Term
5-step Marketing research approach
STEP ONE |
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Definition
Define the problem
- set research objectives
- identify possible marketing actions |
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Term
5-step Marketing research approach
STEP TWO |
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Definition
Develop the research plan
- specify constraints
- identify data needed for marketing actions
- determine how to collect data |
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Term
5-step Marketing research approach
STEP THREE |
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Definition
Collect relevant information by specifying
- secondary data
- primary data |
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Term
5-step Marketing research approach
STEP FOUR |
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Definition
Develop findings
- analyze data
- present findings |
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Term
| 5-step Marketing research approach STEP FIVE |
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Definition
| Take marketing actions - identify action recommendations - implement action recommendations - evaluate results |
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Term
| Maslow's Hierarchy of Needs |
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Definition
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Term
| Consumers' Buying Decision Process |
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Definition
1. Need recognition
- encourage consumers to see existing state is not desired state
2. Information search
- provide information when/where consumers search for info
3. Evaluation of alternatives
- provide information when/where consumers search for info and understand criteria and communicate superiority
4. Purchase decision
- Emphasize brand loyalty (retention objective) or
- Address choice heuristic (new consumers)
5. Post-purchase behavior
- Encourage accurate expectations |
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Term
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Definition
| Information collected for the specific purpose at hand |
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Term
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Definition
Information that already exists somewhere, having been collected for another purpose
- internal sources - government sources
- commercial - internet
Advantages: Problems:
+ fast + low costs - out of date - too general
- inaccurate |
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Term
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Definition
- Informative: make sure target market has information about your product/service
- Awareness: make target market aware of your product/service
- Top of Mind Awareness: Become the first brand that comes to mind in certain situations
- Image: Building unique, strong, and favorable brand associations
- Comparative: Compare with other identified competing brands on characteristics
*** awareness and image generate brand equity *** |
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Term
| 5Ds of New Product Development |
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Definition
* Desires
Consumer Desires: current needs/wants, future needs/wants
Company's Desires: Business objective, marketing objective
*Develop - Analyze |
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Term
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Definition
| Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships. |
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Term
| Marketing information system (MIS) |
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Definition
| People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights |
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| Electronic collections of consumer and market information obtained from data sources within the company network. |
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Term
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| The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization |
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Definition
| Marketing research to gather preliminary information that will help define problems and suggest hypotheses |
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Definition
| Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers. |
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Definition
| Marketing research to test hypotheses about cause-and-effect relationships |
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Term
| Commercial online databases |
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Definition
| Collections of information available from online commercial sources or accessible via the Internet |
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Definition
| Gathering primary data by observing relevant people, actions, and situations |
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| A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments" |
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| Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior |
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| Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses. |
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Definition
| Personal interviewing that involves inviting six to ten people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion on important issues |
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Term
| Online marketing research |
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Definition
| Collecting primary data online through Internet surveys, online focus groups, Web-based experiments, or tracking consumers' online behavior. |
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Definition
| Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior. |
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| A segment of the population selected for marketing research to represent the population as a whole. |
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| A group of people with shared value systems based on common life experiences and situations |
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Definition
| Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors |
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| Two or more people who interact to accomplish individual or mutual goals |
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| A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others |
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| online social communities - blogs, social networking web sites, or even virtual worlds - where people socialize or exchange information and opinions |
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| A need that is sufficiently pressing to direct the person to seek satisfaction of the need |
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| The unique psychological characteristics that distinguish a person or group |
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| A person's pattern of living as expressed in his or her activities, interests, and opinions. |
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| The process by which people select, organize, and interpret information to form a meaningful picture of the world |
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| Changes in an individual's behavior arising from experience |
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| A descriptive thought that a person holds about something |
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| A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea |
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| Dissonance-reducing buying behavior |
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Definition
| Consumer buying behavior in situations characterized by high involvement but few perceived differences among brands |
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| Consumer buying behavior in situations characterized by low-consumer involvement and few significantly perceived brand differences |
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| The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions |
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| The buyer's decision about which brand to purchase |
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| The stage of the buyer decision process in which consumers take further action after purchase based on their satisfaction or dissatisfaction with a purchase |
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| Buyer discomfort caused by postpurchase conflict. |
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| A good, service, or idea that is perceived by some potential customers as new |
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| The mental process through which an individual passes from first hearing about an innovation to final adoption |
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Definition
| The systematic search for new-product ideas |
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Definition
| Inviting broad communities of people - customers, employees, independent scientists and researchers, and even the public at large - into the new-product innovation process |
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| Screening new-product ideas to spot good ideas and rop poor ones as soon as possible |
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| A detailed version of the new-product idea stated in meaningful consumer terms |
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| Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal |
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| Marketing strategy development |
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Definition
| Designing an initial marketing strategy for a new product based on the product concept |
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Definition
| A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives |
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| Developing the product concept into a physical product to ensure that the product idea can be turned into a workable marketing offering |
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| The stage of new-product development in which the product and its proposed marketing program are tested in realistic market settings |
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Definition
| Introducing a new product into the market |
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| Customer-centered new-product development |
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Definition
| New-product development that focuses on finding new ways to solve customer problems and create more customer- satisfying experiences |
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| Team-based new-product development |
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Definition
| An approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness |
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| The course of a product's sales and profits over its lifetime. it involves five distinct stages: product development, introduction, growth, maturity, and decline |
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| A basic and distinctive mode of expression |
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| A currently accepted or popular style in a given field |
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| A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity |
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| The PLC stage in which a new product is first distributed and made available for purchase |
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| The PLC stage in which a product's sales start climbing quickly |
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| The PLC stage in which a product's sales growth slows or levels off |
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| The PLC stage in which a product's sales decline |
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| The amount of money charged for a product or service; the sum of the values that customers exchange for the benefits of having or using the product or service |
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| Customer value-based pricing |
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Definition
| Setting price based on buyers' perceptions of value rather than on the seller's cost |
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Definition
| Offering the right combination of quality and good service at a fair price |
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Definition
| Attaching value-added features and services to differentiate a company's offers and charging higher prices. |
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Definition
| Setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk |
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Definition
| Costs that do not vary with production or sales level |
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| Costs that vary directly with the level of production |
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Definition
| The sum of the fixed and variable costs for any given level of production |
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| Experience curve (learning curve) |
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Definition
| The drop in the average per-unit production cost that comes with accumulated production experience |
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| Cost-plus pricing (markup pricing) |
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Definition
| Adding a standard markup to the cost of the product |
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| Break-even pricing (target return pricing) |
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Definition
| Setting price to break even on the costs of making and marketing a product or setting price to make a target return |
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| Competition-based pricing |
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Definition
| Setting prices based on competitors' strategies, prices, costs, and market offerings |
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Definition
| Pricing that starts with an ideal selling price and then targets costs that will ensure that the price is met |
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Definition
| A curve that shows the number of units the market will buy in a given time period, at different prices that might be charged |
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| A measure of the sensitivity of demand to changes in price |
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| A specific communication task to be accomplished with a specific target audience during a specific period of time |
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| The dollars and other resources allocated to a product or a company advertising program |
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| The strategy by which the company accomplishes its advertising objectives. It consists of two major elements: creating advertising messages and selecting advertising media |
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| A term that has come to represent the merging of advertising and entertainment in an effort to break through the clutter and create new avenues for reaching consumers with more engaging messages |
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| The compelling "big idea" that will bring the advertising message strategy to life in a distinctive and memorable way |
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| The approach, style, tone, words, and format used for executing an advertising message |
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| The vehicles through which advertising messages are delivered to their intended audiences |
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| Return on advertising investment |
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Definition
| The net return on advertising investment divided by the costs of the advertising investment |
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Definition
| A marketing services firm that assists companies in planning, preparing, implementing, and evaluating all or portions of their advertising programs |
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| Factors influencing Consumer behaviors |
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Definition
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