MKTG Exam 2 Study Guide 6 7 8 9 10

Unimaginative product offerings company more

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Unimaginative product offerings; company more susceptible to competition. Multisegment Targeting Greater financial success and economies of scale. High costs; cannibalization. Concentrated Targeting Concentration of resources; meets narrowly defined segment needs ; small firms can compete; strong positioning. Segments too small, or changing; large competitors may market to niche segment. One-to-one Marketing – an alternative Utilizes customer information to build long-term, personalized, and profitable relationships with each customer Factors driving one-to-one marketing Positioning Developing a specific marketing mix to influence potential customer’s overall perception of a brand, product line, or organization in general Position The place a product, brand or group of products occupies in consumers’ minds relative to competing offerings. Repositioning is the attempt to change the existing position to one that is more favorable. Proctor & Gamble example – 12 brands of laundry detergent that have 12 different positions in consumers’ minds. Positioning Bases Attribute Price and quality Use or application Product user Product class Competitor Emotion Perceptual Mapping (or Position Mapping) 10
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A means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customer’s minds. Statistical methods can be used to create geometric models based on perceived differences (distances) Ch 9 - Decision Support System and Marketing Research Key Learning Elements Concept and purpose of a marketing decision support system What is marketing research, why is it important? Steps of a marketing research project, and the major concepts and tools involved (e.g., primary vs. secondary data, sampling, etc.) Impact of Internet on marketing research Scanner-based research Competitive intelligence Marketing Decision Support System An interactive, flexible computerized information system that enables managers to obtain and manipulate information as they are making decisions Characteristics Interactive Flexible Discovery-oriented Accessible Database Marketing The creation of a large computerized file of customers’ and potential customers’ profiles and purchase patterns. Example: Walmart; databases are used for one-to-one marketing Marketing Research Marketing research is the systematic process of planning, gathering, recording and analyzing of data relevant to a marketing decision. It allows managers to make decisions based on objective and systematically gathered information, rather than merely on intuition. Three roles Descriptive: factual statements Diagnostic: explaining data relationships (independent variables-dependent variables) Predictive: “what if?” Management Use of Marketing Research Improve the quality of decision making Tracing problems Help keep current customers – UPS example Understand the changing marketplace Marketing Research Problem to Decision Marketing research problem 11
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