Principles of Marketing, Exam #2 – Flashcards
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B2B
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business-to-business market, where all the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others
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fashion
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the latest and most admired style in clothes and cosmetics and behavior
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primary data
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new data that marketers compile for a specific research project
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behavioristic
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information about consumer behavior/knowledge of a product
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growth
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a progression from simpler to more complex forms
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private
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confined to particular persons or groups or providing privacy
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generic product
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population or universe
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is the entire group of people about whome the researcher needs to obtain information one of the first steps in the sampling process must be taken from a target market for the product or service in question
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Producers
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Those people involved in making goods or services for other people
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family brand
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Marketing several different products under the same brand name.
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multisegment marketing
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targeting multiple groups of consumers.
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product item
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A specific version of a product that can be designated as a distinct offering among an organization's products.
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brand
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a name given to a product or service
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individual brand
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Assigning a unique name to each product a manufacturer produces.
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product life cycle
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Four stages that product goes through over its life: introduction, growth, maturity, and decline.
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brand equity
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The differential effect that knowing the brand name has on customer response to the product or its marketing
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innovator
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someone who helps to open up a new line of research or technology or art
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product line
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A group of products that are physically similar or are intended for a similar market.
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brand name
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That part of brand identity that can be spoken, including words, phrases, letters, numbers, or any combination of these.
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institutions
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the formal and informal rules that constrain human economic behavior
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product mix
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All the types of products a company makes or sells
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business marketing
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The marketing of goods and services to individuals and organizations for purposes other than personal consumption
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interpersonal influences
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Social influences on the consumer decision-making process, including family, society, and cultural environment.
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psychographic
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market segmentation based on your target market's lifestyles and personality characteristics
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captive brand
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A brand manufactured by a third party for an exclusive retailer, without evidence of that retailer's affiliation.
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interview
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a survey method in which a trained researcher asks questions and records the answers
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reference group
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A group in society that influences an individual's purchasing behavior
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cognitive dissonance
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Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.
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introduction
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the act of beginning something new
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research design
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A plan for how to conduct the scientific investigation, how the variables will be manipulated and/or measured, as well as how the data will be collected and analyzed.
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focus group
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a small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues.
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observation
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Use of one or more of the senses to gather information
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resellers
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Marketing intermediaries that resell manufactured products without significantly altering their form.
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concentrated marketing
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A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
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laggards
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consumers who resist new products the longest
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sample
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items selected at random from a population and used to test hypotheses about the population
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consumer behavior
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Processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use
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late majority
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The last group of buyers to enter a new product market; when they do, the product has achieved its full market potential
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sampling
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a promotional program that allows the consumer the opportunity to try a product or service for free
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consumer buying process
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A five-stage purchase decision process that includes problem recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation
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manufacturer's brand
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Brand name owned by a manufacturer or other producer
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secondary data
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Data previously collected for any purpose other than the one at hand.
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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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market
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the world of commercial activity where goods and services are bought and sold
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segmentation variables
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Characteristics of individuals, groups, or organizations.
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culture
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the attitudes and behavior that are characteristic of a particular social group or organization
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market segment
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A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
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shopping products
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Products that a customer feels are worth the time and effort to compare with competing products
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decline
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a gradual decrease
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market segmentation
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Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes
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social class
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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
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diffusion process
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Process by which new goods or services are accepted in the marketplace
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marketing research objective
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specialty products
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Consumer products that the customer really wants and makes a special effort to find.
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demographics
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the characteristics of a population with respect to age, race, and gender.
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marketing research
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The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions
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subculture
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A homogeneous group of people who share elements of the overall culture as well as unique elements of their own group
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early adopter
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An early adopter or lighthouse customer is an early customer of a given company, product, or technology; in politics, fashion, art, and other fields, this person would be referred to as a trendsetter.Typically this will be a customer that, in addition to using the vendor's product or technology, will also provide considerable and candid feedback to help the vendor refine its future product releases, as well as the associated means of distribution, service, and support.
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marketing research process
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A five-step application of the scientific method that includes (1) defining the problem, (2) analyzing the situation, (3) getting problem-specific data, (4) interpreting the data, and (5) solving the problem.
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survey
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A technique for ascertaining the self-reported attitudes or behaviors of people, usually by questioning a representative, random sample of them
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early majority
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Those whose adoption of a new product signals a general acceptance of the innovation.
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Maslow's hierarchy of needs
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a method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization
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target market
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a specific group of consumers that have similar wants and needs
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experiment
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a venture at something new or different
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maturity
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the state of being fully grown or developed
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test market
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offering a product in a limited market for a limited time
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geographic
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market segmentation based on where your target market lives
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opinion leader
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One who is able to influence the opinions of others because of position, expertise, or personality.
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trademark
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a name, symbol, or other device identifying a product; it is officialy registered with the U.S. government and its use is legally restricted to its owner
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brand mark
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A distinctive symbol, design, sound, or group of letters which is seen or heard but cannot be spoken.
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personal influences
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Factors such as friendship, professional pride, fear and uncertainty/risk, trust and personal ambition
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undifferentiated marketing
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A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
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governments
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groups of individuals who are empowered to make binding decisions on behalf of a particular community
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perceptual map
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a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands and then take marketing actions
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unsought products
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Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention.
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fad
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an interest followed with exaggerated zeal, something that is very popular for a short time, then forgotten
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positioning
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Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
