6446702
Description
Flashcards by Taylor Tate, updated more than 1 year ago
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Created by Taylor Tate
almost 8 years ago
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| Question | Answer |
| Marketing Research Process Steps | Six major steps: ▪ Problem defini on – establish problem that needs to be addressed, be specific ▪ Informa on needs – what kinds of informa on are most appropriate for solving the problem ▪ Type of study or research – many kinds available (exploratory, descrip ve, casual); should choose based on what you are trying to accomplish ▪ Data collec on – depending on what kind of data is needed, researcher must establish the specific data sources including the sample being studied ▪ Data analysis and conclusion – someone (internal or external) must analyze the data and draw conclusions that address the stated problem ▪ Repor ng – a report is usually wri en to communicate the findings to the organiza on |
| What are the four strategic approaches to the market place? | *Sales Driven (GE inital) *Technology Driven (Product Driven) *Marketing Driven *Customer Driven (stickK) |
| Sales Driven | STRATEGIC APP TO MARKETPLACE“What we make, we sell” Very aggressive Sales is the leader and marke ng suppor ng role Lil effort is made to see what customer actually wants/needs Goal is on selling and mee ng target sales Interested in volume, not profit |
| Technology Driven | STRATEGIC APP TO MARKETPLACE Focus is on research &development & sales The next tech. will be even better (consumer looking to fill a need) “Feature fa gue’ to many features/technology added than customer actually wants or needs |
| Marketing Driven | STRATEGIC APP TO MARKETPLACE A lot of money is spend on marke ng research& test marke ng until the product is perfect Uses every new &old technique to market& have a large budget More successful in line extensions than new product |
| Customer Driven | STRATEGIC APP TO MARKETPLACE Customers buy products for benefits, not to just buy products Job is to understand what benefits the customer is looking for, transfer those into a product, then retranslate back into benefit terms the customer can understand Focuses on long term rela onship with customer Looks at adver sing as an investment, not just an expense |
| Opportunity Identification Determines which markets it wants to enter; integration of new‐product planning with tradi onal marke ng → exis ng compe on, projec on of growth Idea Generation Searches for new product ideas; difficult and uncertain part of the process some mes called the “fuzzy front end” Initial Concept Development and Screening Few new concepts actually make it to market; many are not prac cal, too expensive to make, or not a good fit for goals; prototypes are developed for those that pass screening to further customer tes ng Business Analysis Rigorous analysis that looks at an cipated selling price, manufacturing cost or cost of delivery, forecasted demand, and other costs like adver sing and distribu on Customer Testing and Concept Development (Red Lobster) Tested with customers form target segment, adver sing tes ng → marketed in different geographical regions, price and packaging tested, it is then further refined for final produc on; downside = compe tor sees what you’re doing Commercialization Ready to be rolled out, rollout period is cri cal, |
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