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Marketing Unit 2 Cheat Sheet by

Focus Group

A demogr­aph­ically diverse group of people assembled to partic­ipate in a guided discussion about a particular product before it is launched, or to provide ongoing feedback on a political campaign, television series, etc

Internal Sources of Data

Inform­ation created by the operation of an organi­zation that includes sales, purchase orders, and transa­ctions in inventory instead of the data being created by an indepe­ndent study or database.

Marketing Concept

The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the compet­ition.

Marketing Research

The process of assessing the viability of a new product or service through techniques such as surveys, product testing and focus groups. Market research allows a company to discover who their target market is and what these consumers think about a product or service before it becomes available to the public. Market research may be conducted by the company itself or by a third-­party company that specia­lizes in market research. Test subjects are usually compen­sated with product samples and/or paid a small stipend for their time.

Time Utility

Ensuring a product is available when the customer wants it adheres to time utility. Consumer demand for products varies depending on the weather, holiday season or everyday wants and needs. For example, the demand for warm coats increases during the winter, and the demand for Christmas, Halloween or Easter decora­tions increases when these holidays approach, while the demand for soda and other soft drink products may remain the same throughout the year because customers can drink these products at any time.

Prototype

A first, typical or prelim­inary model of something, especially a machine, from which other forms are developed or copied.

Qualit­ative and Quanti­tative Data

Qualit­ative Data
Quanti­tative Data
Deals with descri­ptions.
Deals with numbers.
Data can be observed but not measured.
Data which can be measured.
Colors, textures, smells, tastes, appear­ance, beauty, etc.
Length, height, area, volume, weight, speed, time, temper­ature, humidity, sound levels, cost, members, ages, etc.
Qualit­ative → Quality
Quanti­tative → Quantity

Ways to Position

Positi­oning Premise
Marketers have to be prepared to alienate some consumers if they want to attract certain other consumers
Long-term Postioning
Marketers try to select a position that their product can maintain for a long time. It is very difficult to do this with techno­logical innova­tion.
Relevant Positi­oning
Marketers have to make sure that the position of the product is important to the consumer.
Clear and Coherent Positi­oning
Marketers need to make sure that the consumers can understand their positi­oning
Distin­ctive Positi­oning
You have to give your consumers a reason to choose you over the compet­ition

5 Types of Positi­oning

Benefit Positi­oning: Positi­oning based off of a benefit provided by the product
Target Positi­oning: Positi­oning based on focusing the target market
Price Positi­oning: Positi­oning based on the amount a product costs and the image that comes with that cost
Distri­bution Positi­oning: Positi­oning based on the way a product is distri­buted
Service Positi­oning: Positi­oning based on services provided to customers and consumers who are purchasing the product.

Brand Licensing

It is a process of creating and managing contracts between the owner of a brand and a company or individual who wants to use the brand in associ­ation with a product, for an agreed period of time, within an agreed territory (Dora the Explorer Band-aids, superhero toothp­aste)

Cost-B­enefit Analysis

A process by which business decisions are analyzed. The benefits of a given situation or busine­ss-­related action are summed and then the costs associated with taking that action are subtra­cted.
 

Idea Generation

The process of creating, develo­ping, and commun­icating ideas which are abstract, concrete, or visual. The process includes the process of constr­ucting through the idea, innovating the concept, developing the process, and bringing the concept to reality.

Logo

A graphical mark used to identify a company, organi­zation, product or brand. Logos can be displayed alongside - or in lieu of - a company's name in order to generate awareness of the company's associ­ation with a particular product or service. The particular graphic used may be a stylized version of the company lettering (such as a wordmark), an actual object that exists in real life, or abstract (such as a shape unrelated to the company letter­ing).

Open-ended and Close-­ended Questions

Close-­ended questions are those which can be answered by a simple "­yes­" or "­no,­" while open-ended questions are those which require more thought and more than a simple one-word answer.

Possession Utility

Possession utility is the value consumers put on purchasing a product and having the freedom to use the product as it was intended or finding a new use for the product. For example, many people use flower pots for planting, but these pots have other uses such as storage for small objects found around the house or as a center­piece for the dining room table.

Product Life Style

Product life cycle is the cycle through which every product goes through from introd­uction to withdrawal or eventual demise. Has 5 stages; Introd­uction, Growth, Maturity, Decline and Turning Point.

Reasons for Packaging

Function
The purpose of product packaging is to protect the product from damage. Product packaging not only protects the product during transit from the manufa­cturer to the retailer, but it also prevents damage while the product sits on retail shelves. Most products have some form of packaging. For example, soups must have a container and package while apples may have packaging for transport but not to sell the product from the produce department of the local grocery store.
Attraction
How a product is packaged may be what attracts the consumer to take a look on the product as is sits on store shelves. For this reason, many companies conduct extensive research on color schemes, designs and types of product packaging that is the most appealing to its intended consumer
Promotion
Packaging also plays an important role for portraying inform­ation about the product. Outside packaging may contain directions on how to use the product or make the product.

Brand

Is the emotional and psycho­logical relati­onship you have with your customers. All the features that make up a product's image. Could be a name, a visual symbol, or a slogan.

Brand Name

A brand name could be either corporate dominant or product dominant. Corporate branding involves marketing various products or services under the name of a company (Coca-­Cola). Product branding, on the other hand, is a marketing strategy wherein a business promotes and markets an individual product without the company name being front and center in the advert­ising campaigns or even on the product labelling (Big Mac).

Consum­er-­tra­cking

Customer tracking is the process of gathering and organizing inform­ation related to customer activi­ties. An example of customer tracking is the gathering of click through inform­ation for customers as they navigate through a web page or a series of web sites.

Feasib­ility Study

An analysis of the ability to complete a project succes­sfully, taking into account legal, economic, techno­log­ical, scheduling and other factors. Rather than just diving into a project and hoping for the best, a feasib­ility study allows project managers to invest­igate the possible negative and positive outcomes of a project before investing too much time and money.
 

Hard Data and Soft Data

Hard data is a form of inform­ation about a certain topic, like numbers or facts, that can be proved. Soft data is a form of inform­ation about a certain topic that are hard to measure, like people's opinions or feelings.

Inventions and Innova­tions

In its purest sense, “inven­tion“ can be defined as the creation of a product or introd­uction of a process for the first time. “Innov­ation,” on the other hand, occurs if someone improves on or makes a signif­icant contri­bution to an existing product, process or service.

Motivation

Internal and external factors that stimulate desire and energy in people to be contin­ually interested and committed to a job, role or subject, or to make an effort to attain a goal.

Position

Positi­oning is a marketing strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer (to create top-of­-th­e-mind awareness in a consumer).

Inform­ation Utility

A service bureau that maintains up-to-date databases for public access.

Primary and Secondary Data

Primary data is inform­ation collected by the party that will be using it for that specific purpose. Secondary data is inform­ation collected by someone else for some other purpose (but being utilized by the invest­igator for another purpose).

Propri­etary

Or or relating to an owner or ownership

Random Sample

A sampling method in which all members of a group (popul­ation or universe) have an equal and indepe­ndent chance of being selected.

Slogan

Simple and catchy phrase accomp­anying a logo or brand, that encaps­ulates a product's appeal or the mission of a firm and makes it more memorable.

Survey

A detailed study of a market or geogra­phical area to gather data on attitudes, impres­sions, opinions, satisf­action level, etc., by polling a section of the popula­tion.

Test Market

Geographic areas selected for a limite­d-scale introd­uction of a new product and/or a marketing plan. A test market serves as a field-­lab­oratory which simulates some or all factors associated with a full scale or national launch of the product. It generally includes at least on city that is a hub of commercial and media activity in that area and is surrounded by, and well connected to, several suburbs. Multiple test market locations allow evaluation of different pricing schemes, advert­ising media, promot­ional techni­ques, and other components of a marketing strategy.

Brand Extension

A common method of launching a new product by using an existing brand name on a new product in a different category. A company using brand extension hopes to leverage its existing customer base and brand loyalty to increase its profits with a new product offering.

Co-Bra­nding

Co-bra­nding is an arrang­ement that associates a single product or service with more than one brand name, or otherwise associates a product with someone other than the principal producer. The typical co-bra­nding agreement involves two or more companies acting in cooper­ation to associate any of various logos, color schemes, or brand identi­fiers to a specific product that is contra­ctually designated for this purpose. The object for this is to combine the strength of two brands, in order to increase the premium consumers are willing to pay, make the product or service more resistant to copying by private label manufa­ctu­rers, or to combine the different perceived properties associated with these brands with a single product. An example of this would be Dell computers with Intel proces­sors.

Featur­es-­Ben­efits

Features are what makes your product stand out from the crowd – they describe what it is, what makes it valuable, extrao­rdinary or essential for the consumer. Describing a benefit shows the reader what a particular feature can do for them, tells them why they should buy the product.

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