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Marketing 3010 Week 8 Notes

by: Hannah Stephens

Marketing 3010 Week 8 Notes Mkt 3010-001

Marketplace > Clemson University > Marketing > Mkt 3010-001 > Marketing 3010 Week 8 Notes
Hannah Stephens

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About this Document

These notes cover what we went over in class.
Principles of Marketing
Carter Willis McElveen
Class Notes
Marketing, Marketing 3010, Clemson University
25 ?




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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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