Marketing exam 2
School Of Business Bcor2400 with Mc Mahon at University of Colorado Boulder
About this deck
By: kirsten boeckman
Created: 2012-04-02
Size: 29 flashcards
Views: 48
Created: 2012-04-02
Size: 29 flashcards
Views: 48
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“Simply amazing. The flash cards are smooth, there are many different types of studying tools, and there is a great search engine. I praise you on the awesomeness.”
Dennis
Dennis
Sign up (free) to study this.
Exploratory Research
Relies largely on qualitative techniques that attempt give structure to a problem, to gain understanding, to generate all plausible reasons for a problem
-to understand a problem
Marketing Research
is the planning, gathering & analysis of information in order to make some informed marketing decisions, there by reducing risk
4 Risks
(confronted in each deal)
-technical
-people (will key players on a team stay together?)
-financial (can we keep company well financed?)
-market **most dangerous** (dog eat the dog food?)
take technology risk over market risk any day
Market Research Process
1. define problem (use exploratory research)
2. develop the research plan
3. collect relevant info
-secondary data
-primary data (use of descriptive and/or experimantal research)
4. develop findings
5. take marketing actions
Descriptive & Causal approaches
rely more on structured, defined, and quantitative techniques used to narrow the possible causes by formal testing
1. Define Problem
(marketing research process)
-problem well defined is 1/2 solved
-building block of marketing research
ex: bus-to-snow
sponsorship's falling ( exploratory research)
A.) Set Research Obj- will you have enough info to make your decision
exploratory:(quantitative)why are our sponsorships falling?
descriptive: who are our sponsors?
causal: Which message will attract the most sponsorhsips?
B.) Identify possible actions: measure of success/action standard
2. Develop the Research Plan
(marketing research process)
-Specify constraints (budget/time)
-identify data needed
-determine how to collect the data
3. Collect Relevant Information
(marketing research process)
A.)secondary data: info that already exists (may not fit problem accurately, available immediately, cost less)
-internal: sales, customer feedback, web traffic patterns
ex: what is selling really well? dislikes/
-external: census bearu, trade ass., business media, syndicated research, scanner data
ex: what does the neighborhood around my store look like?
B). Primary data: newly collected for project
Secondary Data
Ex: Detroit Lions
Internal sources:
-customer records
-current season tix holders
-former
-box office transactions
-mailing lists
-event reservations
-fan club
External Sources:
-Visa- could get data from them (everyone who had bought a tix from visa)
Syndicated Research
Who is watching what tv show?
tv ratings
online ratings
Ex: Nielsen Household Panel
Primary Data
-more expensive/longer time to obtain
-designed around specific research need
-Questionnaire data (asking)
-Observational data (watching)
Observational Data
Mechanical approaches
-mystery shopper ex: business partner- restraunts
-ethnographic research
-video tape people
"ethnography is the art & science of describing a group or culture" paint picture of people
Questionnaire Data
-Idea Generation Methods (for exploratory res)
-ind. in-depth interviews
-focus groups
-cant be applied to a whole pop.
-Idea Evaluation Methods
-mail, telephone, personal interview, internet surveys
Sampling Methods
Probability Sample
-statistical inference from sample to population
-+/- a margin of error
Non-probability sample
ex: 420 survey
-takes time to do it
Question Formats
-open-ended ?'s: apply creativity: improve performance?
-hard to use computer to calculate
-dichotomous ?'s: yes/no, there is no between
-semantic differential scale?---rate b/w words
-like rate scale ?'s: how strongly customer feels
agree/disagree
-demographic ?'s: (gender @ end)
-if you dont want to answer, you generally skip entire survey
Descriptive Vs. Experimental
descriptive: independent variable measured (who buys video games?)
experimental: independent variable manipulated (Δ ind cause Δ in depended) indepent=cause dependent=result
Test Markets
Test vs. control
-promotion
-pricing
-new products
-cannibalization (stealing sales from myself)
Forecasting
-market or industry potential (where to invest $?) b/w SBU's
-Company or sales forecast
-tells me how much to produce? (inventory)
-how much $ to raise? (working capital)
-all functions business interconnected
-HR: access performance employees, more salespeople? move them?
Sales Forecasting
-Judgements of decision maker: direct forecast
-past/future events
-lost-horse forecast (where last saw horse? look around)
-Surveys of knowledgeable groups
-surveys of buyers intentions forecast
-salesforce survey forecast (over or under- estimate based on compensation)
-Statistical Methods
-trend extrapolation
-linear trend extrapolation: (too much inventory can mislead0
Target Article
is it ethical?
they send you coupons on diapers/wipes/lotion
-but send you other coupons so you dont feel singled out or poached on
-they try to cover up that they know to blend it in
Market segmentation
Process of splitting customers, potential customers in a market into different groups/segments w/n which customers share a similiar level of interest in the same or comparable set of needs satisfied by a distinct marketing proposition
identify market needs→link needs to actions→execute market program actions
Purpose of Market Segmentation
used to determine which groups of customers a company is best suited to serve & which product & service offers will meet the needs of it selected segments
Benefits of market segmentation
-more effective w/ marketing $
-tailor marketing mix:
-product
-place
-price
-promotion
-↑ efficiency
Risks of market segmentation
-too narrow
-excluding potential customers
ex: ziploc bags: moms w/ kids
miss many other sales
Segmentation Strategies
A.) 1 prod & mult market segm
-baseball magazines, tuberware: black/gray, white (boats)
-same prod different segments
B.) mult prod & mult market segm
-laundry detergent (15 types) afraid introduce 16th b/c of cannabolization
-pasta sauce: human variability/self-select
C.) Segments of one, mass customization
-google---based on your responses→personalized to you
ex: Icream: produce 1 of 256,000 types of ice cream
80/20 Rule
majority of sales come from a small segment of market
-figure out who they are & find people similiar & make assumptions
=most valuable segment
Behavioral Segmentation
Ex: Detroit Lions
began → got data (where data come)
analzyed: transactions, prospect lists, mail/phone
-random sample→analyzed (what shape data in?) standardized data, remove duplicates
-buy external data
About this deck
By: kirsten boeckman
Created: 2012-04-02
Size: 29 flashcards
Views: 48
Created: 2012-04-02
Size: 29 flashcards
Views: 48
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“Simply amazing. The flash cards are smooth, there are many different types of studying tools, and there is a great search engine. I praise you on the awesomeness.”
Dennis
Dennis