Principles of Marketing final exam review chapters 9-12

marketing research
the process of planning, collecting, and analyzing data relevant to a marketing decision
marketing research problem
determining what information is needed and how that information can be obtained efficiently and effectively
marketing research objective
the specific information needed to solve a marketing research problem; the objective should be to provide insightful decision-making information
management decision problem
a broad-based problem that uses marketing research in order for managers to take proper actions
secondary data
data previously collected for any purpose other than the one at hand
research design
specifies which research questions must be answered, how and when the data will be gathered, and how the data will be analyzed
primary data
information that is collected for the first time; used for solving the particular problem under investigation
survey research
the most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes
focus group
seven to ten people who participate in a group discussion led by a moderator
scaled-response question
a closed-ended question designed to measure the intensity of a respondents answer
observation research
a research method that relies on four types of observation: people watching people, people watching activity, machines watching people, and machines watching an activity
behavioral targeting (BT)
a form of observation marketing research that combines a consumers online activity with psychographic and demographic profiles compiled in databases
sample
a subset from a larger population
nonprobability sample
any sample in which little or no attempt is made to get a representative cross section of the population
convenience sample
a form of nonprobability sample using respondents who are convenient or readily accessible to the researcher-for example, employees, friends, or relatives
neuromarketing
a field of marketing that studies the bodys responses to marketing stimuli
product
everything, both favorable and unfavorable that a person receives in an exchange
business product (industrial product)
a product used to manufacture other goods or services, to facilitate an organizations operations, or to resell to other customers
consumer product
a product bought to satisfy an individuals personal wants or needs
convenience product
a relatively inexpensive item that merits little shopping effort
shopping product
a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
specialty product
a particular item for which consumers search extensively and are very reluctant to accept substitutes
unsought product
a product unknown to the potential buyer or a known product that the buyer does not actively seek
product item
a specific version of a product that can be designated as a distinct offering among an organizations products
product line
a group of closely related product items
product mix
all products that an organization sells
product mix width
the number of product lines an organization offers
product line depth
the number of product items in a product
product modification
changing one or more of a products characteristics
brand
a name, term, symbol, design, or combination thereof that identifies a sellers products and differentiates them from competitors products
brand name
that part of a brand that can be spoken, including letters, words, and numbers
brand mark
the elements of a brand that cannot be spoken
brand equity
the value of a company or brand name
brand loyalty
consistent preference for one brand over all others
manufacturers brand
the brand name of a manufacturer
private brand
a brand name owned by a wholesaler or a retailer
captive brand
a brand manufactured by a third party for an exclusive retailer, without evidence of that retailers affiliation
trademark
the exclusive right to use a brand or part of a brand
warrenty
a confirmation of the quality or performance of a good or service
product development
a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products
screening
the first filter in the product development process, which eliminates ideas that are inconsistent with the organizations new-product strategy or are obviously inappropriate for some other reason
business analysis
the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated
development
stage in the product development process which a prototype is developed and a marketing strategy is outlined
commercialization
the decision to market a product
innovation
a product perceived as new by a potential adopter
diffusion
the process by which the adoption of an innovation spreads`
product life cycle (PLC)
a concept that provides a way to trace the stages of a products acceptance, from its introduction (birth) to its decline (death)
product category
all brands that satisfy a particular type of need
introductary stage
the full scale launch of a new product into the marketplace
growth stage
the second stage of the product life cycle when sales typically grow at an increasing rate, many competitors enter the market, larger companies may start to acquire small pioneering firms, and profits are healthy
maturity stage
a period during which sales increase at a decreasing rate
decline stage
a long-run drop in sales
service
the result of applying human or mechanical efforts to people or objects
intangibility
the inability of services to be touched, seen, tasted, heard, or felt in the same manner that foods can be sensed
inseparability
the inability of the production and consumption of a service to be separated; consumers must be present during the production
heterogeneity
the variability of the inputs and outputs of services, which causes services to tend to be less standardized and uniform than goods
perishability
the inability of services to be stored, warehoused, or inventoried
reliability
the ability to perform a service dependably, accurately, and consistently
responsiveness
the ability to provide prompt service
assurance
the knowledge and courtesy of employees and their ability to convey trust
empathy
caring, individualized attention to customers
tangibles
the physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service
gap model
a model identifying five gaps that can cause problems in service delivery and influence customer evaluations of service quailty
mass customization
a strategy that uses technology to deliver customized services on a mass basis
internal marketing
treating employees as customers and developing systems and benefits that satisfy their needs
public service advertisement (PSA)
an announcement that promotes a program of a federal, state or local government or of a nonprofit organization