Note 40 - note PDF

Preview

Summary

note...

Description

sample ethical decision-making metric - The marketer's task here is to ensure that he or she has applied all relevant decision-making criteria and to assess his or her level of confidence that the decision being made meets those stated criteria. --publicity test --moral mentor test --golden rule test ---the person in the mirror test ranking from 1 to 7 if the alternative passes these test (1 is best)

scanner data - -are used in quantitative research obtained from scanner readings of UPC labels (barcodes) at check-out counters. -Whenever you go into your local grocery store, your purchases are rung up using scanner systems. -The data from these purchases are likely to be acquired by leading marketing research firms which use this information to help leading consumer packaged goods firms assess what's happening in the marketplace. EX: a firm can use scanner data to determine what would happen to its sales if it reduced the price of its least popular product by 10% in a given month. In the test market in which it lowers the price, do sales increase, decrease, or stay the same? **analyzes consumption of a particular product at a given unit of analysis (ex: kind bar sales in boston)

search for information - -after a consumer recognizes a need, is to search for information about the various options that exist to satisfy that need. - The length and intensity of the search are based on the degree of perceived risk associated with purchasing the product or service. Regardless of the required search level, there are 2 key types of information search: internal and external.

Secondary data - -are pieces of information that have been collected prior to the start of the focal research project. Secondary data include both external and internal data sources -A marketing research project often begins with a review of the relevant secondary data. - Secondary data might come from free or very inexpensive external sources, like census data, information from trade associations, and reports published in magazines. Although readily

accessible, these inexpensive sources may not be specific or timely enough to solve the marketer's research needs and objectives. -Firms also can purchase more specific or applicable secondary data from specialized research firms. -Finally, secondary sources can be accessed through internal sources, including the company's sales invoices, customer lists, and other reports generated by the company itself.

secondary package - is the wrapper or exterior carton that contains the primary package and provides the UPC label used by retail scanners. Consumers can use the secondary package to find additional product information that may not be available on the primary package. Like primary packages, secondary packages add consumer value by facilitating the convenience of carrying, using, and storing the product.

Segment profitability = - Segment profitability = (Segment size X Segment adoption percentage X Purchase behavior X Profit margin percentage) - Fixed costs -Segment size = number of people in the segment -Segment adoption percentage = % of customers in the segment who are likely to adopt the product/service -Purchase behavior = purchase price X number of times the customer would buy the product/service in a year -Profit margin percentage = (selling price - variable costs) ÷ selling price -Fixed costs = advertising expenditure, rent, utilities, insurance, and administrative salaries for managers **This analysis provides an estimate of the profitability of segments at one point in time.

select a position (step 5 of perceptual mapping) - So continuing, the company has some choices to appeal to untapped customer needs. -- It could develop a new product to meet the needs of this market (move closer to a different market(circle in perceptual map), different quadrant ) --Alternatively, it could adjust or reposition its marketing approach, its product and promotion, to sell original product (same quadrant just move closer to potential market) - Finally, it could ignore what target market really wants and hope that consumers will be attracted to the original product because it's closer to their ideal product than anything else on the market.

Select Target Market - -The key factor likely to affect this decision is the marketer's ability to pursue such an opportunity or target segment. -Thus, a firm assesses both the attractiveness of the target market (opportunities and threats based on the SWOT analysis and the profitability of the segment) and its own competencies (strengths and weaknesses based on SWOT analysis) very carefully -four targeting strategies: undifferentiated, concentrated, differentiated, micro marketing

self concept - - is the image that people ideally have of themselves. EX: a person who has a goal to belong may want to see himself as a fun-loving person that people want to be around. Marketers often make use of this self-concept through communications that show their products being used by groups of laughing people having a good time.

self values - are goals for life, not just the goals one wants to accomplish in a day. They are the overriding desires that drive how a person lives his or her life. Examples might be the need for self-respect, self-fulfillment, or a specific sense of belonging. This motivation causes people to develop self-images of how they want to be and then images of a way of life that will help them arrive at these ultimate goals. - Self-values help determine the benefits the target market may be looking for from a product. The underlying, fundamental, personal need that pushes a person to seek out certain products or brands stems from his or her desire to fulfill a self-value.

Sentiment mining - is data gathered by evaluating customer comments posted through social media sites such as Facebook, Twitter, and online blogs. -The data are then analyzed to distill customer attitudes toward and preferences for products and advertising campaigns. -Scouring millions of sites by combining automated online search tools with text analysis techniques, sentiment mining yields qualitative data that provide new insight into what consumers really think. -Companies plugged into this real-time information can become more nimble, allowing for quick changes in a product roll-out or a new advertising campaign.

service gap - When the delivery of that service fails to meet customer's expectations

service quality - customers' perceptions of how well a service meets or exceeds their expectation

Service Quality and Customer Satisfaction and Loyalty: - -good service quality leads to satisfied and loyal customers. -Customers wind up their purchase decision process has 3 outcomes: satisfaction, dissonance, and loyalty. -Dissonance may just be a passing emotion that is overcome. *Satisfaction,often leads to loyalty. Assuming that none of the service gaps occur customers should be more or less satisfied. - A service provider that does a good job one year is likely to keep customers satisfied the next year too. If a firm not only minimizes but eliminates any service gaps, customers are likely to exhibit significant loyalty to that firm. Customers want to continue receiving such superior service and have no desire to go elsewhere for the offerings it provides them.

Service Recovery - -the firm has a unique opportunity to demonstrate its customer commitment. **Effective service recovery efforts can significantly increase customer satisfaction, purchase intentions, and positive word of mouth, though customers' post-recovery satisfaction levels usually fall lower than their satisfaction level prior to the service failure. **social media has provided consumers with a stage to complain

services (product) - are intangible customer benefits that are produced by people or machines and cannot be separated from the producer. When people buy tickets, they're not paying for the physical ticket stub, but for the experience they gain. Hotels, insurance agencies, and spas provide services.

Sharing Information: - in a value-based marketing-oriented firm, marketers share information about customers and competitors and integrate it across the firm's various departments. Sharing and coordinating such information represents a critical success factor for any firm

Shopping products/services - -are products or services for which consumers will spend a fair amount of time comparing alternatives, such as furniture, apparel, fragrances, appliances, and travel alternatives...