MKTG1021 Study Guide - Midterm Guide: Big Mac Index, Conjoint Analysis, Gross Margin

• School: Boston College
• Department: Marketing
• Course: MKTG1021
• Professor: Bridget Akinc

Document Summary

Globalization: globalization of production sourcing/manufacturing elsewhere (i. e. walmart, nike, developing a business through sales/marketing in a new market (i. e. kfc in china) The (cid:1008) p"s a(cid:374)d ho(cid:449) the(cid:455) (cid:272)reate (cid:448)alue: product creates value, price captures value, place/package delivers value, promotion communicates value. To introduce new products, you need 3 things: new ideas design thinking and product positioning, bringing new products to market, measuring product maturity. 5 steps of design thinking: empathy, define, ideate, prototype, test. Qualitative vs. quantitative market research: qualitative u(cid:374)dersta(cid:374)di(cid:374)g people"s (cid:373)oti(cid:448)atio(cid:374) Explain quant findings: quantitative large sample size testing parameters. Ask structured questions limit responses i. e. conjoint analysis. Danger of top-down analysis is you overestimate market size. Danger of bottom-down analysis is you underestimate market size. Secondary packaging label, contains the upc code that helps collect data from buyer: book definition: the wrapper/exterior/label that contains primary packaging and provides the upc label used by retail scanners.