Term
|
Definition
| systematic design, collection, interpretation and reporting of information to help marketers solve problems |
|
|
Term
| How is the real value of marketing research measured? |
|
Definition
| By improvements in a marketers ability to make decisions, lead to increased sales |
|
|
Term
| Marketing research process |
|
Definition
1. Locate and define problem or issue
2. design research project or design
3. Collect data
4. Interpret results
5. report findings |
|
|
Term
|
Definition
| something that departs from some normal function such as conflicts between or failure to attain objectives. |
|
|
Term
|
Definition
| overall plan for obtaining the info needed to address a problem |
|
|
Term
|
Definition
| use own records publicly available to gain insight |
|
|
Term
|
Definition
| Used when one or more alternatives are identified and one needs help for final decision (need to understand characteristics to solve problem) |
|
|
Term
|
Definition
| casual deductions about relationships, X causes Y to happen |
|
|
Term
|
Definition
| Need to understand characteristics of certain problem, use surveys, need in-depth knowledge of problem and is clearly defined |
|
|
Term
|
Definition
| Produces same results in repeated trials |
|
|
Term
|
Definition
| method measures what is supposed to be measured |
|
|
Term
|
Definition
| used to help prove/disprove research hypothesis |
|
|
Term
|
Definition
| Observed/recorded directly, gathered through observation and survey |
|
|
Term
|
Definition
| Compiled inside/outside of organization not for purpose of current investigation, usually collected first |
|
|
Term
|
Definition
| own database, past records and marketing research |
|
|
Term
|
Definition
| periodicals, gov. publications and outside services |
|
|
Term
| How primary data collected |
|
Definition
| probability and nonprob Sampling, Surveys, select participants and questions, observe behavior; (Telephone, mail, online, interview) |
|
|
Term
|
Definition
| population of interest into groups according to a common attribute then a random sample is chosen within each group. |
|
|
Term
|
Definition
| process of selecting representative unity for total populations |
|
|
Term
|
Definition
| More subjective, quota sampling - arbitrarily select participants |
|
|
Term
|
Definition
questionnaires are sent to respondents (large area/limited budget)
Pro: cheap, premuim/incentive available
Con: Low response rate |
|
|
Term
|
Definition
interviewer records respondents’ answers to a questionnaire
Pro: ask probe questions, more response
Con: only oral comm, most people dont like them, interpreters fib results of those who dont answer |
|
|
Term
|
Definition
contacted via e-mail, FB, ect.
Pro: Quick response, very cheap
Con: lack of response, very vague |
|
|
Term
|
Definition
| Respond face-to-face, in-home (door-to-door) |
|
|
Term
|
Definition
| taking tasks usually performed by a marketer or researcher and outsourcing the |
|
|
Term
|
Definition
| small groups of actual customers who serve as sounding boards for new product ideas and offer insights |
|
|
Term
|
Definition
| interview is to observe group interaction when members are exposed to an idea or concept, occur in small group |
|
|
Term
|
Definition
| clear, easy to understand, and directed toward a specific objective. open-ended, dichotomous, and multiple-choice |
|
|
Term
|
Definition
| observe in real life environment |
|
|
Term
|
Definition
| Direct contact avoided, try to limit falseness |
|
|
Term
|
Definition
| used when direct observation causes bias |
|
|
Term
|
Definition
1. draw conclusion in table format
2. Analyze
3. Interpret
4. understand results |
|
|
Term
|
Definition
| formal written document, with answer to research question, try hard to avoid bias |
|
|
Term
|
Definition
| Framework of day to day management and structure of info regularly gathered, continuous flow of info on price, sales, distribution, ect. |
|
|
Term
|
Definition
| Collection of info arranged for easy access and retrieval |
|
|
Term
| Customer relationship management |
|
Definition
| database marketing techniques to identify different types of customers and develop specific strategies for interacting with each customer |
|
|
Term
|
Definition
| Likely to continue buying |
|
|
Term
|
Definition
| Unlikely to purchase again |
|
|
Term
|
Definition
| Info provided by single source on demographics, purchases, responses, ect |
|
|
Term
| Marketing decision support system |
|
Definition
| helps anticipate effects of certain decisions |
|
|
Term
| Importance of ethical research (2) |
|
Definition
essential professional standards be established to be judged reliably
Necessary for ethical/legal issues (Develop codes of conduct) |
|
|
Term
| Importance of marketing research process |
|
Definition
| info is valid/reliable based on economic, political, ect differences by modifying gathering methods |
|
|
Term
| Two phase process for international marketing research |
|
Definition
1. detailed search/analysis of secondary data for better understanding
2. Field research especially local researchers |
|
|
Term
|
Definition
| people who have needs for products in a product category and have the ability, willingness, and authority to purchase such products |
|
|
Term
|
Definition
| Consume product for its original use and not to make a profit |
|
|
Term
| Business market/three reasons to purchase |
|
Definition
| purchase goods for three reasons: resale, for producing other goods, and use in general operation |
|
|
Term
| Five step target market process |
|
Definition
1. identify approach strategy
2. Determine type of segmentation variable
3. develop segment profiles
4. Evaluate relevant market segments
5. Select target market |
|
|
Term
| Undifferentiated target strategy |
|
Definition
| entire market for a particular product as its target market, designs a single marketing mix, and directs it at the entire market. EX: baking soda |
|
|
Term
| Undifferentiated target needs to be (2) |
|
Definition
1. homogeneous (similar need of product)
2. Single market satisfied needs |
|
|
Term
| Concentrated Target Strategy |
|
Definition
| which an organization targets a single market segment using one marketing mix |
|
|
Term
|
Definition
| dividing the total market into groups or segments that have relatively similar product needs for the purpose of designing a marketing mix which precisely matches the needs of individuals in a selected segment. |
|
|
Term
| Who consists in market segment? |
|
Definition
| individuals, groups, or organizations with one or more similar characteristics which cause them to have relatively similar product needs |
|
|
Term
| 5 conditions of effective segmentation |
|
Definition
1. product must be heterogeneous
2. Identifiable/diverse segment groups
3. Segments able to be compared with potential/cost/profit
4. segment has enough profit potential
5. ability to reach chosen segment with marketing mix |
|
|
Term
| Pro/Con of concentrated target strategies |
|
Definition
Pro: Analyze specific needs, large sales, can compete with large businesses
Con: if demand declines company screwed |
|
|
Term
| Differentiated Target Strategy |
|
Definition
| targets two or more segments by developing a marketing mix for each segment |
|
|
Term
| Differentiated Target Strategy pro/con |
|
Definition
Pro: Increase total market sales, Absorb excess production capacity
Con: Higher production cost with more product goods, higher marketing cost |
|
|
Term
|
Definition
| characteristics of individuals, groups, or organizations that are used to divide a market into segment |
|
|
Term
| requirements of segmentation variable (4) |
|
Definition
1. Relate to customers needs
2. Must be measurable
3. Resources determine size/# of segment
4. choose correctly or limits chance of success |
|
|
Term
| Demographic Characteristic |
|
Definition
| age, gender, race, ethnicity, income, education, occupation, family size, family life cycle, religion, and social class |
|
|
Term
| Why rely on demographic variable? |
|
Definition
| closely linked to customers’ needs and purchasing behaviors, and can be readily measured |
|
|
Term
|
Definition
| Affects needs of food/cars/goods of household based on if married and age/# of kids |
|
|
Term
|
Definition
| climate, terrain, city size, population density, and urban/rural areas; helps with # of potential customers and precise goods needed |
|
|
Term
|
Definition
| Personality, Motives, Lifestyle choices, |
|
|
Term
|
Definition
| a) Firms can divide a market according to some feature of consumer behavior toward a product, commonly involving some aspect of product use |
|
|
Term
| 4 variables to segment business market |
|
Definition
1. Location
2. Type of organization
3. Customer size
4. product use |
|
|
Term
|
Definition
| similarities among potential customers within a segment and explain the differences among people and organizations |
|
|
Term
|
Definition
market potential (max total production of all market companies)
Company sale potential (max % of market potential for a single firm) |
|
|
Term
|
Definition
| measures sale based on economic forecast and potential sales |
|
|
Term
|
Definition
| potential amount purchased per customer multiplied by potential buyers to calculate market potential |
|
|
Term
|
Definition
1. compete head to head
2. avoid competition
2. avoid competition due to unique characteristic of product
3. Avoid cannibalizing sales
4. price, quality level, benefits |
|
|
Term
|
Definition
| ctivities intended to create and maintain a certain concept of a product (relative to competitive brands) in customers’ minds. make desirable |
|
|
Term
|
Definition
| customers perception of product relative to competitive brand, shape concepts, |
|
|
Term
|
Definition
| amount of a product the firm actually expects to sell during a specific period at a specified level of marketing activities. |
|
|
Term
|
Definition
| intuition of one or more executives based on experience |
|
|
Term
| Customer forecasting survey |
|
Definition
| types and quantities of products customers intend to buy during a specific period |
|
|
Term
|
Definition
| estimates future off of employee anticipated sales |
|
|
Term
| Expert forecasting survey |
|
Definition
| sales forecast prepared by professionals |
|
|
Term
|
Definition
| which experts create initial forecasts, submit them to the company for averaging, and return for accuracy |
|
|
Term
| Times series analysis (4 types) |
|
Definition
Trend (annual sales rise or fall)
Cycle (Consistency in 3-5 year cycle)
Seasonal (how seasons effect sales)
Random (erratic sales to random events) |
|
|
Term
|
Definition
| predicting sales based on finding a relationship between past sales and either population, per capita income, or GDP |
|
|
Term
|
Definition
| making a product available to buyers in test areas and measuring purchases/responses to distribution, promotion, and price |
|
|
Term
|
Definition
| decision processes of people involved in buying and using products |
|
|
Term
|
Definition
| ultimate consumers—those who purchase products for personal use and not for business purposes |
|
|
Term
|
Definition
| difference between a desired state and an actual condition, can be slow or fast |
|
|
Term
| Consumer buying decision process five stages |
|
Definition
1. Problem recognition
2. information search
3. Evaluate alternatives
4. Purchases
5. Post-purchase evaluation |
|
|
Term
| Information search of products (2) |
|
Definition
Internal: their memories for information
external: information from outside sources |
|
|
Term
|
Definition
| yields a consideration set (aka evoked set), a group of brands that the buyer views as possible alternatives. |
|
|
Term
|
Definition
| product choice, availability, and decision to buy OR not to buy |
|
|
Term
|
Definition
| evaluate the product to ascertain if the actual performance meets expected levels. |
|
|
Term
|
Definition
| objective and subjective characteristics that are important to consumer |
|
|
Term
|
Definition
| circumstances, time, and location that affect the consumer buying decision proces |
|
|
Term
| Situational factor categories (5) |
|
Definition
1. Physical surroundings
2. Social surroundings
3. Time dimension (time of day/pressure)
4. reason for purchase (gift or you_
5. monetary modes/feelings of buyer |
|
|
Term
|
Definition
| peoples general consumer behavior, |
|
|
Term
|
Definition
| selecting, organizing, and interpreting information inputs to produce meaning |
|
|
Term
|
Definition
| sensations received through sight, taste, hearing, smelling, touch |
|
|
Term
|
Definition
| Individual selects which inputs will reach analysis |
|
|
Term
|
Definition
| changing received info when inconsistent with previous thoughts |
|
|
Term
|
Definition
| remembers information inputs that support personal feelings and beliefs and forgets inputs that do not. |
|
|
Term
|
Definition
| mentally fills in information gaps to make a pattern or statement. |
|
|
Term
| Three step perception process |
|
Definition
1. info that is exposed to us
2. Integrate info that is already stored
3. assign meaning to what is being organized |
|
|
Term
|
Definition
| internal force which directs a person’s behavior toward satisfying needs or achieving goals. |
|
|
Term
| Maslow's hierarchy of meaning, 5 levels |
|
Definition
1. physiological needs
2. safety needs
3. social needs
4. self esteem needs
5. self-actualization |
|
|
Term
|
Definition
| motives such as price, service or friendly salespeople, which influence where a person purchases products |
|
|
Term
|
Definition
| changes in an individual’s thought processes and behaviors caused by information and experience |
|
|
Term
|
Definition
| Free samples, in-store demonstrations and test drives |
|
|
Term
|
Definition
Cognitive (knowledge)
Affective (feeling/emotion)
Behavioral (Action) |
|
|
Term
|
Definition
| attitude toward the object) can be used to understand a consumer’s attitude, including beliefs about product, strength and evaluation of beliefs |
|
|
Term
| Theory of reasoned action |
|
Definition
| intentions to act or purchase |
|
|
Term
| two ways to gauge consumer attitude |
|
Definition
1. direct questions
2. attitude scale |
|
|
Term
| Negative attitude to positive? |
|
Definition
| generally a long, expensive, and difficult task and may require extensive promotional efforts |
|
|
Term
|
Definition
| behavior and traits that form consistent patterns of behaviors |
|
|
Term
|
Definition
| Self-concept or self-image of yourself |
|
|
Term
|
Definition
| living pattern based off activities, interests and opinions, how time spend and general outlook on life |
|
|
Term
|
Definition
| divides consumers into eight groups: innovators, thinkers, achievers, experiencers, believers, strivers, makers and survivors. |
|
|
Term
|
Definition
high: expensive, high importance interest
Low: less expensive and can live without
Situational:temporary/dynamic (car)
Long term: enduring involvement |
|
|
Term
| 3 consumer problems solving |
|
Definition
| routinized response behavior, limited problem solving or extended problem solving |
|
|
Term
| Routinized response behavior |
|
Definition
| search requires very little search-and-decision effort |
|
|
Term
| Limited response behavior |
|
Definition
| moderate amount of time for information gathering from need of info |
|
|
Term
|
Definition
| unfamiliar, expensive goods |
|
|
Term
|
Definition
| unplanned buying behavior |
|
|
Term
|
Definition
| forces other people exert on one’s buying behavior |
|
|
Term
|
Definition
| set of actions an individual is supposed to perform based on social/personal expectations |
|
|
Term
|
Definition
| process through which a person acquires the knowledge and skills to function as a consume |
|
|
Term
| Family life cycle stages (5) |
|
Definition
gatekeeper
Influencer
decider
buyer
user |
|
|
Term
|
Definition
| any group that positively or negatively affects a person’s values, attitudes, or behavior |
|
|
Term
| membership reference group |
|
Definition
| an individual actually belongs |
|
|
Term
| Aspirational reference group |
|
Definition
| a person aspires to belong |
|
|
Term
|
Definition
| A group that a person does not wish to be associated |
|
|
Term
|
Definition
| group member with knowledge that interests participants, very influential, |
|
|
Term
|
Definition
| group of people with similar social rank, occupation used most in marketing research |
|
|
Term
|
Definition
Totally learned
Tangible: Food/clothing/furniture
Intangible: education, welfare, laws |
|
|
Term
|
Definition
| groups of individuals whose characteristic values and behavior are similar and differ from surrounding culture |
|
|
Term
|
Definition
| educational deprivation; income deprivation; family; discrimination |
|
|
Term
| African american subculture |
|
Definition
| Spend most money on depreciatable goods like clothing and entertainment |
|
|
Term
|
Definition
| Largest ethnic group (15%) |
|
|
Term
| Asian American Subculture |
|
Definition
| Highest education, income and strongest family ties, hard work |
|
|
Term
|
Definition
| behavior that violates generally accepted norms of a particular society like shop lifting |
|
|
Term
|
Definition
| collects/controls information and determines familys needs |
|
|
Term
|
Definition
| influence buying decisions with opinions |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| member who consumer product |
|
|
