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80 Cards in this Set
- Front
- Back
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Customer Insights |
Fresh understanding of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships. |
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Marketing Information System (MIS) |
People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights. |
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Marketing Research |
The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. |
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Exploratory Research |
Marketing research to gather preliminary information that will help define problems and suggest hypothesis. |
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Descriptive Research |
Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers. |
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Causal Research |
Marketing research to test hypotheses about cause-and-effect relationships. |
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Secondary Data |
Information that already exists somewhere, having been collected for another purpose. |
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Primary Data |
Information collected for the specific purpose at hand. |
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Observational Research |
Gathering primary data by observing relevant people, actions, and situations. |
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Ethnographic Research |
A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments." |
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Survey Research |
Gathering primary data by asking people questions about their knowledge, attitudes, preferences and buying behavior. |
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Experimental Research |
Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses. |
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Focus Group Interviewing |
Personal interviewing that involves inviting 6 to 10 people to gather for a few hours with a rained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion on important issues. |
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Online Marketing Research |
Collecting primary data online through internet surveys, online focus groups, web-based experiments, or tracking consumers' online behavior. |
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Online focus groups |
Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior. |
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Sample |
A segment of the population selected for marketing research to represent the population as a whole. |
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Consumer Buyer Behavior |
The buying behavior of final consumers-individuals and households that buy goods and services for personal consumption. |
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Consumer Market |
All the individuals and households that buy or acquire goods and services for personal consumption. |
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Characteristics Affecting Consumer Behavior |
Cultural, social, personal, and psychological |
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Culture |
The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions. |
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Subculture |
A group of people with shared value systems based on common life experiences and situations. |
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Social class |
Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors. |
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Group |
Two or more people who interact to accomplish individual or mutual goals. |
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Word-of-Mouth Influence |
The impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior. |
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Opinion Leader |
A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others. |
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Online Social Networks |
Online social communities-blogs, social networking websites, and other online communities-where people socialize or exchange information and opinions. |
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Lifestyle |
A person's pattern of living as expressed in his or her activities, interests, and opinions. |
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Personality |
The unique psychological characteristics that distinguish a person or group. |
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Motive (drive) |
A need that is sufficiently pressing to direct the person to seek satisfaction of the need. |
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Perception |
The process by which people select, organize, and interpret information to form a meaningful picture of the world. |
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Learning |
Changes in an individuals behavior arising from experience. |
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Belief |
A descriptive thought that a person holds about something. |
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Attitude |
A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea. |
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Complex Buying Behavior |
Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands. |
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Dissonance-Reducing Buying Behavior |
Consumer buying behavior in situations characterized by high involvement but few perceived differenced among brands. |
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Habitual Buying Behavior |
Consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand differences. |
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Variety-Seeking Buying Behavior |
Consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences. |
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Need Recognition |
The first stage of the buyer decision process, in which the consumer recognizes a problem or need. |
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Information search |
The stage of the buyer decision process in which the consumer is motivated to search for more information. |
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Alternative Evaluation |
The stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set. |
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Purchase Decision |
The buyer's decision about which brand to purchase. |
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Postpurchase Behavior |
The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction. |
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Cognitive dissonance |
Buyer discomfort caused by post purchase conflict. |
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Brand Equity |
The differential effect that knowing the brand name has on customer response to the product or its marketing. |
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Store Brand (or private brand) |
A brand created and owned by a reseller of a product or service. |
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Co-Branding |
The practice of using the established brand names of two different companies on the same product. |
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Line extension |
Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category. |
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Brand Extension |
Extending an existing brand name to new product categories. |
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Price |
The amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service. |
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Customer Value-Based Pricing |
Setting price based on buyers' perceptions of value rather than on the seller's cost. |
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Good-Value Pricing |
Offering just the right combination of quality and good service at a fair price. |
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Value-Added Pricing |
Attaching value-added features and services to differentiate a company's offers and charging higher prices. |
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Cost-Based Pricing |
Setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk. |
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Fixed Costs (overhead) |
Costs that do not vary with the production or sales level. |
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Variable Costs |
Costs that vary directly with the level of production. |
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Total Costs |
The sum of the fixed and variable costs for any given level of production. |
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Experience Curve (learning curve) |
The drop in the average per-unit production cost that comes with accumulated production experience. |
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Cost-plus pricing (markup pricing) |
Adding a standard markup to the cost of the product. |
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Break-Even Pricing (target return pricing) |
Setting price to break even on the costs of making and marketing a product, or setting pice to make a target return. |
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Competition-Based Pricing |
Setting prices based on competitors' strategies, prices, costs, and market offerings. |
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Target Costing |
Pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met. |
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Demand Curve |
A curve that shows the number of units the market will buy in a given time period, at different prices that might be charged. |
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Price Elasticity |
A measure of the sensitivity of demand to changes in price. |
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Depth (brand salience) |
Ease of recall/recognition. |
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Breadth (brand salience) |
Range of consumption situations. |
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Brand Valuation |
the process of estimating the total financial value of a brand. |
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Customer Equity |
the value of customer relationships that the brand creates. |
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Brand Positioning |
Lowest level-product attributes Middle level-benefits Highest level-beleifs and values (lovemarks- inspire loyalty beyond reason) |
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Brand Name Selection |
1)should suggest something about the products benefit. 2)Easy to pronounce, recognize, and remember. 3)the brand name be distinctive 4)It should be extendable 5)translate easily |
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Battle of the Brands |
between national and private brands, retailers have many advantages. |
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Multibrands |
New brands in existing category. Eg. pepsi, sobe, tropicana. |
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Everyday Low Pricing |
Charging a constant everyday low price with few or no temporary price discounts. |
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High-Low Pricing |
Charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items. |
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Markup Price |
unit cost/(1-desired return on sales) |
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Break-Even Volume |
Fixed Cost/(Price - Variable Cost) |
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Pricing Under Pure Competition |
the market consists of many buyers and sellers trading in a uniform commodity. No single buyer/seller has much effect on the market price. |
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Monopolistic Competition |
market consists of many buyers/seller who trade a range of prices rather than a single market price. |
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Oligopolistic Competition |
the market consists of only a few large sellers. Each seller is alert and responsive to competitors prices. |
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Pure Monopoly |
the market is dominated by one seller. pricing handled differently in each case. |
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Price Elasticity |
% change in quantity demanded/ %change in price Inelastic = less than 1 Elastic = greater than 1 |
