Marketing Chapter 4, 5, 6Terms – Flashcards
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market research ethics
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taking an ethical and aboveboard approach to conducting market research that does no harm to the participant in the process of conducting the research *privacy and confidentiality issues
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database
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an organized collection (often electronic) of data that can be searched and queried to provide information about contacts, products, customers, inventory, and more
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marketing information system (MIS)
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a process that first determines what information marketing managers need and then gathers, sorts, analyzes, stores, and distributes relevant and timely marketing information to system users *See figure in textbook
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intranet
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an internal corporate communication network that uses internet technology to link company departments, employees, and databases
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market intelligence system
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a method by which marketers get information about everyday happenings in the market environment
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reverse engineering
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the process of physically deconstructing a competitors product to determine how its put together
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market research
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the process of collecting, analyzing, and interpreting data about costumers, competitors, and the business environment in order to improve marketing effectiveness
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syndicated research
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research by firms that collect data on a regular basis and sell the reports to multiple firms
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custom research
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research conducted for a single firm to provide specific information its managers need
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marketing decision support system (MDSS)
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the data, analysis, software, and interactive software that allow managers to conduct analyses and find the information they need
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data
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raw, unorganized facts that need to be processed
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information
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interpreted data
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customer insights
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the collection, deployment, and interpretation of information that allows a business to acquire, develop, and retain their customers
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steps in the market research process
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1. define the research problem 2. determine the research design 3. choose the method to collect primary data 4. design the sample 5. collect the data 6. analyze and interpret the data 7.prepare the research report
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research design
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a plan that specifies what information marketers will collect and what type of study they will do
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secondary data
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data that have been collected for some purpose other than the problem at hand ex. costumer feedback
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primary data
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data from research conducted to help make a specific decision
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exploratory research
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a technique that marketers use to generate insights for future, more rigorous studies -useful for gaining better understanding of problem and identifying new opportunites
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focus group
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a product oriented discussion among a small group of consumers led by a trained moderator
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case study
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a comprehensive examination of a particular firm or organization
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ethnography
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an approach to research based on observations of people in their own homes or communities
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descriptive research
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a tool that probes more systematically into the problem and bases its conclusions on large number of observations
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cross sectional design
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a type of descriptive technique that involves the systematic collection of quantitative information **see Table 4.4 in book
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longitudinal design
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a technique that tracks the responses of the same sample of respondents over time
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casual research
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a technique that attempts to understand cause and effect relationships -independent and dependent variables
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experiments
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a technique that tests predicted relationships among variables in a controlled environment
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neuromarketing
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a type of brain research that uses techniques such as functional magnetic resonance imaging to measure brain activity to better understand why consumers make the decisions they do
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telemarketing
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the use of the telephone to sell directly to consumers and business customers
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mall intercept
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a study in which researchers recruit shoppers in malls or other public areas **See table 4.3 in textbook
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unobtrusive measures
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measuring traces of physical evidence that remain after some action has been taken
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cookies
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text files inserted by a website sponsor into a Web surfers hard drive that allows the site to track the surfers moves -gathering info from online surfing
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predictive technology
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analysis techniques that use shopping patterns of large numbers of people to determine which products are likely to be purchased if others are
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bounce rate
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a marketing metric for analyzing website traffic. It represents the percentage of visitors who enter the site and "bounce" (leave the site) rather than continue viewing other pages within the same overall site *marketers use this to determine whether an entry page effectively generates visitor interest = total number of visitors viewing one page only / total entries to the web page
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validity
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the extent to which research actually measures what it was intended to measure
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representativeness
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the extent to which consumers in a study are similar to a larger group in which the organization has an interest
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sampling
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the process of selecting respondents for a study
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probability sample
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a sample in which each member of the population has some known chance of being included
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nonprofability sample
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a sample in which personal judgment is used to select respondents
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convenience sample
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a non probability sample composed of individuals who just happen to be available when and where the data are being collected
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back-translation
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the process of translating material to a foreign language and then back to the original language
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customer relationship management (CRM)
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a systematic tracking of consumers preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individuals unique wants and needs
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one-to-one marketing
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facilitated by CRM, allows for customization of some aspect of the goods or services that are offered to each customer
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touchpoint
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any point of direct interface between customers and a company (online, by phone, or in person)
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share of customer
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the percentage of an individual customers purchase of a product that is a single brand
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customer equity
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the financial value of a customer throughout the lifetime of the relationship
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Big Data
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a popular term to describe the exponential growth of data-both structured and unstructured- in massive amounts that are hard or impossible to process using traditional database techniques
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Internet of Things
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describes a system in which everyday objects are connected to the Internet and in turn are able to communicate information throughout an interconnected system
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web scraping
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the process of using computer software to extract large amounts of data from websites
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sentiment analysis
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the process of identifying a followers attitude toward a brand by assessing the context or emotion of the comments
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scanner data
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data derived from items that are scanned at the cash register when you check out with your loyalty card
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information overload
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a state in which the marketer is buried in so much data that it becomes nearly paralyzing to decide which of the data provide useful information and which do not
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data mining
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sophisticated analysis techniques to take advantage of the massive amounts of transaction information now available
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data warehouse
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a system to store and process the data that result from data mining
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reality mining
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the collection and analysis of machine sensed environmental data pertaining to human social behavior with the goal of identifying predictable patterns of behavior
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data brokers
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companies that collect and sell personal information about consumers
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structured data
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data that 1. are typically numeric or categorical 2. can be organized and formatted in a way that is easy for computers to read, organize, and understand and 3. can be inserted into a database in a seamless fashion
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unstructured data
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nonnumeric information that is typically formatted in a way that is meant for human eyes and not easily understood by computers
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data scientist
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an individual who searches through multiple, disparate data sources in order to discover hidden insights that will provide a competitive advantage
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marketing analytics
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a group of technologies and processes that enable marketers to collect, measure, analyze, and assess the effectiveness of marketing efforts
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cost per click
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an online ad purchase in which the cost of the advertisement is charged only each time and individual clicks on the advertisement and is directed to the Web page that the marketer placed within the advertisement
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cost per impression
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an online ad purchase in which the cost of the advertisement is charged each time the advertisement shows up on a page that the user views
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search engine optimization (SEO)
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a systematic process of ensuring that your firm comes up at or near the top of lists of typical search phrases related to your business
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predictive analytics
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use large quantities of data within variables that have identified relationships to more accurately predict specific future outcomes
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marketing metrics
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specific measures that help marketers watch the performance of their marketing campaigns, initiatives, and channels and when appropriate, serve as a control mechanism
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marketing control
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the ability to identify deviations in expected performance, both positive and negative, as soon as they occur
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click through
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a metric that indicates the percentage of website users who have decided to click on an advertisement in order to visit the website or web page associated with it
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conversion
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signifies an event that occurs on a web page that indicates the meeting of a predefined goal associated with the consumers interactions with that page
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cost per order
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the cost of gaining an order in terms of the marketing investment made to turn a website visitor into a customer who has chosen to make a transaction
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consumer behavior
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the process involved when individuals or groups select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires
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involvement
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the relative importance of perceived consequences of the purchase to a consumer
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perceived risk
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the belief that choice of a product has potentially negative consequences, whether financial, physical, and/or social
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problem recognition
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the process that occurs whenever the consumer sees a significant difference between his current state of affairs and some desired or ideal state; this recognition initiates the decision making process
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information search
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the process whereby a consumer searches for appropriate information to make a reasonable decision
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search marketing
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marketing strategies that involve the use of internet search engines
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search engine optimization (SEO)
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a systematic process of ensuring that your firm comes up at or near the top of lists of typical search phrases related to your business
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search engine marketing (SEM)
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search marketing strategy in which marketers pay for ads or better positioning
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sponsored search ads
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paid ads that appear at the top or beside the internet search engine results
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comparison shopping agents or shopbots
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web applications that help online shoppers find what they are looking for at the lowest price and provide customer reviews and ratings of products and sellers
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evaluative criteria
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the dimensions consumers use to compare competing product alternatives
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heuristics
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a mental rule of thumb that leads to a speedy decision by simplifying the process
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brand loyalty
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a pattern of repeat product purchase, accompanied by an underlying positive attitude toward the brand, based on the belief that the brand makes products superior to those of is competition
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consumer satisfaction/dissatisfaction
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the overall feelings or attitude a person has about a product after purchasing it
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cognitive dissonance
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the anxiety or regret a consumer may feel after choosing from among several similar attractive choices
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perception
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the process by which people select, organize, and interpret information from the outside world
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exposure
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the extent to which a stimulus is capable of being registered by a persons sensory receptors
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subliminal advertising
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supposedly hidden messages in marketers communications
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attention
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the extent to which a person devotes mental processing to particular stimulus
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interpretation
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the process of assigning meaning to a stimulus based on prior associations a person has with it and assumptions he or she makes about it
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motivation
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an internal state that drives us to satisfy needs by activating goal oriented behavior
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hierarchy of needs
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an approach that categorizes motives according to five levels of importance, the more basic needs being on the bottom of the hierarchy and the higher needs at the top
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gamification
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a strategy in which marketers apply game design techniques, often by awarding of points, badges, or levels, to non game experiences in order to drive consumer behavior
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learning
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a relatively permanent change in behavior caused by acquired information or experience
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behavioral learning theories
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theories of learning that focus on how consumer behavior is changed by external events or stimuli
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classical conditioning
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the learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response on its own but will cause a similar response over time because of its association with the first stimulus
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operant conditioning
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learning that occurs as the result of rewards of punishements
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cognitive learning theory
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theory of learning that stresses the importance of internal mental processes and that views people as problem solvers who actively use information from the world around them to master their environment
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observational learning
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learning that occurs when people watch the action of others and note what happens to them as a result
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attitude
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a learned predisposition to respond favorably or unfavorably to stimuli on the basis of relatively enduring evaluations of people, objects, and issues
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affect
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the feeling component of attitudes; refer to the overall emotional response a person has to a product
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cognition
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the knowing component of attitudes; refers to the beliefs or knowledge a person has about a product and its important characteristics
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behavior
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the doing component of attitudes; involves a consumers intention to do something, such as the intention to purchase of use a certain product
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personality
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the set of unique psychological characteristics that consistently influences the way a person responds to situations in the environment
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self-concept
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an individuals self-image that is composed of a mixture of beliefs, observations, and feeling about personal attributes
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family life cycle
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a means of characterizing consumers within a family structure on the basis of different stages through which people pass as they grow older
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lifestyle
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the pattern of living that determines how people choose to spend their time, money, and energy that reflects their values, tastes, and preferences
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psychographics
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the use of psychological, sociological, and anthropological factors to construct market segments
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AIOs (activities, interest, opinions)
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measures of consumer activities, interests, and opinions used to place consumers into dimensions
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subculture
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a group within a society whose members share a distinctive set of beliefs, characteristics, or common experience
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microcultures
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groups of consumers who identify with a specific activity or art form
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consumerism
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a social movement that attempts to protects consumers from harmful business practices
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social class
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the overall rank or social standing of groups of people within a society according to the value assigned to factors such as family background, education, occupation, and income
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status symbols
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visible markers that provide a way for people to flaunt their membership in higher social classes (or at least to make others believe they are members)
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mass class
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the hundreds of millions of global consumers who now enjoy a level of purchasing power thats sufficient to let them afford high quality products- except for big ticket items like college educations, housing, or luxury cars
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reference group
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an actual or imaginary individual or group that has a significant effect on an individuals evaluations, aspirations, or behavior
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opinion leader
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a person who is frequently able to influence others attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories
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gender roles
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societys expectations regarding the appropriate attitudes, behaviors, and appearance for men and women
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business to business markets (B2B)
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the group of costumers that include manufacturers, wholesalers, retailers, and other organizations
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organizational markets
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another name for business to business markets
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derived demand
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demand for business or organizational products caused by demand for consumer goods or services
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inelastic demand
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demand in which changes in price have little or no effect on the amount demanded
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joint demand
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demand for two or more goods that are used together to create a product
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producers
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the individuals or organizations that purchase products for use in the production of other goods and services
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resellers
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the individuals or organization that buy finished goods for the purpose of reselling, renting, or leasing to others to make a profit and to maintain the business operations
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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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North American Industry Classification System (NAICS)
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the numerical coding system that the United States, Canada, and Mexico use to classify firms into detailed categories according to their business activities
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buyclass
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one of three classifications of business buying situations that characterizes the degree of time and effort required to make a decision
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straight rebuy
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a buying situation in which business buyers make routine purchases that require minimal decision making
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modified rebuy
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a buying situation classification used by business buyers to categorize a previously made purchase that involves some change and that required limited decision making
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new-task buy
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a new business to business purchase that is complex or risky and that requires extensive decision making
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buying center
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the group of people in an organization who participate in a purchasing decision
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product specifications
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a written description of the quality, size, weight, and other details required for a product purchase
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customer reference program
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a formalized process by which customers formally share success stories and actively recommend products to other potential clients, usually facilitated through an online community
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single sourcing
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the business practice of buying a particular product from only one supplier
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multiple sourcing
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the business practice of buying a particular product from several different suppliers
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reciprocity
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a trading partnership in which two firms agree to buy from one another
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outsourcing
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the business buying process of obtaining outside vendors to provide goods or services that otherwise might be supplied in house
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crowdsourcing
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a practice in which firms outsource marketing activities (such as selecting an ad) to a community of users
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reverse marketing
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a business practice in which a buyer firm attempts to identify suppliers who will produce products according to the buyer firms specifications
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business to business e-commerce
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online exchanges between companies and individual consumers
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intranet
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an internal corporate communication network that uses internet technology to link company departments, employees, and databases
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extranet
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a private, corporate computer network that links company departments, employees, and databases to suppliers, customers, and others outside the organization
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malware
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software designed specifically to damage or disrupt computer systems
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firewall
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a combination of hardware and software that ensures that only authorized individuals gain entry into a computer system
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encryption
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the process of scrambling a message so that only another individual with the right "key" can unscramble it
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sensory marketing
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marketing techniques that link distinct sensory experiences such as a unique fragrance with a product or service
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sensory branding
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the use of distinct sensor experiences not only to appeal to customers but also to enhance their brand
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time poverty
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consumers belief that they are more press for time than ever before
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culture
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the values, beliefs, customs, and tastes a group of people values
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offshoring
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a process by which companies contract with companies or individuals in remote places like China or India to perform work they used to do at home
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reliability
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the extent to which research measurement techniques are free of errors
