Chapter 7-10 Final Exam Study Guide

Mechanical method of collection includes national tv

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Mechanical method of collection includes national TV ratings (based on “people meter” in TV’s) o Personal method includes “mystery shopper/spy.” Watching consumers in person or recording them.
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Ethnographic research is when trained observers watch for subtle behavior and emotional reactions as consumers encounter products in their “natural use environment.” Personal methods are useful and flexible, but can be costly and unreliable. Doesn’t determine why people act the way they do Neuro-marketing method: brain scanning to analyze buying processes. Help explain why people do what they do Questionnaire data : facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors o Idea Generation methods: coming up with ideas Individual interviews: can probe for more questions, but very expensive Depth interviews: researchers ask lengthy, free-flowing questions to probe underlying ideas and feelings Focus groups: informal group with discussion leader who asks people’s opinions on the firm’s products. Informal feeling helps uncover ideas difficult to obtain on individual basis Idea Evaluation Methods- Testing an Idea. Essential that question surveys be worked precisely so respondents interpret similarly. o Conventional questionnaires using email to survey large sample o Fixed alternative questions with semantic differential scale (5 point scale- opposite end have two adjectives) or Likert scale (extent to which agree) Primary data is more flexible and specific, but costly and time consuming CHAPTER 9 “Why Segment Markets?” A business firm segments its markets so it can respond more effectively to the wants of groups of potential buyers and thus increase its sales and profits. Market segmentation : involved aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action . Market segments : relatively homogenous groups of prospective buyers that result from the market segmentation process. Relatively similar people in terms of consumption behavior.
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Product differentiation : strategy involving using different marketing mix activities to help consumers perceive the product as being different and better than competing products. Effective market segmentation does two key things: (1) It forms meaningful groupings and (2) it develops specific marketing mix actions.
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