MKTG Exam 2 Chs 6 to 10

One to one marketing an individualized marketing

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One-to-One Marketing: an individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer. * the goal is to reduce costs through customer retention and increase revenue through customer loyalty 4 trends will lead to the continuing growth of one-to-one marketing: personalization, time savings, loyalty, and technology. LO 9: Positioning Positioning: a process that influences potential customers’ overall perception of a brand, product line, or organization in general Position: is the place a product, brand, or group of products occupies in consumer’s minds relative to competing offerings. Product Differentiation: a positioning strategy that many firms use to distinguish their products from those of competitors Perceptual Mapping: a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customer’s minds Positioning Bases- 1. Attribute: 2. Price and Quality: 3. Use or Application: 4. Product User: 5. Product Class: 6. Competitor: 7. Emotion: Repositioning: changing a consumers’ perceptions of a brand in relation to competing brands CH 9: Decision Support Systems and Marketing Research LO 1: Marketing Decision Support Systems Accurate and timely information is the lifeblood or marketing decisionmaking. Marketing Information: everyday info about developments in the marketing environment that managers use to prepare and adjust marketing plans Decision Support Systems (DSS): an interactive, flexible, computerized information system that enables managers to obtain and manipulate information as they are making decisions. Interactive: Flexible: Discovery Oriented: Accessible: Database Marketing: the creation of a large computerized file of customer’s and potential customer’s profiles and purchase patterns LO 2: The role of marketing research Marketing Research: the process of planning, collecting, and analyzing data relevant to a marketing decision
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LO 3: Steps in a Marketing Research Project Virtually all firms that have adopted the marketing concept engage in some marketing research because it offers decision makers many benefits. Marketing research problem: determining what information is needed and how the info can be obtained efficiently and effectively Marketing Research Objective: the specific information needed to solve a marketing research problem; the objective should be to provide insightful decision-making information. Management Decision Problem: a broad-based problem that uses marketing research in order for managers to take proper actions Secondary Data : data previously collected for any purpose other than the one at hand Marketing Research Aggregator: a company that acquires, catalogs, formats, segments, and resells reports already published by marketing research firms Research Design: Specifies which research question must be answered, how and when the data will be gathered, and how the data will be analyzed Primary Data:
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