Marketing ch 6-10
When considering distribution structure and how business markets and consumer markets differ, business markets have 1. (relatively short, direct channels/longer channels that involve producers and wholesalers/ one set channel) , while consumer markets have 2. (relatively short, direct channels/longer channels that involve producers and wholesalers/ one set channel)
1. relatively short, direct channels 2. longer channels that involve producers and wholesalers
focus group
7 to 10 people who participate in a group of discussion led by a moderator
target market
A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges
Labels perform both __________ and _______ functions
Facilitating the storage, use, and convenience of products
Steps in the Marketing Research Process
1. Identify and formulate the problem/opportunity 2. Plan the research design and gather secondary data 3. Specify the sampling procedures 4. Collect primary data 5. Analyze the data 6. Prepare and present the report 7. Follow up
raw materials
Unprocessed natural products used in production
scaled-response question
a closed-ended question designed to measure the intensity of a respondent's answer
strategic alliance
a cooperative agreement between business firms
North American Industry Classification System (NAICS)
a detailed numbering system developed by the United States, Canada, and Mexico to classify North American business establishments by their main production processes
motive
a driving force that causes a person to take action to satisfy specific needs
Neuromarketing
a field of marketing that studies the body's responses to marketing stimuli
field service firm
a firm that specializes in interviewing respondents on a subcontracted basis
relationship commitment
a firm's belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely
consume decision-making process
a five step process used by consumers when buying goods or services
stimulus generalization
a form of learning that occurs when one response is extended to a second stimulus similar to the first
convenience sample
a form of nonprobability sample using respondents who are convenient or readily accessible to the researcher—for example, employees, friends, or relatives
behavioral targeting (BT)
a form of observation marketing research that combines a consumer's online activity with psychographic and demographic profiles compiled in databases
evoked set
a group of brands resulting from an information search from which a buyer can choose
social class
a group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms
aspirational reference group
a group that someone would like to join
nonaspirational reference group
a group with which an individual does not want to associate
subculture
a homogenous group of people who share elements of the overall culture as well as unique elements of their own group
stimulus discrimination
a learned ability to differentiate among similar products
undifferentiated targeting strategy
a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix
perceptual mapping
a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds
cross-tabulation
a method of analyzing data that lets the analyst look at the responses to one question in relation to the responses to one or more other questions
experiment
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
keiretsu
a network of interlocking corporate affiliates
value
a personal assessment of the net worth obtained from an activity
seperated self-schema
a perspective whereby a consumer sees himself or herself as distinct and separate from others
product differentiation
a positioning strategy that some firms use to distinguish their products from those of competitors
reciprocity
a practice whereby business purchasers choose to buy from their own customers
80/20 principle
a principle holding that 20 percent of all customers generate 80 percent of the demand
learning
a process that creates changes in behavior, immediate or expected, through experience and practice
selective distorition
a process whereby a consumer changes or distorts information that conflicts with his or her feelings or beliefs
selective retention
a process whereby a consumer remembers only that information that supports his or her personal beliefs
consumer product
a product bought to satisfy an individual's personal wants or needs
non-marketing controlled information source
a product information source that is not associated with advertising or promotion
market-controlled information source
a product information source that originates with marketers promoting the product
business products
a product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers
secondary membership group
a reference group with which people associate less consistently and more formally than a primary membership group, such as a club, professional group, or religious group
primary membership group
a reference group with which people interact regularly in an informal, face-to-face manner, such as family, friends, and coworkers
observation research
a research method that relies on four types of observation: people watching people, people watching an activity, machines watching people, and machines watching an activity
random sample
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
probability sample
a sample in which every element in the population has a known statistical likelihood of being selected
InfoScan
a scanner-based sales-tracking service for the consumer packaged-goods industry
family life cycle (FLC)
a series of stages determined by a combination of age, marital status, and the presence or absence of children
straight rebuy
a situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers
modified rebuy
a situation in which the purchaser wants some change in the original good or service
new buy
a situation requiring the purchase of a product for the first time
cannibalization
a situation that occurs when sales of a new product cut into sales of a firm's existing products
central-location telephone (CLT) facility
a specially designed phone room used to conduct telephone interviewing
content marketing
a strategic marketing approach that focuses on creating and distributing content that is valuable, relevant and consistent
multisegment targeting strategy
a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each
concentrated targeting strategy
a strategy used to select one segment of a market for targeting marketing efforts
market segment
a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
Sample
a subset of the population
mall intercept interview
a survey research method that involves interviewing people in the common areas of shopping malls
scanner-based research
a system for gathering information from a single group of respondents by continuously monitoring the advertising, promotion, and pricing they are exposed to and the things they buy
executive interview
a type of survey that usually involves interviewing business people at their offices concerning industrial products or services
utilitarian value
a value derived from a product or service that helps the consumer solve problems and accomplish tasks
norm
a value or attitude deemed acceptable by a group
hedonic value
a value that acts as an end in itself rather than as a means to an end
personality
a way of organizing and grouping the consistencies of an individual's reactions to situations
Cognitive dissonance is likely to increase during which of the following situations? (Select three) a. As the dollar value of a purchase increases b. When the consumer spends a minimal amount of time evaluating a low-cost item c. When the rejected alternatives have desirable features that the chosen alternative does not provide d. When a product is inaccessible for purchase e. When the purchase decision has a major effect on the buyer
a. As the dollar value of a purchase increases c. When the rejected alternatives have desirable features that the chosen alternative does not provide e. When the purchase decision has a major effect on the buyer Cognitive dissonance is likely to increase as the dollar value of a purchase increases, when the rejected alternatives have desirable features that the chosen alternative does not provide, and when the purchase decision has a major effect on the buyer.
_______ focuses on the attributes that consumers seek and what they expect to receive from a good or service. a. Benefit segmentation b. Psychographic segmentation c. Usage-rate segmentation d. Geodemographic segmentation
a. Benefit segmentation
Packages that are easy to transport and stock on shelves are a result of which objective of packaging? a. Facilitating the storage, use, and convenience of products b. Promote products c. Facilitating recycling and reducing environmental damage d. Contain and protect products
a. Facilitating the storage, use, and convenience of products
Demographic segmentation uses which of the following bases? (Select three) a. Gender b. Region c. Income d. Family Life Cycle e. Personality
a. Gender c. Income d. Family Life Cycle Demographic segmentation defines consumer groups according to demographic variables such as age, gender, income, ethnic background, and family life cycle stage.
After collecting and analyzing the data, what is the next step in the research process? a. Preparing and presenting the report b. Collecting primary data c. Specifying the sampling procedures d. Planning the research design
a. Preparing and presenting the report
Which category of business customers include all individuals and firms that acquire products to support, directly or indirectly, the production of other goods and services? a. Producers b. Institutions c. Resellers d. Governments
a. Producers Producers include all individuals and firms that acquire products to support, directly or indirectly, the production of other goods and services.
José is shopping at Kohl's for dress pants and notices several varieties of Dockers brand pants by Levi's. Although Dockers come in a range of colors and fits, he's not interested in the brand because his father has always worn Dockers. José thinks he's hipper and more stylish and that Dockers are for individuals who do not care about style. Which aspect of individual influences on buying decisions is demonstrated by this example? a. Self-concept b. Gender c. Family life cycle d. Personality
a. Self-concept Self-concept or self-perception is how consumers perceive themselves. Through self-concept, people define their identities, which in turn provides for consistent and coherent behavior
Which of the following are individual influences on consumer buying behavior? (Select three) a. Self-concept b. Personality c. Opinion leaders d. Social class e. Gender
a. Self-concept b. Personality e. Gender
Which of the following are examples of primary data? (Select three) a. Surveys b. Government reports c. Focus groups d. Industry research reports e. Ethnographic research
a. Surveys c. Focus groups e. Ethnographic research Primary data is data collected for a research project via techniques such as surveys, focus groups, and ethnographic research.
A market must have which of the following characteristics? (Select three) a. The ability and willingness to buy b. Unique demands c. Needs and wants d. People or organizations e. The inclination to sell
a. The ability and willingness to buy c. Needs and wants d. People or organizations
Tyrion is a purchasing analyst for Dow Chemical. He is responsible for negotiating agreements with raw material manufacturers used as input for various Dow Chemical products. He prides himself on his organized and rational approach to his job purchasing chemicals and attempts to utilize the same approach in his personal life. He recently ordered ink cartridges from Amazon for his printer in his home office and received free shipping since he's a Prime member. He also likes how Amazon offers the opportunity to re-order items from his previous orders. How would you classify the value Tyrion received from his purchase of ink cartridges from Amazon? a. Utilitarian b. Hedonic c. Functional d. Basic
a. Utilitarian Tyrion has received utilitarian value. Utilitarian value is derived from a product or service that helps the consumer solve problems and accomplish tasks.
_______ is derived from a good or service that helps the consumer solve problems and accomplish tasks. a. Utilitarian value b. Expected value c. Hedonic value d. Perceived value
a. Utilitarian value
The Western Store is a retail outlet that specializes in western-style boots, jeans, shirts, and hats. The business frequently uses radio advertising on country radio stations, Pandora, and Spotify. In addition, The Western Store sponsors several high school students who compete in rodeo competitions. The store has about 3,000 followers on Facebook and Instagram. This information indicates that The Western Store's targeted markets are _______ and able to be reached via promotions and social media. a. accessible b. responsive c. substantial d. identifiable
a. accessible The firm must be able to reach members of targeted segments with customized marketing mixes to be accessible.
Portable tools and office equipment would be categorized as _______. a. accessory equipment b. supplies c. processed materials d. component parts
a. accessory equipment Accessory equipment are goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment.
Component parts _______. a. are either finished items ready for assembly or products that need very little processing before becoming part of some other product b. include capital goods such as large or expensive machines, airplanes, and equipment c. are unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, and corn d. are products used directly in manufacturing other products
a. are either finished items ready for assembly or products that need very little processing before becoming part of some other product
The goal of content marketing is to ______. a. attract and retain a clearly defined audience and drive profitable customer action b. facilitate online ordering on the company's website c. market goods and services to individuals and organizations for purposes other than personal consumption d. provide product specifications to customers through directly targeted mailings
a. attract and retain a clearly defined audience and drive profitable customer action
The broadest determinant of consumer behavior is _______. a. culture b. subculture c. social class d. values
a. culture
When a consumer has previous experience with a product or brand, it is likely the level of involvement would _______. a. decrease b. remain the same c. increase d. become more complicated
a. decrease
Market segmentation helps marketers _______. a. define customer needs and wants more precisely b. develop products for every type of customer in the market c. focus their attention on generating maximum profits d. sell one standard product to the whole market
a. define customer needs and wants more precisely
A graph showing historical sales trends for the company would be an example of ______, while a three-year sales projection for a product the company is about to launch would be _______. a. descriptive research; predictive research b. predictive research; diagnostic research c. diagnostic research; descriptive research d. descriptive research; diagnostic research
a. descriptive research; predictive research A graph showing historical sales trends for the company would be an example of descriptive research, while three-year sales projection for a product the company is about to launch is an example of predictive research.
Marketers measure the effectiveness of marketing campaigns through which of the following? (Select three) a. engagement b. sentience c. awareness d. conversion e. adaptation
a. engagement c. awareness d. conversion Marketers measure the effectiveness of marketing campaigns through engagement, awareness, and conversion.
Hayley is a senior in high school who wants to major in healthcare administration in college. She's engaged in some information search activities and has identified three schools within a three-hour drive of her home that offer a major in health care management or administration. These three schools are known as Hayley's _______. a. evoked set b. purchase set c. information set d. deliberation set
a. evoked set The evoked set includes the consumer's most preferred alternatives from which they will evaluate alternatives and make a choice.
The collection of alternatives a consumer actually considers when making a decision is known as the _______. a. evoked set b. want-got gap c. universal set d. need recognition set
a. evoked set The evoked set, or consideration set, is the set of alternatives a consumer actually considers when making a decision.
The pleasure or happiness you receive from purchasing a product has _______. a. hedonic value b. expected value c. utilitarian value d. perceived value
a. hedonic value Hedonic value is the pleasure or happiness you receive from a purchase.
A person's _______ is how they wish to be perceived. a. ideal self-image b. real self-image c. personality d. life cycle stage
a. ideal self-image
Before a marketing research project can be designed, you must first _______. a. identify the problem/opportunity b. analyze the data c. specify sampling procedures d. collect primary data
a. identify the problem/opportunity
n the buying center, _______ are people who affect the buying decision by supplying information to guide the evaluation of alternatives or by establishing buying specifications. a. influencers/evaluators b. users c. deciders d. gatekeepers
a. influencers/evaluators
Marianne recently moved from the Midwest to South Florida to pursue a career in real estate. She enjoys yoga and Pilates and hopes to find a studio in her new city so she can continue her fitness routine. This example demonstrates the impact of _______ as an individual influence on consumer buying decisions. a. life events b. personality c. age d. gender
a. life events Life events are another aspect of the life cycle as life-changing events can occur at any time. Many times, life-changing events will mean new consumption patterns
The driving force that causes a consumer to take action and satisfy a specific need is a _______. a. motive b. perception c. social need d. safety need
a. motive
The three main benefits of branding are: _______, _______, and _______. (Select three) a. new-product sales b. repeat sales c. increased advertising d. legal protection e. product identification
a. new-product sales b. repeat sales e. product identification
Someone who influences the opinions of others is a(n) _______. a. opinion leader b. aspirational leader c. reference leader d. social leader
a. opinion leader
A positioning strategy that positions the product as being associated with a particular category of products is using a ______ positioning base. a. product class b. price and quality c. competitor d. product user
a. product class
A company's customer relationship management (CRM) cycle and CRM system _______. a. provide built-in marketing research for the company b. have no impact on the company's marketing research efforts c. assume all customers have the same interactions with the company d. assume all customers are equally profitable to the company
a. provide built-in marketing research for the company
A product modification intended to improve the dependability and durability of a product is a _______. a. quality modification b. functional modification c. style modification d. planned obsolescence
a. quality modification
Unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, and corn would be categorized as ______. a. raw materials b. accessory equipment c. component parts d. supplies
a. raw materials
Retailers and wholesalers are part of the _______ category. a. reseller b. producer c. institutional d. government
a. reseller
A market segment that is large enough to justify its own marketing mix is said to be _______, while a market segment is _______ if marketers can reach members of the segment with customized marketing mixes. a. substantial; accessible b. accessible; substantial c. identifiable; responsive d. responsive; identifiable
a. substantial; accessible A market segment that is substantial must be large enough to justify developing a special marketing mix, while a market segment is accessible if marketers can reach members of the segment with customized marketing mixes.
In the buying center, the decider is _______. a. the person who selects a good or service to purchase b. the person who regulates the flow of information c. the person who first suggests making a purchase d. the person who negotiates the purchase
a. the person who selects a good or service to purchase
Competitive intelligence helps managers assess _______. a. their competitors b. their product costs c. their customers d. the economic environment
a. their competitors
Products that are unknown to the potential buyer or a known product the buyer does not actively seek are called _______. a. unsought products b. convenience products c. specialty products d. shopping products
a. unsought products
Companies that use frequency/loyalty programs hope that consumers purchase more of the product or service. This is an example of _______. a. usage-rate segmentation b. psychographic segmentation c. benefit segmentation d. geodemographic segmentation
a. usage-rate segmentation Usage-rate segmentation divides a market by the amount of product bought or consumed.
Bertrand's parents are originally from France. They have spoken to him in both English and French for as long as he can remember. However, he thinks that they spend more time correcting his pronunciation and use of grammar when he speaks French compared to when he speaks English. Over time, Bertrand has learned that this is common for French families as they desire to speak "perfect" French. Thus, these families share a common _______ of speaking perfect French, which is one component of culture. a. value b. language c. social class d. denominator
a. value
reference group
all of the formal and informal groups in society that influence an individual's purchasing behavior
buying center
all those people in an organization who become involved in the purchase decision
business to business online exchange
an electronic trading floor that provides companies with integrated links to their customers and suppliers
frame error
an error that occurs when a sample drawn from a population differs from the target population
sampling error
an error that occurs when a sample somehow does not represent the target population
random error
an error that occurs when the selected sample is an imperfect representation of the overall population
measurement error
an error that occurs when there is a difference between the information desired by the researcher and the information provided by the measurement process
opinion leaders
an individual who influences the opinions of others
competitive intelligence (CI)
an intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors
close-ended questions
an interview question that asks the respondent to make a selection from a limited list of responses
computer-assisted self-interviewing
an interviewing method in which a mall interviewer intercepts and directs willing respondents to nearby computers where each respondent reads questions off a computer screen and directly keys his or her answers into the computer
computer-assisted personal interviewing
an interviewing method in which the interviewer reads questions from a computer screen and enters the respondent's data directly into the computer
jilting effect
anticipation of receiving a highly desirable option only to have it become inaccessible
nonprobability sample
any sample in which little or no attempt is made to get a representative cross section of the population
Stimulus
any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing
The amount of information search a consumer will conduct depends on several factors. For example, Carmen is interested in purchasing a new laptop computer. Carmen is highly knowledgeable about technology since she majored in business information systems and enjoys reading about trends and new products in magazines and online forums. She has owned Dell computers and had positive experiences with the brand. Carmen plans to spend approximately $1,500, and she would like the laptop to last at least two years. Based on this information, which factor influencing information search will lead Carmen to spend more time conducting an external search? a. Perceived risk b. Consumer interest c. Confidence d. Knowledge
b. Consumer interest Carmen has a strong interest in the product category and a consumer who is more interested in a product will spend more time searching for information and alternatives.
Which of the following is not a trend that will lead to the continuing growth of CRM as a targeting tool? a. Technology b. Cost savings c. Personalization d. Loyalty
b. Cost savings Cost savings is not mentioned as one of the four trends that will lead to the continuing growth of CRM as a targeting tool.
Mei-Ling is a college junior majoring in finance and economics. She is interested in applying for internships and plans to attend her next college job fair. She wants to purchase a business suit to wear to the job fair and at subsequent interviews. Mei-Ling wants to look her best and wear appropriate attire. Since making a first impression is important, Mei-Ling will likely take considerable time to visit stores and try on multiple suits before she makes her purchase decision. Mei-Ling has never purchased a suit before, and this is the first time she will buy an expensive item without her mother assisting in the decision. Which type of decision-making will Mei-Ling utilize in purchasing her suit? a. Limited decision making b. Extensive decision making c. Rational decision making d. Routine response behavior
b. Extensive decision making This is an example of extensive decision making since Mei-Ling has limited experience, will undertake an extensive search, and her product is an infrequently purchased item.
The three largest and fastest-growing subcultures in the United States include: _______, _______, and _______. (Select three) a. Canadian Americans b. Hispanics c. African Americans d. Mexican Americans e. Asians
b. Hispanics c. African Americans e. Asians the three largest and fastest-growing U.S. ethnic subcultures—Hispanics, African Americans, and Asians—are expected to become the majority by the year 2060
Which of the following are characteristics of mobile research? (Select three) a. Narrower reach b. Immediate feedback c. Richer content collection d. Increased response rates e. Higher cost
b. Immediate feedback c. Richer content collection d. Increased response rates
Co-branding can take several forms. _______ identifies the part of the brand that makes up the product. a. Family branding b. Ingredient branding c. Cooperative branding d. Complementary branding
b. Ingredient branding
_______ is a network of interlocking corporate affiliates important in Japan. a. Guanxi b. Keiretsu c. Wasta d. Amae
b. Keiretsu
Which type of sample makes little attempt to get a representative cross section of the population? a. Probability sample b. Nonprobability sample c. Simple random sample d. Cluster sample
b. Nonprobability sample A nonprobability sample makes little attempt to get a representative sample of the population being studied.
Competitive intelligence can come from which of the following sources? (Select three) a. Surveys of your competitors b. Salespeople c. Suppliers d. Your company's financial statements e. Industry experts
b. Salespeople c. Suppliers e. Industry experts Competitive intelligence comes from many sources, including salespeople, suppliers, industry experts, and more.
Which survey method allows users to create a survey and distribute it to their own audience through email, their website, or social media? a. Google consumer surveys b. Web survey systems c. Online focus groups d. Online research communities
b. Web survey systems
The customer relationship management (CRM) cycle _______. a. starts by identifying the most profitable customers b. allows companies to identify their most profitable customers c. assumes all customers are equally profitable to the company d. only involves identifying customer relationships
b. allows companies to identify their most profitable customers The CRM cycle allows companies to identify their most profitable customers.
During _______, the consumer conducts a mental review—do I have experience with this product? a. the evoked set selection b. an internal information search c. need recognition d. an external information search
b. an internal information search During an internal information search, the consumer conducts a mental review and asks, "Do I have experience with this product?"
A supplier of scanner-based research _______. a. mainly distributes surveys b. collects checkout scanner data and aggregates it for analysis c. conducts focus groups about the best types of scanners d. provides data that is less "real world" than survey research
b. collects checkout scanner data and aggregates it for analysis
Avery was a multi-sport athlete in high school. She now teaches aerobics and spin classes at her university's fitness center. She wears only Nike shoes and sports apparel and has adopted the Nike slogan, "Just Do It" as her personal statement and the way she approaches life. She believes in herself and feels stronger, fitter, and more competitive when wearing or using Nike products. Avery is also an unpaid ambassador for the brand and often posts photos of herself wearing Nike products on her social media accounts. Avery would be classified as being in the _______ loyalty group with Nike. a. situational b. committed c. enduring d. satisfied
b. committed Researchers have found two levels of loyalty among customers. The committed group has a more intense and involved relationship with the brand and is more likely to have an emotional attachment.
An advantage of the _______ strategy is the firm may have a competitive advantage over other firms trying to reach multiple markets. a. multisegment targeting b. concentrated targeting c. undifferentiated targeting d. mass marketing
b. concentrated targeting
The second step of the consumer decision-making process is ______. a. need recognition b. information search c. evaluation of alternatives d. purchase
b. information search 1- need recognition 2- info search 3- eval of alternatives 4-purchase 5-post purchase behavior
Consuela is a busy mom of three children ranging from 3 to 8 years of age. The kids usually accompany Consuela on trips to the grocery store, and she's often amazed at how frequently they ask for items that are not on the shopping list. The youngest is usually asking for a toy, the middle child wants candy, and the oldest wants ice cream. As part of the family decision process, the children perform the role of _______. a. influencers b. initiators c. decision maker d. purchaser
b. initiators
Hospitals, colleges and universities, and museums fall into the ______ category of business customers. a. government b. institutional c. producer d. reseller
b. institutional The institutional category includes hospitals, colleges and universities, and museums as well as churches and not-for-profit agencies.
Social class is based on _______. a. culture and values b. occupation, education, income, and wealth c. occupation, education, culture, and values d. beliefs, preferences, and tastes
b. occupation, education, income, and wealth
Birgit likes to eat healthy foods. She recently visited Bed Bath & Beyond to purchase a high-speed blender to make smoothies, soups, sorbet, and other whole food-based recipes. Birgit compared several brands such as the Ninja Professional ($125), Vitamix ($300), and Kitchen Aid Classic ($80). Birgit decided to purchase the Ninja Professional and was pleasantly surprised at how well it blended spinach, apples, cucumbers, soy milk, and ice when making her morning green smoothie. She made her choice because of the _______ value of the Ninja but was then thrilled when she received more value than she expected from its performance. a. utilitarian b. perceived c. hedonic d. inherent
b. perceived Birgit purchased the Ninja over the other models due to its perceived value. Perceived value is what you expect to get although the actual value could be more or less than expected.
A positioning strategy that focuses on personality or type of consumer is using a _______ positioning base. a. product attribute b. product user c. price and quality d. competitor
b. product user
The three criteria business buyers use to evaluate business products include _______. a. service, support, and profit b. quality, service, and price c. quality, support, and profit d. specifications, reliability, and price
b. quality, service, and price
The first two digits of a NAICS code designate the _______. a. industry b. sector c. industry group d. subsector
b. sector The sector is designated by the first two digits of a NAICS code.
Particular items for which consumers search extensively and are very reluctant to accept substitutes are called ______. a. convenience products b. specialty products c. shopping products d. unsought products
b. specialty products
Derived demand means _______. a. an increase or decrease in the price of a product will not significantly affect demand for the product b. there is a linkage between the demand for a company's output and its purchases of resources c. 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 d. the demand for one business product is related to the demand for another business product used in combination with the first item
b. there is a linkage between the demand for a company's output and its purchases of resources Derived demand means there is a linkage between the demand for a company's output and its purchases of resources.
optimizers
business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one
satisficers
business customers who place an order with the first familiar supplier to satisfy product and delivery requirements
When a company wants to appear as a local brand in a foreign market, it would likely choose which of the following global brand strategies? a. Variations and alterations b. One brand name everywhere c. Different brand names in different markets d. Adaptations and modifications
c. Different brand names in different markets Correct. Different brand names in different markets are appropriate when the company wants to appear as a local brand, when translation or pronunciation problems occur, or if regulations require localization.
Which category of business customers accounts for the largest volume of purchases in the United States? a. Producers b. Institutions c. Governments d. Resellers
c. Governments
WeatherTech manufactures custom floor mats and accessories for automobiles. WeatherTech is predominantly an online retailer that fulfills customer orders from its website. In most cases, customers can navigate the website and identify products that are made to fit their vehicle. However, some customers may have questions before or after purchase. Which of the following actions can WeatherTech implement to stimulate positive word-of-mouth about its business and to address customer questions? a. Utilize an e-mail or web-based system through which customers can send an email to [email protected]; responses are addressed within 2-3 business days b. Refer customers to a link on the website with "frequently asked questions" c. Include a toll-free number on the website which is answered by a service representative on the first or second ring and who is knowledgeable enough to address any questions or concerns a customer might have d. Include a toll-free number on the website at which callers can receive an automated response with menu options from which customers can select to indicate the reason for the call
c. Include a toll-free number on the website which is answered by a service representative on the first or second ring and who is knowledgeable enough to address any questions or concerns a customer might have Marketing-oriented companies perceive the contact center as an opportunity to engage customers and reinforce the brand promise. Research has shown that consumers whose customer service questions and complaints are resolved during the first point of contact are nearly twice as likely to remain loyal to the product or company and are four times more likely to spread positive word of mouth.
A consumer purchasing a new pair of shoes is likely to have which level of involvement in the consumer decision process? a. Extensive decision making b. Enduring decision making c. Limited decision making d. Routine response behavior
c. Limited decision making Limited decision making is associated with purchases consumers make less frequently and when their knowledge or experience is limited such as clothing and shoe purchases.
Which survey method involves a business hiring a firm that facilitates an online group discussion and delivers a recap of the discussion? a. Google consumer surveys b. Online research communities c. Online focus groups d. Online panel providers
c. Online focus groups Online focus groups involve online group discussions that are facilitated then summarized.
When marketers look at the segment size, expected growth, and sales and profit potential, they are in which step of the market segmentation process? a. Design, implement, and maintain appropriate marketing mixes b. Select markets c. Profile and analyze segments d. Choose a basis or bases for segmenting the market
c. Profile and analyze segments Profiling and analyzing segments is the fourth step in the segmenting process and involves marketers looking at segment size, expected growth, and sales and profit potential.
Rishaan likes cars and associates German automobile manufacturers with high levels of quality. He drives a Volkswagen Jetta and highly values the company. Recently, Volkswagen was fined due to emissions violations in its diesel cars that only activated anti-pollution controls when they were tested. On the road, Volkswagen's diesel models emitted up to 40 times more toxic fumes than permitted by law. One of Rishaan's friends, Jeff, asked him about the Volkswagen diesel emissions problem, but Rishaan said he wasn't aware of any problems. Jeff was surprised at Rishaan's response because he distinctly remembers forwarding an article to Rishaan about the problem and discussing the issue with him. What could account for the difference between Jeff and Rishaan's recollection of this issue? a. Personality b. Selective distortion c. Selective retention d. Cognitive dissonance
c. Selective retention Selective retention is a process in which a consumer remembers only that information that supports his or her personal beliefs.
Which of the following statements regarding market segmentation is true? a. A successful segmentation scheme must produce segments that meet the five basic criteria for market segmentation. b. The final step in the market segmentation process involves selecting markets. c. There are no scientific procedures for selecting appropriate segmentation variables when choosing a basis for segmenting the market. d. The first step in segmenting a market is to select segmentation descriptors.
c. There are no scientific procedures for selecting appropriate segmentation variables when choosing a basis for segmenting the market.
Business products are different from consumer products in that business products _______. a. can never be consumer products b. are only sold in large quantities and account for a larger portion of sales for most companies c. are used to manufacture other goods or services, to help an organization's operations, or resold to consumers d. are purchased to satisfy an individual's needs
c. are used to manufacture other goods or services, to help an organization's operations, or resold to consumers Business products are used to manufacture other goods or services, to help an organization's operations, or resold to other consumers.
Quentin recently purchased a Ford F-150 truck to use in his construction business. He had considered other models but decided the Ford was the best value. After owning the truck for two weeks, he received an e-mail from his sales representative at the Ford dealership thanking him for his purchase. In addition, the sales representative included a link to a review of the Ford F-150 in Car and Driver where it was chosen as the top-rated truck. Quentin had been confident about his purchase decision prior to his purchase but felt even more positive about his purchase after receiving the e-mail from his sales representative and reading the magazine review. The follow-up e-mail and article helped to mitigate any _______ Quentin have felt in the postpurchase stage of the decision process. a. asymmetric ownership b. jilting effects c. cognitive dissonance d. product ambivalence
c. cognitive dissonance Cognitive dissonance is an inner tension arising when there are inconsistencies between values or opinions and behavior. This may lead consumers to have lingering doubts about their purchase decision. Marketers may reduce the opportunity for cognitive dissonance through effective communication with purchasers.
In a strategic alliance, _______ and _______ are necessary. a. keiretsu; commitment b. agreement; shared resources c. commitment; trust d. shared resources; trust
c. commitment; trust In a strategic alliance, commitment and trust are necessary.
Products that are relatively inexpensive items that merit little shopping effort are called ______. a. unsought products b. specialty products c. convenience products d. shopping products
c. convenience products
Marketing research may not be needed if you are _______. a. entering a new market b. creating an entirely new product category c. entering a stable market that is well-understood by the company d. planning an expensive and high-risk product launch
c. entering a stable market that is well-understood by the company
Chun and her mother are shopping for back-to-school supplies. Chun enjoys visiting clothing stores such as American Eagle with bright lighting, energizing contemporary music, and up-to-date fashions. Even if Chun doesn't purchase anything at American Eagle, she enjoys the experience and has received _______ value. a. utilitarian b. platonic c. hedonic d. contemporary
c. hedonic Chun has received hedonic value, defined as an end in itself rather than as a means to an end. The value is provided entirely through the experience and emotions associated with consumption, not because another end is accomplished.
A market segment is _______ if marketers can distinguish who is in the segment through demographic information or geographic location. a. accessible b. substantial c. identifiable d. responsive
c. identifiable
The NAICS is a system for classifying businesses _______. a. that are members of the World Trade Organization b. worldwide c. in North America d. in Europe, the United States, and Asia
c. in North America Canada, Mexico and the US
A market segment _______. a. is a group of people with sufficient purchasing power, authority, and willingness to buy b. is the process of dividing the total market into smaller, relatively homogeneous groups c. is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs d. is a group of people with different needs that are responsive to one, singular product
c. is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
Emma was raised in the southern part of the United States where it's common to ask guests visiting the house, "would you like a Coke?" This expression is used to inquire if the guest would like a beverage to drink, not necessarily a Coca-Cola or Coca-Cola product. In contrast, people living in the Midwest might ask if the guest would like a pop or soda pop. The use of these expressions by people living in different areas across the United States demonstrates that culture is _______. a. dynamic b. inherited c. learned d. insignificant
c. learned Culture is learned. Consumers are not born knowing the values and norms of their society. Instead, they must learn what is acceptable from family and friends.
The purchase of health and beauty aid products can be overwhelming due to the number of choices. For example, Procter & Gamble offers its Old Spice brand for men, Head & Shoulders for individuals needing dandruff control, and Pantene Pro-V formula that "transforms your hair by making it stronger." Procter & Gamble utilizes a unique marketing mix for each brand of shampoo, giving the company many benefits such as greater sales volume, higher profitability, larger market share, and economies of scale in manufacturing and marketing. Procter & Gamble is using _______ targeting. a. concentrated b. undifferentiated c. multisegment d. focused
c. multisegment Multisegment targeting is exemplified by firms choosing to serve two or more well-defined market segments and developing a distinct marketing mix for each.
When a company targets several different market segments and creates a different marketing mix for each segment, they are using _______. a. mass marketing b. concentrated targeting c. multisegment targeting d. undifferentiated targeting
c. multisegment targeting
Gustavo was shopping at Hollister for jeans. He noticed a sign near the plain T-shirts that advertised "buy one, get one half off." Since he often wears plain T-shirts, Gustavo spontaneously decided to purchase a white shirt and a black shirt. The sign served as a(n) _______ to influence consumers to make impulse or unplanned purchases. a. prompt b. internal source c. nudge d. non-marketer-controlled stimulus
c. nudge A nudge is defined as a little push. It is a little intervention that can stimulate changed behavior and often influences consumers to make impulse or unplanned purchases.
Consumer purchases are made based on _______, what the consumer expects to obtain from a purchase. a. utilitarian value b. hedonic value c. perceived value d. consumer value
c. perceived value
A _______ is a way to display or graph, in two or more dimensions, the location of products, brands, or groups of products in customers' minds. a. portfolio chart b. positioning matrix c. perceptual map d. product plot
c. perceptual map
One of the least useful concepts in consumer behavior is _______, even though it may influence the types and brands of products people purchase. a. family life cycle stage b. self-concept c. personality d. gender
c. personality
Companies may manufacture products that become outdated before they actually need replacement. This is called ______. a. style modification b. functional modification c. planned obsolescence d. quality modification
c. planned obsolescence
A _______ is everything, both favorable and unfavorable, that a person receives in an exchange. a. promotion b. service c. product d. marketing mix
c. product
A _______ is a company's assortment of product lines and individual product offerings. a. product line depth b. product line c. product mix d. product item
c. product mix
When a company changes consumers' perception of a brand in relation to competing brands, they are ______ the product. a. rebranding b. relocating c. repositioning d. rearranging
c. repositioning
Data previously collected for any other purpose than the specific research project at hand is _______. a. primary data b. unstructured data c. secondary data d. sampling data
c. secondary data
The characteristics of consumers and organizations that marketers use to divide a market into segments are known as _______. a. market density b. demographics c. segmentation bases d. market size
c. segmentation bases Segmentation bases, or variables, are the characteristics of consumers and organizations that marketers use to divide a market into segments.
When consumers worry about a purchase impacting others' opinions of them, they are concerned about _______. a. emotional risk b. financial risk c. social risk d. psychological risk
c. social risk
In a _______, the business buyer reorders the same goods or services without looking for new information or investigating other suppliers. a. new buy b. modified rebuy c. straight rebuy d. varied rebuy
c. straight rebuy
Recently, there has been a growth in assisted living centers across the United States as the number of adults aged 65 and older increases due to individuals living longer. This phenomenon indicates that companies that choose to develop senior living centers can be assured that this market segment meets the criterion of _______, meaning that it is large enough to warrant developing and maintaining a special marketing mix. a. identifiability b. responsiveness c. substantiality d. accessibility
c. substantiality Substantiality refers to a segment being large enough to warrant developing and maintaining a special marketing mix.
major equipment
capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings
Repositioning
changing consumers' perceptions of a brand in relation to competing brands
segmentation bases
characteristics of individuals, groups, or organizations
supplies
consumable items that do not become part of the final product
A consumer who has an ongoing interest in a product or category experiences which type of high involvement? a. Shopping involvement b. Emotional involvement c. Product involvement d. Enduring involvement
d. Enduring involvement Enduring involvement represents an ongoing interest in some product or activity.
If a company wishes to better compete on price and service, it should consider segmenting its business market on which basis? a. Company size b. Type of company c. Product use d. Geographic location
d. Geographic location A firm that chooses to segment based on geographic location has the benefit of being close to their customers and can compete better on price and service.
Katie is the marketing director for a local office of the Komen Foundation, a non-profit organization that advances research and treatment options for individuals with breast cancer. Katie often makes purchases of supplies, marketing materials, and branded merchandise for events such as the Race for the Cure. Which type of business buyer is the Komen Foundation? a. Reseller b. Government c. Producer d. Institution
d. Institution Institutions seek to achieve goals other than the standard business goals of profit, market share, and return on investment.
Which of the following statements is true? a. Mobile surveys have narrower reach than paper surveys. b. Mobile surveys are more expensive than paper surveys. c. Mobile surveys are limited on content collection compared to paper surveys. d. Mobile surveys have higher response rates than paper surveys
d. Mobile surveys have higher response rates than paper surveys
Fastenal is a distributor of industrial tools and supplies. It operates more than 2,000 branch locations across the country. It focuses primarily on the business-to-business market and has identified several distinct markets to target: 1) smokestack industrials, 2) modern warehouse, 3) mom-and-pop services, and 4) white-collar industrial. These descriptors help Fastenal's account managers to create a unique message and product or service appeal to the distinct market segments. According to the text, at which step of the market segmentation process are segment descriptors determined? a. Fourth b. Second c. First d. Third
d. Third The third step in the market segment
Margo is a division vice-president at a large insurance company. She dreams of purchasing a Range Rover Sport vehicle that retails for approximately $70,000. She thinks the brand offers the highest level of luxury in a sport utility vehicle. In addition, she associates the Range Rover brand with prestige, wealth, and success. Once she's able to own a Range Rover, Margo will feel like she's "made it." To Margo, the people who own and drive Range Rover vehicles serve as a(n) _______ reference group. a. non-aspirational b. primary membership c. standard d. aspirational
d. aspirational
The elements of a brand that cannot be spoken are called the ______. a. trademark b. brand name c. brand equity d. brand mark
d. brand mark
Brands offered exclusively by a retailer that are manufactured by a third party are called ______. a. family brands b. individual brands c. co-brands d. captive brands
d. captive brands
Customers at the _______ level of loyalty tell others about the brand and have an emotional connection. a. personal b. preference c. satisfied d. committed
d. committed Customers at the committed level of loyalty tell others about the brand and have an emotional connection.
Supplies are _______. a. either finished items ready for assembly or products that need very little processing before becoming part of some other product b. goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment c. unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, and corn d. consumable items that do not become part of the final product. Paper and pencils are examples of supplies
d. consumable items that do not become part of the final product. Paper and pencils are examples of supplies
The goal for marketers in the consumer decision journey is to _______. a. simplify the buying process by offering automatic reordering b. provide consumers with more information after they recognize an unmet need c. reduce cognitive dissonance by providing after purchase services and benefits d. eliminate the consumer's research and evaluation stages of the decision-making process
d. eliminate the consumer's research and evaluation stages of the decision-making process The goal for marketers in the consumer decision journey is to get the customer into the loyalty loop by eliminating the need to research and evaluate other brands.
It is difficult to separate the information search and evaluation of alternatives steps in the consumer decision-making process because consumers _______. a. have likely already decided what to purchase before evaluating alternatives b. are not likely to be influenced by external information sources c. don't search for information until after they evaluate alternatives d. evaluate some alternatives as the search process progresses
d. evaluate some alternatives as the search process progresses Consumers evaluate some alternatives as the search process progresses
A(n) _______ is a written guarantee about the quality, abilities, or performance of a product that is communicated by the manufacturer or seller. a. implied warranty b. explicit warranty c. indirect warranty d. express warranty
d. express warranty
Harry's, a men's grooming company, markets razors and hair styling products. Harry's uses a variety of promotional media including advertisements on ESPN to create awareness about its brand and to influence purchase consideration. Recently, Ravindra was watching ESPN and decided to give Harry's a try. The advertisement also helped him realize that he wasn't very satisfied with the disposable razors he had been using. In this case, the advertisement acted as a(n) _______ stimulus to trigger Ravindra's need recognition for a new shaving product. a. internal b. formal c. impersonal d. external
d. external The advertisement is an external stimulus that triggered need recognition. External stimuli are influences from an outside source.
Scanner-based research gathers information _______. a. from consumers about their future purchase intentions b. from manufacturers about their supply chain activities c. from brands about their promotional plans d. from consumers about the promotions and pricing they are exposed to and the things they buy
d. from consumers about the promotions and pricing they are exposed to and the things they buy
Kyrin is the information technology director for the police department in Newburgh, Indiana. She is responsible for purchasing and maintaining all technology-related equipment and services for the department including computers, printers, body cameras, in-car video devices, servers, and networking equipment. She often buys from CDW, a technology-related firm, and appreciates the opportunity to work with dedicated account executives who are experienced in assisting _______ accounts like the police department. a. reseller b. institutional c. producer d. government
d. government Government organizations include local, state, and federal buying units.
The marketing research problem _______. a. is general and broad in scope b. is a goal statement c. is a seven-step process that should generally be followed regardless of project size d. involves determining what information is needed and how it can be obtained
d. involves determining what information is needed and how it can be obtained
Tamika enjoys shopping at Target. She learned through Target's Instagram posts that a collection from Vineyard Vines would be available in stores and online for a limited time and in limited quantities. Tamika set a reminder on her phone and accessed the Target website at the time the collection was to debut. She found an item she wanted to purchase. However, when she clicked "purchase," she received a message the item was sold out. Within minutes, the entire collection was sold out. Tamika was disappointed and experienced the _______ effect. a. unmet value b. product failure c. cognitive dissonance d. jilting
d. jilting The jilting effect is defined as the anticipation of receiving a highly desirable option only to have it become inaccessible.
When the demand for one business product is related to the demand for another business product used in combination with the first item, _______ occurs. a. the multiplier effect b. derived demand c. inelastic demand d. joint demand
d. joint demand joint demand occurs when the demand for one business product is related to the demand for another business product used in combination with the first item
Some people avoid buying specific products and brands so they are not associated with specific groups. These groups would be classified as ______. a. direct groups b. secondary membership groups c. family d. nonaspirational groups
d. nonaspirational groups
Brandon has always enjoyed playing video games. He started live streaming and recording videos as well as giving product reviews. Over time, Brandon has developed a following on YouTube, and he is now endorsed by several video game companies who view him as an important _______ who can influence others to purchase goods and services. a. reference group b. cultural icon c. media personality d. opinion leader
d. opinion leader Reference groups and social media groups frequently include individuals known as group leaders or opinion leaders who are persons who can influence others.
Business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one are called _______. a. satisficers b. gatekeepers c. deciders d. optimizers
d. optimizers Optimizers are business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one.
A person's traits, attitudes, and habits are part of their _______. a. motives b. lifestyle c. demographics d. personality
d. personality
The number of different product lines an organization offers is the company's _______. a. product item assortment b. product line depth c. product mix d. product mix width
d. product mix width
Maui Jim is a manufacturer of premium sunglasses. It is considered a top brand. The glasses are sold directly through the company's website and resellers such as Sunglass Hut. The company's website features a browsing menu titled "Activity" where customers can shop the sunglass line by activities such as golf, fishing, running, hiking, tennis, and water sports. Maui Jim is using these activities as a segmentation approach to appeal to customers who enjoy these various activities by providing specific models of sunglasses to "fit" each activity. Maui Jim is using _______ segmentation by focusing on consumers' active lifestyles. a. geographic b. demographic c. benefits d. psychographic
d. psychographic Psychographic segmentation is marketing segmentation using personality, motives, or lifestyles.
Robert is a college freshman. For the first time, he is making purchases on his own for many items such as toothpaste, shampoo, deodorant, and laundry detergent. On a recent visit to Walmart, Robert picked up a tube of toothpaste and a container of laundry detergent. He easily recognized the brands his family used and didn't spend any time comparing alternatives or even looking at prices. Robert utilized _______ decision making. a. limited b. simple c. extensive d. routine response behavior
d. routine response behavior Frequently purchased low-cost goods and services are generally associated with routine response behavior.
Maya and Damone are married with two young children. They own a home and recently made some improvements around the house. They installed a Ring doorbell and a motion-detecting security light by their garage. Both units are connected to the Ring application that notifies Maya and Damone any time a person is in view of either device. In addition, they can program the application to record video. The Ring doorbell and motion-detecting light fulfill Maya and Damone's need for _______. a. self-actualization b. physiological items c. social d. safety
d. safety
Lucía is an avid coffee drinker. She often stops to purchase a morning or mid-afternoon coffee at Dunkin'. She likes the convenience of the drive-through, and her favorite store always gets her order right. However, depending on her schedule and location, she's equally as likely to stop at Starbucks or McDonald's for a coffee. Lucía would be classified as being in the _______ loyalty group with Dunkin'. a. competitive b. neutral c. committed d. satisfied
d. satisfied Researchers have found two levels of loyalty among customers. The satisfied group can be represented by the phrase "one of my favorite brands" that reflects satisfaction and a lack of motivation to change to another brand.
When consumers are overwhelmed by stimuli in the environment, they use _______ to choose what information is processed. a. perception b. selective distortion c. selective retention d. selective exposure
d. selective exposure Selective exposure is a process in which a consumer notices certain stimuli and ignores others.
Danita is 40 years old and has always wanted to learn to speak Italian. She's noticed several television advertisements for Babbel promoting its system of foreign language instruction. The ads show professional people like her learning new languages and being successful. According to Maslow's hierarchy of needs, Danita's desire to learn Italian would fulfill a _______ need. a. safety b. physiological c. social d. self-actualization
d. self-actualization The highest human need is self-actualization which refers to finding self-fulfillment and self-expression
Aditi and Sam are newlyweds. They will be hosting a dinner party for Sam's parents who are knowledgeable and savvy wine drinkers. Aditi doesn't know much about wine but wants to serve a bottle of wine with dinner. She visits a local liquor store specializing in wine and spends quite a bit of time looking at various wines and speaking with a knowledgeable salesperson at the store. This is an example of _______ involvement and how it can impact a customer's purchase decision process. a. shopping b. enduring c. product d. situational
d. situational This is an example of situational involvement, which occurs when the circumstances of a purchase temporarily transform a low-involvement decision into a high-involvement one.
A modification to a product that changes the taste, texture, sound, smell, or appearance is a _______. a. planned obsolescence b. functional modification c. quality modification d. style modification
d. style modification
The exclusive legal right to use a brand or part of a brand is ______. a. product mix protection b. brand name protection c. brand mark protection d. trademark protection
d. trademark protection
When a company uses a single marketing mix to target all customers, it is utilizing _______. a. multisegment targeting b. concentrated targeting c. niche targeting d. undifferentiated targeting
d. undifferentiated targeting
secondary data
data previously collected for any purpose other than the one at hand
marketing research problems
determining what information is needed and how that information can be obtained efficiently and effectively
Positioning
developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general
usage rate segementation
dividing a market by the amount of product bought or consumed
component parts
either finished items ready for assembly or products that need very little processing before becoming part of some other product
business services
expense items that do not become part of a final product
accessory equipment
goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment
The more shared digits companies have, the more (heterogenous, homogenous, dissimilar) they are.
homogenous (homo means same)
self-concept
how consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations
socialization process
how cultural values and norms are passed down to children
___________________ are more expensive to market than __________ because the company must develop a new promotional campaign to introduce each new product
individual brands family brands
original equipment manufacturers (OEMs)
individuals and organizations that buy business goods and incorporate them into the products they produce for eventual sale to other producers or to consumers
primary data
information that is collected for the first time; used for solving the particular problem under investigation
niche
one segment of a market
market
people or organizations with needs or wants and the ability and willingness to buy
multiplier effect
phenomenon in which 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
consumer behavior
processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use
processed materials
products used directly in manufacturing other products
want
recognition of an unfulfilled need and a product that will satisfy it
Marketers use (reinforcement/social needs/retention/motives) and (repetition/selective exposure/esteem needs/perception)I to boost learning for consumers during the decision process
reinforcement repetition
mystery shoppers
researchers posing as customers who gather observational data about a store
Need Recoginition
result of an imbalance between actual and desired states
demographic segmentation
segmenting markets by age, gender, income, ethnic background, and family life cycle
geographic segmentation
segmenting markets by region of a country or the world, market size, market density, or climate
geodemographic segmentation
segmenting potential customers into neighborhood lifestyle categories
research design
specifies which research questions must be answered, how and when the data will be gathered, and how the data will be analyzed
trust
the condition that exists when one party has confidence in an exchange partner's reliability and integrity
derived demand
the demand for business products
joint demand
the demand for two or more items used together in a final product
big data
the huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies
business marketing (business to business or B-to-B)
the marketing of goods and services to individuals and organizations of purposes other than personal consumption
extensive decision making
the most complex type of consumer decision making, used when buying an unfamiliar, expensive product or an infrequently bought item; requires use of several criteria for evaluating options and much time for seeking information
survey research
the most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes
position
the place a product, brand, or group of products occupies in consumers' minds relative to competing offerings
universe
the population from which a sample will be drawn
Perception
the process by which people select, organize, and interpret information to form a meaningful picture of the world
Market Segmentation
the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
benefit segmentation
the process of grouping customers into market segments according to the benefits they seek from the product
marketing research
the process of planning, collecting, and analyzing data relevant to a marketing decision
internal information search
the process of recalling past information stored in the memory
selective exposure
the process whereby a consumer notices certain stimuli and ignores others
culture
the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next
marketing research objective
the specific information needed to solve a marketing research problem; the objective should be to provide insightful decision-making information
ethnographic research
the study of human behavior in its natural context; involves observation of behavior and physical setting
routine response behavior
the type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time
limited decision making
the type of decision making that requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category
social media monitoring
the use of automated tools to monitor online buzz, chatter, and conversations
perceived value
the value a consumer expects to obtain from a purchase
real self-image
the way an individual actually perceives himself or herself
ideal self-image
the way an individual would like to be perceived
churning
when a significant number of customers are switching brands
cognitive dissonance
Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions