marketing test chapters 8 9 10 – Flashcards

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marketing research
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the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
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exploratory research
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provides ideas about vague problems
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descriptive research
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generally involves trying to find the frequency with which something occurs or the extent of a relationship between two factors
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casual research
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tries to determine the extent to which the change in one factor changes another one.
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measures of success
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criteria or standards used in evaluating proposed solutions to the problem.
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constraints
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the restrictions placed on potential solutions to a problem
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concepts
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ideas about products or services
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methods
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the approaches that can be used to collect data to solve all or part of a problem
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data
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the facts and figures related to the project, are divided into two main parts: secondary data and primary data
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secondary data
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are facts and figures that have already been recorded prior to the project at hand
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primary data
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are facts and figures that are newly collected for the project
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observational data
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Facts and figures obtained by watching, either mechanically or in person, how people actually behave
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questionnaire data
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facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
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information technology
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involves operating computer networks that can store and process data
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data mining
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the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions
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cross tabulation
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a method of presenting and analyzing data involving two or more variables to discover relationships in the data.
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sales forcast
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refers to the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.
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market segmentation
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involves aggregating prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action.
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product differentiation
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involves a firm using different marketing mix actions, such as product features and advertising, to help consumers perceive the product as being different and better than competing products.
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market-product grid
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a framework to relate the market segments of potential buyers to products offered or potential marketing actions.
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organizational synergy
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the increased customer value achieved through performing organizational functions such as marketing or manufacturing more efficiently
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geographic segmentation
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region
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demographic segmentation
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household size
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behavioral segmentation
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product features
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usage rate
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the quantity consumed or patronage—store visits—during a specific period
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80/20 rule
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concept that suggests 80 percent of a firm's sales are obtained from 20 percent of its customers.
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product positioning
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refers to the place a product occupies in consumers' minds based on important attributes relative to competitive products
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product repositioning
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changing the place a product occupies in a consumer's mind relative to competitive products.
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perceptual map
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a means of displaying in two dimensions the location of products or brands in the minds of consumers.
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product
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a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value
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nondurable good
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an item consumed in one or a few uses, such as food products and fuel.
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durable good
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one that usually lasts over many uses, such as appliances, cars, and smartphones
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services
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intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value
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consumer products
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products purchased by the ultimate consumer
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business products
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products organizations buy that assist in providing other products for resale.
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convenience products
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items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort
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shopping products
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items for which the consumer compares several alternatives on criteria such as price, quality, or style.
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specialty products
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items that the consumer makes a special effort to search out and buy.
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unsought products
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items that the consumer does not know about or knows about but does not initially want.
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components
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items that become part of the final product
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support products
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items used to assist in producing other products and service
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product item
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a specific product that has a unique brand, size, or price
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product line
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a group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range
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product mix
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consists of all of the product lines offered by an organization
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discontinuous innovation
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involves making the consumer learn entirely new consumption patterns to use the product
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protocol
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a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers.
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new product process
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the seven stages an organization goes through to identify opportunities and convert them into salable products or services.
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new-product strategy development
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the stage of the new-product process that defines the role for a new product in terms of the firm's overall objectives
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idea generation
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the second stage of the new-product process, involves developing a pool of concepts to serve as candidates for new products, building upon the previous stage's results
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screening and evaluation
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the stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort.
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customer experience management
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is the process of managing the entire customer experience within the company
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business analysis
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specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections
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development
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the stage of the new-product process that turns the idea on paper into a prototype.
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market testing
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a stage of the new-product process that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy
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test marketing
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involves offering a product for sale on a limited basis in a defined area for a specific time period. The three main kinds of test markets are (1) standard, (2) controlled, and (3) simulated
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standard test market
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a company develops a product and then attempts to sell it through normal distribution channels in a number of test-market cities
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controlled test market
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involves contracting the entire test program to an outside service
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commercialization
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the stage of the new-product process that positions and launches a new product in full-scale production and sales.
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product life cycle
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describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline
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