Marketing Exam 2

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Marketing Research

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The process of collecting, analyzing, and interpreting data about consumers, competitors, and the business environment in order to improve marketing effectiveness
1) called for when unique information is needed for specific decisions

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Syndicated Research

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General Research by firms that collect data on a regular basis and sell the reports to multiple firms.
1) Broad but shallow

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Custom Research

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Research conducted for a single firm to provide specific information its managers need.

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Data Mining

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Sophisticated analysis techniques to take advantage of the massive amount of transaction information now available

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Research Design

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A plan that specifies what information marketers will collect and what type of study they will do

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Secondary Data

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Data that has been collected for some purpose other than the problem at hand

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Primary Data

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Data from research conducted to help in making a specific decision

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Validity

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The extent to which research actually measures what it was intended to measure

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Reliability

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The extent to which research measurement techniques are free of errors

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Representativeness

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The extent to which consumers in a study are similar to a larger group in which the organization has interest

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Probability Sample

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A sample in which each member of the population has some known chance of being included

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Nonprobability Sample

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A sample in which personal judgment is used in selecting respondents

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Convenience Sample

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A nonprobability sample composed of individuals who just happen to be available when and where the data are being collected

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Consumer Behavior

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The process involved when individuals or groups select, purchase use and dispose of goods, services, ideas, or experiences to satisfy their needs and desires

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Perceived Risk

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The belief that choice of a product has potentially negative consequences. either financially, physically, or social

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Heuristics

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A mental rule of thumb that leads to a speedy decision by simplifying the process

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Perception

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The process by which people select organize, and interpret information from the outside world

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Hierarchy of Needs

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An approach that categorizes motives according to five levels of importance... basic on bottom higher needs at top.
1) Physiological, safety, belongingness, ego needs, self actualization

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Attitude

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A learned predisposition to respond favorably or unfavorably to stimuli on the basis of relatively enduring evaluations of people objects and issues

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Personality

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The set of unique psychological characteristics that consistently influences the way a person responds to situations in an environment

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Self-concept

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An individuals self image that is composed of a mixture of beliefs, observations, and feelings about personal attributes

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Lifestyle

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The pattern of living that determines how people choose to spend their time, money, and energy and that reflects their values tastes and preferences.

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Psychographics

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The use of psych, sociological and anthropological factors to construct market segments

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subculture

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a group within a society whose members share a distinctive set of beliefs characteristics or common experiences

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Opinion Leader

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A person who is frequently able to influence other's attitudes or behaviors by virtue of hi active interest and expertise in one or more product categories

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Consumer-to-consumer

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Communications and purchases that occur among individuals w/o directly involving the manufacturer or retailer

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Market Fragmentation

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the creation of many consumer groups due to a diversity of distinct needs and wants in modern society

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Segmentation

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The process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics

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Demographics

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Statistics that measure observable aspects of population including size age gender ethnic group income education occupation and family structure

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Geodemography

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A segmentation technique that combines geography with demographics

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Long tail approach

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A new approach to segmentation based on the idea that companies can make money by selling small amounts of items that only a few people want provided they sell enough different items

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Undifferentiated targeting strategy

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Appealing to a broad spectrum of people

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Differentiated targeting Strategy

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Developing one or more products for each of several distinct customer groups and making sure thes offerings are kept seperate in the marketplace

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Mass customization

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A approach that modifies a basic good or service to meet the needs of an individual

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Customer relationship management

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A philosophy that sees marketing as a process of building long term relationships w/ customers to keep them coming back. involces systematically tracking consumers preferences and behaviors over time to tailor the value proposition to the individuals wants and needs

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Lifetime value of a customer

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The potential profit generated by a single customer's purchase of a firm's products over the customers lifetime

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Augmented Product

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The actual product plus other supporting features such as a warranty, credit, delivery, instillation, and repair service after the sale

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Durable goods

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consumer products that provide benefits over a long period of time such as cars furniture and appliances

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Non-Durable Goods

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Consumer products that provide benefits for a short time because they are consumed (food) or are no longer useful (Newspaper)

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Conveniece Product

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a customer good or service that is usually low-priced widely available and purchased frequently with a minimum of comparison and effort

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Shopping product

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a good or service for which consumers spend considerable time and effort gatyhering info and comparing alternattives before making a purchase

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Specialty Product

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A good or service that has unique characteristics and is important to the buyer and for which the buyer will devote significant effort to acuire

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Continuous Innovation

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A modification of an existing product that sets one brand apart from its competitors

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Convergence

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the coming together of two or more technologies to create a new system with greater benefits than its parts

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Discontinuous innovation

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A totally new product that creates major changes in the way we live

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Shopping product

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a good or service for which consumers spend considerable time and effort gatyhering info and comparing alternattives before making a purchase

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Specialty Product

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A good or service that has unique characteristics and is important to the buyer and for which the buyer will devote significant effort to acuire

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Continuous Innovation

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A modification of an existing product that sets one brand apart from its competitors

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Convergence

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the coming together of two or more technologies to create a new system with greater benefits than its parts

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Discontinuous innovation

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A totally new product that creates major changes in the way we live

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idea generation

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the first step of product development in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission

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test marketing

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testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter

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commercialization

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the final step in the product development process in which a new product is launched into the market

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impulse purchase

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a purchase made without any planning or search effort

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early adopters

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those who adopt an innovation early in the diffusion process but after the innovators

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services

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intangible products tat are exchanged directly from the producer to the consumer

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intangibility

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the characteristic of a service that means customers can't see, touch, or smell good or service

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disintermediation

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eliminating the interaction between customers ad sales people so as to minimize negative service encounters and reduce costs

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gap analysis

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a marketing research method that measures the difference between a customers expectation of a service quality and what actually occurred

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search qualities

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product characteristics that the consumer can examine prior to purchase

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experience qualities

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product characteristics that customers can determine during or after consumption

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credence qualities

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product characteristics that are difficult to evaluate even after they have been experienced

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place marketing

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marketing activities that seek to attract new businesses, residents, or visitors to a town, country, or some other state

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idea marketing

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marketing activities that seek to gain market share for a concept, philosophy, belief, or issue by using elements of the marketing mix to create or change a target market's attitude or behavior.