Is inclusive of necessary steps companies invest in

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Is inclusive of necessary steps Companies invest in product development: o Time o Money o Research o Resources New Product Purchase Rate Formula: category of marketing models called diffusion or penetration models
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o Provides information about diffusion of a product o Provides this information calculated over time o Works with a proposed acceptance rate o Controls for its own saturation levels Share of voice– Percentage of your company’s voice within the entire market’s voice o Your advertising dollars spent ÷ all advertising dollars spent for comparable products o Problem- Only measured in dollars spent. It assumes dollars are spent comparably across different advertising venues. Brand recall- Test of overall brand awareness o Given a product category, a consumer can name a brand without further prodding. o Top of mind: first brand recalled o Dominance: only brand recalled o Ranking within list of all recalled brands within a product category Advertisement or product recall - Test of overall advertisement or product awareness o Two types Aided Recall – a person is shown an ad, product, brand name or trademark, and asked to recall a previous time they saw it Unaided Recall – Consumers are asked to describe any product, advertising, brand name, or trademark that they recall seeing recently; perhaps narrowed down to “tv last night” or “last time in a retail store.” o Tells us about awareness Tells us nothing about preference o Product recall can become so high that your product is thought of as the generic e.g., Rollerblade, Kleenex, Cellophane, Escalator, Xerox o Recall can also reflect a negative association Remember the name of the restaurant in which you got sick... Recognition- whether or not a consumer has been exposed to a brand (or product or campaign) before. o Tells us whether or not this brand or advertising campaign is memorable o High recognition and low recall is a bad sign. o Only remember after being prompted o Niche brands tend to have high recall and recognition within their loyal customers, but low overall recall and recognition in the overall market.
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Reach- is the number (or percentage) of people reached by a single exposure (as/commercial) in a specified period of time. Exposure = opportunity for consumers to see or hear a particular ad (smell too...cookies at the mall) Important when selecting media vehicle. Usually incorporated into a description of the proposed advertising investment. Media people generally over-estimate reach, but must adhere to Advertising Research Foundation guidelines Frequency- number of times an average member of target audience is exposed to the same ad, commercial, or program over a given period of time. o Primarily used in the market planning process o Does not account for peak versus non-peak Gross Rating Points (GRP)- provides a measure of advertising weight within a particular media (tv, radio, print).
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  • Spring '18
  • Danny Weathers
  • new product development, researcher, Operationalization Concretization

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