Ch. 9
People's self-image or _________ is the image people ideally have of themselves.
self-concept
Data in large quanitites.
Volume
Product warranty is an example of this.
Associated services
One word that describes the fundamental difference between a product and service
Intangible
Bait and Switch
Sellers use very low prices to lure customer in the store and then agressively pressure them into purchasing higher priced items.
This step develops different segments which helps firms to better understand the customer profiles.
What are the segments?
Geographic, demographic,
psychographic, benefit, and behavioral.
Marketers can purchase this type of data for a fee?
Syndicated data
This type of packaging is rapidly evolving
Sustainable packaging
Factors differentiating services from goods
Inseperable, Heterogenous, Perisbable, Intangible
Ch. 15
Consumers may be willing to pay more for a product because over its entire life, it will eventually cost less to own than will a cheaper alternative.
Cost of ownership method
Occasion vs loyalty segementation
Occassion- when a product is purchased or consumed
Loyalty - investing to retain most profital customers
At what point do you decide the type of data needed?
Step 2, Designing the Research
Represents a count of the number of product lines offered
breadth
Seven Ps
Product, Price, Place, Promotion, Persentaion, Personnel, Processes
Ch 15
The objective is to build sales, market share and profits quickly and deter competition from entering the market.
Penetration pricing
SRRPI
Substanial
Reachable
Response
Profitable
Identiable
Observation, In-depth interviews, Focus groups
Qualitative research
Review 10.5 Qualitative vs Quantitative
The number of products within the product line
depth
Difference between the customer's expectation and the firm's perception of those customer's expectations.
Knowlege gap
Ch. 14
Company objectives as it relates to pricing strategies.
Profit-oriented
Sales-oriented
Competitor-oriented
Customer-oriented
This strategy invovles providing products or services that appeal to multiple segments which helps diversify the businss and therefore lowers the company's overall risk.
Differentiated Target Strategy
The 5 Vs of Big Data
Volume, Variety, Velocity, Veracity, Value
Review 10.10
A strategy in which marketers change the brand's focus to target new markets or realign the brand's focus.
Brand repositioning of rebranding
Reliability, Responsiveness, Assurance, Empathy, Tangibles
What are these?
Dimensions of Service Quaility
Ch. 14
What are the four levels of competion?
Monopoly, Oligopolistic, Monopolistic, Pure competition
Ref. 14.6