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Marketing 301- Test 2
Chapters 6-9 Vocabulary
118
Marketing
Undergraduate 3
02/14/2007

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Term
Marketing Research
Definition
The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities
Term
Research Design
Definition
An overall plan for obtaining the information needed to address a research problem or issue
Term
Hypothesis
Definition
An informed guess or assumption about a certain problem or set of circumstances
Term
Exploratory Research
Definition
Research conducted to gather more information about a problem or to make a tentative hypothesis more specific
Term
Descriptive Research
Definition
Research conducted to clarify the characteristics of certain phenomena and thus solve a particular problem
Term
Causal Research
Definition
Research in which it is assumed that a particular variable X causes a variable Y
Term
Reliability
Definition
A condition existing when a research technique produces almost identical results in repeated trials
Term
Validity
Definition
A condition existing when a research method measures what it is supposed to measure
Term
Primary Data
Definition
Data observed and recorded or collected directly from respondents
Term
Secondary Data
Definition
Data compiled both inside and outside the organization for some purpose other than the current investigation>>>Should be looked for first because it is much easier to obtain since someone has already done the work needed
Term
Population
Definition
All the elements, units, or individuals of interest to researchers for a specific study
Term
Sample
Definition
A limited number of units chosen to represent the characteristics of the population
Term
Sampling
Definition
The process of selecting representative units from a total population
Term
Probability Sampling
Definition
A sampling technique in which every element in the populaion being studied has a known chance of being selected for study
Term
Random Sampling
Definition
A type of probability sampling in which all unites in a population have an equal chance of appearing in a sample
Term
Stratified Sampling
Definition
A type of probability sampling in which the population is divided into groups according to a commom attribute and a random sample is then chosen within each group
Term
Nonprobability Sampling
Definition
A sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen
Term
Quota Sampling
Definition
A nonprobability sampling technique in which researchers divide the population into groups and then arbirarily choose participants from each group
Term
Mail Survey
Definition
A research method in which respondents answer a questionaire sent through the mail
Term
Telephone Survey
Definition
A research method in which respondents' answers to a questionaire are recorded by interviewers on the phone
Term
Online Survey
Definition
A research method in which respondents answer a questionaire via email or website
Term
Personal Interview Survey
Definition
A research method in which participants respond to survey questions face to face
Term
In-home Interview (door to door)
Definition
A personal interview that takes place in the respondent's home
Term
Focus Group Interview
Definition
A research method involving observation of group interation when members are exposed to an idea or concept
Term
Telephone Depth Interview
Definition
An interview that combines the traditional focus group's ability to probe with the confidentiality provided by telephone survey
Term
Shopping Mall Intercept Interview
Definition
A research method that involves interviewing a percentage of persons passing by "intercept" points in a mall
Term
Experiment
Definition
A research method that attempts to maintain vertain variables while measuring the effects of experimental variables
Term
Statistical Interpretation
Definition
Analysis of what is typical or what deviates from the average
Term
Marketing Information System (MIS)
Definition
A framework for the management and structuring of inofrmation gathered regularly from sources inside and outside an organization
Term
Single-source Data
Definition
Information provided by a single marketing research firm
Term
Marketing Decision Support System (MDSS)
Definition
Customized computer software that aids marketing managers in decision making
Term
Consumer Market
Definition
Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits
Term
Business Market
Definition
Individuals or gourps that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations
Term
Undifferentiated Targeting Strategy
Definition
A strategy in which an organization defines an entire market for a particular product as its target market, designs a single marketing mix, and directs it at that market
Term
Homogeneous Market (thats you bd)
Definition
A market in which a large proportion of customers have similar needs for a product
Term
Heterogeneous Markets
Definition
Markets made up of individuals or organizations with diverse needs for products in a specific product class
Term
Market Segmentation
Definition
The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs
Term
Market Segment
Definition
Individuals, groups, or organizations with one or more similar characteristics that cause them to have similar product needs
Term
Concentrated Targeting Strategy
Definition
A strategy in which an organization targets a single market segment using one marketing mix
Term
Differentiated Targeting Strategy
Definition
A strategy in which an organization targets two or more segments by developing a marketing mix for each
Term
Segmentation Variables
Definition
characteristics of individuals, groups, or organizations used to dividea market into segments
Term
Market Density
Definition
the number of potential customers within a unit of land area
Term
Geodemographic Segmentation
Definition
Marketing segmentation that clusters people in zip code areas and smaller neigborhood units based on lifestyle and demographic information
Term
Micromarketing
Definition
An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
Term
Benefit Segmentation
Definition
The division of a market according to benefits that customers want from the product
Term
Market Potential
Definition
The total amount of a product that customers will purchase within a specified period at a specific level of industrywide marketing activity
Term
Company Sales Potential
Definition
The maximum percentage of market potential that an individual firm can expect to obatin for a specific product
Term
Breakdown approach
Definition
Measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it
Term
Buildup Approach
Definition
Measuring company sales potential by estimating how much of a product a portential buyer in a specific geographic area will purchase in a given period, multiplying the estimate by the number of potential buyers, and adding the totals of all the geographic areas condsidered
Term
Sales Forecast
Definition
The amount of a product a company expects to sell during a specific period at a specified level of marketing activities
Term
Executive Judgement
Definition
Sales forecasting based on the intuition of one or more executives
Term
Customer Forecasting Survey
Definition
A survey of customers regarding the types and quantities of products they intend to buy during a specific period
Term
Sales Force Forecasting Survey
Definition
A survey of a firm's sales force regarding anticipated sales in their territories for a specified period
Term
Expert Forecasting Survey
Definition
Sales forevasts prepard by experts such as economists, management consultants, advertising executives, college professors, or other persons outside the firm
Term
Delphi Technique
Definition
A procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts
Term
Time Series Analysis
Definition
A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend, cycle, seasonal, and random factor analyses
Term
Trend Analysis
Definition
An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
Term
Cycle Analysis
Definition
An analysis of sales figures for a period of three to five years to asertain whether sales fluctuate in a consistent, periodic mannter
Term
Seasonal Analysis
Definition
An analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales
Term
Random Factor Analysis
Definition
An analysis attempting to attribute erratic sales variation to random, nonrecurrent events
Term
Regression Analysis
Definition
A method of predicting sales based on finding a reltionship between past sales and one or more variables, such as population or income
Term
Buying Behavior
Definition
The decision processes and acts of people involved in buying and using products
Term
Consumer Buying Behavior
Definition
Buying behavior of people who purchase products from personal or household use and not for business purposes
Term
Level of Involvement
Definition
An individual's intensity of interest in a product and the importance of the product for that person
Term
Routinized Response Behavior
Definition
A type of comsumer problem-solving process used when buying frequently purchased, low cost items that require very little search and decision effort
Term
Limited Problem Solving
Definition
A type of comsumer problem solving process that buyers use when purchasing products occasionally or when they need information about an unfamiliar brand in a familiar product category
Term
Extended Problem Solving
Definition
A type of comsuer problem solving process employed when purchasing unfamiliar, expensive, or infrequently bought products
Term
Impulse Buying
Definition
An unplanned buying behavior resulting from a powerful urge to buy something immediately
Term
Consumer Buying Decision Process
Definition
A 5 stage purchase decision process that includes problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation
Term
Internal Search
Definition
An information search in which buyers search their memories for information about products that might solve their problem
Term
External Search
Definition
An information search in which buyers seek info from outside sources
Term
Consideration Set
Definition
A group of brands that a buyer views as alternatives for possible purchase
Term
Evaluation Criteria
Definition
Objective and subjective characteristics that are important to a buyer
Term
Cognitive Dissonance
Definition
A buyer's doubts shortly after a purchase about whether the decision was the right one
Term
Situational Influences
Definition
Influences resulting from circumstances, time, and location that affect the consumer buying decision process
Term
Psychological Influences
Definition
Factors that partle determine people's general behavior, thus influencing their behacior as consumers
Term
Perception
Definition
The process of selecting, organizing, and interpreting information inputs to produce meaning
Term
Information Inputs
Definition
Sensations recieved through the sense organs
Term
Selective Exposure
Definition
The process of selecing inputs to be exposed to our awareness while ignoring others
Term
Selective Distortion
Definition
An individual's changing or twisting of information when it is inconsistent with personal feelings or beliefs
Term
Selective Retention
Definition
Remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not
Term
Motive
Definition
An internal energizing force that directs a person's behavior toward satisfing needs or achieving goals
Term
Maslow's Hierarchy of Needs
Definition
The five levels of needs that humans seek to satisfy, from most to least important: physiological, safety, socal, esteem, self-actualization>>>not necessarily need to achieve in order
Term
Patronage Motives
Definition
Motives that influence where a person purchases products on a regular basis
Term
Learning
Definition
Changes in an individuals thought processes and behavior caused by information and experience
Term
Attitude
Definition
An individual's enduring evaluation of, feelings about, and behavioral tendencies toward an object or idea
Term
Attitude Scale
Definition
Means of measuring consumer attitudes by gauging the intensity of individuals' reactions to adjectives, phrases, or sentences about an object
Term
Personality
Definition
A set of internal traits and distinct behavioral tendencies that result in consistent patterns of behavior
Term
Self-concept
Definition
Perception or view of oneself
Term
Lifestyle
Definition
An individual's pattern of living expressed through activities, interests, and opinions
Term
Social Influences
Definition
The forces other people exert on one's buying behavior
Term
Role
Definition
Actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding people
Term
Consumer Socialization
Definition
The process through which a person acquires the knowledge and skills to function as a consumer
Term
Reference Group
Definition
Any group that positively or negatively affects a person's values, attitudes, or behavior
Term
Opinion Leader
Definition
A reference group member who provides information about a specific sphere that interests reference group participants
Term
Social Class
Definition
An open group of individuals with similar social rank
Term
Culture
Definition
The values, knowledge, beliefs, customs, objects, and concepts of a society
Term
Subculture
Definition
A group of individuals whose characterisic values and behavior patterns are similar and differ from those of the surrounding culture
Term
Business Markets
Definition
Individuals or gourps that purchase a specific kind of product for resale, direct use in producing other products, or use in genereal daily operations
Term
Producer Markets
Definition
Individuals and business organizations that purchase products to make profits by using them to produce other products or using them in their operations
Term
Reseller Markets
Definition
Intermediaries who buy finished goods and resell them for profit
Term
Government Markets
Definition
Federal, state, country, and local governments that buy goods and services to support their internal operations and provide products to their consituencies
Term
Institutional Markets
Definition
Organizations with charitable, educational, community, or other nonbusiness goals
Term
Reciprocity
Definition
An arrangement unique to business marketing in which two organizations agree to buy from each other
Term
New task purchase
Definition
An initial purchase by an organization of an item to be used to perform a new job or solve a new problem
Term
Straight Rebuy Purchase
Definition
A routine purchase of the same products by a business buyer
Term
Modified Rebuy Purchase
Definition
A new-task purchase that is changed on subsequent orders or when the requirements of a straight rebuy purchase are modified
Term
Derived Demand
Definition
Demand for industrial products that stems from demand for consumer products
Term
Inelastic Demand
Definition
demand that is nor significantly altered by a price increase or decrease
Term
Joint Demand
Definition
Demand involving the use of two or more items in combination to produce a product
Term
Business (Organizational) buying behavior
Definition
The purchase behavior or producers, government units, institutions and resellers
Term
Buying Center
Definition
The people within an organization, including users, influencers, buyers, deciders, and gatekeepers, who make business decisions
Term
Value Analysis
Definition
An evaluation of each component of a potential purchase
Term
Vendor Analysis
Definition
A formal, systematic evaluation of current and protential vendors
Term
Multiple Sourcing
Definition
An organization decision to use several suppliers
Term
Sole Sourcing
Definition
An organizations decision to use only one supplier
Term
Standard Industrial Classification (SIC) System
Definition
The federal government system for classifying selected economic characteristics of industrial, commercial, financial, and service organizations
Term
North American Undustry Classification System (NAICS)
Definition
An industry classification system that will generate comparable statistics among the United States, Canada, and Mexico
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