question

need recognition

answer

a result of an imbalance between actual and desired states

question

want

answer

recognition of an unfulfilled need and a product that will satisfy it

question

stimulus

answer

any unit of input affecting one or more of the five senses: sight, smell, touch, taste, hearing

question

internal information search

answer

the process of recalling past information stored in the memory

question

external information search

answer

the process of seeking information in the outside environment

question

nonmarketing controlled information source

answer

a product information source that is not associated with advertising or promotion

question

marketing-controlled information source

answer

a product information source that originates with marketers promoting the product

question

evoked set AKA consideration set

answer

a group of brands resulting from an information search from which a buyer can choose

question

cognitive dissonance

answer

inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions

question

involvement

answer

the amount of time and effort a buyer invests in the search, evaluation, and decision process of consumer behavior.

question

routine response behavior

answer

the type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time

question

limited decision making

answer

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

question

extensive -decision making

answer

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

question

culture

answer

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

question

value

answer

the enduring belief that a specific code of conduct is personally or socially preferred to another mode of conduct

question

subculture

answer

a homogeneous group of people who share elements of the overall culture as well as unique elements of their own group

question

social class

answer

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

question

reference group

answer

all of the formal and informal groups in society that influence and individuals' purchasing behavior

question

primary membership group

answer

a reference group with which people interact regularly in an informal, face-to-face manner, such as family, friends and coworkers

question

secondary membership group

answer

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

question

aspirational reference group

answer

a group that someone would like to join

question

norm

answer

a value or attitude deemed acceptable by a group

question

non aspirational reference group

answer

a group with which an individual does not with to associate with

question

Opinion Leader

answer

an individual that influences the opinions of others

question

socialization process

answer

how culture values and norms are passed down to children

question

personality

answer

a way of organizing and grouping the consistencies of an individuals' reactions to situations

question

self-concept

answer

how consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self evaluations

question

ideal self image

answer

the way an individual would like to be perceived

question

real self image

answer

the way an individual actually perceives himself or herself

question

perception

answer

the process by which people select, organize, and interpret stimuli into a meaningful and coherent picture

question

select exposure

answer

a process whereby a consumer notices certain stimuli and ignores others

question

selective distortion

answer

a process whereby a consumer changes or distorts information that conflicts with his or her feelings of beliefs

question

selective retention

answer

a process whereby a consumer remembers only that information that supports his or her personal beliefs

question

motive

answer

a driving force that causes a person to take action to satisfy specific needs

question

Maslow's hierarchy of needs

answer

a method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization

question

learning

answer

a process that creates changes in behavior, immediate or expected, through experience and practice

question

stimulus generalization

answer

form of learning that occurs when one response is extended to a second stimulus similar to the first

question

stimulus discrimination

answer

learned ability to differentiate among similar products

question

belief

answer

an organized pattern of knowledge that an individual holds as true about his or her world

question

attitude

answer

a learned tendency to respond consistently toward a given object

question

What are the individual influences on consumer buying decisions?

answer

gender, age, family lifecycle, personality, self-concept, lifestyle

question

business to business electronic commerce

answer

the use of the internet to facilitate the exchange of goods, services, and information between organizations

question

stickiness

answer

a measure of a websites effectiveness

question

strategic alliance AKA strategic partnership

answer

cooperative agreement between business firms

question

relationship commitment

answer

a firms belief that an ongoing relationship with another is so important that the relationship warrants maximum efforts at maintaining it indefinately

question

trust

answer

a condition that exists one party has confidence in an exchange partners reliability and integrity

question

keiretsu

answer

a network of interlocking corporate affiliates

question

original equipment manufacturing AKA OEM's

answer

individuals and organizations that buy business goods and incorporate them into the products they produce for eventual sale to other producers or to consumers

question

North American Industry Classification Systems AKA NAICS

answer

detailed numbering system developed by the united states, Canada, and Mexico to classify North American business establishments by their main production processes

question

derived demand

answer

the demand for business products

question

joint demand

answer

the demand for two or more items used together in a final product

question

multiplier effect AKA Accelerator principle

answer

a 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

question

business to business online exchange

answer

an electronic trading floor that provides companies with integrated links to their customers and suppliers

question

reciprocity

answer

a practice by which a business purchasers choose to by from their own customers

question

major equipment and Installation

answer

capital goods such as large expensive machines, mainframe computers, blast furnaces, generators, airplanes and buildings

question

accessory equipment

answer

good such as portable tools and office equipment that are less expensive and shorter-lived than major equipment

question

raw materials

answer

unprocessed extractive or agricultural products such as mineral ore, lumber, wheat, corn, fruit, vegetables, and fish.

question

component parts

answer

either finished items ready for assembly or products that need very little processing before becoming part of the some other product

question

processed materials

answer

products used directly in the manufacturing of other products, like corn syrup

question

supplies

answer

consumable items that do not become part of the final product, like paper towels

question

business services

answer

expense items that do not become part of the final product, like custodial work

question

buying center

answer

all those people in an organization who become involved in the purchase decision

question

new buy

answer

a situation requiring the purchase of a product for the first time

question

modified rebuy

answer

situation in which the purchaser wants so change in the original good or service

question

straight rebuy

answer

situation in which the purchaser reorders the same goods or services without looking for new information or investigation other suppliers

question

What are the four major categories of business customers? and an example of each.

answer

Producers: manufacturing; Resellers: Wal-mart; Governments: housing; Institutions: Universities.

question

segmentation basis (variables)

answer

characteristics of individuals, groups or organizations

question

geographic segmentation

answer

segmenting markets by region of a country or the world, market size, market density, or climate

question

demographic segmentation

answer

segmenting markets by age, gender, income, ethics, background, and family life cycle

question

family life cycle

answer

a series of stages determined by a combination of age, marital status, and presence or absence of children

question

psychographic segmentation

answer

segmenting markets on the basis of personality, motives, lifestyles and geodemographic

question

geodemographic segmentation

answer

segmenting potential customers into neighborhood lifestyle categories

question

benefit segmentation

answer

the process of grouping customers into market segments according the benefits they seek from the product

question

usage-rate segmentation

answer

dividing the market by the amount of product bought or consumed

question

80/20 principle

answer

a principle holding that 20 percent of all customers generate 80 percent of the demand

question

satisficers

answer

business customers who place an order with the first familiar supplier to satisfy product and delivery requirements

question

optimizers

answer

business customers who consider numerous suppliers both familiar and unfamiliar solicit bids, and study all proposals carefully before selecting one

question

target market

answer

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

question

undifferentiated targeting market strategy

answer

a market approach that view the market as one big market with no individual segments and thus uses a single marketing matrix

question

concentrated targeting strategy

answer

a strategy used to select one segment of the market for targeting market efforts

question

niche

answer

one segment of a market

question

multi-segment targeting strategy

answer

a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each

question

cannibalization

answer

a situation that occurs when sales of a new product cut into sales of a firms existing products

question

positioning

answer

developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general

question

position

answer

the pace a product, brand, or group of products occupies in consumers' minds relative to competing offerings

question

product differentiation

answer

positioning strategy that some firms use to distinguish their products from those of competitors

question

perceptual mapping

answer

a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds

question

repositioning

answer

changing consumers' perceptions of a brand in relation to competing brands

question

What is the importance of market segmentation?

answer

process of identifying groups of people or organizations with different product needs and preferences

question

What is the four criteria for successful segmentation?

answer

Substantiality, Identifiability and measurability, accessibility and responsiveness

question

substantiality

answer

a segment must be large enough to warrant developing and maintaining a special marketing mix.

question

Identifability and measurability

answer

Segments must be identifiable and their size measurable

question

accessibility

answer

the firm must be able to reach members of targeted segments with customized marketing mixes.

question

Responsiveness

answer

Markets can be segmented using any criteria that seems logical.

question

Marketing research

answer

the process of planning, collecting, and analyzing data relevant to a marketing decision

question

Marketing research problem

answer

determining what information is needed and how that information can be obtained efficiently and effectively

question

marketing research objective

answer

the specific information needed to solve a marketing research problem; the objective should be to provide an insightful decision-making information

question

management decision problem

answer

a broad-based problem that uses marketing research in order for managers to take proper actions

question

secondary data

answer

data previously collected for any purpose other than the one at hand

question

research design

answer

specifies which research questions must be answered, how and when the data will be gathered, and how the data will be analyzed

question

primary data

answer

information that is collected for the first time; used for solving the particular problem under investigation

question

survey research

answer

the most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes

question

mall intercept interview

answer

a survey research method that involves interviewing people in the common areas of shopping malls

question

computer-assisted personal interviewing

answer

an interviewing method in which the person being interviewed reads questions from a computer screen and enters the respondent's data directly into the computer

question

computer-assisted self interviewing

answer

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 in his or her answers into the computer

question

central location telephone facility AKA CLT

answer

a specially designed phone room used to conduct telephone interviewing

question

executive interview

answer

a type of survey that involves interviewing business people at their offices concerning industrial products and services

question

focus group

answer

seven to ten people who participate in a group discussion led by a moderator

question

open-ended question

answer

an interview question that encourages the responder to answer phrased in his or her own words

question

closed-ended question

answer

an interview question that asks the respondent to make a selection from a limited list of responses

question

scale-response question

answer

a closed-ended question designed to measure the intensity of a respondent's answer

question

observation research

answer

a research method that relies on four types of observations: people watching people, people watching an activity, machines watching people, and machines watching an activity

question

mystery shoppers

answer

researchers that pose as customers who gather observational data about a store

question

behavioral targeting AKA BT

answer

form of observational marketing research that combines a consumer's online activity with psychographic and demographic profiles compiled in databases

question

social media monitoring

answer

the use of automated tools to monitor online buzz, chatter, and conversations

question

big data

answer

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

question

ethnographic research

answer

the study of human behavior in its natural context; involves observation of behavior and physical setting

question

experiment

answer

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

question

sample

answer

a subset from a larger population

question

universe

answer

the population from which a sample will be drawn

question

probability sample

answer

a sample in which every element in the population has a known statistical likelihood of being selected

question

random sample

answer

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

question

nonprobability sample

answer

any sample in which little or no attempt is made to get a representative cross selection of the population

question

convenience sample

answer

a form of nonprobability sample using respondents who are convenient or readily accessible to the researcher - for example, employees, friends, or relatives

question

measurement error

answer

an error that occurs when there is a difference between the information desired by the researcher and the information provided by the measurement process

question

sampling error

answer

an error that occurs when a sample somehow does not represent the target population

question

frame error

answer

an error that occurs when a sample drawn from a population differs from the target population

question

random error

answer

an error that occurs when a selected sample is an imperfect representation of the overall population

question

field service firm

answer

a firm that specializes in interviewing respondents on a subcontracted basis

question

cross-tabulation

answer

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

question

consumer-generated media

answer

media that consumers generate and share amongst themselves

question

scanner-based research

answer

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

question

BehavioralScan

answer

a scanner-based research program that tracts the purchases of 3000 households through store scanners in each research market

question

InfoScan

answer

a scanner-based sales tracking service for the consumer packaged-goods industry

question

neuromarketing

answer

a field of marketing that studies the body's responses to marketing stimuli

question

Name the three market research studies:

answer

Descriptive AKA surveys, diagnostic AKA make a diagnosis of a problem, predictive AKA predict how changes will impact

question

What are the seven steps in the marketing research process?

answer

Identify and formulate the problem / opportunity Plan the research design and gather secondary data specify the sampling procedures collect primary data analyze the data prepare and present the report follow up

Principles of Marketing Chapters 6, 7, 8, & 9 – Flashcards

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