chapter 9 and chapter8
chapter 9 and chapter8 MKT 300
verified elite notetaker
verified elite notetaker
ACCT 2210 - 001
verified elite notetaker
verified elite notetaker
verified elite notetaker
verified elite notetaker
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This 11 page Class Notes was uploaded by Qiu Jiawei on Monday February 29, 2016. The Class Notes belongs to MKT 300 at Arizona State University taught by in Spring 2016. Since its upload, it has received 10 views.
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Date Created: 02/29/16
MKT Chapter 8 Consumer Insight: is perceived meanings of data collected from the study of consumer behavior. 1. Data to Insight: Attract customers Retain Customers 2. What do customers think? About my brand? Competitor’s brand? 3. Why do customers Buy my Brand? 4. What are Consumer expectations The opportunities The threats Market Research: is the acquisition and analysis of information used to identify and define marketing opportunities that connect consumers to markets. 1. Where to open new bakery? 2. How many potential customers Two Types of research: 1. Applied Research: - Why are sales declining? - It finds answers to practical problems. - Market research is applied research because it answers practical problem 2. Pure research: - is trying to answer questions of practical problems like where should I open my barky. It is generally research. - finding new information Uses of Marketing Research: 1. Make better decisions: Pricing, what products to offer, decide hours 2. Identify opportunities and threats 3. Monitor Performance: How well are we performing, are we successful The Market Research Process: Five steps 1. Define the problem: very important the first definite the problem - What it is that we are trying to understand. What do your research questions? What do you want to learn? Will the result matter Is it cost effective 2. Design the research: which research quantitative or qualitative 3. Conduct the research: collect Data: primary data or secondary data non sampling validate and reliability 4. Analyze the research/data: Statistical analysis Descriptive statistics Group differences: descriptive statistics 5. Address the problem: solution to problem based on research Write report of findings Conclusive findings Recommendations Write for the intended reader Types of research Data 1. Research questions: Research Question: Best to start with secondary data to see what information is already available. Secondary data: Information that has previously been collected for another purpose. Or Data that is already available. Information that has been created. Primary Data: Information that is collected to address a current research question. Directly from source or person. you are going to go out and collect on your own for you own use Advantage of secondary Data: Available more quickly and at a lower cost than primary data. May provide data the company cannot secure on its own. Pros and Cons of Secondary Data: you are your own shop owner, here is my friend that wants to open up a bakery, does he have the means to figure out what the population and all the demographic information for the neighborhood. Can he do that his own? Problem not. 1. Potential Problems: Desired information may not exist. Not all information found is usable. Carefully evaluate information to be certain it is relevant, accurate, current, and impartial. Primary Data: 1. Must be relevant, accurate, current, and unbiased. 2. Must determine: Research approach Contact methods Sampling plan Research instruments: questionnaire Research Design Categories: 1. Exploratory: Why do consumers purchase brand X? This is used to identify new areas of study. It is useful into narrowing bioresearch questions into smaller areas for future research. Usually generally and broad to gain ideas. 2. Descriptive: Is used to describe marketing variable such as who, what, when, where. how often do consumers shop for groceries and where do they shop. Survey are really good descriptive. 3. Explanatory: This seek s to understand relationships between independent and dependent variable. What happen if e increase the price Research Types: ethnographic: study of culture. It can be a technique for a researcher can immerse him or herself into the environment. 1. Qualitative: - Technics that gain information by observing people. - Focus Groups, interviews, observational, Ethnographic ethnographic: study of culture. It can be a technique for a researcher can immerse him or herself into the environment. Quantitative: Surveys Focus Groups: Qualitative 1. Six to 10 or 12people 2. Trained moderator 3. Challenges: Expensive Difficult to generalize from small group Consumers not always open and honest Observational Research: Qualitative: Banana. Can evaluate the quality of customer service and aspects of the facilities. 1. Many restaurants, retail stores, and other service- oriented businesses use mystery shoppers – a type of observational research – to evaluate the quality of customer service and aspects of the facilities. 2. Mystery Shopping People coming in under cover to report on service Can evaluate the quality of customer service and aspects of the facilities. Survey Research: quantitative: experiments 1. Surveys can help marketers to understand attitudes and provide a lot of information surveys. Quantitative: Experiments. For example, you want to get the EC from MKT class, you just do it 1. Experimental research is best for gathering causal information: cause-and-effect relationships 2. Independent or dependent variable. Starbucks observational research: like how many people drive thought, pick up form store and how many people site in the store. 3. IKEA Catalog: How might IKEA run an experiment on a direct mall Online research: Advantage Amazon has a panel called M-Tirk. Low cost Speed Higher response rates Good for hard to reach groups Measurements in surveys: It is a proses of quantifying how much one variable set of features are possessed in another variable. Measurement in Surveys Scale Type Example Nominal Yes-No: Male-Female Ordinal Indicate level of education: high school, some college, bachelor’s, graduate degree (Don’t know spacing between, are 2 ndand 3 almost tied?) Interval Temperature: Is 80° twice as hot as 40°? interval allows for comparison of the size of differences among and between objects. Ratio Number of hot dog purchased, time spent reading textbook, etc. Questionnaire development: We want to have a survey that had both validity (you are measuring what you intend to measure, so if I want to measure attitudes towards the bakery) and reliability (that is why sometimes when you are filling out a survey and you are like did not I just answer. Respondent Motivation Are respondents completing survey and being open and honest? Put together Sample Plan 1. Survey some members of the group to act as representatives for entire population 2. Probability sample: Everyone would have same probably of being in the sample (Completely random) 3. Non-probability: May not all have equal chance of being in sample. Convenience Purposive – Using judgment to create sample based on perceptive that people meet your requirements Snowball – Have 10 people find 10 people and those people find another 10 people Quota – You need 3 seniors, 3 juniors, 2 sophomores, 2 freshman. Need a certain number of types of participates Conduct the Research Validity is you are measuring what you are meaning to measure. Reliability is it’s reliable and consistent. Non-sampling errors – interviewer is leading you Analyze the research Statistical analysis Descriptive statistics (male vs female results) Group differences Address the problem Write report of findings Conclusive findings Recommendations Write for the intended reader Chapter 9 Brand Strategies 60% of best known US Brands are over 50 years old. A Brand: is a promise to deliver specific benefits associated with products or services to consumers. Benefits of a Brand: 1. For the Manufacturer: Represents ownership: Distinguishes from competitors Adds value 2. For the Consumer Delivers a promise Offers consistency Brands Help Segment Markets: Bashas VS Food City vs AJs All owned by same company but caters to middle/lower/upper class. Product vs. Brand 1. Products: laptop, pencil, phone Made in a factory Easily duplicated Can be outdated Generic 2. Brand: Brand can take on a personality like Levis are rugged, campbell’s soup is wholesome. Created through marketing efforts Is unique Is timeless Has personality Branding Benefits: Higher perceived quality Price premium Greater market share Financial strength Brand extensions: enables you to move into new categories. Apple moved into Apple watch. Brand Equity: is the power of a brand, though creation of a distinct image, to influence customer behavior. the power of a brand, through creation of a distinct image, to influence customer behavior. For example (same quality) different price: Ralph Lauren 150, Cutter buck 62, Croft & Barrow 20 Brand can influence out behavior and what we are willing to pay. Applications of Brand Equity: 1. Channel switching: Strong brand can allow product to move into new distribution channel Selling at new store, or online 2. Brand stretching: Allow new may allow partnering with another brand. 3. Brand alliances: Strong brand may allow partnering with another brand. Doritos and Taco Bell 4. Relationship building Allow to faster and closer connection with customers and distribution suppliers 5. Supplier advantages: Strong brand gives you leverage when working with suppliers. Building Brand Equity: smallest to biggest Benefits: 1. Loyalty: greater market share and repeat purchases. apple or Starbucks 2. Commitment: Starbucks free education, attachment to that brand. Brand relationship 3. Customer equity: effect that customer responds to marketing efforts. 4. Brand equity A Strong Brand: occupies a distinct position in consumer’s minds based on relevant benefits and creates an emotional connection between businesses and consumers. Building strong brand: can provide identity that is easily recognized 1. Provide Identity: 2. Project the Right Message 3. Saves Time: Do not waste time shopping around because you know what brands are good and what you like. Building strong brand chart: position is how you think about the brand versus other brands 1. 2. the value is the strongest way: create strong loyalty, commitment, strong consumer equity. Building Strong Brands : On exam Strongest way to position brand is based on values Attributes- basic qualities of product: taste, smell, touch Benefits- what benefits are provided to consumer by product Values – What create emotional connections with consumers, create loyalty and consumer equity Increasingly difficult for competitors to copy positioning the more you use values It also has a higher emotional connection with consumers Crest Toothpaste example Attributes - mint flavor Benefits - cavity prevention, teeth whitening Values – Healthy, beautiful smiles for life Brand Sponsorship Manufacturer (National) Brands Big brand names: Heinz, Kellogg’s Licensing License out brand for another company Disney Princess Band-Aids Store (Private Label) Brands Private label: Fry’s/Kroger Safeway Safeway vs Heinz Ketchup Co-Branding Two brands within same product Kellogg’s Pop-Tarts with Smucker’s Jelly Brand Development Strategies: Dove, just launched a new dove that makes you hair sparkler. That is line extension. Brand extension: Mulibrands: where you will have new brands, many new brands in one category. Brand Development: 1. Line Extension: - Crayola Crayon colors, greek yogurt,minute maid , Not changing brand or product category. New flavor. Crayola making new colors. 2. Brand Extension: - Disney Cruises, take brand and extend into new category. Honda makes both motorcycles and cars. Must have qualities that can cross over. Disney creating Cruises. 3. New Brands: - Toyota to Lexus - New Brand in new company 4. Multiband: - P&G tide, Gain, Dreft - Many brands in new categories. Toyota created Lexus Guinness: dark beer, Irish beer: blond American lager. Branding perspective Successful brand extensions Colgate toothbrushes Mars ice cream bars Arm and hammer toothpaste Sunkist orange soda Honda lawn mowers Unsuccessful brand extension Cracker jack Hidden valley ranch frozen entrée Bic perfumes Ben-gay aspirin Smuckers’ ketchup Dominoes fruit-flavored bubble gum Brand Management: is the overall coordination of a brand’s equities to create long-term brand growth through overseeing marketing mix strategies. Managing Brands: Consistent brand message: Manage customer experience Focus on long term growth Brand Protection: 1. product recalls: Toyota, big issue, really bad 2. Bad publicity: Kleenex 3. counterfeit products: 4. Genericize: Protect brand so your brand does not become generic. You can loose your brand name if the product becomes a generic. (Q-tips, Brand-Aids, Kleenex, Chap-Stick)
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