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99 Cards in this Set
- Front
- Back
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Marketing Information System (MIS)
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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.
**Customer ethics data is not one of the major sources of data associated with MIS's** |
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A typical marketing information system includes three important components
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-Four types of data (Internal company data, marketing intelligence, marketing research, acquired databases)
-Computer hardware and software to analyze the data and to create reports -Information for marketing decision makers |
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Syndicated research
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Research by firms that collect data on a regular basis and sell the reports to multiple firms
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Identify the areas involved in neuroeconomics
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-Economics
-Neuroscience -Psychology -Brain wave scanning technology |
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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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Data mining has four important applications for marketers
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-Customer acquisition
-Customer retention and loyalty -Customer abandonment -Market basket analysis **Sales is not one of these applications.** |
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Primary purpose of marketing research
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Aid in the decision making process
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First step in the marketing research process: Define the Research Problem
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-Specify the research objectives
-Identify the consumer population of interest -Place the problem in an environment context |
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4 types of questions important to marketing research
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-Management question
-Research question -Investigative question -Measurement question **Interpretation question is NOT one of these 4 identified types** |
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Management question
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A restatement of the marketer’s dilemma(s) in question form
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Research question
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The hypothesis that best states the objective of the research
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Investigative question
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Questions the researcher must answer to satisfactorily answer the research question (i.e., what information we need to answer the management question)
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Measurement question
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What participants in the marketing research are asked in the research
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Primary data
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Data from research conducted to help in making a specific decision (e.g., survey)
**Primary research collects primary data |
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Secondary data
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Data that have been collected for some purpose other than the problem at hand (e.g., library / census data less control)
**Secondary research collects secondary data** |
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Projective techniques
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Tests that marketers use to explore people’s underlying feelings about a product, especially appropriate when consumers are unable or unwilling to express their true reactions
**Experiments are NOT a form of exploratory research!** |
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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 at one point in time
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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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Casual research
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A technique that attempts to understand cause-and-effect relationships
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Experiments
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Techniques that test pre-specified relationships among variables in a controlled environment
-Involves IV --> DV |
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Step 3: Choose the Method for Collecting Primary Data; Observation Methods
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-Unobtrusive measures
-Mechanical observation |
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Unobtrusive measures
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Involve traces of physical evidence that remain after some action has been taken (e.g., garbage searches)
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Mechanical observation
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A primary data collection method that relies on nonhuman devices to record behaviors (e.g., A.C. Nielsen's People Meters)
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Standards of "good" measurement
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Truthfulness and accuracy
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We measure "good" in this context by:
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-Validity
-Reliability -Representativeness |
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Validity
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The extent to which research actually measures what it is intended to measure
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Reliability
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The extent to which research measurement techniques are free from errors (i.e., replicable)
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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 org has an interest (i.e., the population of interest). This criterion underscores the importance of sampling
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Sampling
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the process for selecting respondents who statistically represent a larger population of interest
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1 disadvantage to online research
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Typically abysmal response rates
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Identify NBC’s new proposed metric to help guide TV advertising sales
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engagement
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Identify Disney’s formats that work best (ex. Highest engagement levels) in terms of digital online advertising formats
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Gaming, trivia questions and multiple choice options to learn more
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Step 4: Design the Sample
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-Probability samples
-Nonprobability samples |
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Probability samples
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a sample in which each member of the population has some known and equal chance of being included in the sample. These can include simple random samples, systematic sampling procedures, or stratified samples
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Nonprobability samples
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a sample in which personal judgment is used in selecting respondents. These can include convenience and quota samples
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Single-source data
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Information that is integrated from large consumer panels composed of people who agree to participate in ongoing research
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Steps in the decision making process
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1. Problem recognition
2. Information search 3. Evaluation of alternatives 4. Product choice 5. Post-purchase evaluation |
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Order of the steps in the decision making process
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Routine response behavior --> Limited problem solving --> Extensive problem solving
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3 things consumers can be involved with
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-advertisements
-products -purchase decisions |
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Levels of customer engagement
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-Confidence
-Integrity -Pride -Passion **Satisfaction is NOT one of these!** |
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Confidence
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Reflects the belief that the company can be trusted, always and everywhere, to keep every promise that it makes
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Integrity
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Reflects the belief that the company will always treat its customers fairly and can always be counted on to stand behind its products and resolve any problems that might occur
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Pride
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Reflects the degree to which consumers feel appreciated by the company and proud of their personal association with the brand
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Passion
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Reflects the belief that the brand is essentially irreplaceable and represents a seemingly perfect fit with the customer’s personal needs
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Perceived risk
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the belief that choice has potentially negative consequences, either financial, physical, or social
**Cultural risks is NOT one of these types of risks |
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3 potential states of problem recognition
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-No problem
-Opportunity recognition -Need recognition **Problem avoidance is NOT one of these!** |
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Internal search
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An information search in which buyers search their memories for information about products that might solve their problem (e.g., memories)
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External search
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An information search in which buyers seek information from outside sources (e.g., advertisements, Consumer Reports)
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Heuristics
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a mental rule that leads to a speedy decision by simplifying the process
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Brand loyalty
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Perhaps the most common heuristic, it is 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 its competition
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Country of origin
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another heuristic wherein one assumes that a product has certain characteristics if it from a certain country. Often based on ethnocentrism
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Ethnocentrism
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The tendency to prefer products or people of one’s own culture over those from other countries. This is a prevalent problem with American students today!
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Consumer satisfaction or dissatisfaction is about what
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Fulfillment from a marketing exchange
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Fulfillment
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Quality --> Value --> Satisfaction --> Loyalty
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Figure 5.3: Marketer's Responses to Decision Process Stages
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-Problem recognition--TV commercials showing the excitement of owning a new car
-Product choice--advertise "Made in America (country of origin); stress long history of the brand (brand loyalty) |
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3 primary factors that influence consumer decision making
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-Internal **Advertising is NOT an internal influence**
-Social -Situational influences |
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Order of how people perceive things
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Exposure --> Attention --> interpretation
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Selective exposure
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The process of selecting inputs to be exposed to our awareness while ignoring others.
We basically ignore a lot of potential stimuli! |
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Selective distortion
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An individual’s changing or twisting of info when it is inconsistent with personal feelings or beliefs
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Selective retention
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Remembering info inputs that support personal feelings and beliefs and forgetting inputs that do not
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Operant conditioning
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Learning that occurs as the result of rewards or punishments
(e.g., sales promotions) |
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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. In other words, feelings associated with a product will rub off on other associated products
(e.g., product line extensions) |
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3 components of a person's attitude
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-affect
-cognition -behavior **Learning is not an attitude component!** |
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Affect
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The feeling component of attitudes, and refers to the overall emotional response a person has to a product
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Cognition
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The knowing component, is 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, involves a person’s intention to do something
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Innovativeness
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The degree to which a person likes to try new things
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Materialism
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The amount of emphasis placed on owning products
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Self-confidence
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The degree to which a person has a positive evaluation of her abilities, including the ability to make good decisions
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Sociability
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The degree to which a person enjoys social interaction
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Need for cognition
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The degree to which a person likes to think about things and expend the necessary effort to process brand information
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NOT a personality trait
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Attitude
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2 primary decisions underlying the value segmentation
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-Primary motivation
-Resources |
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Determines whether a shopper will react positively or negatively to a store environment
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-2 dimensions
-Arousal and pleasure **Quality is NOT one of these dimensions** |
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Time poverty
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The belief of many consumers that they are more pressed for time than ever before
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Subculture
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A group within a society whose members share a distinct set of beliefs, characteristics, or common experience
(e.g., HOG -- Harley Owner’s groups) |
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3 forms of reference group influence
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-Information
-Utilitarian -Value-expressive **Attitudinal is NOT one of these!** |
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Some specific types of virtual communities that are influencing the ways businesses operate include:
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-Multi-user dungeons (for online gaming)
-Chat rooms, rings, and lists -Boards (organized around interest-specific electronic bulletin boards) -Blogs -Protest sites **All of these are C2C** **Company websites is NOT one of these alternatives!** |
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Business to business markets (B2B)
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The group of customers that include manufacturers, wholesalers, retailers, and other orgs
aka Organizational markets |
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Differences that make marketing to business customers more complex than consumer marketing
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Multiple buyers, the number of customers, the size of purchases, and geographic concentration
**Population size is NOT one of these!** |
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Derived demand
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Demand for ALL business or organizational products is derived from demand from consumer products
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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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Business demand
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also subject to greatuer fluctuations that is consumer demand
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Producers
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The individuals or organizations that purchase products for use in the production of other goods and services
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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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NAICS
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The numerical coding system that the united states, Canada, and mexico use to classify firms into detailed categories according to their business activities
**NAIC replaced the SIC codes!** |
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Why the NAICS is better than the old SIC codes
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-Relevance
-International comparability -Consistency -Adaptability **Cost is NOT one of these reasons why!** |
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Straight rebuy
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A buying situation in which business buyers make routine purchases that require minimal decision making
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Gatekeeper
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The person who controls the flow of information to other members
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Influencer
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Affects the buying decision by dispensing advice or sharing expertise
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Product specifications
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A written description of the quality, size, weight, and so forth required of a product purchase
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Reciprocity
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A trading partnership in which two firms agree to buy from one another
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Steps in the business buying process
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-Problem recognition
-Information search -Evaluation of alternatives -Product and supplier selection -Post-purchase evaluation |
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5 Emerging Business Models in offshore outsourcing
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-Global delivery
-Hybrid -Build-operate-transfer -Global shared services -Multisourcing **These are based on the dimensions of geographic location and ownership structure** |
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By 2015
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As many as 3.3 million US jobs and $136 billion could be moved to India, China, and Russia
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When White-collar Jobs go Abroad: 3 concerns
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-High-skill wage slide
-Companies take all -A blow to GDP growth |
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World sourcing
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More about value creation, while outsourcing is more about lower costs!
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Intranet
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An internal corporate computer network that uses internet technology to link company departments, employees, and databases
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