exam 2 Marketing
requisition
(n.) - a demand for goods, often by an authority
Marketing Research Process
1. Defining the objectives and research needs 2. Designing the research 3. Data collection process 4. Analyzing data and developing insights 5. Action plan and implementation
Sample
A relatively small proportion of people who are chosen in a survey so as to be representative of the whole.
Scientific Method
A series of steps followed to solve problems including collecting data, formulating a hypothesis, testing the hypothesis, and stating conclusions.
data warehouse
A logical collection of information - gathered from many different operational databases - that supports business analysis activities and decision-making tasks
product market
A market in which products are sold by firms and bought by households.
Positioning
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
What is positioning?
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
market
a group of buyers and sellers of a particular good or service
consumer panels
a group of consumers who provide information on a continuing basis
generic market
a market with broadly similar needs
research proposal
a plan that specifies what information will be obtained and how
selective retention
a process whereby a consumer remembers only that information that supports his or her personal beliefs
response
a reaction to a stimulus
Learning
a relatively permanent change in an organism's behavior due to experience
straight rebuy
a routine repurchase that may have been made many times before
reference group
a social group that serves as a point of reference in making evaluations and decisions
Intranet
a system for linking computers within a company
Marketing Information System
a system for managing marketing information that is gathered continually from internal and external sources
Rountinized Response Behavior
a type of consumer problem-solving process used when buying frequently purchased, low-cost items that require very little search and decision effort
purchasing specifications
a written description of what the firm wants to buy
North American Industry Classification System (NAICS) codes
agencies in classifying business establishment in the economy
negotiated contract buying
agreeing to contracts that allow for changes in the purchase arrangements
buying center
all those people in an organization who become involved in the purchase decision
personal needs
an individual's need for personal satisfaction unrelated to what others think or do
business and organizational customers
any buyers who buy for resale or to produce other goods and services
Just-in-time delivery
arrive at a factory moments before they are needed
modified rebuy
buyer wants to modify product specifications, prices, terms, or suppliers
computer aid methods used in segmenting
clustering technique
quanititative research
collecting / analyzing numerical data to find patterns and make predictions
combined target market approach
combining two or more submarkets into one larger target market as a basis for one strategy
outsource
contract with an outside firm to produce goods or services rather than to produce them internally
Market Segmentation
dividing a market into meaningful, relatively similar, and identifiable segments or groups
statistical packages
easy-to-use computer programs that analyze data
secondary data
facts and figures that have already been recorded prior to the project at hand
competitive bid
for expensive purchases
marketing research online community
group of captive interactive people joined online by a common intrest
Population
group of individuals of the same species that live in the same area
primary data
information that is collected for the first time; used for solving the particular problem under investigation
focus group interview
involves simultaneously interviewing 6 to 10 people in an informal group setting
physiological needs
need to satisfy hunger and thirst
Needs and Wants
need- basic requirement for survival, want- something not needed for survival
economic needs
needs concerned with making the best use of a consumer's time and money—as the consumer judges it.
Segmenting Business Markets
operating characteristics, purchasing approaches, situational factors, personal characteristics
economic buyers
people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money
empty nesters
people whose children are grown and who are now able to spend their money in other ways
Cues
products, signs, ads, and other stimuli in the environment
low-involvement purchases
purchases that have little importance or relevance for the customer
dimensions of segmenting markets
qualifying and determining
adoption process
the mental process through which an individual passes from first hearing about an innovation to final adoption
social needs
the need for love, companionship, and friendship- the desire for acceptance by others
response rate
the percentage of people contacted who complete the questionnaire
Marketing Research
the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
Perception
the process of organizing and interpreting sensory information, enabling us to recognize meaningful objects and events
confidence interval
the range of values within which a population parameter is estimated to lie
situation analysis
the study of the internal and external factors that affect marketing strategies
extensive problem solving
the type of problem solving consumers use for a completely new or important need--when they put much effort into deciding how to satisfy it
Psychographics
the use of psychological, sociological, and anthropological factors to construct market segments
marketing dashboard
the visual display of the essential information related to achieving a marketing objective
qualifying dimensions
those relevant to including a customer type in a product-market
determining dimensions
those that actually affect the customer's purchase of a specific product or brand in a product-market
clustering techniques
try to find similar patterns within sets of data
new-task buying
when an organization has a new need and the buyer wants a great deal of information
Combiners vs Segmenters
Combiners look for similarities in groups and work them together, while segmenters work with specific groups
discretionary income
Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
Decision Support System (DSS)
Models information to support managers and business professionals during the decision-making process
customer relationship managment
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
selective perception
The phenomenon that people often pay the most attention to things they already agree with and interpret them according to their own predispositions.
selective exposure
The process by which individuals screen out messages that do not conform to their own biases.
Foreign Corrupt Practices Act
U.S. law regulating behavior regarding the conduct of international business in the taking of bribes and other unethical actions.
dissonance
Unpleasant or unharmonious sound
Qualitative Research
research that relies on what is seen in field or naturalistic settings more than on statistical data
purchasing manager
responsible for raw material purchase prices
safety needs
security, safety
multiple target market approach
segmenting the market and choosing two or more segments, and then treating each as a separate target market needing a different marketing mix
single target market approach
segmenting the market and picking one of the homogeneous segments as the firm's target market
multiple buying influence
several people share in making a purchase decision--perhaps even top management.
3 approaches to market oriented strategy planning
single, multiple and combined
experimental method
that the proper way to explore the workings of the universe was through repeatable experiments rather than speculation.
lifestyle analysis
the analysis of a person's day-to-day pattern of living
ISO 9000
the common name given to quality management and assurance standards
culutre
the enduring behaviors, ideas, attitudes, values, and traditions shared by a group of people and transmitted from one generation to the next
Big Data
the exponential growth in the volume, variety, and velocity of information and the development of complex, new tools to analyze and create meaning from such data
Validity
the extent to which a test measures or predicts what it is supposed to