BUS - 120 Final Exam
Study online at https://quizlet.com/_d45du3
1. 5W's of Research Who - are we going to survey (target population)?
Design What - behaviour/characteristic are we observing or mea-
suring? E.g. beer drinking preferences
When - time of measurement; would results differ if se-
lected different time of day, time of year? E.g. evening
telemarketing calls
Where - do we conduct the field study? Would the results
change if we changed the location? E.g. in bar, at hockey
game
Why - what is the deliverable; what question is being
answered (hypothesis being tested). Why do you care?
What will you do with the info?
How - what survey format will we use? E.g. Questionnaire,
observation,
telephone, in-person, or mail.
2. Expectations Vs. Expectations come from our advertising. Advertising
Perceived Perfor- communicates the promise of what a buyer will receive.
mance Perceived performance is the personal assessment of
what they received. It can be different between buyers and
may not include all that they actually received.
Better to under promise and over deliver; this creates
delighted customers.
3. Why Focus on - Greater customer loyalty
Satisfaction? - Repeat purchasing
- Brand evangelist
- Increased share of wallet
4. Customer Rela- (1) Customer Acquisition - trying to get existing customers
tionship Activi- to buy more often
ties (How to get, Examples: free gifts (TV, tablets), first time buyer dis-
build, and keep counts etc.
relationships) (2) Customer Development - trying to get existing cus-
tomers to buy more, more often
Examples: add-on sales, cross selling, Amazon showing
"customers who bought this, also bought this". Quantity
discounts. Promotions that increase the payoff (discount)
with the more you buy.
, BUS - 120 Final Exam
Study online at https://quizlet.com/_d45du3
(3) Customer Retention - the costs companies incur to
prevent existing customers from going elsewhere
Examples: TELUS offering discounts at the free of losing
customers to the trend of cable cutting
5. Types of Ex- - Literature Search
ploratory De- - Experience Surveys
signs: - Focus Groups
- Analysis of selected cases
- Depth Interviews
- Projective Techniques
- Ethnography
6. Types of Re- Exploration - designed to discover ideas and insight
search Methods: Descriptive - designed determine the frequency of an
occurrence or relationship to between two variables
Causal - designed experiment to determine cause and
effect relationships between two or more variables
7. Notes on Types •A consumers emotional knowledge overrides his rational
of Research knowledge approximately 95% of the time when making
Methods purchases
•Neither surveys nor FGs are particularly good at uncov-
ering emotional knowledge
•The data from research won't tell you what to do, results
come from how managers interpret the info
•Using past buying behaviour as the primary barometer
for future purchasing patterns is risky business. There-
fore, questionnaires must be predictive
•Questionnaires must be value oriented and predictive to
uncover shifts in consumer values
8. Applying 5Ws to Who - are they (demos, psychos, behavs)?
Buyer Profiles: What - do they want (features & benefits being sought)?
Why - do they seek it (needs being met)?
When - do they use or buy product?
Where - do they use/ buy product?
How - do they use product / pay for product / learn about
the product?
, BUS - 120 Final Exam
Study online at https://quizlet.com/_d45du3
9. Consumer Par- (1) Simple Random
ticipation (Sam- (2) Convenience
ple Types) (3) Quota
(4) Stratified Random
10. Marketing Busi- Define the buyer and seller (Chapter 7)
ness Function Understand the consumer needs (Chapter 6)
Create wants to satisfy needs (Chapter 8)
Building a Competitive Advantage
11. Define Buyer & Buyer: Ultimate user of your good or service. Individuals
Buyers referred to as consumer; business referred to as cus-
tomer.
Buyers: Individual, company, government, charity,
churches, health causes, etc. Best way to distinguish
is whether for business use or personal use - because
businesses can be end users. E.g. UFV buys paper and
Cindy prints out course lecture notes.
12. Define Seller(s) Sellers: The companies we use to get our product to
the buyers. E.g. retail stores, warehouses, online market-
places (Amazon).
13. Define Con- Consumer Needs: Can be physiological or psychological.
sumer Needs Consumers may or may not be aware of an existing need
state.
14. Define Con- Consumer Wants: Products designed and manufactured
sumer Wants to satisfy a need. Allow the consumer to return to some
natural state of being.
15. Define Competi- Competitive advantage: Your product provides the best
tive Advantage value and as a result consumers are loyal to your product.
Value is more than cash cost.
16. What are Mar- Marketers are in the business of creating unique wants to
keters in the satisfy needs
Business of?
17.
Study online at https://quizlet.com/_d45du3
1. 5W's of Research Who - are we going to survey (target population)?
Design What - behaviour/characteristic are we observing or mea-
suring? E.g. beer drinking preferences
When - time of measurement; would results differ if se-
lected different time of day, time of year? E.g. evening
telemarketing calls
Where - do we conduct the field study? Would the results
change if we changed the location? E.g. in bar, at hockey
game
Why - what is the deliverable; what question is being
answered (hypothesis being tested). Why do you care?
What will you do with the info?
How - what survey format will we use? E.g. Questionnaire,
observation,
telephone, in-person, or mail.
2. Expectations Vs. Expectations come from our advertising. Advertising
Perceived Perfor- communicates the promise of what a buyer will receive.
mance Perceived performance is the personal assessment of
what they received. It can be different between buyers and
may not include all that they actually received.
Better to under promise and over deliver; this creates
delighted customers.
3. Why Focus on - Greater customer loyalty
Satisfaction? - Repeat purchasing
- Brand evangelist
- Increased share of wallet
4. Customer Rela- (1) Customer Acquisition - trying to get existing customers
tionship Activi- to buy more often
ties (How to get, Examples: free gifts (TV, tablets), first time buyer dis-
build, and keep counts etc.
relationships) (2) Customer Development - trying to get existing cus-
tomers to buy more, more often
Examples: add-on sales, cross selling, Amazon showing
"customers who bought this, also bought this". Quantity
discounts. Promotions that increase the payoff (discount)
with the more you buy.
, BUS - 120 Final Exam
Study online at https://quizlet.com/_d45du3
(3) Customer Retention - the costs companies incur to
prevent existing customers from going elsewhere
Examples: TELUS offering discounts at the free of losing
customers to the trend of cable cutting
5. Types of Ex- - Literature Search
ploratory De- - Experience Surveys
signs: - Focus Groups
- Analysis of selected cases
- Depth Interviews
- Projective Techniques
- Ethnography
6. Types of Re- Exploration - designed to discover ideas and insight
search Methods: Descriptive - designed determine the frequency of an
occurrence or relationship to between two variables
Causal - designed experiment to determine cause and
effect relationships between two or more variables
7. Notes on Types •A consumers emotional knowledge overrides his rational
of Research knowledge approximately 95% of the time when making
Methods purchases
•Neither surveys nor FGs are particularly good at uncov-
ering emotional knowledge
•The data from research won't tell you what to do, results
come from how managers interpret the info
•Using past buying behaviour as the primary barometer
for future purchasing patterns is risky business. There-
fore, questionnaires must be predictive
•Questionnaires must be value oriented and predictive to
uncover shifts in consumer values
8. Applying 5Ws to Who - are they (demos, psychos, behavs)?
Buyer Profiles: What - do they want (features & benefits being sought)?
Why - do they seek it (needs being met)?
When - do they use or buy product?
Where - do they use/ buy product?
How - do they use product / pay for product / learn about
the product?
, BUS - 120 Final Exam
Study online at https://quizlet.com/_d45du3
9. Consumer Par- (1) Simple Random
ticipation (Sam- (2) Convenience
ple Types) (3) Quota
(4) Stratified Random
10. Marketing Busi- Define the buyer and seller (Chapter 7)
ness Function Understand the consumer needs (Chapter 6)
Create wants to satisfy needs (Chapter 8)
Building a Competitive Advantage
11. Define Buyer & Buyer: Ultimate user of your good or service. Individuals
Buyers referred to as consumer; business referred to as cus-
tomer.
Buyers: Individual, company, government, charity,
churches, health causes, etc. Best way to distinguish
is whether for business use or personal use - because
businesses can be end users. E.g. UFV buys paper and
Cindy prints out course lecture notes.
12. Define Seller(s) Sellers: The companies we use to get our product to
the buyers. E.g. retail stores, warehouses, online market-
places (Amazon).
13. Define Con- Consumer Needs: Can be physiological or psychological.
sumer Needs Consumers may or may not be aware of an existing need
state.
14. Define Con- Consumer Wants: Products designed and manufactured
sumer Wants to satisfy a need. Allow the consumer to return to some
natural state of being.
15. Define Competi- Competitive advantage: Your product provides the best
tive Advantage value and as a result consumers are loyal to your product.
Value is more than cash cost.
16. What are Mar- Marketers are in the business of creating unique wants to
keters in the satisfy needs
Business of?
17.
