332 Exam 2

Business Administration 332 with Moon at University of Tennessee - Knoxville

About this deck

By: Brack Gregory
Textbook:

Marketing: An Introduction (10th Edition) (MyMarketingLab Series)
Created: 2010-10-04
Size: 60 flashcards
Views: 1046

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Companies need information about their...?

1. Customer needs
2. Marketing Environment
3. Competition

*Do not need more information, they need better information

Marketing Information System

A marketing information system consists of people, equipment, and procedures to gather sort, analyze, evaluate, and distribute needed timely, and accurate information to marketing decision makers.

The roles of marketing managers and other information users?

1. Analysis
2. Planning
3. Implementation
4. Organization
5. Control

What are the processes involved in developing needed information?

1. Assessing information needs (analysis)
2. Internal databases
3. Information analysis
4. Distributing and using information
5. Marketing Intelligence
6. Marketing Research

What are the 5 aspects of the marketing environment for a company?

1.Target markets
2. Marketing channels (marketing intelligence)
3. Competitors
4. Publics (Marketing Research)
5. Macro-environment forces

The MIS helps managers to:

1. asses information needs
2. develop needed information
3. distribute information

A good MIS balances the information users would like against what they really need and what is feasible to offer.

In other words, businesses have to weigh the costs (money and time) and benefits of more information

What are 3 methods of developing marketing information?

1. Internal databases- ex. when you scan your kroger plus card, it records the data
2. Marketing Intelligence- the systematic collection and analysis of publicly available info about competitors and developments, ex: internet, census.
3. Marketing research- most expensive of the 3 methods ex: dumpster diving, 2001 Proctor and Gamble looked through competitor trash

What are the steps in the marketing research process?

1. defining the problem and research objectives
2. developing the research plan for collecting info
3. implementing the research plan
4. interpreting and reporting the findings
ex: Rum's unique research process. sales were declining, so researches went to bars to see what people were ordering

What are the 3 types of research invoved in the marketing research process?

1. exploratory- preliminary info that helps define the problem and suggest hypotheses
2. descriptive- describes things, ex:survey
3. Casual-cause and effect type, ex:coupons

What should the research plan outline?

1. sources of existing data
2. specific research approaches
3. contact methods
4. sampling plans
5. instruments for data collection

Secondary Data: Information that already exists somewhere

ex: internal databases, commercial data services, government sources

*available more quickly at a lower cost that primary data

Primary Data: consists of information collected for the specific purpose at hand

Must determine...
1. Research approach
2. Contact method
3. Sampling Plan
4. Research instruments

Observational Research

1. the gathering of primary data by observing relevant people, actions, and situations
2. ethnographic research: observation in "natural environment" ex. watching how people shop
3. Mechanical observation, ex: people meters, checkout scanners

Survey Research

Most widely used method for primary data collection
2. approach best suited for gathering descriptive information

Experimental Research

1. tries to explain cause-effect relationships
2. involves: selecting matched groups of subjects
3. giving different treatments
4. controlling unrelated factors
5. checking differences in group responses
ex: pepsi commercial, The Pepsi Challenge

Contact Methods

Flexibility, Quantity of data that can be collected, Control of interviewer effects, Control of sample, Speed of Data Collection, Response rate, cost

1. mail- P,G,E,F,P,F,G
2. telephone-G,F,F,E,E,G,F
3. personal-E,E,P,F,G,G,P
4. online-G,G,F,P,E,G,E

Aspects of Contact Methods

1. Flexibility
2. Quantity of data that can be collected
3. Control of interviewer effects
4. Control of sample
5. Speed of data collection
6. Response rate
7. Cost

Sample: segment of the population selected to represent the population as a whole choosing a sample requires 3 decisions.

1. Who is to be surveyed?
2. How many people should be surveyed?
3. How should the people in the same be chosen?

What are 2 methods of primary data collection?

1. Questionnaires
2. Mechanical Devices

What are four decisions to be made with regards to questionnaires?

1. People meters
2. supermarket scanners
3. Galvanometer
4. Eye Cameras

What step of the research plan is most expensive and subject to error?

Collecting the data

What are the 3 steps of interpreting research results?

1. interpret the findings
2. draw conclusions
3. report to management

Customer Relationship Management

1. companies look for customer touch points
2. CRM analysts develop data warehouses and use data mining techniques to find information out about customers, ex: Hara's Casinos uses cards to track customer purchases

What are Intranets?

is a private network that uses Internet protocols to securely share any part of an organization's information or operational systems within that organization

What are Extranets?

a private network that uses Internet protocols, network connectivity, and possibly the public telecommunication system to securely share part of an organization's information or operations with suppliers, vendors, partners, customers or other businesses.

Consumer Buying Behavior

1.refers to the buying behavior of people who buy goods and services for personal use
2. these people make up the Consumer Market
3. the central question for marketers is: How do consumers respond to various marketing efforts the company might use?

Factors influencing consumer behavior

1. Cultural- culture, subculture, social class.
2. Social- reference groups, family, roles and status
3. Personal- age and life cycle stage, occupation, economic situation, lifestyle, personality and self-concept
4. Psychological-motivation, perception, learning, belief and attitudes

Culture

1. the most basic cause of a person's wants and behaviors
2. culture includes basic values, perceptions, wants and behaviors
3. Subculture: groups of people with shared value systems based on common life experiences
4. Major groups of subcultures: Hispanic consumers, African-American, Asian, Mature

Social Factors

1. marketers attempt to reach opinion leaders (reference)
2. family is the most important consumer buying organization

Personal Factors

1. people change the goods they buy over their lifetime
2. occupation
3. economic situation
4. patterns of libing are expressed in psychographics
5.psychographics measure and tracks consumer activities, interests, and opinions

Buyer Decision Process

1. need recognition
2. information system
3. evaluation of alternatives
4. purchase decision
5. post-purchase decision

4 sources of inforamation

1. personal- this source is most effective
2. commercial- most information for this source
3. public- mass media, consumer-rating groups
4. Experiential

Marketers must study buyers to find out how they evaluate brand alternatives

Performance< Expectations = disappointment
Performance = Expectations = Satisfaction
Performance > Expectations= Delight

Cognitive Dissonance

A buyer's doubt shortly after a purchase about whether it was the right decision

Adoption Process

the mental process through which an individual passes from the first hearing about an innovation to final adoption

Stages in the Adoption Process

1. awareness
2. interest
3. evaluation
4. trail
5. adoption

New Product Adoption Rate

some products catch on almost overnight; others such as HDTV take a long time to gain acceptance

ex: HDTV, DVD, Kindle

Influence of Product Characteristics on Rate of Adoption

1. relative advantage
2. compatibility
3. complexity
4. divisibility
5. communicability

Business Market

1. involves more dollars and items than consumer markets
2. far fewer buy larger buyers
3. business demand is derived from customer demand**
4. involves more professional purchasing effort
5. involve more decision participants
6. buying process more fomalized
7. buyers and sellers are much more dependent on each other

Business Buyer Behavior

refers to the buying behavior of the organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others.

Straight Rebuy

the buyer routinely orders something without modifications

Modified Rebuy

the buyer wants to modify product specifications (price terms and suppliers)

New Task

the buyer purchases a product or service for the first time

Buying center

1. decision making unit of buying organization
2. not fixed or formally identified

Buying center members

1. users
2. deciders
3. influencers
4. buyers
5. gatekeepers

The Business Buying Process

1. Problem Recognition
2. General need description
3. Product specification
4. Supplier Search
5. Proposal solicitation
6. Supplier selection
7. Order-routine specification
8. Performance review

Request for Proposal, RFP

buyer will lay out what they want

Key segmentation variables:

1. geographic
2. demographic
3.psychographic
4. behavioral

Psychographic Segmentation

dividing a market into different groups based on socal class, lifestyle, or personality characteristics

Behavioral Segmentation

dividing buyers into groups based on consumer knowledge, attitudes, uses, or responses to a product

Occasional- hershey kisses, kodak disposal cameras
Benefit- Marriot
User status, Usage rate, loyalty status

Intermarket segmentation

Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries

To be useful market segments must be...

1. measurable
2. accessible
3. substantial
4. differentiable
5. actionable

Four Marketing Strategies

1. Undifferentiated (Mass) Marketing
2. Differentiated (Segmented) marketing
3. Concentrated (Niche) Marketing
4. Micromarketing (local or individual)...most narrow

Social responsible targeting

Marketing sometimes generates controversy and concern when targeting:
1. vulnerable, minority, or disadvantaged populations
2. children and teens, ex: unhealthy cereal commercials shown on kids channels

Competitive Advantage

extent to which a company can position itself as providing superior value

Positioning

1. a products positions is the way a product is defined by consumers on important activites
2. the place the product occupies in consumers' minds relative to competing products

Positioning Statement Format

To ( target segment and need) our ( brand) is a (concept) that (point of difference)

Summary or Targeting Older Consumers

1. it is becoming more common to target older consumers
2. reasons: baby boomers, older consumers are more open to change than before, younger consumers are less willing to spend because of the recessions, but older consumers are typically more financially stable and willing to spend money even during the recession
3. baby boomers offer "assets, not allowances"

Summary of Wheaties Targeting

1. Wheaties is introducing a new product, Wheaties Fuel. It will be aimed exclusively at men-a first for cereal of any kind
2. Wheaties consulted athletes like Peyton Manning and Kevin Garnett for nutritional profile and flavor
3. will include no folic acid, which is thought to be more important for women, and will add vitamin E, which is thought to be lacking in men's diet.

About this deck

By: Brack Gregory
Textbook:

Marketing: An Introduction (10th Edition) (MyMarketingLab Series)
Created: 2010-10-04
Size: 60 flashcards
Views: 1046

About StudyBlue

“I have used this website for three exams, and I see a huge difference in my test results.”
Naj