Mkt Test 3

  1. Marketing Research Process:
    Defining the problem
    allows the researcher to focus on securing the exact information needed for the solution
  2. Marketing Research Process:
    Conduct exploratory research
    seeks to discover the cause of a specific problem by discussing the problem with informed sources both within and outside the firm.
  3. Marketing Research Process:
    formulating a hypothesis
    a tentative explanation for some specific event.
  4. Marketing Research Process:
    creating a research design
    research layout for data collection
  5. Marketing Research Process:
    collecting data
  6. Methods for collecting data:
    observation method
    researchers view the overt actions of the subjects
  7. Methods for collecting data:
    survey method
    ask qustions to get info on attitudes, motives and opinions. interviews or questionnaires.
  8. Methods for collecting data:
    experimental method
    • conduct actual test of the situation.
    • test marketing
  9. Methods for collecting data:
    selecting survey respondents or research participants.
  10. product
    • every want-satisfying attribute a consumer receives in making an exchange.
    • the actual physical product and all the peripheral factos that contribute to a consumer's satisfaction.
    • goods, services or a combination of the two!
  11. *Total Product definition includes
    • brand
    • package and label
    • guarantee/warranty
    • services such as delivery, installation and credit
    • speacial features of product
    • physical attributes
    • safety products
    • prestige and image of product
    • other intangible benefits
  12. industrial goods
    products meant for use in producing other products
  13. consumer goods
    goods destined to be used ultimately by the consumer.
  14. Convenience goods
    products consumers need but are nto willing to spend much time or effort for.
  15. Convenience goods
    staple goods
    products bought routinely
  16. Convenience goods
    impulse goods
    unplanned purchases
  17. Convenience goods
    emergency goods
    products bought when there is an urgent need.
  18. shopping goods
    those products that a customer feels are woth the time and effort to compare with cometing products
  19. shopping goods
    homogeneous shopping goods
    goods that consumer s see similar. typically bought for the price
  20. shopping goods
    heterogeneous shopping goods
    goods consumers view different. usually bought for quality
  21. specialty goods
    goods the consumer really wants and is willing to make a special effort to find.
  22. unsought goods
    goods the consumer either does not know about ot knows about but does not have an interest in buying
  23. unsought goods
    mew unsought goods
    new product with special features that consumers don't know about
  24. unsought goods
    regularly unsought goods
    • products consumers don't about buying until the need comes up.
    • life insurance, enclyclopedia, coffins...
  25. *Product Positioning
    the place a product occupies in the consumer's mind relative to competitors offerings.
  26. *Product Positioning
    by specific product features
    (most common) comparing your products features to the competition
  27. *Product Positioning
    by benefits, problems solutions or needs
    based on consumer needs
  28. *Product Positioning
    for specific usage occasions
    maing product for specific ocassions
  29. *Product Positioning
    for user category
    making a product specifically for a target market. breaking it down by sex, age...
  30. *Product Positioning
    against another product
    against top competitor
  31. *Product Positioning
    product class disassociation
    disassociating the product from the competition or similar products
  32. branding
    the name, term, symbol, design or combination of these that identifies a product

    • brand name-world letter or group of words or letters.
    • trademark-only thsoe words or symbols are legally registered for use by a single company.
  33. why are brands useful?
    • make shopping more efficient
    • assures regular satisfaction
    • may satisfy status need
    • enables comany to sell more at a possible higher price
  34. packaging provides two main functions
    • protecting
    • promoting
  35. Product Life Cycle

    • reminds marketers that al products have a limited life
    • gives marketers an indication of what to expect in the future
    • gives marketers strategies to follow once the product enters a stage
  36. problems with PLC
    • not all products follow a predictable PLC
    • the length of each stage can vary widely
    • difficult to tell when one stage ends and another begins
    • product definition for PLD
  37. Why is PLC becoming shorter?
    • accelerating pace of technological change
    • unlimited innovational opportunities
    • high research and development budgets
  38. *Why is PLC becoming shorter?
    Planned Obsolescence
    • Style-change of style or trend by company
    • material- companies using bad materials that aren't durable
    • functional-not releasing all new technology at once
  39. Diffusion Process
    • the manner in which product ideas that are perceived as new are communicated within a social system
    • innovators
    • early adopters
    • early majorty
    • late majorty
    • laggards
Card Set
Mkt Test 3
Marketing Test 3