marketing 310 test 2 ku

marketing research
process of defining a marketing problem and opportunity, collecting info and recommending actions
Marketing research step: Define the problem
– set research objectives
-identify possible marketing actions
Marketing research step: develop research plan
– specify constraints
– identify data needed for marketing actions
– figure out how to collect data
Marketing research step: collect relevant information
– obtain secondary and primary data
Marketing research step: develop findings
-analyze the data
-present the findings
Marketing research step: take marketing actions
– make action recommendations
– implement action recommendations
– evaluate results
measure of success
criteria or standards used in evaluating proposed solutions to a problem
secondary data
facts and figures that have already been recorded prior to the project at hand
primary data
facts and figures newly collected for the project
advantages of secondary data
time saving and low cost
advantages of primary data
collect information that is more flexible and problem specific
disadvantages of primary day
costly and time consuming
cross tabulation
method of presenting and analyzing data involving two or more variables to discover relationships
market segmentation
putting buyers into groups where
1) they have similar needs
2) and respond to the same action
market product grid
framework that relates market segments to products offered or marketing actions
Build to order
manufacture product only when a customer makes an order
Usage rate
how often you use their product. Use the 80/20 rules…. 80 percent of profits come from 20 percent of customer
good, service, or idea, bundle of tangible and intangible attributes that satify needs in exchange for commodities
A good
tangible attribute that a consumers five senses can perceive
consumer products
purchased by ultimate consumer
business products
purchases for businesses
convenience products
easy, often and minimum shopping effort
shopping products
consumer compares with other products on price, quality, and style
specialty products
consumer makes special effort to go out and buy
unsought products
items that the consumer does not know about or does not initially want
product item
a specific product that has a unique brand, size or price,
product line
group of product or service items that are closely related because they satisfy a class of needs used together.
product mix
The amount of all of the product lines offered by an organization.
before development begins
1. identify a target market
2. specify customer needs
3. explain what the product will do to satisfy consumers
new-product process
the 7 stages an organization goes though to identify opportunities and turn them into salable products or services
5 stages in new product process
1. new product strategy development
2. idea generation
3. screening and evaluation
4. business analysis
5. development
6. market testing
7. commercialization
Product life cycle
stages a product goes through in market place: introduction, growth, maturity, and decline
multiproduct branding
a company uses one name for all its products in a product class
give each product a distinct name