MARK 3000 2nd Edition Exam 2 Study Guide Lectures 1 12 Lecture 1 2 September 18 23 Marketing Research What is the purpose of market research To reduce the risk of marketing decisions and understand your customer base better What is sugging Selling under the guise of research You ll get a call from someone pretending to be a market researcher but they re really just trying to sell you something List the steps of the research process 1 Define objectives and research needs what info do you need to answer specific questions How should the info be obtained 2 Design the research determine the type of data to collect and the type of research to conduct 3 Data collection primary vs secondary data 4 Analyze data and develop insights convert data into info that explains predicts and or evaluates a situation 5 Action plan and implementation summary body conclusions limitations and supplements like tables figures and appendices Describe the two kinds of data Primary data is information gathered specifically for the research you re doing Secondary data consists of data collected before you started conducting research External secondary data comes from outside the company such as a census syndicated data from firms like Nielsen and scanner data Internal secondary data comes from places like your company s data warehouse and data mining What is churn It s the number of people who stop using a service divided by the average number of total users What is the difference between qualitative and quantitative research Qualitative research provides initial information and is usually in depth and not structured i e observation manual mechanical counters less obvious ethnographic watch people use it normally Disadvantage if you know you re being watched you behave differently social media research monitoring blogs and online forums sentiment mining focus groups 8 12 people discuss a given topic interviews limited number unstructured time consuming and expensive Quantitative research involves a lot of responses and is statistically valid It can generalize Experiments changing one of the 4Ps and looking at sales or awareness Surveys phone or mail interviews in person internet Problems interviewer bias presence may change responses consumer unwillingness to participate Scanner data panel data scanner from barcodes panel data gathered from groups of people over time What are some questions you should avoid when writing a survey questionnaire Leading questions double barrel asking 2 things in same question ones that use jargon or inappropriate terms What are the different kinds of questionnaires Unstructured ask indirectly Structured harder to write but you get better responses Semantic differential word opposites excellent awful healthy unhealthy Likert scale strongly agree agree neither nor disagree strongly disagree Lecture 3 September 25 Products Define product Products are anything that has value to a consumer and can be offered in a market exchange They include goods ideas and services but also places organizations people and communities What are the 6 issues regarding products 1 The types of products offered 2 Branding 3 Packaging can make a product more valuable 4 The number of products a company has 5 The life cycle of products 6 New product development Explain core customer value It defines the basic problem solving benefits that consumers are seeking Under this is actual product the physical characteristics of a product brand design packaging quality associated services aka augmented product the non physical characteristics like warranties financing support and post sale service Name and describe the 4 types of products and give examples of each specialty very unique and or high quality People will go out of the way to find these products and they have a very strong brand preference toward them i e wedding dresses antiques shopping spend a decent amount of time comparing alternatives i e shoes appliances convenience little effort thought put into it i e staples like canned goods and shampoo unsought Products you don t know about or don t want to think about i e fire extinguishers burial plots Define brand What things are included in a brand A brand is an identification of the producer of an item Parts of a brand can include names logos symbols jingles sounds characters and slogans What is the value of branding facilitates purchases establishes loyalty protects from competition reduces spending on marketing brand name becomes an asset with its own market value Explain brand equity It is the financial value of the brand and is protected by the Landham Act However if you don t take measures to protect your brand yourself the Landham Act can t help you Describe the three brand relationships brand awareness how many consumers are familiar with the brand and what it stands for brand associations the mental emotional links a consumer makes between brand and product attributes brand loyalty buying a particular brand over and over instead of alternatives What is lovemark It s extreme passion for a brand loyalty beyond reason i e Apple fanatics who buy everything that they release Lectures 4 and 5 9 30 and 10 2 Brand Strategies What are the two main types of brands manufacturer national brands developed by the product s producer i e Kraft Hershey s private label store brand developed by the retailer i e Private Selection at Kroger Which strategies do brands use Family brand same name for all products Brand equity transfers to any new products created but it ends up being kind of generic individual brand different brand names for different products from the same company i e P G has Tide Pampers Duracell co branding 2 independent companies have both brand names on a package i e Betty Crocker brownies with made with Ghirardelli chocolate Define brand and line extensions and brand dilution Brand extension using the same brand name in a different product line Colgate toothbrushes toothpaste floss Line extension using same brand name within same product line to increase the line s depth Brand dilution happens when the brand extension negatively affects consumer perceptions about the core brand s characteristics i e Cheetos Lip Balm and Colgate frozen dinners Explain the importance of packaging It s often called the last 5 seconds of marketing contains and protects promotes adds value a great design means you can price it higher facilitates recycling Define the primary and secondary package Primary the one the