Marketing 3010 Week 8 Notes
Marketing 3010 Week 8 Notes Mkt 3010-001
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This 2 page Class Notes was uploaded by Hannah Stephens on Sunday February 28, 2016. The Class Notes belongs to Mkt 3010-001 at Clemson University taught by Carter Willis McElveen in Spring 2016. Since its upload, it has received 36 views. For similar materials see Principles of Marketing in Marketing at Clemson University.
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Date Created: 02/28/16
Chapter 11: Product Branding & Packaging Decisions • Product o Everything favorable/unfavorable a person receives in an exchange o Can be a tangible good service or idea o Starting point of Marketing Mix • Product Assortments & Product Line Decisions o Breadth: # of product lines a company has o Depth: # of categories within a product line • Brands o A name, logo, or symbol that evokes in customers a perception of added value for which they will pay a premium price • Benefits of Branding o Consistent level of quality o Psychological rewards from ownership o A means of distinguishing one brand from another o Way of communicating features and benefits o An opportunity to create and sustain an image o Customers satisfaction and repeat purchase opportunity • Components of a Brand o Brand name (spoken component of branding) o Logos and Symbols (Visual Branding elements) o URLs and domain names o Characters o Slogans (short phrases used to describe the brand or to persuade) • Demographics: best compared to psychological studies for predicting marketing strategy because demographics are easier to get! • Advantages & Disadvantages for Secondary & Primary Data o Pg. 227 from book o Secondary Research—Good: saves time in collecting data because is readily available, free or inexpensive (except for syndicated data). Bad: not tailored for specific problem; information may not be timely, may be biased, methodologies for collecting data may not be appropriate o Primary Research—Good: specific to problem at hand; exactly what you need; Bad: takes a long time and is costly • Syndicated Data—data that you buy • Scanner Data—external secondary data • Panel Research—external secondary data; what people are or are not buying • Internal Secondary Data o Data Warehouse—storage facility for data ▯ Secondary data that is inside the company • Data Mining—combing through the data looking for a trend that is meaningful • Qualitative vs. Quantitative Data Collection Techniques o Qualitative Research ▯ Tends to be more exploratory so if you’re unsure what the problem is it tends to be more helpful ▯ In-‐depth interviews, observation, focus groups, social media o Quantitative Research ▯ Is more conclusive ▯ Experiments, survey, scanner, panel, more conclusive • Data Collection o Observation—watching what consumers buy o Social media—watching what consumers like and follow • Ethnographic Research o Study of human behavior in its natural context; involves observation of behavior and physical setting • Survey Research o Most common form of data collection • Questionnaire Design o Open-‐ended Question—an interview question that encourages a response o Closed-‐Ended Question o Scaled-‐Response Question • Web Surveying o Response rates are relatively high o Respondents may lie less o It’s inexpensive o Results are processed and received quickly • Experimental Research o Do an experiment to see what will happen
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