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143 Cards in this Set

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economic buyers
people who know all of the facts and logically compare prices to get the greatest satisfaction from spending their time and money
economic needs
concerned with making the best use of a consumer’s time and money
Needs
are the basic forces that motivate a person to do something.
Wants
- are “needs” that are learned during a person’s life.
drive
is a strong stimulus that encourages action to reduce a need.
perception
how we gather and interpret information from the world around us
Learning
is a change in a person’s thought processes caused by prior experience.
cues
products, signs, ads, and other stimuli in the environment
response
an effort to satisfy a drive
reinforcement
response is followed by satisfaction
attitude
person’s point of view toward something
belief
person’s opinion about something
expectation
outcome or event that a person anticipates or looks forward to
trust
the confidence a person has in the promises or actions of another person, brand, or company
psychographics (aka lifestyle analysis)
analysis of a persons day-to-day patterns of living as expressed in that person’s activities, interests, and opinions
Social class
group of people who have approximately equal social position as viewed by others in society
reference group
people to whom an individual looks when forming attitudes about a particular topic
opinion leader
person who influences others
culture
whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people
extensive problem solving
when much effort is put towards deciding how to satisfy a need
limited problem solving
used by consumers when some effort is required in deciding the best way to solve a need
routinized response behavior
when someone regularly selects a particular way of satisfying a need when it occurs
low-involvement purchases
purchases that have little importance or relevance for the consumer
dissonance
feeling of uncertainty about whether the correct decision was made
adoption process
the steps individuals go through on the way to accepting or rejecting an idea
Business and organizational customers
any buyers who buy for resale or to produce other goods and services.
purchasing specifications
a written description of what the firm wants to buy
ISO 9000
way for a supplier to document its quality procedures according to internationally recognized standards
purchasing managers
buying specialists for their managers
multiple buying influence
several ppl play a part in making a purchase decision
vendor analysis
a formal rating of suppliers on all relevant areas of performance.
requisition
request to buy something
competitive bids
terms of sale offered by supplier in response to the purchase specifications posted by a buyer
just-in-time delivery
reliably getting products there just before the customer needs them
negotiated contract buying
agreeing to contracts that allow changes in purchase agreements
outsource
contract with an outside firm to produce goods or services rather than to produce them internally
NAICS codes
(North American Industry Classification System)- codes used to identify groups of firms in similar lines of business
resident buyers
independent buying agents who work in central markets for several retailer or wholesale customers based on outlying areas or other countries
Marketing Research
procedures that develop and analyze new information about a market
Marketing Information System
An organized way of continually gathering, accessing, and analyzing information that marketers need to make ongoing decisions. Allows for a continual flow of information that is available and quickly accessible when needed.
Elements of a complete MIS:
-Information Sources (market research studies, internal data sources, external data sources)
-Questions and Answers (marketing models, databases/data warehouses, decision support system, and information technology specialists and are all interconnected)
-Decision Maker (Marketing manager)
-Results (outcome, sales, profit, customer relations, etc)- feedback from results goes into the databases to be accessed later
Intranet
A system for linking computers within a company
Data Warehouse
A place where databases are stored so that they are available when needed
Decision Support System
A computer program that aids in decision making as decisions are being made
Search Engine
A computer program that helps a marketing manager find information when it is needed
Marketing Dashboard
Displays up-to-the-minute marketing data in an easy-to-read format
Marketing Model
A statement of relationships among marketing variables
Scientific Method
A decision making approach that focuses on being objective and orderly in testing ideas before accepting them
Hypothesis
Educated guesses about the relationships between things or about what will happen in the future
Marketing Research Process
5 Step application of the scientific process in marketing.
1. Defining the problem.
2. Analyzing the situation.
3. Getting problem-specific data.
4. Interpreting the data
5. Solving the problem
Situation Analysis
An informal study of what information is already available in the problem area. SWOT: Situation, Weaknesses, Opportunities, Threats
Secondary Data
Information that has previously been recorded or published. Secondary data is associated with Step 2 of the Marketing Research Process, which refers to situation analysis.
Primary Data
Information collected to solve a specific problem. Primary Data refers to Step 3 of the Marketing Research Process, Getting Problem-Specific Data.
Research Proposal
A plan that specifies what information will be obtained and how. It may include information about costs, what data will be collected, how it will be collected, who will analyze it and how, and how long the process is expected to take.
Qualitative Research
Type of research that seeks in-depth, open ended responses- not yes or no answer. Researchers try to to get people to share their thoughts on a topic without giving them many directions or guidelines about what to say. The advantage of this approach is depth, the disadvantage is that it is hard to measure the results objectively.
Focus Group Interview
Interviewing 6 to 10 people in an informal group setting. It is a form of qualitative questioning- the most widely used form.
Quantitative Research
Uses questions that seek structured responses that can be summarized in numbers like percentages, averages, and other statistics. Most survey research is quantitative. Samples can be larger and more representative than qualitative research, and various statistics can be used to draw conclusions. Researches usually provide fixed responses (multiple choice) to simplify analysis.
Response Rate
Percentage of people who complete a questionnaire
Consumer Panels
A group of consumers who provide information on a continuous basis
Experimental Method
Researches compare the responses of two (or more) groups that are almost similar, except the one characteristic being tested varies between groups. It used to learn if that specific characteristic causes differences in the responses among the groups.
Statistical Packages
Computer programs that analyze data
Population
The total group that marketing managers are interested in
Sample
A part of the relevant population
Confidence Intervals
The range on either side of an estimate that is likely to contain the true value for the whole population
Validity
Extent to which the data measures what it is supposed to measure
Product
The need-satisfying offering of a firm
Quality
A product's ability to satisfy a customer's needs or wants
Product Assortment
Set of all product lines and individual products that a firm sells
Product Line
set of individual products that are closely related
Individual Product
particular product in a line
Branding
The use of a name, term symbol or design to identify a product
Brand Name
Collection of words and letters used in branding
Trademark
Words symbols and marks legally registered for use by a single company
Service Mark
Service offering legally registered by a single company
Brand Familiarity
How well customers recognize a brand
Brand Rejection
When potential customers won't buy a brand unless its image is changed
Brand Nonrecognition
When consumers do not recognize the brand.
Brand Preference
When target customers chose one brand over others.
Brand Insistence
When target customers insist on a firm's brand and are willing to search for it.
Brand Equity
The value of a brand's overall strength in a market.
Lanham Act
Act that spells out what kind of marks can be protected and the exact method of protecting them.
Family Brand
The same brand name for several products.
Licensed Brand
A well known brand that sellers pay a fee to use
Individual Brands
Separate brand names for each product
Generic Products
Products that are void of branding save their contents and manufacturer/intermediary.
Manufacturer Brands
Brands created by producers.
Dealer Brands
(AKA Private Brands) - Brands created by intermediaries
Battle of the Brands
Refers to the competition between dealer and manufacturer brands
Packaging
Involves promoting, protecting and enhancing the product
UPC
(Universal Product Code) - Identifies each product with marks readable by electronic scanners
Federal Fair Packaging and Labeling Act
Act that requires consumer goods to be clearly readable
Warranty
Explains what the seller promises about a product
Magnuson-Moss Act
Act that says that producers must provide a clearly written warranty if they choose to offer any warranty
Consumer Products
Products meant for the final consumer
Business Products
Products meant for producing other products
Convenience Products
Products that the consumer needs but is not willing to spend much time or effort shopping for
Staples
Products that are bought often, routinely and without much thought. A convenience product.
Impulse Products
Products that are bought quickly as unplanned purchases. A convenience product.
Emergency Products
Products that are purchased immediately when the need is great. A convenience product.
Shopping Products (separate term from "Homogenous Shopping Products" and "Heterogeneous Shopping Products")
Products that the consumer feels are worth the time and effort to compare with other competing products
Homogeneous Shopping Products
Products that are seen as basically the same and are wanted at the lowest price
Heterogeneous Shopping Products
Shopping products that the consumer sees as different and wants to inspect for quality and suitability
Specialty Products
Consumer products that the customer really wants and makes a special effort to find
Unsought Products (Separate term from "New Unsought Products" and "Regularly Unsought Products")
Products that potential customers don't yet want or know they can buy
New Unsought Products
Products offering really new ideas that potential customers do not know about yet
Regularly Unsought Products
Products that stay unsought but not unbought forever (like gravestones and life insurance)
Derived Demand
Demand for business products derives from the demand for final consumer products
Expense Item
A product whose total cost is treated as a business expense in the year that it is purchased
Capital Item
A long lasting product that can be used and depreciated for years
Installations
Important capital items such as buildings, land rights, and major equipment
Accessories
Short lived capital items
Raw Materials
Unprocessed expense items
Farm Products
Products grown by farmers
Natural Products
Products that occur in nature
Components
Processed expense items that become part of a finished product.
Supplies
Processed expense items that do not become part of a finished product (ex. maintenance).
Professional Services
Specialized services that support a firm's operations
Product Life Cycle
The stages a really new product goes through from beginning to end
Market Introduction
Life Cycle stage: sales are low as a new idea is first introduced into a market
Market Growth
Life Cycle stage: industry sales go fast. Profits rise and then start falling
Market Maturity
Life Cycle stage: industry sales level off and competition gets tougher
Sales Decline
Life Cycle stage: new products replace the old
The 4 Life Cycle Stages
1. Market Introduction
2. Market Growth
3. Market Maturity
4. Sales Decline
Fashion
The currently accepted or popular style
Fad
An idea that is fashionable only to certain groups who are enthusiastic about it.
New Product
A product that is new.

Wow. That's a real definition.
CPSA
(Consumer Product Safety Act) - Act that set up the CPSC to encourage safety in product design and better quality control
Product Liability
Legal obligation of sellers to pay damages to those who are injured by defective or unsafe products
Product (Brand) Managers
People who manage specific products
Total Quality Management
The philosophy that everyone in the organization is concerned about quality, throughout all of the firm's activities, to better serve customer needs.
Concept Testing
Getting reactions from consumers towards how well a new-product idea fits their needs
FTC
(Federal Trade Commission) - The federal government agency that polices anti-monopoly laws
Continuous Improvement
A commitment to constantly making things better one step at a time
Pareto Chart
A graph that shows the number of times the cause of a problem appears, from most to least frequent
Fishbone Diagram
Visual aid that helps organize cause-effect relationships
Empowerment
Giving employees the authority to correct a problem without first checking with management
Exploratory research
gathers preliminary data (e.g. focus groups, interviews, small surveys)
Descriptive research
describes the market potential for a product, consumer attitudes and behavior (e.g. large surveys)
Causal research
tests hypotheses about cause-effect relationships (e.g. experiments)
Idea Generation
New Product Development Process step 1: Ideas from customers and users, Marketing research, Competitors, Other markets
Company people, intermediaries, etc.
Screening
New Product Development Process step 2: Strengths and weaknesses, Fit with objectives, Market trends, Rough ROI estimate
Idea evaluation
New Product Development Process step 3: Concept testing, Reactions from customers, Rough estimates of costs, sales, and profits
Development
New Product Development Process step 4: R&D, Develop model or service, Test marketing mix, Revise plans as needed, ROI estimate
Commercialization
New Product Development Process step 5: Finalize product and marketing plan, Start production and marketing, “Roll out” in select markets, Final ROI estimate