Mkt 230 Exam 2

Front 1

marketing information system

Back 1

a process that first determines what information marketing managers need and then gathers, sorts, analyzes, stores, and distributes relevant and timely marketing information to system users.

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marketing intelligence system

Back 2

a method by which marketers get information about everyday happenings in the marketing environment. (monitoring sources such as newspapers, trade publications, etc.)

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futurists

Back 3

specialize in predicting consumer trends.

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scenarios

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possible future situation that futurists use to assess the likely impact of alternative marketing strategies.

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marketing research

Back 5

the process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment in order to improve marketing effectiveness.

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syndicated research

Back 6

general research collected by firms on a regular basis and then sold to other firms.

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custom research

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research conducted for a single firm to provide answers to specific questions.

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marketing decision support system (MDSS)

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the data, analysis software, and interactive software that allow managers to conduct analyses and find the information they need.

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data mining

Back 9

a process in which analysts sift through data to identify unique patterns of behavior among different customer groups.

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customer acquistion

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determining which of its current customers respond best to specific offers and then send the same offers to noncustomers who share the same demographic characteristics.

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customer retention and loyalty

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identifying big spending customers and targeting them with special offers. The goal is to keep the most profitable customers coming back because it is cheaper than finding new ones.

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customer abandonment

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sometimes firms want customers to take their business elsewhere because servicing them actually costs too much.

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market basket analysis

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firms can develop focused promotional strategies based on their records of which customers have bought certain products.

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The Research Process

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1) Define the research problem
2) Determine the research design
3)Choose the method for collecting primary data
4)Design the sample
5)Collect the data
6)Analyze and interpret the data
7) Prepare the research report

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research design

Back 15

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 have 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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exploratory research

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a technique that marketers use to generate insights for future, more rigorous studies.

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focus group

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a product-oriented discussion among a small group of consumers led by a trained moderator.

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projective techniques

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a test that marketers use to explore people's underlying feelings about a product; especially appropriate when consumers are unable or unwilling to express their true emotions.

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case study

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a comprehensive examination of a particular firm or organization.

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ethnography

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a detailed report based on observations of people in their own homes or communities.

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descriptive research

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a tool that probes more systematically into the problem and bases its conclusions on large numbers of observations.

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cross-sectional design

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a type of descriptive technique that involves the systematic collection of quantitative information

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longitudinal design

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a technique that tracks the responses of the same sample of respondents over time.

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causal research

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t technique that attempts to understand cause and effect relationships.

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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 the study are similar to a larger group in which the organization has an interest.

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probability sample

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each member to the population has some known chance of being included in the sample.

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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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back-translation

Back 33

the process of translating material to a foreign language and then back to the original language.

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consumer behavior

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the process individuals or groups go through to select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires.

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The consumer decision-making process

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1) Problem recognition
2) Information search
3) Evaluation of alternatives
4) Product choice
5) Postpurchase evaluation

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involvement

Back 36

how important we perceive the consequences of the purchase to be.

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perceived risk

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the belief that choice of a product has potentially negative consequences, either financial, physical, or social

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problem recognition

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the process that occurs whenever the consumer sees a significant difference between his or her current state of affairs and some desired or ideal state; this recognition initates the decision-making process.

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Information search

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the process whereby a consumer searches for appropriate information to make a reasonable decision.

(newspaper ads, tv, yellow pages, etc.)

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behavior targeting

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the marketing practice by which marketers deliver advertisments for products a consumer is looking for by watching what the consumer does online.

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evaluative criteria

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the dimensions used by consumers to compare competing product alternatives.

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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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brand loyalty

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a pattern of repeat product purchases, accompanied by an underlying positive attitude toward the brand, that is based on the belief that the brand makes products superior to those of its competition.

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consumer satisfaction/dissatisfaction

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the overall feelings or attitude a person has about a product after purchasing it.

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cognitive dissonance

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the anxiety or regret a consumer may feel after choosing from among several similar attractive choices.

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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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exposure

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the extent to which a person's sensory receptors are capable of registering a stimulus.

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subliminal advertising

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hidden messages in advertising.

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attention

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the extent to which we devote mental processing activity to a particular stimulus.

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interpretation

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the process of assigning meaning to a stimulus based on prior associations a person has with it and assumptions he or she makes about it.

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motivation

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an internal state that drives us to satisfy needs by activating goal-oriented behavior.

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hierarchy of needs

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an approach that categorizes motives according to five levels of importance, the more basic needs being on the bottom of the hierarchy and the higher needs at the top.

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learning

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a relatively permanent change in behavior caused by acquired information or experience.

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behavioral learning theories

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theories of learning that focus on how consumer behavior is changed by external events or stimuli.

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classical conditioning

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the learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response on its own but will cause a similar response over time because of its association with first stimulus.

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operant conditioning

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learning that occurs as the result of rewards or punishments.

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stimulus generalization

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behavior caused by a reaction to one stimulus occurs in the presence of other similar stimuli

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cognitive learning theory

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theory of learning that stresses the importance of internal mental processes and that views people as problem solvers who actively use information from the world around them to master their environment.

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observational learning

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learning that occurs when people watch the actions of others and note what happens to them as a result.

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attitude

Back 60

a lasting evaluation of a person, object, or issue.

(affect, cognition, and behavior)

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affect

Back 61

the feeling component of attitudes; refers to the overall emotional response a person has to a product.

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cognition

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the knowing component of attitudes; refers to the beliefs or knowledge a person has about a product and its important characteristics.

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behavior

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the doing component of attitudes; involves a consumer's intention to do something, such as the intention to purchase or use a certain product.

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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 the environment.

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personality traits

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innovativeness, materialism, self-confidence, sociability, need for cognition.

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the family life cycle

Back 66

a means of characterizing consumers within a family structure on the basis of different stages through which people pass as they grow older.

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lifestyle

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a 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 psyychological, sociological, and antropological factors to construct market segments.

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mass-class

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the hundreds of millions of global consumers who now enjoy a level of purchasing power that's sufficient to let them afford high-quality products--except big ticket items

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reference group

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an actual or imaginary individual or group that has a significant effect on an individual's evaluations, aspirations, or behavior.

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business-to-business marketing

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the marketing of goods and services that business and organizational customers need to produce other goods and services for resale or to support their operations.

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business-to-business markets

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the group of customers that include manufacturers, wholesalers, retailers, and other organizations.

(also known as organizational markets)

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derived demand

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demand for business or organizational products caused by demand for consumer goods or services.

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inelastic demand

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demand in which changes in price have little or no effect on the amount demanded.

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joint demand

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demand for two or more goods that are used together to create a product.

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producers

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purchase products fro the production of other goods and services that they in turn sell to make a profit.

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resellers

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buy finished goods for the purpose of reselling, renting, or leasing to consumers and other businesses.

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government markets

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the federal, state, county, and local governments that buy goods and services to carry out public objectives and to support their operations.

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North American Industry Classification System

Back 79

the numerical coding system that the United States, Canada, and Mexico use to classify firms into detailed categories according to their business activities.

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buyclass

Back 80

one of three classifications of business buying situations that characterizes the degree of time and effort required to make a decision.

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straight rebuy

Back 81

a buying situation in which business buyers make routine purchases that require minimal decision making.

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modified rebuy

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a buying situation that occurs when a firm wants to shop around for suppliers with better prices, quality, or delivery times.

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new task buy

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a first time business to business purchase that is complex or risky and requires extensive decision making.

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buying center

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the gourp of people in the organization who participate in a purchasing decision.

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single sourcing

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a buyer and seller work quite closely and is particularly important whan a firm needs frequent deliveries or specialized products.

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multiple sourcing

Back 86

buying a product from several different suppliers. (suppliers are more likely to be price competitive)

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reciprocity

Back 87

a trading partnership in which two firms agree to buy from one another.

"I'll buy from you if you buy from me"

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outsourcing

Back 88

the business buying process of obtaining outside vendors to provide goods or services that otherwise might be supplied in-house.

Front 89

crowdsourcing

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through a formal network, pulling together expertise from around the globe to bear on solving a particular problem for a firm.

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reverse marketing

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a business practice in which a buyer firm attempts to identify suppliers who will produce products according to the buyer firm's specifications.

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extranet

Back 91

allows certain suppliers, customers, and others outside the organization to access a company's internal system.