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Marketing Research Process:
Defining the problem
allows the researcher to focus on securing the exact information needed for the solution
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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.
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Marketing Research Process:
formulating a hypothesis
a tentative explanation for some specific event.
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Marketing Research Process:
creating a research design
research layout for data collection
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Marketing Research Process:
collecting data
...duh!
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Methods for collecting data:
observation method
researchers view the overt actions of the subjects
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Methods for collecting data:
survey method
ask qustions to get info on attitudes, motives and opinions. interviews or questionnaires.
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Methods for collecting data:
experimental method
- conduct actual test of the situation.
- test marketing
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Methods for collecting data:
sampling
selecting survey respondents or research participants.
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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!
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*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
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industrial goods
products meant for use in producing other products
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consumer goods
goods destined to be used ultimately by the consumer.
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Convenience goods
products consumers need but are nto willing to spend much time or effort for.
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Convenience goods
staple goods
products bought routinely
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Convenience goods
impulse goods
unplanned purchases
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Convenience goods
emergency goods
products bought when there is an urgent need.
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shopping goods
those products that a customer feels are woth the time and effort to compare with cometing products
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shopping goods
homogeneous shopping goods
goods that consumer s see similar. typically bought for the price
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shopping goods
heterogeneous shopping goods
goods consumers view different. usually bought for quality
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specialty goods
goods the consumer really wants and is willing to make a special effort to find.
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unsought goods
goods the consumer either does not know about ot knows about but does not have an interest in buying
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unsought goods
mew unsought goods
new product with special features that consumers don't know about
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unsought goods
regularly unsought goods
- products consumers don't about buying until the need comes up.
- life insurance, enclyclopedia, coffins...
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*Product Positioning
the place a product occupies in the consumer's mind relative to competitors offerings.
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*Product Positioning
by specific product features
(most common) comparing your products features to the competition
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*Product Positioning
by benefits, problems solutions or needs
based on consumer needs
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*Product Positioning
for specific usage occasions
maing product for specific ocassions
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*Product Positioning
for user category
making a product specifically for a target market. breaking it down by sex, age...
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*Product Positioning
against another product
against top competitor
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*Product Positioning
product class disassociation
disassociating the product from the competition or similar products
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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.
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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
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packaging provides two main functions
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Product Life Cycle
Intro-growth-maturity-decline
- 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
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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
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Why is PLC becoming shorter?
- accelerating pace of technological change
- unlimited innovational opportunities
- high research and development budgets
- PLANNED OBSOLESCENCE (3 types)
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*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
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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
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