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FSU CTE 3809 - Review for Final Exam

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Review for Final Exam KIMCTE 3809 Chapter 8 (Brannon)Consumer anthropology- Methods originally used by anthropologists to study primitive tribes or subcultures have been adapted to study consumer s and buying behavior- Helps companies understand motivators within a product categoryMall intercept research : market research conducted for a client using consumers recruited fromshoppers in a mall who satisfy the requirements of clientsQualitative research: an approach to research based on ethnography, case studies, and phenomenological studies in which human experiences are observed in a natural setting and described or explained using the natural setting and described or explained using the natural setting and described or explained using the natural language, categories, and frameworks of the subjectsQuantitative research: an approach to research that uses experimental methods or surveys to collect data on a sample in order to generalize finding to a populationShowcase or laboratory stores: stores where mega niche and lifestyle brands can present their entire line as a billboard for the brand, an educational environment for retailers on the latest in visual merchandising, and a research site for gathering intelligence about what consumers want, which products in the line are heating up and which cooling down, and which packaging and promotional initiatives are most effectiveTest store: specialty store chains selling store labels designate certain stores as test sitesTest merchandise group: a less-extensive approach is to plant test groups of merchandiseStyle testing: pretesting styles with consumers to identify “winners” and “losers” early enough in the product development cycle to enable styles with low consumer interest to be eliminated from further developmentCh 9 Brannon1Automated replenishment system: a collaborative effort between a retailer and a manufacturer involving vendor-designed assortment plans and automatic shipping to keep stock at optimum levelsCategory management: a collaborative strategy between a retailer and a manufacturer in which the manufacturer acts as a specialist in forecasting, keeping the right flow of merchandise going to the selling floor; provides expertise in a category, including trends, silhouettes, and finishes; and makes recommendations on merchandising assortment, display, and inventory controls in that product category on a store-by-store basisConsumer confidence: an index of consumer feelings of economic well-being, used to predict future consume expenditures and turning points in the business cycles- The Consumer Confidence Index (CCI)--the Conference Board- The Index of Consumer Sentiment (ICS)—the Survey Research Center at UM- Indexes of consumer confidence(Highlights the relationship between economic conditions and consumer behavior)Correlation or regression techniques: statistical techniques for comparing how a change in onevariable causes a change in another variable- How is sales volume related to a promotion or advertising campaign? - How is decreasing consumer confidence related to sales volume? - As consumers get older how do their purchasing patterns change? Data mining: the ability to search through vast stores of data to answer complex business questions, discover patterns in databases, and predictive information that lies outside experts’ expectationsData Mining- A Step Toward “Real-time Marketing”2- Uses statistical techniques and visualization to reveal relationships that can be used in decision making and forecastingData warehouse: a warehouse for storing and delivering massive quantities of dataFixed-model time-series (FMTS): a set of statistical techniques that begins with the idea that the forecast for next month’s sales is the average of all past salesOpen-model time-series (OMTS): techniques that first analyze the time-series to determine the components, then build unique models and forecast the time series into the futureProduct life cycle: a series of predictable stages from the development of a product until it disappears from the marketplaceSales forecast: a projection of expected demand given a set of environmental conditions, which is developed using quantitative and qualitative methods- Sales Forecast = Projection of expected demand given a set of environmental conditionso Specific time horizono Updated quarterlySales Plan: a plan that defines goals and provides motivation for sales levels that meet or exceedthe sales forecast- Sales Plan = Managerial strategy to meet/exceed the sales forecast- Who needs access to the sales forecast:31. Marketing managers2. Sales managers3. Financial managers4. Production managers5. Distribution managers- Making a sales forecast requires:1. Internal data on sales volume and marketing2. Future plans for marketing and product distribution3. External data on market information and cultural indicatorsSeasonality (in time-series forecasting): a yearly pattern of increasing or decreasing sales that corresponds to the seasonTime-series techniques: quantitative techniques that use values recorded at regular time intervals (sales history) to predict future sales levels- Time-Series Forecastingo Open-model time-series (OMTS) o Fixed-model time-series (FMTS)4Ch 10. Competitive Analysis BrannonBenchmarking: in competitive analysis, comparing a company with other firms considered to be the best in terms of efficient operationsCompetitive advantage: the situation in which, for a period of time, there is an asymmetry in the marketplace that favors one company over anotherCompetitive analysis/competitive intelligence: the process of using public sources to develop adetailed and accurate view of the market environment – both trends in the industry and what the competition is likely to doContent analysis: a method of analyzing information involving extracting significant data from source material, classifying it, and noting patterns and regularities in the dataDirect competitors: competitors that sell the same general product to the same customers in the same distribution channelsIndirect competitors: companies that do not sell the same or similar products but offer alternatives that may redirect a customer away from a purchasing situationIndustrial espionage: information-gathering activities that involve breaking the law to collect competitive dataReverse engineering: a way of gaining competitive information by purchasing and dismantling a product to determine how


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