exam 2 Marketing

requisition

(n.) - a demand for goods, often by an authority

Marketing Research Process

1. Defining the objectives and research needs 2. Designing the research 3. Data collection process 4. Analyzing data and developing insights 5. Action plan and implementation

Sample

A relatively small proportion of people who are chosen in a survey so as to be representative of the whole.

Scientific Method

A series of steps followed to solve problems including collecting data, formulating a hypothesis, testing the hypothesis, and stating conclusions.

data warehouse

A logical collection of information - gathered from many different operational databases - that supports business analysis activities and decision-making tasks

product market

A market in which products are sold by firms and bought by households.

Positioning

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

What is positioning?

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

market

a group of buyers and sellers of a particular good or service

consumer panels

a group of consumers who provide information on a continuing basis

generic market

a market with broadly similar needs

research proposal

a plan that specifies what information will be obtained and how

selective retention

a process whereby a consumer remembers only that information that supports his or her personal beliefs

response

a reaction to a stimulus

Learning

a relatively permanent change in an organism's behavior due to experience

straight rebuy

a routine repurchase that may have been made many times before

reference group

a social group that serves as a point of reference in making evaluations and decisions

Intranet

a system for linking computers within a company

Marketing Information System

a system for managing marketing information that is gathered continually from internal and external sources

Rountinized Response Behavior

a type of consumer problem-solving process used when buying frequently purchased, low-cost items that require very little search and decision effort

purchasing specifications

a written description of what the firm wants to buy

North American Industry Classification System (NAICS) codes

agencies in classifying business establishment in the economy

negotiated contract buying

agreeing to contracts that allow for changes in the purchase arrangements

buying center

all those people in an organization who become involved in the purchase decision

personal needs

an individual's need for personal satisfaction unrelated to what others think or do

business and organizational customers

any buyers who buy for resale or to produce other goods and services

Just-in-time delivery

arrive at a factory moments before they are needed

modified rebuy

buyer wants to modify product specifications, prices, terms, or suppliers

computer aid methods used in segmenting

clustering technique

quanititative research

collecting / analyzing numerical data to find patterns and make predictions

combined target market approach

combining two or more submarkets into one larger target market as a basis for one strategy

outsource

contract with an outside firm to produce goods or services rather than to produce them internally

Market Segmentation

dividing a market into meaningful, relatively similar, and identifiable segments or groups

statistical packages

easy-to-use computer programs that analyze data

secondary data

facts and figures that have already been recorded prior to the project at hand

competitive bid

for expensive purchases

marketing research online community

group of captive interactive people joined online by a common intrest

Population

group of individuals of the same species that live in the same area

primary data

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

focus group interview

involves simultaneously interviewing 6 to 10 people in an informal group setting

physiological needs

need to satisfy hunger and thirst

Needs and Wants

need- basic requirement for survival, want- something not needed for survival

economic needs

needs concerned with making the best use of a consumer's time and money—as the consumer judges it.

Segmenting Business Markets

operating characteristics, purchasing approaches, situational factors, personal characteristics

economic buyers

people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money

empty nesters

people whose children are grown and who are now able to spend their money in other ways

Cues

products, signs, ads, and other stimuli in the environment

low-involvement purchases

purchases that have little importance or relevance for the customer

dimensions of segmenting markets

qualifying and determining

adoption process

the mental process through which an individual passes from first hearing about an innovation to final adoption

social needs

the need for love, companionship, and friendship- the desire for acceptance by others

response rate

the percentage of people contacted who complete the questionnaire

Marketing Research

the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions

Perception

the process of organizing and interpreting sensory information, enabling us to recognize meaningful objects and events

confidence interval

the range of values within which a population parameter is estimated to lie

situation analysis

the study of the internal and external factors that affect marketing strategies

extensive problem solving

the type of problem solving consumers use for a completely new or important need--when they put much effort into deciding how to satisfy it

Psychographics

the use of psychological, sociological, and anthropological factors to construct market segments

marketing dashboard

the visual display of the essential information related to achieving a marketing objective

qualifying dimensions

those relevant to including a customer type in a product-market

determining dimensions

those that actually affect the customer's purchase of a specific product or brand in a product-market

clustering techniques

try to find similar patterns within sets of data

new-task buying

when an organization has a new need and the buyer wants a great deal of information

Combiners vs Segmenters

Combiners look for similarities in groups and work them together, while segmenters work with specific groups

discretionary income

Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter

Decision Support System (DSS)

Models information to support managers and business professionals during the decision-making process

customer relationship managment

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

selective perception

The phenomenon that people often pay the most attention to things they already agree with and interpret them according to their own predispositions.

selective exposure

The process by which individuals screen out messages that do not conform to their own biases.

Foreign Corrupt Practices Act

U.S. law regulating behavior regarding the conduct of international business in the taking of bribes and other unethical actions.

dissonance

Unpleasant or unharmonious sound

Qualitative Research

research that relies on what is seen in field or naturalistic settings more than on statistical data

purchasing manager

responsible for raw material purchase prices

safety needs

security, safety

multiple target market approach

segmenting the market and choosing two or more segments, and then treating each as a separate target market needing a different marketing mix

single target market approach

segmenting the market and picking one of the homogeneous segments as the firm's target market

multiple buying influence

several people share in making a purchase decision--perhaps even top management.

3 approaches to market oriented strategy planning

single, multiple and combined

experimental method

that the proper way to explore the workings of the universe was through repeatable experiments rather than speculation.

lifestyle analysis

the analysis of a person's day-to-day pattern of living

ISO 9000

the common name given to quality management and assurance standards

culutre

the enduring behaviors, ideas, attitudes, values, and traditions shared by a group of people and transmitted from one generation to the next

Big Data

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

Validity

the extent to which a test measures or predicts what it is supposed to