MKTG 341 Study Guide - Midterm Guide: Revlon, Focus Group, Price Discrimination
3 Oct 2018
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Document Summary
The process of gathering and analyzing information in order to recommend actions. Measures of success: standards used in evaluating proposed solutions to a problem. Lead to marketing actions: measure of success: purchase intent, parents prefer socially responsible, sustainable toys, parents prefer budget-friendly toy, possible marketing actions, add sustainable toys to product line, maintain streamlined product line (shoes) Identify data needed for marketing actions: concepts. Individual interviews: expensive/time consuming: focus group: 6/8 consumers. Independent variable: the causes: dependent variable: the results, tests markets, primary data: pros/cons, advantages, more specific to the problem, disadvantage, time consuming to collect, expensive. Analyze the data: societal impact, toms toys. Market segmentation: aggregates potential buyers into groups that have common needs and will respond similarly to marketing actions, market segments: common need, common response, product differentiation: many different products. Why: mass markets no longer exist. How: one product/multiple segments, multiple products/multiple segments, segments of one: mass communication.
