MKTG 3301 Final Exam Study Guide

Chapter 10: Marketing Research

Marketing Research Process (5-Steps)
Marketing research is the (defining research needs), systematic design, collection, analysis, and
interpretation of data to assist with marketing management decision making.
Data mining uses a variety of statistical analysis tools to uncover previously unknown patterns in data or
relationships among variables.
Included in the American Marketing Association's guidelines for marketing research:

prohibiting selling under the guise of conducting research

supporting research integrity
encouraging fair treatment of clients
avoiding misrepresentation of pertinent research data

One of the most important issues marketers must address before beginning a marketing research project is
whether or not:
1.) Will the research be useful?
2.) Is top management committed to the project and willing to abide by the results of the research?
3.) Should the marketing research project be small or large?

The major advantage of primary data is that it can be tailored to meet specific marketing research needs.
Primary data is new data collected to address specific research needs. Primary data can be tailored to meet
the specific questions and problems to be addressed.
Scanner data, U.S. Census data, internal company data and Internet background research are all examples
of secondary data. Secondary data are pieces of information that have already been collected from other
sources and are usually readily available.
Topic: Advantages and Disadvantages of Primary and Secondary Research
The disadvantages of secondary research are that it may not be precisely relevant to information needs; it
may not be timely; sources may not be original, and therefore may not be useful; data sources may be
biased; and the methodologies for collecting data may not be appropriate.
Syndicated data is data that is available for a fee from a commercial research firm such as J.D. Power and
Associates, ACNeilsen, and Symphony IRI Group.
Data mining uses a variety of statistical analysis tools to uncover previously unknown patterns in the data
or relationships among variables.
biometric data data about physical traits (think, Facial Recognition on Facebook or fingerprint scan on
iPhone)

Chapter 11: Product, Branding, and Packaging Decisions

Product Complexity
Actual product:
Brand name
Quality level
Packaging
Features/Design

Associated services:
Core customer value

Financing
Product warranty
Product support

Types of Products

Specialty products/services: consumers have strong preferences for these

Shopping products/services: fair amount of time spent comparing these products
Convenience products/services: not much evaluation given to these purchases, like a gas station
purchase
Unsought products/services: products consumer dont normally think of buying

Product mix all products and services offered by a firm

Product line groups of associated items that consumers tend to use together or think of as part of a
group of similar products or services
Breadth a count of the number of product lines offered by the firm
Depth the number of products within a product line
Brand equity the set of assets and liabilities linked to a brand that add to or subtract from the value
provided by the product or service
A brand extension refers to the use of the same brand name in a different product
line. It is an increase in the product mixs breadth.
A line extension is the use of the same brand name within the same product line,
and represents an increase in a product lines depth.
Naming can be done with family brand names or individual brand names.
Brand equity traits:
1.
2.
3.
4.

brand awareness
perceived value
brand associations
brand loyalty

There are two basic brand ownership strategies: manufacturer brands and retailer/store brands.

Chapter 12: Developing New Products

Innovation the process by which ideas get transformed into new offerings, including products, se r
vices, processes, and branding concepts that will help firms grow
Why Firms Create New Products:
1.
2.
3.
4.
5.

Changing customer needs

Market saturation
Managing risk through diversity
Fashion cycles
Improving business relationships

Diffusion of innovation process by which the use of an innovationwhether a product, a service, or a

processspreads throughout a market group, over time and across various categories of adopters
Diffusion of innovation allows marketers to predict how consumers might react to a new product.
Diffusion of Innovation Curve
Innovators (2.5%) Early adopters (13.5%) Early majority (34%) Late majority (34%) Laggards (16%)

Diffusion of Innovation Theory

Relative advantage, compatibility, observability, and trialability affect how quickly an innovative product
will be accepted by a market.
The Product Development Process
Idea generation Concept testing Product development Market testing Product launch Evaluation of results

Concept testing refers to the process in which a concept statement is presented to potential buyers
or users to obtain their reactions.
Alpha testing and beta testing are two processes that take place during the product development
stage of the product development process.
Market testing introduces the offering to a limited geographical area (usually a few cities) prior to
a national launch.
The step that requires tremendous financial resources and extensive coordination of all aspects of
the marketing mix is product launch.
Product Life Cycle
Introduction Growth Maturity Decline