Marketing Chapter 8.txt

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Tubagn
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270151
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Marketing Chapter 8.txt
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2014-04-10 21:57:02
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marketing chapter 8
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  1.  Marketing Research
    •  The process of collecting and analyzing information in order to recommend actions.
    •  Marketers conduct marketing research to reduce risk and improve marketing decisions
    •  Five-Step Marketing Research Approach
  2.  Step 1
    •  Define the problem
    •  Set research objectives
    •  Identify possible marketing actions
    •  Measures of Success
    •  Criteria or standards used in evaluating proposed solutions to a problem
  3.  Step 2
    •  Develop the research plan
    •  Specify constraints
    •  Identify data needed for marketing actions
    •  Determine how to collect data
  4.  Step 3
    •  Collect relevant information by specifying
    •  Secondary Data
    •  Primary Data
  5.  Data
    •  Facts and figures related to a problem, are divided into two main parts
    •  Secondary Data
    •  Facts and figures that have already been recorded before the project at hand
    •  Primary Data
    •  Facts and figures that are newly collected for a project
  6.  Observational Data
    •  Facts and figures obtained by watching, either mechanically or in person, how people behave
    •  Mechanical
    •  TV ratings (People Meter)
    •  Personal
    •  People who collect information on product or services
    •  Mystery / Secret Shopper
  7.  Questionnaire Data
    •  Facts or figures obtained by asking people about their attitudes, awareness, intentions, and
    • behaviors
    •  Two types: Idea Generation & Idea Evaluation
    •  Idea Generation: Coming up with ideas (Focus Groups)
    •  Idea Evaluation: Testing an Idea (Using personal mail, telephone, e-mail, fax, or
    • Internet surveys)
  8.  Panels & Experiments
    •  Panel is a sample of consumers or stores from which researchers take a series of measurements.
    •  Ex: Collects data about certain products; includes price, location purchased, type of
    • product, season
    •  Experiments involves obtaining data by manipulating factors under tightly controlled conditions
    • to test cause and effect.
    •  Often involves the marketing mix (4 P’s)
  9.  Sales Drivers (figure 8-6, pg. 178)
    •  Factors that influence product or brand sales. All these drivers must be considered in designing
    • an effective marketing program
    •  Products
    •  Advertising (TV, Print, Internet, Radio)
    •  Distribution
    •  Consumers
    •  Competition
    •  Special Promotions
    •  Price
  10.  Step 4
    •  Develop Findings
    •  Analyze the Data
    •  What does the information collected say about your service or product
    •  What are some ways to improve and grow
    •  Present the Findings
    •  Findings should be clear and understandable
    •  Managers should deliver the results in clear pictures and often in a single page.
  11.  Step 5
    •  Take Marketing Actions
    •  Put your findings into effect and monitor how the decisions turn out.
    •  Make Action Recommendations
    •  Implement the Action Recommendations
  12.  Sales Forecast
    •  Total sales of a product that a firm expects to sell during a specified time period under specified
    • conditions
    •  3 Types:
    •  Judgments of the decision maker
    •  Surveys of knowledgeable groups
    •  Statistical methods
  13. Sales Forecast cont…
    •  Judgments of the decision maker
    •  99% of all sales forecasts are simply the judgment of the person who must act on the
    • results of the forecast
    •  Surveys of Knowledgeable groups:
    •  Surveys of buyers: asking customers if they would consider buying the product in the
    • future
    •  Statistical methods
    •  Trend Extrapolation: extending a pattern observed in past data into the future

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