Marketing Module 2

Exploratory

Marketing research conducted using focus groups for the purpose of defining research issues and suggesting hypotheses is called _________ research.

Experiment

Marketing research data obtained by manipulating factors under tightly controlled conditions to test cause and effect relationships would use which of the following primary data methods:

Users

Members of the buying organization who will actually use the purchased product or service

need recognition, information search, evaluation of alternatives, purchase decision, post purchase behavior

The Consumer Decision Process discussed in class includes the following steps in this order:

Derived demand

The amount of steel General Motors purchases from Great Lakes Steel depends on the number of cars GM sells. Therefore, the market for steel is based on:

business buyer behavior

The buying behavior of organizations that buy goods and services for use in the production of other products that are sold rented or supplied to others

New task

The following statement represents what kind of buying situation? "We need to look into getting iPads with Internet connections for all our salespeople. Set up a meeting with sales, purchasing, finance, and the information systems manager to discuss it."

Quantitative

The growth of the Internet has had a dramatic impact on how marketing research is conducted. Marketing researchers have found that the Internet is especially well suited to gathering what type of data?

Decision Set

When making a decision about which products to find information about, a consumer will recall brands from his/her __________.

Personal Interview

Which form of survey research is usually the most expensive on the basis of cost per completed interview?

Production capacity

Which of the following criteria is often used by industrial buyers, but is seldom, if ever, used by final consumers?

General need description

_____ is the second stage of the business buying process. For complex items, this is the stage in which the buying center becomes involved for the first time.

Secondly Research

_____ refers to information that already exists somewhere, having been collected for another purpose.

Marketing Intelligence

_____ represents the systematic collection and analysis of publicly available information about competitors and developments in the marketing environment.

Opinion Leaders

_________ are individuals within a reference group who, because of special skills, knowledge, or personality, exert influence on others.

Buying Center

_________ is the term used to describe all the individuals and units that participate in the business-buying decision process.

Straight rebuy

_________ refers to a business buying situation in which the buyer routinely reorders something without any modifications to the order.

internal databases

collections of consumer and market information obtained from data sources within the company network

complex buying behavior

consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands

dissonance reducing buying behavior

consumer buying behavior in situations characterized by high involvement but few perceived differences among brands

habitual buying behavior

consumer buying behavior in situations characterized by lower consumer involvement and fewer significant perceived brand differences

variety seeking buying behavior

consumer buying behaviors in situations characterized by low consumer involvement but significant perceived brand differences

customer insights

fresh marketing information-based understandings of customers and the marketplace that become the basis fro creating customer value, engagement, and relationships

causal research

marketing research to test hypotheses about cause and effect relationships

culture

most basic cause of a person's wants and behavior learned by a member of society from family and other important institutions

supplier development

systematic development of networks of supplier partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others

competitive marketing intelligence

systematic monitoring, collection and analysis of publicly available information about consumers competitors, and developments in the marketplace.

consumer buyer behavior

the buying behavior of final consumers individuals and households that buy goods and services for personal consumption

problem recognition

the first stage of the business buying process in which someone in the company recognizes a problem or need that can be met by acquiring a good or a service

big data

the huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies

a brand-criteria matrix

"I rate the Focus highest on fuel economy, the Firebird highest on styling, and the Civic highest on reliability" would be an example of: Correct!

Purchase Decision

A consumer entered a store intending to buy Brand A but ended up buying Brand B because the salesperson convinced him that it is a better choice for his needs. This illustrates the ____________ stage of consumer decision making process.

Social

A consumer may be highly involved in the purchase of a bottle of wine to take to a friend's house for dinner because he/she believes there is a high level of _____________ risk in the purchase.

Limited

According to lecture, most consumers would employ ________ buying behavior for moderately priced items like a toaster or a pair of shoes.

Variety Seeking

According to the text, if a consumer perceives significant differences between brands, but is making a low involvement purchase decision, he/she is likely to engage in _________________ buying behavior.

Buying center

All the individuals and units that play a role in the purchase decision-making process

needs;wants

As a marketer, it is very important that you understand consumer ________ and ______.

innovator

As discussed in lecture, there are many factors that influence consumer behavior. Which of the following IS NOT included?

derived demand

Business demand that ultimately comes from (derives from) the demand for consumer goods.

ideal;actual

Consumers experience need recognition when their _____ state is not equal to their _____ state.

Business buying process

Determining which products and services an organization needs to purchase

Modern Family Life Cycle

Many factors affect how buyers behave. An important model related to influences that tracks our needs as we mature is called:

Influencers

People in an organization's buying center who affect the buying decision

Gatekeepers

People in an organization's buying center who control the flow of information to others

Buyers

People in an organization's buying center who make an actual purchase

new task

a business buying situation in which the buyer purchases a product or service for the first time

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"

motiv

a need that is sufficiently pressing to direct the person to seek satisfaction of the need

attitude

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

lifestyle

a person's pattern of living as expressed in his or her activities, interests, and opinions

consumer market

all final consumers combined

modified rebuy

buyer wants to modify product specifications, prices, terms, or suppliers

systems selling

buying a packaged solution to a problem from a single seller

subculture

groups of people with shared value systems based on common life experiences and situations.

primary data

information collected for the specific purpose at hand

secondary data

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

total market strategy

integrating ethnic themes and cross cultural perspectives within a brand's mainstream marketing, appealing to consumer similarities across subcultural segments rather than differences

Observational Research

involves watching how relevant people actually behave in situations rather than by asking them questions.

Customer Relationship Management

managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty

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

Marketing information systems

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

Deciders

people in the organization who have the power to select or approve the supplier

social class

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

word of mouth influence

the impact of the personal words and recommendations of trusted friends, family, associates, and other consumers on a buying behavior

perception

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

proposal selection

the stage of the business buying process in which the buyer invites qualified suppliers to submit proposals

supplier search

the stage of the business buying process in which the buyer tries to find the best vendors

order-routine specification

the stage of the business buying process in which the buyer writes the final order with the chosen suppliers listening the tech specs, quantity needed, expected time of delivery, return policies and warrenties

product specification

the stage of the business buying process in which the buying organization decides on and specifies the best technical product characteristics for a needed item

marketing research

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

personality

the unique psychographical characteristics that distinguish a person or a group

group

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

behavioral targeting

using online consumer tracking data to target advertisements and marketing offers to specific consumers