Mktg 301 Exam 2

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substantialamount of information and analysis that will help make the best decision

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big data

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firsttime any information was reported on and secured.

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Primary Data

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informationthat already has been available or reported.

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Secondary Data

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an interview question that encourages an answer phrased inthe respondent’s own words

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Open ended question

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an interview question that ask the respondent to make aselection from a limited list of responses

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Close ended question

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- a closed ended question designed to measure the intensityof a respondant’s answer

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Scaled- response question

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studyof how humans behave in a physical setting.

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Ethnographic research

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an error that occurs when there is a difference between theinformation desired by the researcher and the information provided by themeasurement process.

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Measurement error

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anerror that occurs when a sample somehow does not represent the targetpopulation

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Samping error

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anerror that occurs when the selected sample is an inperfect representation ofthe overall population

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random error

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afield of marketing that studies the body’s responses to marketing stimuli

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neuro marketing

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Identifying your best customers, and making them your numberone priority in order to satisfy them.

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Customer Relationship Management

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Focusingon the top 20% of our clients that represent 80% of business.

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80-20 rule

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youand the customer develop new ideas.

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cocreate

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anintellicgence system that helps managers assess their competition and vendorsin order to become more efficient and effective competitors

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Competetitve Intelligence

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3 General Types ofProducts

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1. Goods

2. Services

3. Ideas

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3 Specific Types

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1. Commodity

2. Specialty

3. Luxury

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4 Categories ofProducts

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1. Convenience

2. Shopping

3. Specialty

4. Unsought

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-innovatation of a product in order to make it a little bit better

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product modification

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thepractice of modifying products so those that have already been sold becomeobsolete before they acually need replacement

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Product planned obsolescence

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addingadditional products to an existing product line in order to compete more broadlyin the industry

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Product line extension

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the exclusive right to use a brand or part of a brand

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trademarks

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a trademark for a service

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service mark

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identifiesa product by class or type and cannot be trademarked

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Generic product name

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Protects, contains, and stores the product.

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Packaging

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helpsconsumers make proper product selections and lower their cognitive dissonanceafter the purchase.

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Labeling

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when a company, government or other group promotes green-based environmental initiatives or images but actually operates in a way that is damaging to the environment or in an opposite manner to the goal of the announced initiatives

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Greenwashing

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marketing products and services based on environmental factors or awareness.

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greenmarketing

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Classification of New Products

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1. New to the world

2. New product lines

3. Additions to existing product lines

4. Repositioned products

5. Lower priced products

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Who generates ideas

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1. Customers

2. Employees

3. Distributors

4. Competitors

5. Developers

6. Experts

7. Consultants

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a cooperative agreement betwen business firms

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strategic alliance

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a firms belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinetly

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relationship commitment

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a network of interlocking corporate affiliates

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keiretsu

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individuals and organizations that buy business goods and incorporate them into the products they produce for eventual sale to other producers or to consumers

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original equipment manufacturers(OEMS)

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a detailed numbering system developed by the united states, canada, and mexico to classify north american business establishments by their main production processes.

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North american industry classification system (NAICS)

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the demand for business products

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derived demand

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the demand for two or more items used together in a final product

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joint demand

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phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product.

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multiplier effect (accelerator principle)

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a practice whereby business purchasers choose to buy from their own customers

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reciprocity

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a situation in which the purchaser wants some change in the original good or service

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modified rebuy

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a situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers

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straight rebuy

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the process of dividing a market into meaningful, relatively similar, and indentifiable segments or groups

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market segmentation

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criteria for successful segmentation

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1. substantiality

2. indentifiability and measurability

3. accessibility

4. responsiveness

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segmenting markets by region of a country or the world, market size, market density, or climate

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geographic segmentation

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segmenting markets by age, gender, income, ethnic background, and family life cycle

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demographic segmentation

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a series of stages determined by a combination of age, marital status, and the presence or absence of children

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family life cycle (FLC)

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segmenting markets on the basis of personality,motives, life-styles, and geodemographics

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psycho-graphic segementation

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steps in segmenting a market

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1)select a market or product category for study

2)choose a basis or bases for segmenting the market

3)select segmentation descriptors

4)profile and analyze segments

5)select markets

6) design, implement, and maintain appropriate marketing mixes

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business customers who place an order with the first familiar supplier to satisfy product and delivery requirements

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satisficers

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business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one

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optimizers