marketing Ch. 5-9 – Flashcards
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Marketing Research
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The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunitites.
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Research Design
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An overall plan for obtaining the information needed to address a research problem or issue
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Hypothesis
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an informed guess or assumption about a certain problem or set of circumstances
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Exploratory Research
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Conducted to gather more information about a problem or to make a tentative hypothesis more specific
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Conclusive Research
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Research designed to verify insights through objective procedures and to help marketers in making decisions
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Descriptive Research
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Research conducted to clarify the characteristics of certain phenomena to solve a particular problem
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Experimental Research
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Allows marketers to make causal inferences about relationships
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Reliability
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A condition that exists when a research technique produces almost identical results in repeated trials
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Primary data
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Data observed and recorded or collected directly from respondents
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Secondary Data
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Data compiled both inside and outside the organization for some purpose other than the current investigation
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Population
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All the elements, units, or individuals of interest to researchers for a specific study
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Sample
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A limited number of units chosen to represent the characteristics of a total population
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Sampling
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The process of selecting representative units from a total population
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Probability sampling
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A type of sampling in which every element in the population being studied has a known chance of being selected for study
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Random Sampling
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A form of probability sampling in which all units in a population have an equal chance of appearing in the sample, and the various events that can occur have an equal or known chance of taking place
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stratified sampling
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A type of probability sampling in which the population is divided into groups with a common attribute and a random sample is chosen within each group
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Nonprobability sampling
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a sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen
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quota sampling
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A nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group
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mail survey
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a research method in which respondents answer a questionnaire sent through the mail
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Telephone survey
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a research method in which respondents' answers to a questionnaire are recorded by an interviewer on the phone
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online survey
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A research method in which respondents answer a questionnaire via e-mail or on a website
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personal interview survey
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a research method in which participants respond to survey questions face-to-face
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in-home (door-to-door) interview
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A personal interview that takes place in the respondent's home.
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focus-group interview
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An interview that is often conducted informally, without a structured questionnaire, in small groups of 8 to 12 people, to observe interaction when members are exposed to an idea or a concept
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Customer advisory boards
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Small groups of actual customers who serve as sounding boards for new-product ideas and offer insights into their feelings and attitudes toward a firm's products and other elements of its marketing strategy
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telephone depth interview
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An interview that combines the traditional focus group's ability to probe with the confidentiality provided by telephone surveys
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shopping mall intercept interviews
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A research method that involves interviewing a percentage of individuals passing by "intercept" points in a mall
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statistical interpretation
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Analysis of what is typical and what deviates from the average
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marketing information system (MIS)
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A framework for managing and structuring information gathered regularly from sources inside and outside the organization
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Database
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A collection of information arranged for easy access and retrieval
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single-source data
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Information provided by a single marketing research firm
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Marketing decision support system (MDSS)
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Customized computer software that aids marketing managers in decision making
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consumer market
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Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits
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business market
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Individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations
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undifferentiated targeting strategy
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A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product
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Homogeneous market
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A market in which a large proportion of customers have similar needs for a product
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heterogeneous market
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A market made up of individuals or organizations with diverse needs for products in a specific product class
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market segmentation
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The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
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market segment
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Individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs
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concentrated targeting strategy
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a market segmentation strategy in which an organization targets a single market segment using one marketing mix
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differentiated targeting strategy
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A strategy in which an organization targets two or more segments by developing a marketing mix for each segment
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segmentation variables
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characteristics of individuals, groups, or organizations used to divide a market into segments
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market density
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The number of potential customers within a unit of land area
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geodemographic segmentation
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A method of market segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information
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micromarketing
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An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
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benefit segmentation
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the division of a market according to benefits that consumers want from the product
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market potential
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The total amount of a product that customers will purchase within a specified period at a specific level of industrywide marketing activity
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company sales potential
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The maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product
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breakdown approach
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measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it
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buildup approach
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measuring company sales potential by estimating how much of a product a potential buyer in a specific geographic area will purchase in a given period, multiplying the estimate by the number of potential buyers, and adding the totals of all the geographic areas considered
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product positioning
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creating and maintaining a certain concept of a product in customers' minds
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sales forecast
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the amount of a product a company expects to sell during a specific period at a specified level of marketing activities
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executive judgment
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sales forecasting based on the intuition of one or more executives
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customer forecasting survey
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a survey of customers regarding the types and quantities of products they intend to buy during a specific period
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sales force forecasting survey
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a survey of a firm's sales force regarding anticipated sales in their territories for a specified period
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expert forecasting survey
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sales forecasts prepared by experts outside the firm, such as economists, management consultants, advertising executives, or college professors
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Delphi technique
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A procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts
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time series analysis
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A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend, cycle, seasonal, and random factor analyses
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trend analysis
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An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales.
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cycle analysis
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an analysis of sales figures for a period of three to five years to ascertain whether sales fluctuate in a consistent, periodic manner
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seasonal analysis
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an analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales
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random factor analysis
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an analysis attempting to attribute erratic sales variation to random, nonrecurrent events
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regression analysis
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A method of predicting sales based on finding a relationship between past sales and one or more independent variables, such as population or income
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market test
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making a product available to buyers in one or more test areas and measuring purchases and consumer responses to marketing efforts
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buying behavior
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The decision processes and actions of people involved in buying and using products
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consumer buying behavior
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The decision processes and purchasing activities of ultimate consumers those people who purchase products for personal or household use and not for business purposes
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level of involvement
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an individual's degree of interest in a product and the importance of the product for that person
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routinized response behavior
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A consumer problem-solving process used when buying frequently purchased, low-cost items that require very little search-and-decision effort
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limited problem solving
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A consumer problem-solving process used when purchasing products occasionally or needing information about an unfamiliar brand in a familiar product category
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extended problem solving
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a consumer problem-solving process employed when purchasing unfamiliar, expensive, or infrequently bought products
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impulse buying
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An unplanned buying behavior resulting from a powerful urge to buy something immediately
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consumer buying decision process
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A five-stage purchase decision process that includes problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation
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internal search
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An information search in which buyers search their memories for information about products that might solve their problem
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external search
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An information search in which buyers seek information from sources other than their memories
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consideration set
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A group of brands within a product category that a buyer views as alternatives for possible purchase
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evaluative criteria
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Objective and subjective product characteristics that are important to a buyer
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cognitive dissonance
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Buyer discomfort caused by postpurchase conflict
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situational influences
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Influences that result from circumstances, time, and location that affect the consumer buying decision process
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psychological influences
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Factors that in part determine people's general behavior, thus influencing their behavior as consumers
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perception
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the process of selecting, organizing, and interpreting information inputs to produce meaning
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information inputs
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sensations received through sight, taste, hearing, smell, and touch
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selective exposure
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The process by which some inputs are selected to reach awareness and others are not
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Selective distortion
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an individual's changing or twisting of information that is inconsistent with personal feelings or beliefs
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Selective retention
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Remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not
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motive
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An internal energizing force that directs a person's behavior toward satisfying needs or achieving goals
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Maslow's Hierarchy of needs
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5 levels of needs that humans seek to satisfy, from most to least important Physiological needs, Safety needs, Social needs, Esteem needs, Self-actualization needs
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Patronage motives
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motives that influence where a person purchases products on a regular basis
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learning
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changes in an individual's though processes and behavior caused by information and experience
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attitude
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an individual's enduring evaluation of feelings about and behavioral tendencies toward an object or idea
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attitude scale
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A means of measuring consumer attitudes by gauging the intensity of individuals' reactions to adjectives, phrases, or sentences about an object
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personality
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A set of internal traits and distinct behavioral tendencies that result in consistent patterns of behavior in certain situations
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self-concept
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a perception or view of oneself
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lifestyle
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An individual's pattern of living expressed through activities, interests, and opinions
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social influences
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the forces other people exert on one's buying behavior
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role
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Actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons
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consumer socialization
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the process through which a person acquires the knowledge and skills to function as a consumer
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reference group
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A group that a person identifies with so strongly that he or she adopts the values, attitudes, and behavior of group members
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opinion leader
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A member of an informal group who provides information about a specific topic to other group members
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producer market
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individuals and business organizations that purchase products to make profits by using them to produce other products or using them in their operations
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reseller markets
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intermediaries that buy finished goods and resell them for a profit
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government markets
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The federal, state, county, and local governments that buy goods and services to carry out public objectives and to support their operations.
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institutional markets
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organizations with charitable, educational, community, or other nonbusiness goals
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reciprocity
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an arrangement unique to business marketing in which two organizations agree to buy from each other
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new-task purchase
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an initial purchase by an organization of an item to be used to perform a new job or solve a new problem
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straight rebuy purchase
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a routine purchase of the same products under approximately the same terms of sale by a business buyer
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modified rebuy purchase
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a new-task purchase that is changed on subsequent orders or when the requirements of a straight rebuy purchase are modified
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derived demand
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Demand for industrial products and services driven by demand for consumer products and services.
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inelastic demand
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demand that is not significantly altered by a price increase or decrease
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joint demand
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Demand involving the use of two or more items in combination to produce a product
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business (organizational) buying behavior
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The purchase behavior of producers, government units, institutions, and resellers
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buying center
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The people in an organization who become involved in the purchase decision
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value analysis
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An evaluation of each component of a potential purchase
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vendor analysis
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a formal rating of suppliers on all relevant areas of performance
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multiple sourcing
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an organization's decision to use several suppliers
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sole sourcing
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an organization's decision to use only one supplier
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NAICS
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North American Industry Classification System; provides common industry for Canada, Mexico, and the US, which makes it easier to measure economic activity in the three member countries of NAFTA
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input-output data
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information that identifies what types of industries purchase the products of a particular industry
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international marketing
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Developing and performing marketing activities across national boundaries
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GDP
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(gross domestic product) the market value of a nation's total output of goods and services for a given period; an overall measure of economic standing
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import tariff
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a duty levied by a nation on goods bought outside its borders and brought into the country
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quota
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A limit placed on the quantities of a product that can be imported
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embargo
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A government order preventing trade with another country
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exchange controls
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Government restrictions on the amount of a particular currency that can be bought or sold
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balance of trade
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the difference between a country's total exports and total imports
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cultural relativism
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the concept that morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong buy particular cultures
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NAFTA
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North American Free Trade Agreement; allows open trade with US, Mexico, and Canada
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European Union (EU)
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an alliance that promotes trade among its member countries in europe
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Common market of the southern Cone
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an alliance that promotes the free circulation of goods, services, and production factors and has a common external tariff and commercial policy among member nations in South America
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Asia-Pacific Economic Cooperation (APEC)
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An alliance that promotes open trade and economic and technical cooperation among member nations throughout the world
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dumping
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selling products at unfairly low prices
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importing
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the purchase of products from a foreign source
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exporting
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the sale of products to a foreign market
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trading company
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a company that links buyers and sellers in different countries
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licensing
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an alternative to direct investment that requires a licensee to pay commissions or royalties on sales or supplies used in manufacturing
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franchising
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A form of licensing in which a franchiser, in exchange for a financial commitment, grants a franchisee the right to market its product in accordance with the franchiser's standards
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contract manufacturing
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Hiring a foreign firm to produce a designated volume of the domestic firm's product or a component of it to specification, final product carries name of domestic firm
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outsourcing
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Contracting with an outside company to provide a service or product instead of providing it from within the organization.
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offshoring
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Moving operations from the country where a company is headquartered to a country where pay rates are lower but the necessary skills are available.
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offshore outsourcing
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The practice of contracting with an organization to perform some or all business functions in a country other than the country in which the product or service will be sold
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joint venture
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A partnership in which two or more companies (often from different countries) join to undertake a major project.
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strategic alliances
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A partnership that is formed to create a competitive advantage on a worldwide basis
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direct ownership
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A situation in which a company owns subsidiaries or other facilities overseas
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multinational enterprise
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A firm that has operations or subsidiaries in many countries
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globalization
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The development of marketing strategies that treat the entire world (or its major regions) as a single entity
