Marketing test 2

nations, regions, states, countries, neighborhoods

geographic

consumer decision made out of habit

habitual decision making

conceiving new product concepts from which possible new products can be selected

idea generation

determining if the idea fits into the company's marketing strategy and should be developed furthers

idea screening

purchase that occurs when a consumers sees a product in store and purchases it with little or no deliberation because of a sudden urge

impulse purchase

friendship, family, sexual intimacy

love/ belonging needs

a discipline combining science, statistics, and computer coding to make predictions based on patterns discovered in data

machine learning

assessing information needs, developing information, analysis and action

marketing information system

In a marketing information system (MIS), data flows through the organization from internal company data, competitive intelligence, and

marketing research

organizational activity that links the consumer, customer, and public to the marketing information

marketing research

define the problem, develop a research plan, collect data, analyze the data, present results and take action

marketing research process

focuses on collecting insights from your target audience, such as their opinions and attitudes that would help you evaluate current products, services, or test concepts aimed at improving them. It can also gauge customer perceptions about your company.

marketing research process

a strategy that uses the knowledge of neuroscience and cognitive science to accurately identify customer needs, desires, and preferences

neuro techniques

determining the direction a company will take when developing a new product

new product strategy development

1. identify an unmet need 2. carefully collect information about competing products 3. consciously weigh the relative importance of key product attributes 4. create a choice set 5. compute the optimal purchase decision 6. after purchase compare product performance to expectation

perspectives on consumer decision making

breathing, food, water, sleep

physiological needs

a description of the core target market to which a product is directed and a compelling picture of how the firm wants the core market to view the product

positioning statement

analysis that uses statistic techniques and algorithms based on patterns of past behavior to predict the future unknown events, such as future buying behavior

predictive modeling

consumers identify a gap between their current situations and a desired end state

problem recognition

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

product adaptors

prototyping and testing new product ideas to determine likely consumer interest

product development

stage 1. new product strategy development stage 2. idea generation stage 3. idea screening stage 4. business analysis stage 5. product development stage 6. test marketing stage 7. product launch

product development process

initially producing, distributing and promoting a new product

product launch

the series of stages that a product goes through from the time it is launched into the market until the time it is removed from the market

product life cycle (PLC)

psychological traits, motivation, consumer attitudes

pychographic

information that can be counted, measured, or easily expressed through numbers

qualitative data

descriptive data, may involve the five senses, qualification

quantitative data

purchases that occur due to retailers prompts' to consumers while consumers are in the store

reminder purchases

reestablishing a product's position in response to changes in the marketplace

reposisioning

security of body, of employment, of resources, of morality, of the family, of health, of property

safety needs

The top level in Maslow's hierarchy of needs is

self accusation

creativity, spontaneity, problem solving, lack of prejudice

self accusation needs

new product development, introduction, growth, maturity, decline

stages of product life cycle

introducing the product to a new geographically limited market to see how well it sells

test marketing

As defined in your text, a product refers to

the specific combination of goods, services, or ideas that a firm offers to its target market.

Purchases made in a retail outlet that are different from those the consumer planned to make prior to entering that retail outlet.

unplanned purchases

physiological, safety, love/belonging, esteem, self accusation

Maslow's hierarchy of needs

________ is based on research that estimates how much of a product will sell over a given period of time.

Sales forecasting

What is a DSS?

a decision support system

Chobani, makers of specialty yogurts, has expanded its product line to include "Gimmies," a specialty yogurt supported by a set of characters that are designed to appeal to children. For this product, Chobani is segmenting the market based on

age

loyalty, price sensitive, occasions, usage rate

behavioral

determining if the idea can be turned into a product that will prove to be profitable

business analysis

the marketing of products or services to other businesses and organizations. ex. one company buys from another then sells to others

business to business

selling goods and services to end user customers. ex. restaurants, car dealerships, or barber shop

business to consumer

A risk associated with product-line extensions is that the new product may take away from sales of existing products in the product line. This is referred to as

cannibalization

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs is known as

consumer behavior

1. Problem recognition- what do I have to satisfy 2. Information search- what products are available to satisfy my needs 3. Alternative evaluation- which product will best satisfy my need 4. Outlet selection and purchase- where should i purchase from and how should I pay 5. Post purchase process- am I satisfied with my purchase

consumer decision making process

The five stages most consumers go through when engaged in extended problem solving is called the

consumer decision-making process.

a computerized program used to support determinations, judgments, and courses of action in an organization or a business

decision support system(DSS)

age, gender, income, family size

demographic

a non-linear, iterative process that teams use to understand users, challenge assumptions, redefine problems and create innovative solutions to prototype and test

design thinking

self-esteem, confidence, achievement, respect of others, respect by others

esteem needs

decisions requiring considerable cognitive activity, thought, and behavioral effort

extended problem solving

The process of dividing a larger market into smaller groups based on meaningfully shared characteristics is called positioning.

false

demographic, geographic, psychographic, behavioral

four bases of segmentation