Chapter 10

secondary data

Data that has been gathered and analyzed by another source

production driven philosophy

belief "produce efficiently and worry about sales later"

3 factors influencing choice of a marketing strategy

competitive pressure entrepreneur's background short term focus

convenience goods

consumers want these goods and are usually not willing to spend time shopping for them

Sales-driven philosophy

focus on selling and advertising to convince customers to buy a company's output

new products

items that are unknown due to lack of advertising or are new products that take time to be understood

shopping goods

products consumers will take time to examine carefully and compare for quality and price

specialty goods

products or services consumers make a special effort to find and purchase

consumer driven philosophy

relies on research to discover consumer preferences, desires, and needs before production begins.

primary data

searching for new information

market segmentation

the process of identifying a specific set of characteristics that differentiates one group of consumers from the rest.

Marketing info systems

values are affected by data reliability, data usefulness and understandability , reporting system timeliness, data relevancy, and system costs

marketing research

This involves the gathering of information about a particular market, followed by analysis of that information.

market

a group of consumers who have purchasing power unsatisfied needs.

marketing plans must

align with strategic goals

unsought goods

items people do not currently need or seek

consumer behavior characteristics

innovators, early adopters, early majority, late majority, and laggards