Exam 2 - Marketing

Front 1

Accessory Equipment

Back 1

Goods, such as portable tools and office equipment, that re less expensive and shorter-lived than major equipment

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Raw materials

Back 2

unprocessed extractive or agricultural products, such as lumber, wheat, corn, fruits and fish

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Major Equipment (Installations)

Back 3

Capital goods such as large or expensive machines such as airplanes, buildings or generators

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Business Marketing (B-to-B)

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the marketing of goods and services to individuals and organizations for purposes other than personal consumption

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Business Product

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a product use to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers.

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Consumer Product

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A product bought to satisfy an individual's personal wants or needs

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Content Marketing

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A strategic marketing approach that focuses on creating and distributing content that is valuable, relevant and consistent

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Strategic Alliance

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A cooperative agreement between business firms

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Original Equipment Manufacturing (OEMs)

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

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North American Industry Classification System (NAICS)

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a detailed numbering system developed by the US, Canada and Mexico to classify North American business establishments by their main production process

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Derived Demand

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the demand for business products

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Joint Demand

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

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Multiplier Effect

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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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Business-to-Business Online Exchange

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an electronic trading floor that provides companies with integrated links to their consumers and suppliers

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Reciprocity

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

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Processed Materials

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products used directly in manufacturing other products

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Supplies

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consumable items that do not becomes part of the final product

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Component Parts

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either finished items ready for assembly or products that need very little processing before becoming part of some other product.

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Major Categories of Business Customers

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Producers, Resellers, Governments, Institutions

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New Buy

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a situation requiring the purchase of a product for the first time

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Modified Buy

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

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Straight Rebuy

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Reorders the same good or service without looking for new information or investigating other suppliers

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Market Segment

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A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs

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Market Segmentation

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the process of dividing a market into meaningful and identifiable groups or segments

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Segmentation Bases (Variables)

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characteristics of individuals, groups or organizations

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demographic segmentation

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

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Psychological Segmentation

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markets on the basis of personality, motives, lifestyles and geodemographics

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Geodemographic Segmentation

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segmenting customers into neighborhood lifestyle categories

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Benefit Segmentation

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grouping customers into market segments according to the benefits they seek from the product

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80/20 Principle

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holding 20% of all customers, generate 80% of the demand

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Target Market

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a group of people who maintain a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges

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Niche

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One segment of a market

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Family Lice Cycle

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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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Concentrated Targeting Strategy

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a strategy used to select one segment

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Multisegment Target Strategy

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a strategy that chooses one or more well-defined market segments and develops a defined marketing mix for each

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Cannibalization

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a situation that occurs when sales of a new product cuts into the sales of existing products

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Product Differentiation

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a positioning strategy that firms use to distinguish their products from competitors

Front 38

Perceptual Mapping

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a means of displaying or graphing , in two or more dimensions, the location of products, brands, or groups of products in customers minds

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Respositioning

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changing consumers perception of a brand in relation to competing brands

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Benefit Segmentation

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the process of grouping customers into market segments by the benefits they seek from the product

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Marketing Research

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is the process of planning, collecting and analyzing data relevant to a marketing decision.

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Marketing Research Problem

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determining what info is needed and how that info can be obtained effectively

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Marketing Research Objective

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the specific information needed to solve a marketing research problem; objective should be to provide insightful decision-making information

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Secondary Data

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data previously collected for any purpose other than the one at hand

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Big Data

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the exponential growth in the volume, variety and velocity of information and the development of new tools to analyze and create meaning

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Research Design

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information that is collected for the first time; used for solving the problem under investivation

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Primary Data

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specifies which research questions must be answered, how and when the data will be gathered and how the data will be analyzed

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Survey Research

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the most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes

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Mall Intercept Interview

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a survey research method that involves interviewing people in the common areas of the mall

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Computer-Assisted Personal Interviewing

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an interviewing method in which the interviewer reads questions from a computer screen and enters the respondents data directly into the computer

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Executive Interview

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a type of survey that involves interviewing business people at their offices concerning industrial products or services

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Focus Groups

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7 to 10 people who participate in a group dicussion led by a moderator

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Open-Ended Question

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an interview question that encourages an answer phrased in the respondents own words

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Closed-Ended Question

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an interview question that asks the respondent to make a selection from a limited list of responses

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Scaled-Responses Question

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a closed-ended question designed to measure the intensity of a respondents answer

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Behaviorak Targeting

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a form of observation marketing research that combines a consumers online activities with psychographic and demographic profiles compiled in databases

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Ethnographic Research

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the study of human behavior in its natural context; involves observations of behavior and physical setting

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Experiment

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a method of gathering primary data in which the researcher alters one or more variables while observing the effects of those alterations on another variable

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Sample

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a subset from a larger population

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Probability Sample

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a same in which every element in the population has a known statistical likelihood of being selected

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Random Sample

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a sample arranged in such a way that every element of the population has an equal chance of being selected as part of the sample

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Nonprobability Sample

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any sample in which little or no attempt is made to get a representative cross section of the population

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Convenience Sample

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a form of nonprobablility sample using respondents who are convenient or readily accessible to the researcher; friends, employees or relatives

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Measurement Error

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

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Sampling Error

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an error that occurs when a sample somehow does not represent the target population

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Frame Error

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an error that occurs when a sample drawn from a population differs from the target population

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Universe

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the population from which a sample will be drawn