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MKTG-UB 1 Final Exam Review

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 Three broad categories of marketing research methods 1. Exploratory Research a. Unstructured, informal research to gain background info about general nature of research b. Going to library and reading published secondary data, or observing everyday company practices c. Focus groups (expensive) (8 or more people) d. Depth interviews (2 people) e. Observation 2. Descriptive Research a. Surveys b. Who, what, where, when, how c. Cross-sectional studies (demographics) d. If-then statements 3. Experimental (casual) Research a. Lab experiments, field experiments b. Test marketing  5 Different survey-based methods that can be used to measure value  Gabor Granger Model o Customers are asked to complete a survey where they are asked to say if they would buy a product at a particular price. The price is changed and respondents again say if they would buy or not. From the results we can work out what the optimum price is for each individual. --- we can find demand & price elasticity  Van Westendorp Price Sensitivity Monitor o Respondents are asked four questions to determine what prices are too cheap, where a price is a bargain, when a price is expensive and where a price is too expensive. By plotting the cumulative curves for each of the four prices, the crossing points are deemed to be optimum points  Brand-price tradeoff o Customers evaluate a range of products and prices are adjusted until customers stop purchasing.  Dollar metric Model  Conjoint Analysis (Discrete Choice Analysis) o Customers trade off price against other product features, or in Discrete Choice Analysis, price against brand alone. By looking at how customers make decisions, economic impact of price changes can be assessed as can 'balanced-value' positions for price positioning  Young & Rubicam’s BAV o How well a brand does on key measures vs. all other brands in the country  7 Problematic ways that questions could be asked (use simple/clear words, avoid leading questions, avoid implicit alternatives/assumptions, avoid double-barreled questions, consider frame of reference) 1. Behavioral questions 2. Behavioral frequency questions 3. Aided vs unaided 4. Framing of questions 5. Scales associated with questions a. Semantic vs stapel scales 6. Sequence of questions 7. Sensitive questions 1. Adding in Leading Words / Questions a. How would you rate the career of legendary outfielder Joe Dimaggio? Vs. How would you rate the career of baseball outfielder Joe Dimaggio? 2. Not Giving Mutually Exclusive Choices a. What is your age? 0-10, 10-20, 20-30…. 3. Not Asking Direct Questions a. What suggestions do you have for improving Tom’s Tomato Juice?---asking about taste but reader doesn’t know that 4. Forgetting to Add a “Prefer Not to Answer” Option a. What is your race? b. What is your age? 5. Failing to Cover All Possible Answer Choices a. “Other (please specify)” as an option. 6. Not Using Unbalanced Scales Carefully a. Excellent – Very Good – Good – Fair---needs worse than fair 7. Not Asking Only One Question at a Time a. What is the fastest and most economical Internet service for you?  Fishbein’s multi-attribute model of attitude formation Attitudek = ∑ bik ei K=your product I=perception that your brand possesses the attribute E=importance of each attribute  3 Different academic views about how consumers think, implication for result 1. Rational (Standard Economic Theory) a. Customers pick the best option to maximize utility across all possible actions, times 2. Bounded Rationality (behavioral economics) a. Because of limited processing capacity, we use simplified ways of making decisions (anchoring, availability)-shortcut 3. Motivational (psychological & anthropological approaches) a. People are less than rational, driven often by unconscious and uncontrolled motivations  (Mediquip) 4 reasons why Thaldorf failed, explain how he could have overcome or addressed each error 1. Never came close to his ally (gatekeeper-secretary) 2. Communication flow 3. Need to tailor marketing strategy to each member of buying center 4. Objectives of each member of hospital, Potential for conflict  Focus on lowering attrition rate-3 reasons that support the case 1. 80/20 rule 2. Word of mouth 3. Retained customers increase purchase quantities over time 4. Existing customers are cheaper to serve than new ones/existing ones have better knowledge Product  Product line-the set of products offered within a certain category or subcategory (different types of shampoo)  Product Mix-the set of product lines (shampoo, soap, deodorant)  Durable vs. Non Durable-long lasting vs short (car vs bread)  Consumer vs industrial  Convenience (milk), shopping (clothes), specialty (polo shirt), unsought (casket)  Search (easily evaluated), experience (determined on purchase-breaking in shoes), credence (hard to determine-vitamins)  Marketers typically think of products as having three levels. Using a car as an example, please list each level and describe which aspects of the car each level refers to. a. Core product – the benefits that the driver perceives b. Actual product – brand name, packaging, features, design, quality level c. Augmented product - installation, warranty, after-sales service  Packaging, function, logo Steps in the New-Product development process 1. Idea generation 2. Screening 3. Idea evaluation a. Conjoint analysis 4. Development a. Simulated test marketing (lab test markets) 5. Commercialization a. Test marketing (select cities) Will they be offensive or defensive?  Offensive o Achieve share or profit goals o Opening wedge into customer segment or channel  Defensive o Prevent loss o Pre-empt attack How new products fail 1. Insignificant “point of difference”-no difference from what’s out there 2. Incomplete market and product definition 3. Too little market attractiveness 4. Poor execution of the marketing mix 5. Poor product quality or sensitivity 6. Bad timing (winter vs summer) The Adoption Process 1. Innovators 2. Early Adopters 3. Early Majority 4. Late Majority 5. Laggards Typical Product Life Cycle (Fads, Fashions, Slow Starters, Classic) 1. Gain awareness 2. Stress differentiation 3. Maintain brand loyalty 4. Harvesting, deletion PLC in relation to BCG Matrix Grow, Build/invest, harvest/hold, divest Four Brand Strategies  Line extension (new shoe), Brand Extension (new product-athletic clothes)  Multibrands (change their name high end/low end), new brands Pricing Price elasticity= % change in quantity demanded/ % change in price  Factors Affecting Price elasticity o Availability of substitutes o Uniqueness o Difficulty of comparisons o Importance o Ability to stockpile Pricing Objectives  Loss-leader-price the item lower to attract customers to store for other goods Pricing Strategies  Bundle Pricing-makes you buy more  Value pricing-charge low price but charge for addons-airlines  Prestige pricing-in its home country, the product may be lower end-stella  Yield management pricing-uber Psychological effects of pricing  Perception of price differences o Odd-even pricing effect (2.99 vs 3.00) o Weber-Fechner law (impact of relative differences) o Absolute differences matter too  Reference price o Internal-fair price, price most often charged o External-regular retail price, what its placed near o Zero price effect (people prefer $10 for free than $20 for $7  Mental Accounting o Separate mental accounts for gains vs losses o Framing effects (losses greater than gains) o Endowment effect (giving up worse than pleasure of getting it) o Preference for status quo-consequences of actions=finite; inaction=infinite o Price bundling Place (where, when)  Transactional Function-buying, selling, negotiating, risk taking  Logistical Function-assorting, storing, sorting, transportation (operations)  Facilitating function-financing, providing info-credit card info online Chanel order Manufacturer -> Agent -> Wholesaler -> Retailer -> Consumer Promotion 1. Advertising-any paid non-personal communication (tv, print ads) (mass) 2. Personal selling-two way flow between buyer and seller-girl scouts (customized) 3. Public relations-a non-personal, indirectly paid (newspaper article) (mass) 4. Sales promotion-discounts, buy 1 get 1 free (mass) 5. Direct marketing-telemarketing (customized) 6. Placement-a contractual agreement to place product in movie/tv (mass)  Integrated Marketing Communications o Traditional: separate functions handles by experts in separate departments  Begin with organizations goals and products o IMC:
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