Ch. 9 Vocab

4 Ps of marketing

The four major components of a marketing effort—product, price, promotion, and placement.

Ethnographic Research

data gathered by simple observation - seeing what consumers do, rather than asking them

Influencer

A customer role describing a person or group who can make credible or recognized suggestions or recommendations to others regarding purchase choices.

Decision Maker

A customer role that describes a person in an organization who is responsible for choosing which product or service will be obtained.

Purchaser

A customer role that describes an individual or institution that pays for or obtains a product or service.

End User

A customer role that describes the person who eventually makes actual use of a product or service in his or her personal or work life.

Survey

A data-collection method using a questionnaire-in person, on phone, on paper, or on the internet

Customer Profile

A detailed description of an archetypical or hypothetical potential customer for a product or service, also called a customer persona

Focus Group

A form of data gathering from a small group let by a moderator

Long-term value (LTV)

A marketing concept that refers to the revenue or profit generated by one customer over his or her lifetime dealing with one firm. Higher long-term value is usually preferred

Serviceable Obtainable Market (SOM)

A marketing term (AKA target market) that represents the customers that a firm expects to be interested in its particular product or service, and able to be serviced by the firm

Penetrated Market (PM)

A marketing term that describes the actual number of customers of an operating firm, divided by the size of the target market, which gives a percentage of the market the firm (or product/service) has attained so far.

Total Available Market (TAM)

A marketing term that refers to all of the people or organizations (in one nation, region, or the world) who might consider a product or service being offered.

Serviceable Available Market(SAM)

A marketing term that refers to the customers within the geographic reach of a firm

Budget Cycle

A term applied to the schedule and the process for setting the schedule for making purchases by an individual or an organization

Primary Research

An approach to researching based on the gathering of new information, using techniques such as interviewing, surveying and observation

Secondary Research

An approach to researching based on the use of existing information, often from government, commercial, or academic databases and research efforts

Open-ended Question

Question that allows respondents to express themselves as they choose; for example, "what do you like about this book?"

Dichotomous Question

Question that has only two possible choices; for example, "Have you shopped here before?"

Categorical question

Question that is answered by selecting the proper category; for example, "What is your ethnicity? White, African American, Hispanic, Asian, American Indian, Other."

Scalar Question

Question that is answered by some sort of scale; for example, "on a scale of 1 to 5, how do you like this book?"

Value Proposition

Small business owners' unique selling points that will be used to differentiate their products and/or services from those of the competition.

Marketing Research

Systematic collection and interpretation of data to support future marketing decisions

Outstanding Customer Service

The idea of "going all out" for the customer or providing over-the-top service, not just the basic help, professionalism, and friendliness we all expect in any business transaction; an employee or manager who is trying to make sure the customer walks away with an exceptional experience

Product Development Process

The procedure to organize and pursue the creation of new goods or services

Customer Development Process

The procedure to organize and pursue the finding, obtaining, and keeping of new customers.

Purchasing Process

The sequence of steps an individual or organization goes through in making a decision to buy a product or service.

Customer Job

The term given to what a potential customer is trying to do-perform or complete some sort or task, solve some problem, or try to achieve some outcome. The target of the job is often the key to what a proposed product or service is intended to help.

Pivot

Typically, a term describing a change of direction in the thinking of an entrepreneur or a firm, often based on new data or other findings.