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Marketing: Lamb, Hair, McDaniel
Chapter 8
23
Marketing
Undergraduate 1
11/14/2011

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Term
Market
Definition
People or organizations with needs or wants and the ability and willingness to buy.
Term
Market Segment
Definition
A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
Term
Market Segmentation
Definition
The process of dividing a market into meaningful, relatively similar and identifiable segments or groups.
Term
Satisficers
Definition
Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements.
Term
Optimizers
Definition
Business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one.
Term
Decision Support System
Definition
An interactive, flexible computerized information system that enables managers to obtain and manipulate information as they are making decisions.
Term
Marketing Research
Definition
The process of planning, collecting, and analyzing data relevant to marketing decision.
Term
Secondary Data
Definition
Data previously collected for any purpose other than the one at hand.
Term
Primary Data
Definition
Information that is collected for the first time. Used for solving the particular problem under investigation.
Term
Survey Research
Definition
The most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes.
Term
Observation Research
Definition
A research method that relies on four types of observation, people watching people, people watching an activity, machines watching people, and machines watching an activity.
Term
Open Ended Question
Definition
An interview question that encourages an answer phrased in the respondent's own words.
Term
Closed-Ended Questions
Definition
An interview question that asks the respondent to make a selection from a limited list of responses.
Term
Scaled-Response Question
Definition
A closed-ended question designed to measure the intensity of a respondent's answer.
Term
Product
Definition
Everything both favorable and unfavorable that a person receives in an exchange.
Term
Consumer Product
Definition
A product bought to satisfy an individual's personal wants.
Term
New Products and Importance
Definition
A product new to the world, the market, the producer, the seller, or some combination of these. Important because increased sales through longer sales life, increased margins, increased product loyalty, More resale opportunities, greater market responsiveness, sustained leadership position.
Term
Diffusion
Definition
The process by which the adoption of an innovation spreads.
Term
Innovation
Definition
A product perceived as new by a potential adopter.
Term
Early Adopters
Definition
13.5 percent to adopt the product
Term
Early Majority
Definition
Next 34 percent to adopt after early adopters.
Term
Late Majority
Definition
next 34 percent to adopt after early majority.
Term
Laggards
Definition
Final 16 percent to adopt product.
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