MGM 301: Recitation review test 2
33 Cards in this Set
Front | Back |
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60 new products for...
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one new commercial product
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80/20 rule
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80% of your profit comes from 20% of your customers
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Markets become...
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more heterogenous over time
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Primary v.s Secondary date
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Primary- A study made specifically for that product
Secondary- research not done directly for the product. Can be less accurate trying to apply studies to a product it wasn't made for
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Close ended question
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-can be yes or no question
-this is a dichotomous question
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Leading question
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"oh you're going to the hockey game tn, right?"
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two questions in one
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do you like hamburgers and chicken nuggets?
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less than is inelastic and more than one
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is elastic
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Product class
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Automobiles
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Product form
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SUV or pick up trucks
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brand
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ford
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Multiple branding
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P&G
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Family branding
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Honda Motorcycle, cars and snow plows
-they all have the honda name
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Exploratory Research
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Don'r know where to start or what the problem is
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Causal research
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cause and effect research
-independent and dependent variables
-the different colored truck example from recitation
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Amazon.com uses its customer billing records to send out personalized emails to customers suggesting products for purchase. In Amazon's marketing information system, which MIS classification is represented by this use of the billing records?
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internal secondary data
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DirectProtect is an insurance provider that uses telemarketers rather than insurance agents to sell its insurance and to deal with claims. It wants to introduce its product into new markets, but before it does so, it wants to forecast how successful its sales efforts will be. One of the…
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focus group
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Richard wants to survey UB students to see if they feel their tuition is being spent well. He decides one day to go around campus and conduct face-to-face "intercept" interviews with students at 4 major locations across the north campus during a 2 hour period one Tuesday morning. He int…
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Sampling and interviewer
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The first stage of the new product development process that attempts to determine if the new idea would likely be successful from a financial point of view is
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Business Analysis
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What type of innovation is usually considered a change in product form?
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Dynamically Continuous
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Which of the following speeds the adoption of a new product?
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relative advantage and compatibility
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The most common types of exploratory research are
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Observation, depth interviews and focus groups
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The response rate of a survey represents
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The percentage of the sample chosen that completes a survey
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A company advertised in a widely read magazine with a fairly diverse audience, but only thinks a small fraction of the audience is in the market for their product. The company is using what type of approach to reachability?
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self-selection
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Benefits sought by consumers are an example of what type of measure used by marketers to segment consumers into groups?
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Subjective Specific
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Which segmentation criteria requires that there be an efficient method of communicating with a group of consumers?
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Reachability
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Which aspect of STP marketing deals directly with how the consumer “thinks about” your brand?
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Positioning
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Which level of a product is most associated with “winning the game” or having the highest market share?
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Augmented
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P&G has a lot of different product categories in their catalog of products. This reflects P&G’s --------?
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Width
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BDI and CDI are most helpful with what strategy for extending the product life cycle?
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Market Penetration
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Which combination of CDI and BDI would be the most likely to result in investment?
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High CDI and low BDI
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Which type of extension is most likely to be a continuous innovation?
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line extension
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Building initial awareness is most important in what portion of the product life cycle?
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introduction
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