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Quiz 2 cheat sheet
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Week 5: Primary data: 1st hand, more reliable, control over collection, very raw, costlier. Secondary data: 2nd hand, less reliable,less control over collection, usually better organized, cheaper. Qualitative research: Answer 'why', observe & interpret, non-
statistical. Quantitative research: Answer 'many/how much', measure & test, statistical. Surveys/polls: Document that features set
of questions designed to gather information from respondents that will lead to more effective marketing decisions. Answers can
be structured & close ended where you choose answer/structured & open needed where you give opinion. Experiments:
Independent variable: Cause, manipulated. Dependent variable: Effect, measured. Correlation: Correlation is statistical measure
that expresses extent to which two variables are linearly related (meaning they change together at constant rate). It is common
tool for describing simple relationships without making statement about cause & effect, correlation does not imply cause-effect,
but cause-effect relationship must have correlation. Regressions: One dependent variable/multiple independent variables.
Visualization & interpretation: Pros: Easily sharing information, interactively explore opportunities & visualize patterns &
relationships. Cons: Biased/inaccurate information, correlation does not always mean causation, core messages can get lost in
translation. Week 6: Why are new products created? Market saturation, changing consumer needs, improved business
relationships, fashion cycles & managing risk through diversity. New product development process (NDP): Idea generation:
Sources of new ideas. Internal R&D: High costs, often used for tech products, often source of breakthrough products. Licensing:
E.g., University research centers. Brainstorming, outsourcing. Competitors’ products: Reverse engineering/copycat products,
customer input. Concept testing: Triggers marketing research process, process in which concept is presented to potential
buyers/users to obtain their reactions. Concept is brief written description of product. Product development: Prototype e.g.,
Concept car at an expo. Alpha testing: By firm. Beta testing: By some users. Product launch: Requires tremendous financial
resources & extensive coordination of all aspects of marketing mix. Firm confirms its target market(s), decides how product will
be positioned, finalizes remaining marketing mix variables & determines budget. Timing is critical. Evaluation of results:
Technical, customer & financial requirements. Branding: Increases awareness & provides way to differentiate from competitors.
Why is branding so important? Increase market share, build trust w/ customers, drive sales, create distinct identity. Packaging &
labelling: An important brand element that has more tangible/physical benefits than other brand elements have. Labeling provides
information on consumer needs; many labeling requirements stem from various laws & it is communication tool. Key roles of
packaging: Attracts consumers’ attention, enables products to stand out from their competitors, allows for same product to appeal
to different markets of different sizes. Recent development is sustainable packaging. Diffusion of innovation model: Process by
which use of an innovation spreads throughout market group over time & across categories of adopters. Affected by
compatibility, observability, complexity & trialability & relative advantage. Services: Any intangible offering that involves deed,
performance/effort that cannot be physically possessed. Core differences between products & services: Services are inseparable,
intangible, heterogenous & perishable. Week 7: Costs: Variable vs fixed costs, direct vs indirect costs, opportunity costs. Break
even analysis: Financial calculation that weighs costs of new business, service/product against unit sell price to determine point at
which you will break. Competition: Competitive parity/status quo pricing (Change only when matching competitors' prices).
Channel members & pricing: Profit sharing, markup, bulk discounts, minimum/maximum limits, quotas, anti-competition.
Pricing strategies: Markup is difference between selling price of good/service & its cost. Often expressed as percentage over cost.
Markup is added to total cost incurred by producer of good/service in order to cover costs of doing business & create profit.
Freemium pricing, dynamic pricing, paying what you want pricing, psychological pricing, bundle pricing. Week 8: Marketing
channels & supply chain: Marketing channel consists of people, organizations & activities necessary to transfer ownership of
goods from point of production to point of consumption. Two major types: Direct (Producer to consumer), indirect (Producer to
intermediaries to consumer). 2 directions: Upstream, downstream. Intermediaries: Retailer, wholesaler, distributor & reseller.
Role of marketing channels & intermediaries: Links producers to buyers, influences firm's pricing strategy, affects product
strategy through branding, policies, willingness to stock, customizes profits, installs, maintains, offers credit, etc., helps in bulk
breaking, promotional strategies, reverse logistics. Supply chain: Combination of all individual marketing channels. Channel
flows: Product, negotiation, ownership, info & promotion. Bases of power: Legitimate: Position in hierarchy, expert: having
expertise in an area, referent: from interpersonal relationships, coercive: from ability to influence through threats, reward: from
ability to offer & influence incentives. Choosing right partner considerations: Channel structure (integration – vertical), brand
strength, relative power, customer expectations, channel member size & network. Omnichannel marketing: Seamless &
effortless, high-quality customer experiences that occur within & between contact channels. Logistics: Logistics is part of supply
chain management that deals with efficient forward & reverse flow of goods, services & related information from point of origin
to point of consumption according to needs of customers. 2 major types: Inbound logistics: purchasing & arranging movement of
materials, parts/unfinished inventory, outbound logistics: storage & movement of final product. Major terms: Procurement
logistics, distribution logistics, after-sales logistics, disposal logistics, reverse logistics, green logistics, global logistics, domestics
logistics, concierge service, reliability, availability & maintainability (RAM), asset control logistics, point-of-sale material
logistics, emergency logistics, production logistics, construction logistics, capital project logistics, digital logistics, humanitarian
logistics. Best practices: Right product (including right information about it) (at) right quantity, right time, right condition, right
place (to) right customer (w/) right (financial) resources. Some metrics: Physical: stocking capacity, selectivity, superficial use,
volumetric use, transport capacity, transport capacity use. Monetary: space holding costs, such as building, shelving & services &
handling costs such as people, handling machinery, energy & maintenance. Other: physical/monetary form, such as standard
inventory turnover. Retailers: Buy products from wholesalers, agents/distributors & then sell them to consumers.
Supermarkets/grocery stores: Walmart. Convenience stores: corner store. Specialty stores: Tepperman. Category killer: Petco,
BestBuy. Department stores: Neiman Marcus, Marshalls. Outlet stores: GAP, Old Navy. Online retailers: Walmart.ca. Used
retailers: Craigslist. Pop up stores: Temporary. Wholesalers: Obtain large quantities of products from producers, store them &
break them down into cases & other smaller units more convenient for retailers to buy, process called “breaking bulk. Types:
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