Test

Question 1

5 Steps in Marketing Research

Answer 1

1. Define the Problem
2. Develop the Research Plan
3. Collect Relevant Info
4. Develop Findings
5. Take Marketing Actions

Question 2

What is a “Measure of Success”

Answer 2

Criteria or standards used in evaluating proposed solutions to a problem

Question 3

Triangulation

Answer 3

If 3 different research methods come back with the same results, then the results are most likely good

Question 4

1. Like-Type Scale ?’s in Market Research

Answer 4

Strongly Disagree 1 2 3 4 5 Strongly Agree.

Question 5

2. Semantic Differential ?’s in Market Research

Answer 5

Important………Unimportant; Draw a X where you think it applies.
Interim step is evaluator deciding what number value would coincide with the X

Question 6

3. Dichotomous ?’s in Market Research

Answer 6

__Yes __No

Question 7

4. Multiple Choice ?’s in Market Research

Answer 7

MC answers, always include a “Other” choice

Question 8

5. Open-ended ?’s in Market Research

Answer 8

Respondent provides a essay/short answer

Question 9

3 examples Probability Sampling

Answer 9

1. Simple Random Sample; Ex: Draw from hat
2. Systematic Sample; Nth number
3. Stratified Sample- Divide into a segment, then random sample

Question 10

2 example of Non-Probability Sampling

Answer 10

1. Convenience sample; people who are available to sample

2. Quota Sample- People from certain segments are sampled

Question 11

Market Segmentation

Answer 11

Putting prospective buyers into groups that: 1. Have common needs and 2. will respond similarly to a marketing action

Question 12

Market Segments

Answer 12

relatively homogenous groups of prospective buyers that result from the market segmentation process

Question 13

Target Market

Answer 13

A specific group of potential buyers a business targets

Question 14

Product Differentiation

Answer 14

A marketing strategy that involves using different marketing mix activities to help consumer perceive their product as Different & better

Question 15

Positioning (Image)

Answer 15

The place a product occupies in consumer’s minds based on important attributes relative to competitive products

Question 16

Niche

Answer 16

Very Small Marketing Segment of loyal customers

Question 17

Market Product Grid

Answer 17

A framework to relate the market segments of potential buyers

Question 18

Steps for Market Segmentation

Answer 18

1. Identify Market Needs
2. Link Needs to action
3. Execute marketing programs actions

Question 19

3 ways to segment a market

Answer 19

• One Product and multiple market segments (Johnson baby Oil) Lowest Price
• Multiple Product/Multiple Segments: Coke, Diet Coke, Coke w/ lime, w/o caffeine, 2nd highest price
• Mass customization: ‘segments of one’ Highest Price

Question 20

Criteria for Grouping Potential Buyers into Segments

Answer 20

Simplicity and Cost effectiveness 
Potential for increased profit
Similarity of needs
Differences of needs 
Potential of a marketing action to reach segment

Question 21

Two approaches to Product Positioning

Answer 21

Head to Head: take on same position as competition (McDonalds vs Burger King)
Differentiation- image that shows how different it is compared to competitors

Question 22

Product

Answer 22

A offering. Can be tangible or intangible, an idea

Question 23

Product Line

Answer 23

related products of various sizes, types, colors, qualities

Question 24

Product Line Extension

Answer 24

making a product line longer by adding a different variation of the product

Question 25

Types of Consumer Product

Answer 25

* Convenience- Relatively inexpensive * Shopping- Fairly inexpensive, Large number of selective outlets, Differentiation from customers * Specialty- Very Expensive, very limited, Uniqueness of brand stressed * Unsought-consumers to do not seek these types

Question 26

Reasons why new products fail

Answer 26

- Insignificant points of difference - Incomplete market and product definition - Too little market attractiveness - Poor Execution of 4 P's - Poor Product quality - Doesn't satisfy needs on critical factors - Bad Timing

Question 27

Seven Stages in the new-product process leading to success

Answer 27

1. New product Strategy development 2. Idea Generation 3. Screening and evaluation 4. Business Analysis 5. Development 6. Market Testing 7. Commercialization

Question 28

Uniqueness of Service; The 4 I's

Answer 28

1. Intangibility 2. Inconsistency 3. Inseparability 4. Inventory "Use it or lose it"

Question 29

Reasons for Repositioning a Product

Answer 29

- Reacting to a competitor's position - Reaching a New Market - Catching a Rising Trend

Question 30

Branding Equity

Answer 30

- Provides a competitive advantage - Consumers are willing to pay a premium - Financial advantage, Liscensing

Question 31

Multiproduct Branding Strategy

Answer 31

"Corporate"; Multiple Products with the same brand name *Toro

Question 32

MultiBranding Strategy

Answer 32

Company produces multiple brands *Sears

Question 33

Private Branding Strategy

Answer 33

"Private Label" select stores are the only ones to carry the specific brand

Question 34

Mixed Branding Strategy

Answer 34

Sears makes Michelin and Sears tires