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Marketing 301 Midterm 2
N/A
92
Marketing
Undergraduate 3
11/15/2011

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Term
5-step Marketing research approach

STEP ONE
Definition
Define the problem
- set research objectives
- identify possible marketing actions
Term
5-step Marketing research approach

STEP TWO
Definition
Develop the research plan
- specify constraints
- identify data needed for marketing actions
- determine how to collect data
Term
5-step Marketing research approach

STEP THREE
Definition
Collect relevant information by specifying
- secondary data
- primary data
Term
5-step Marketing research approach

STEP FOUR
Definition
Develop findings
- analyze data
- present findings
Term
5-step Marketing research approach STEP FIVE
Definition
Take marketing actions - identify action recommendations - implement action recommendations - evaluate results
Term
Maslow's Hierarchy of Needs
Definition
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Term
Consumers' Buying Decision Process
Definition
1. Need recognition
- encourage consumers to see existing state is not desired state
2. Information search
- provide information when/where consumers search for info
3. Evaluation of alternatives
- provide information when/where consumers search for info and understand criteria and communicate superiority
4. Purchase decision
- Emphasize brand loyalty (retention objective) or
- Address choice heuristic (new consumers)
5. Post-purchase behavior
- Encourage accurate expectations
Term
Primary Data
Definition
Information collected for the specific purpose at hand
Term
Secondary Data
Definition
Information that already exists somewhere, having been collected for another purpose
- internal sources - government sources
- commercial - internet

Advantages: Problems:
+ fast + low costs - out of date - too general
- inaccurate
Term
Advertising Objectives
Definition
- Informative: make sure target market has information about your product/service
- Awareness: make target market aware of your product/service
- Top of Mind Awareness: Become the first brand that comes to mind in certain situations
- Image: Building unique, strong, and favorable brand associations
- Comparative: Compare with other identified competing brands on characteristics
*** awareness and image generate brand equity ***
Term
5Ds of New Product Development
Definition

* Desires

Consumer Desires: current needs/wants, future needs/wants 

Company's Desires: Business objective, marketing objective

*Develop - Analyze

Term
Customer insights
Definition
Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.
Term
Marketing information system (MIS)
Definition
People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights
Term
Internal databases
Definition
Electronic collections of consumer and market information obtained from data sources within the company network.
Term
Marketing research
Definition
The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
Term
Exploratory research
Definition
Marketing research to gather preliminary information that will help define problems and suggest hypotheses
Term
Descriptive research
Definition
Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.
Term
Causal research
Definition
Marketing research to test hypotheses about cause-and-effect relationships
Term
Commercial online databases
Definition
Collections of information available from online commercial sources or accessible via the Internet
Term
Observational research
Definition
Gathering primary data by observing relevant people, actions, and situations
Term
Ethnographic research
Definition
A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments"
Term
Survey research
Definition
Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior
Term
Experimental research
Definition
Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
Term
Focus group interviewing
Definition
Personal interviewing that involves inviting six to ten people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion on important issues
Term
Online marketing research
Definition
Collecting primary data online through Internet surveys, online focus groups, Web-based experiments, or tracking consumers' online behavior.
Term
Online focus group
Definition
Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.
Term
Sample
Definition
A segment of the population selected for marketing research to represent the population as a whole.
Term
Subculture
Definition
A group of people with shared value systems based on common life experiences and situations
Term
Social class
Definition
Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors
Term
Group
Definition
Two or more people who interact to accomplish individual or mutual goals
Term
Opinion leader
Definition
A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others
Term
Online social networks
Definition
online social communities - blogs, social networking web sites, or even virtual worlds - where people socialize or exchange information and opinions
Term
Motive (drive)
Definition
A need that is sufficiently pressing to direct the person to seek satisfaction of the need
Term
Personality
Definition
The unique psychological characteristics that distinguish a person or group
Term
Lifestyles
Definition
A person's pattern of living as expressed in his or her activities, interests, and opinions.
Term
Perception
Definition
The process by which people select, organize, and interpret information to form a meaningful picture of the world
Term
Learning
Definition
Changes in an individual's behavior arising from experience
Term
Belief
Definition
A descriptive thought that a person holds about something
Term
Attitude
Definition
A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea
Term
Dissonance-reducing buying behavior
Definition
Consumer buying behavior in situations characterized by high involvement but few perceived differences among brands
Term
Habitual buying behavior
Definition
Consumer buying behavior in situations characterized by low-consumer involvement and few significantly perceived brand differences
Term
Culture
Definition
The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
Term
Purchase decision
Definition
The buyer's decision about which brand to purchase
Term
Postpurchase behavior
Definition
The stage of the buyer decision process in which consumers take further action after purchase based on their satisfaction or dissatisfaction with a purchase
Term
Cognitive dissonance
Definition
Buyer discomfort caused by postpurchase conflict.
Term
New product
Definition
A good, service, or idea that is perceived by some potential customers as new
Term
Adoption process
Definition
The mental process through which an individual passes from first hearing about an innovation to final adoption
Term
Idea generation
Definition
The systematic search for new-product ideas
Term
Crowdsourcing
Definition
Inviting broad communities of people - customers, employees, independent scientists and researchers, and even the public at large - into the new-product innovation process
Term
Idea screening
Definition
Screening new-product ideas to spot good ideas and rop poor ones as soon as possible
Term
Product concept
Definition
A detailed version of the new-product idea stated in meaningful consumer terms
Term
Concept testing
Definition
Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
Term
Marketing strategy development
Definition
Designing an initial marketing strategy for a new product based on the product concept
Term
Business analysis
Definition
A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives
Term
Product development
Definition
Developing the product concept into a physical product to ensure that the product idea can be turned into a workable marketing offering
Term
Test marketing
Definition
The stage of new-product development in which the product and its proposed marketing program are tested in realistic market settings
Term
Commercialization
Definition
Introducing a new product into the market
Term
Customer-centered new-product development
Definition
New-product development that focuses on finding new ways to solve customer problems and create more customer- satisfying experiences
Term
Team-based new-product development
Definition
An approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness
Term
Product life cycle
Definition
The course of a product's sales and profits over its lifetime. it involves five distinct stages: product development, introduction, growth, maturity, and decline
Term
Style
Definition
A basic and distinctive mode of expression
Term
Fashion
Definition
A currently accepted or popular style in a given field
Term
Fad
Definition
A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity
Term
Introduction stage
Definition
The PLC stage in which a new product is first distributed and made available for purchase
Term
Growth stage
Definition
The PLC stage in which a product's sales start climbing quickly
Term
Maturity stage
Definition
The PLC stage in which a product's sales growth slows or levels off
Term
Decline stage
Definition
The PLC stage in which a product's sales decline
Term
Price
Definition
The amount of money charged for a product or service; the sum of the values that customers exchange for the benefits of having or using the product or service
Term
Customer value-based pricing
Definition
Setting price based on buyers' perceptions of value rather than on the seller's cost
Term
Good-value pricing
Definition
Offering the right combination of quality and good service at a fair price
Term
Value-added pricing
Definition
Attaching value-added features and services to differentiate a company's offers and charging higher prices.
Term
Cost-based pricing
Definition
Setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk
Term
Fixed costs (overhead)
Definition
Costs that do not vary with production or sales level
Term
Variable costs
Definition
Costs that vary directly with the level of production
Term
Total costs
Definition
The sum of the fixed and variable costs for any given level of production
Term
Experience curve (learning curve)
Definition
The drop in the average per-unit production cost that comes with accumulated production experience
Term
Cost-plus pricing (markup pricing)
Definition
Adding a standard markup to the cost of the product
Term
Break-even pricing (target return pricing)
Definition
Setting price to break even on the costs of making and marketing a product or setting price to make a target return
Term
Competition-based pricing
Definition
Setting prices based on competitors' strategies, prices, costs, and market offerings
Term
Target costing
Definition
Pricing that starts with an ideal selling price and then targets costs that will ensure that the price is met
Term
Demand curve
Definition
A curve that shows the number of units the market will buy in a given time period, at different prices that might be charged
Term
Price elasticity
Definition
A measure of the sensitivity of demand to changes in price
Term
Advertising objective
Definition
A specific communication task to be accomplished with a specific target audience during a specific period of time
Term
Advertising budget
Definition
The dollars and other resources allocated to a product or a company advertising program
Term
Advertising strategy
Definition
The strategy by which the company accomplishes its advertising objectives. It consists of two major elements: creating advertising messages and selecting advertising media
Term
Madison & Vine
Definition
A term that has come to represent the merging of advertising and entertainment in an effort to break through the clutter and create new avenues for reaching consumers with more engaging messages
Term
Creative concept
Definition
The compelling "big idea" that will bring the advertising message strategy to life in a distinctive and memorable way
Term
Execution style
Definition
The approach, style, tone, words, and format used for executing an advertising message
Term
Advertising media
Definition
The vehicles through which advertising messages are delivered to their intended audiences
Term
Return on advertising investment
Definition
The net return on advertising investment divided by the costs of the advertising investment
Term
Advertising agency
Definition
A marketing services firm that assists companies in planning, preparing, implementing, and evaluating all or portions of their advertising programs
Term
Factors influencing Consumer behaviors
Definition
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