Marketing Unit 2 Cheat Sheet by [deleted]

The process of assessing the viability of a new product or service through techniques such as surveys, product testing and focus groups. Market research allows a company to discover who their target market is and what these consumers think about a product or service before it becomes available to the public. Market research may be conducted by the company itself or by a third-­party company that specia­lizes in market research. Test subjects are usually compen­sated with product samples and/or paid a small stipend for their time.

A first, typical or prelim­inary model of something, especially a machine, from which other forms are developed or copied.

Ensuring a product is available when the customer wants it adheres to time utility. Consumer demand for products varies depending on the weather, holiday season or everyday wants and needs. For example, the demand for warm coats increases during the winter, and the demand for Christmas, Halloween or Easter decora­tions increases when these holidays approach, while the demand for soda and other soft drink products may remain the same throughout the year because customers can drink these products at any time.

The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the compet­ition.

Inform­ation created by the operation of an organi­zation that includes sales, purchase orders, and transa­ctions in inventory instead of the data being created by an indepe­ndent study or database.

A demogr­aph­ically diverse group of people assembled to partic­ipate in a guided discussion about a particular product before it is launched, or to provide ongoing feedback on a political campaign, television series, etc

It is a process of creating and managing contracts between the owner of a brand and a company or individual who wants to use the brand in associ­ation with a product, for an agreed period of time, within an agreed territory (Dora the Explorer Band-aids, superhero toothp­aste)

A process by which business decisions are analyzed. The benefits of a given situation or busine­ss-­related action are summed and then the costs associated with taking that action are subtra­cted.

An analysis of the ability to complete a project succes­sfully, taking into account legal, economic, techno­log­ical, scheduling and other factors. Rather than just diving into a project and hoping for the best, a feasib­ility study allows project managers to invest­igate the possible negative and positive outcomes of a project before investing too much time and money.

Is the emotional and psycho­logical relati­onship you have with your customers. All the features that make up a product's image. Could be a name, a visual symbol, or a slogan.

Product life cycle is the cycle through which every product goes through from introd­uction to withdrawal or eventual demise. Has 5 stages; Introd­uction, Growth, Maturity, Decline and Turning Point.

A brand name could be either corporate dominant or product dominant. Corporate branding involves marketing various products or services under the name of a company (Coca-­Cola). Product branding, on the other hand, is a marketing strategy wherein a business promotes and markets an individual product without the company name being front and center in the advert­ising campaigns or even on the product labelling (Big Mac).

Possession utility is the value consumers put on purchasing a product and having the freedom to use the product as it was intended or finding a new use for the product. For example, many people use flower pots for planting, but these pots have other uses such as storage for small objects found around the house or as a center­piece for the dining room table.

Close-­ended questions are those which can be answered by a simple "­yes­" or "­no,­" while open-ended questions are those which require more thought and more than a simple one-word answer.

Customer tracking is the process of gathering and organizing inform­ation related to customer activi­ties. An example of customer tracking is the gathering of click through inform­ation for customers as they navigate through a web page or a series of web sites.

A graphical mark used to identify a company, organi­zation, product or brand. Logos can be displayed alongside - or in lieu of - a company's name in order to generate awareness of the company's associ­ation with a particular product or service. The particular graphic used may be a stylized version of the company lettering (such as a wordmark), an actual object that exists in real life, or abstract (such as a shape unrelated to the company letter­ing).

The process of creating, develo­ping, and commun­icating ideas which are abstract, concrete, or visual. The process includes the process of constr­ucting through the idea, innovating the concept, developing the process, and bringing the concept to reality.

Or or relating to an owner or ownership

Features are what makes your product stand out from the crowd – they describe what it is, what makes it valuable, extrao­rdinary or essential for the consumer. Describing a benefit shows the reader what a particular feature can do for them, tells them why they should buy the product.

Geographic areas selected for a limite­d-scale introd­uction of a new product and/or a marketing plan. A test market serves as a field-­lab­oratory which simulates some or all factors associated with a full scale or national launch of the product. It generally includes at least on city that is a hub of commercial and media activity in that area and is surrounded by, and well connected to, several suburbs. Multiple test market locations allow evaluation of different pricing schemes, advert­ising media, promot­ional techni­ques, and other components of a marketing strategy.

A detailed study of a market or geogra­phical area to gather data on attitudes, impres­sions, opinions, satisf­action level, etc., by polling a section of the popula­tion.

Simple and catchy phrase accomp­anying a logo or brand, that encaps­ulates a product's appeal or the mission of a firm and makes it more memorable.

Hard data is a form of inform­ation about a certain topic, like numbers or facts, that can be proved. Soft data is a form of inform­ation about a certain topic that are hard to measure, like people's opinions or feelings.

A sampling method in which all members of a group (popul­ation or universe) have an equal and indepe­ndent chance of being selected.

A common method of launching a new product by using an existing brand name on a new product in a different category. A company using brand extension hopes to leverage its existing customer base and brand loyalty to increase its profits with a new product offering.

Internal and external factors that stimulate desire and energy in people to be contin­ually interested and committed to a job, role or subject, or to make an effort to attain a goal.

In its purest sense, “inven­tion“ can be defined as the creation of a product or introd­uction of a process for the first time. “Innov­ation,” on the other hand, occurs if someone improves on or makes a signif­icant contri­bution to an existing product, process or service.

Primary data is inform­ation collected by the party that will be using it for that specific purpose. Secondary data is inform­ation collected by someone else for some other purpose (but being utilized by the invest­igator for another purpose).

A service bureau that maintains up-to-date databases for public access.

Positi­oning is a marketing strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer (to create top-of­-th­e-mind awareness in a consumer).

Co-bra­nding is an arrang­ement that associates a single product or service with more than one brand name, or otherwise associates a product with someone other than the principal producer. The typical co-bra­nding agreement involves two or more companies acting in cooper­ation to associate any of various logos, color schemes, or brand identi­fiers to a specific product that is contra­ctually designated for this purpose. The object for this is to combine the strength of two brands, in order to increase the premium consumers are willing to pay, make the product or service more resistant to copying by private label manufa­ctu­rers, or to combine the different perceived properties associated with these brands with a single product. An example of this would be Dell computers with Intel proces­sors.