Marketing Exam #2 Melissa Moore Mississippi State University

primary data

information collected for the specific purpose at hand

secondary data

information that already exists somewhere, having been collected for another purpose

competitive advantage

is gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices

convenience product

A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort

brand positioning

Attributes and benefits are part of __________, which is one of the major brand strategy decisions

awareness

In the adoption process, __________ is when the consumer becomes familiar with the new product but lacks information about it

problem recognition

The first step of the business buying process

unsought product

a consumer product that the consumer either does not know about or knows about but does not normally consider buying

shopping product

a consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style

specialty product

a consumer product with unique characteristics of brand identification for which a significant group of buyers is willing to make a special purchase effort

belief

a descriptive thought that a person holds about something

ethnographic research

a form of observational research that involves sending trained observers to watch and interact with consumers in their natural environments

quota sample

refers to a prescribed number of people in each of several categories who are identified and interviewed by the researcher

internal database

refers to electronic collections of customer and marketing information obtained from data sources within the company network

social class

relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.

purchase decision

the buyer's decision about which brand to select

learning

the changes in an individual's behavior arising from experience

product quality

the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.

evaluation stage

the consumer considers whether trying the new product makes sense

evaluation stage

the consumer considers whether trying the new product makes sense.

interest stage

the consumer seeks information about the new product

brand equity

the differential effect that knowing the brand name has on customer response to the product or its marketing

industrial product

A product bought by individuals and organizations for further processing or for use in conducting a business

subculture

a group of people with shared value systems based on common life experiences and situations

product line

a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

concentrated marketing

a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches

attitude

a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea

cluster

a sample where the population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview

unique selling proposition

a specific attribute that a company chooses about a brand and touts as "number one" in regards to that attribute

buying attitude's and preferences

a type of buyer response

product

anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

positioning

arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

simple random sample

every member of the population has a known and equal chance of selection

survey research

gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior

observational research

gathering primary data by observing relevant people, actions, and situations

experimental research

gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses

brand sponsorship

includes private brand, licensing, and co-branding

service profit chain

links service firm profits with employee and customer satisfaction

descriptive research

marketing research to better describe marketing problems, situations, or markets such as the market potential for a product or the demographics and attitudes of consumers

Exploratory Research

marketing research to gather preliminary information that will help define problems and suggest hypotheses

causal research

marketing research to test hypotheses about cause-and-effect relationships

service perishability

means that services cannot be stored for later sale or use

service variability

means that the quality of services may vary greatly depending on who provides them and when, where, and how they are provided

Code of Standards and Ethics for Survey Research

outlines researcher responsibilities to respondents, including confidentiality, privacy, and avoidance of harassment

buyer characteristics

part of the buyer's black box and produce certain responses

Economic, technological, social, and cultural stimuli

part of the environment that enter the consumer's black box and produce certain responses

marketing information system

people and processes dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights

samples

segments of the population selected for marketing research to represent the population as a whole

service inseparability

services are produced and consumed at the same time and cannot be separated from their providers

local marketing

tailoring brands and marketing to the needs and wants of cities, neighborhoods, and even specific stores

individual marketing

tailoring products and marketing programs to the needs and preferences of particular customers

micromarketing

tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments

need recognition

the first stage of the buyer decision process, in which the consumer notices a problem

customer insights

the fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships

value proposition

the full mix of benefits on which a brand is positioned

stratified random sample

the population is divided into mutually exclusive groups and random samples are drawn from each group

co-branding

the practice of using the established brand names of two different companies on the same product

perception

the process by which people select, organize, and interpret information to form a meaningful picture of the world

product mix

the set of all products and items that a particular seller offers for sale

culture

the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions

information search

the stage of the buyer decision process in which the consumer is motivated to locate more information

alternative evaluation

the stage of the buyer decision process in which the consumer uses information to review different brands in the choice set

competitive marketing intelligence

the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment

marketing research

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

marketing stimuli

things such as product, price, place, and promotion and are considered part of the environment that influences the buyer's black box

a group

two or more people who interact to accomplish individual or mutual goals

product position

defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products

differentiation

distinguishing a market offering from other offerings in order to create superior customer value

market segmentation

dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes

Market Targeting

evaluating each market segment's attractiveness and selecting one or more segments to enter