years sales data, giving greater weight to results from the most recent yearsConsidered the most commonly used quantitaive forecasting technique
Introducing a new product in a specific area and then obseving the successExpensive, reveals product to comp. and not good for all products(cars), alt includes regional launch or limiting to specific retailers
Information previously published or compiled sourcesHas 2 Advantages-Less expensive and takes less time to use. Yet can quickly become obsolete, may not be relevant
Agent wholesaling intermediary that does not take title to or possession of goods in the course of its primary function, which is to bring together buyers and selllersTakes fee from client
Refers to the number of product lines the firm offers
Simultaneous personal interview of a small group of individuals that relies on group discussion about a certain topicEncourage general discussion, quick and inexpensive-one to two hours-one way mirror
Develops forecasts based on the belief that organization members closest to the marketplace offer the best insights concerning short term salesWorks from the bottom up--district to regional to nationwide
Planned, computer-based system designed to provide decision makers with a continuous flow of info relevant to their areas of responsibilityDeals specifically with marketing data and issues
The Second Step in the Marketing Research ProcessDiscuss marketing problem with informed sources within and outside firm and examine info from secondary sources
Defines the rate of the decline in valueDiscount Factor= 1/(1+r)to the t-----t=time period, r=Discount Rate
Gathers input through mail-in questionaires, online feedback, telephone polls and personal interviews to determining the purchasing intentions of a rep. group of present and potentSuits firms that serve limited numbers of customers--proves impractical with firms with millions of customers
Relies on subjective data that reports opinions rather than historical data
Observation Research method in which customers are observed in their natural setting and their behavior is interpreted based on an understanding of social/cult characteristicsAKA ethonography, 'going native'- developed by social anthropologists
The First Step in the Marketing Research ProcessAvoid confusing symptom with problem(loss of market share-symptom, reason for loss-problem), Evaluate firms mk mix and changes to the mkt environement
The amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtractedEx. Retailer buys good for $180, sells for $220---margin is $40, margin in % is 40/220=18%
Segment must have measurable size and purchasing power, must offer profit potential, must be possible to effectively promote to and serve segment, should match the firms mkt capabi
Amount by which a retailer reduces the original selling price of a product
Direct communications, other than personal sales contacts, between buyer and seller, designed to generate sales, information requests, or store or Web Site VisitsMail, telemarketing, internet retailing, auto merchandising
Contribution margin from customer, less costs of acquiring and retaining the customer, discounted to the present(NPV)
A type of secondary data, includes sales records, product performance reviews, sales force productivity, marketing costs
Uses statistical computerations such as trend extension, computer simulations and econometric models
Division of a population into groups having similar attitudes, values and lifestylesResearched with large scale survey asking opinions, interests. Good supplement to geo/demographic segmentation
Channel intermediary that takes title to goods it handles and then distributes thses goods to retailers, other distributers or B2B customersRarely sell to customers
Situation in which similar merchandise is available from multiple retail outlets, resulting in the blurring of distincitions between types of retailers and merchandise offered
Firms that conduct complete marketing research projectsThe companys marketing research arm, performs all of the steps in the MR process
Information collected for the first time specifically for a marketing research studyEx. Customer Service Survey
A type of secondary data, includes govt. records, syndicated research services, industry publications
Placing a product at a certain point or location within a market in the minds of prospective buyersEmphasizes unique advantages of firms offerings and distinguish from those of competitors
Targeting potential customers at very narrow, basic levels such as by zip code, specific occupation---possibly even individuals themselvesFacilitated by the internet--can make companys to lose sight of larger markets, may spend too much time/effort at a too small market
Used to achieve superior performance that results in a competitive advantage in the marketplaceIdentifying manufacturing or business processes that need improvement, comparing internal process of those of industry leaders, implement changes for quality improvement
Scientific investigation in which a researcher controls or manipulates a test group and compares the results with those of a control group
Seek education, tech. and knowledgeVALS
Process of collecting and using information for marketing decision makingPrimary source for effective marketing decisions, used to understand customers, target segments, develop long term relations.
Process of gathering information and analyzing it to improve business strategy, tactics and daily operationsTells firm how its own sales operations is doing or what its top competitors are up to--must be able to be made sense of
Intangible Tasks that satisfy the Needs
Selecting a target market and developing a retailing mix to satisfy that market
Broadening a customer's original purchase by adding related items, special promo products or seasonal merchandiseSalesperson tries to help a customer recognize true needs rather than unwanted
Progression of a product through introduction, growth, maturity and decline stages
Practice of combining dissimilar product lines to boost sales volumeEx. Drugstores--prescriptions as well as magazines, housewares and cameras.
As household income increases: a smaller percentage of expenditures goes for food, the percentage spent on housing, household op. and clothing is constant and the percentage on oth
Process of selecting survey respondents of research participantsVery important, study must involve consumers who accurately reflect the target market to yield leading conclusions
Organization that regularly provides a standardized set of data to all customersMR
The Fifth Step in the Marketing Research ProcessIncludes both Primary and Secondary--choice between the two tied to cost, applicability and effectiveness
Tangible products that customers can see, hear, smell, taste or touch
Division of an overall market into homogeneous groups based on variables such as gender, age, income, occupation, education, sexual orientation, household size, state in fam life cMost common form of segmentation-Some distinctions blurry(gender), also called socioeconomic segmentation, can lead to stereotypes
Refers to the number of different products a firm sells
Assortment of product lines and individual product offeringsThe right blend allows firms to maximize sales opportunities with the limitations of its resources
Nonprobability sample because those included just happen to be in the place where the sample is being conductedAccidental sample--happen to be in the place the study is being conducted, mall intercept surveys
Quick and inexpensive way to obtain a small quantity of impersonal infoSeveral Drawbacks-People refuse to participate, reluctance to giving away info over the phone, Called ID
Strategy that focuses on producing several products and pricing, promoting, and distributing them with different marketing mixes designed to satisfy smaller segmentsRaises production and promo costs, but increased satisfaction may lead to higher profits
Sample that gives every member of the population a chance of being selectedInclude simple random, stratified, cluster samples
Gauges repsonse under actual marketplace conditionsAllows for testing different marketing mix variables
Persuading customer to buy higher priced items than originally intendedCar salesman has buyer get more expensive model than initially considered
Tendency of members of a generation to be influenced and bound together by significant events occuring during their key formative years(17-22)Help define the core values of the age group that eventually shape consumer preference and behavior
Company Resources, Product Homogeneity, Stage in Product Lifestyle, Competitors Strategies
Refers to expected and perceived quality of a service offering, and it has a huge effect on the competitiveness of a co. Determined by 5 Variables: Tangibles, Reliability, Responsiveness, Assurances, Empathy
Develops forecasts for future sales by analyzing the historical relationship between sales and time
Process of searching through computerized data files to detect patternsFocuses on idnetifying relationships not obvious to marketers--answering questions that researches didnt even think to ask
Big percentage of a product's revenues comes from a relatively small, loyal percentage of customersPraedos law
Division of a population into homogeneous groups based on their relationship in a productSegment using benefits sougt, usage rates(80/20), brand loyalty and multiple bases
Focusing marketing efforts on satisfying a single market segmentAKA niche marketing--may appeal to small or specialized firms
Comprehensive term that describes wholesalers as well as agents and brokers
The Sixth and Final Step of the Marketing Research ProcessPresented in Format that facilitates managerial decision making, should minimize confusion due to differing backrounds, levels of knowledge and experience
Products with unique characteristics that cause buyers to prize those particular brandsHigh prices, well known brands--customers know what they want and are willing to pay--no substitutes---includes luxury cars and designer clothes
Activities involved in selling merchandise to ultimate consumersAct as both customers and marketers in their channels--sell to consumers, buy from wholesalers
Hypothesis that each new type of retailer gains a competitive foothold by offering lower prices than current suppliers charge;the result of reducing or eliminating servicesOnce established, innovater adds more services, prices gradually rise
Focus on personal enjoyment and experiencesVALS
Combines and averages the outlooks of top executives form such areas as marketing, finance, production, and purchasing. Qualitative--works best in short term
Increasingy the frequency of use and the number of users, finding new uses and changing package sized, labels or product quality
VValue professional and material goalsVALS
NMost important source of marketing dataIncludes Census data, Tiger System(Topographically Integrated Geographic Encoding and Referencing System)-overlaps features such as railroads/highways/rivers with census data

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