MOS 1021 Midterm 2

Close-ended questionnaire

Questionnaire that includes all the possible answers, and subjects choose betweeen them

Open-ended questionnaires

Questionnaire that allows respondents to answer in their own words

Market segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviours and who might require seperate marketing strategies or mixes

Market targeting (targeting)

Evaluating each market segment’s attractiveness and selecting one or more segments to serve

Differentiation

Actually differentiating the market offering to create superior customer value

Positioning

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to cometing products in the minds of target consumers

Ways buyers differ in markets

Wants, resources, locations, buying attitudes, and buying practices

Variables used in segmenting consumer markets

geographic, demographic, psychographic, and behavioural

Geographic segmentation

Dividing a market into different geographical units, such as nations, regions, provinces, cities, or even neighbourhoods

Hyperlocal social marketing

Location-based targeting to consumers in local communities or neighbourhoods using digital and social media

Demographic segmentation

Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

Age and life-cycle segmentation

Dividing a market into different age and life-cycle groups

Gender segmentation

Dividing a market into different segments based on gender

Income segmentation

Dividing a market into different income segments

Psychographic segmentation

Dividing a market into different segments based on lifestyle or personality characteristics

Behavioural segmentation

Dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product

Occasion segmentation

Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item

Benefit segmentation

Dividing the market into segments according to the different benefits that consumers seek from the product

User status

Nonusers, ex-users, potential users, first-time users, and regular users

Usage rate

Light, medium, and heavy product users

Target market

A set of buyers who share common needs or characteristics that a compnay decides to serve

Undifferentiated marketing

A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer - mass marketing

Differentiated marketing

A market-coverage strategy in which a firm targets several market segments and designs separate offers for each - segmented marketing

Concentrated marketing

A market coverage strategy in which a firm goes after a large share of one or a few segments or niches

Micromarketing

Tailoring products and marketing programs to the needs and wants of specific segments; it includes local marketing and individual marketing

Local marketing

Tailoring brands and marketing to the needs and wants of local customer segments - cities, neighbourhoods, and even specific stores

Individual marketing

Tailoring products and marketing programs to the needs and preferences of individual customers

Product postion

The way a product is defined by consumers on important attributes - the place it occupies in consumers’ minds relative to competing products

Value proposition

How it will create differentiated value for targeted segments and what positions it wants to occupy in those segments

Perceptual position maps

Show consumer perceptions of their brands versus those of competing products on important dimensions

Marketing research

The systematic design, collection, analysis, and reporting of data relevant to a specific markeitng situation facing an organization

Traditional marketing research

Markting research that is more time-consuming and expensive but can allow for deeper, more focused probing, especially into the whys and wherefores of consumer attitudes and behaviour

Exploratory research

Marketing research to gather preliminary information that will help define problems and suggest hypotheses

Descriptive research

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

Causal research

Marketing research to test hypotheses about cause-and-effect relationships

Secondary Data

Information that already exists somewhere, having been collected for another purpose - lower cost tha primary data

• commercial online databases

• internet search engines

Primary Data

Information collected for the specific purpose at hand

Observational research

Gathering primary data by observing relevant people, actions and situations

Ethnographic research

A form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environments”

Survey research

Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behaviour

Experimental research

Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses - best for causal information

Individual interviewing

Talking with people in their homes or offices or the street, or in shopping malls

Focus group interviewing

Personal interviewing that involves inviting small groups of 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

Online marketing research

Collecting primary data through internet and mobile surveys, online focus groups, consumer tracking, experiments, and online panels and brand communities

Online focus groups

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 behaviour

Behavioural targeting

Using online consumer tracking data and analytics to target advertisements and marketing offers to specific consumers

Natural Environment

The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities

• shortages of raw materials

• increased pollution

• increased government intervention

Environmental sustainability

Developing strategies and practices that create a world economy that the planet can support indefinetly

Demography

The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

Baby boomers

The 9.4 million people born during the years following world war 2 and lasting until 1965

• wealthiest generation

Millennials

The 8.6 million children of the baby boomers born between 1981 and 1997 (Generation Y)

• comfortable with digital tech

Proactive marketing stance

Developing strategies to change the marketing environment. Take aggressive actions to affect the publics and forces in their marketing environment

Passive marketing stance

Analyze marketing environmental forces and design strategies that will help the company avoid the threats and take advantage of the opportunities the environment provides

Marketing

The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return

Needs

States of felt deprivation

Wants

The form human needs take as they are shaped by culture and individual personality

Demands

Human wants that are backed by buying power

Market offerings

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Includes services, activities, or benefits that are intangible.

Marketing myopia

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

Customer relationship management

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Customer-perceived value

The customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

Customer satisfaction

The extent to which a product’s perceived performance matches a buyer’s expectations

Customer-engagement marketing

Making the brand a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community

Consumer-generated marketing

Brand exchanges created by consumers themselves—both invited and uninvited—by which consumers are playing an increasing role in shaping their own brand experience and those of other consumers

Training

The process of teaching employees the basic skills/comptencies that they need to perform their job successfully

Negligent training

Occurs when an employer fails to adequately train an employee who subsequently harms a third party

Task analysis

Identifying the broad competencies and specific skills required to perform job-related tasks

Competency model

A graphic model that consolidates, usually in one diagram, a precise overview of the competencies (knowledge, skills, and behaviours) someone would need to do a job well

Programmed learning

A systematic method for teaching job skills that involves presenting questions or facts, allowing the person to respond, and giving learners immediate feedback on the accuracy of their answers

Informal learning

Learning from day-to-day unplanned interactions between new workers and their colleagues

Classroom training

Training in a classroom like setting. Includes lectures.

Blended learning

Learning using a combination of instructor-led and online e-learning

On-the-job training (OTJ)

Training that involves having the person learn a job by actually performing it

Apprenticeship training

Training where the learner/apprentice study under the tutelage of a master craftsperson

Job instruction training

Step-by-step training following the logical sequence of each job’s basic tasks

Behaviour modelling

A training technique in which trainees are first shown good management techniques in a film, are asked to play roles in a simulated situation, and are then given constructive feedback and praise by their supervisor

E-learning

electronic-dependent or web-based training

Simulated training

A technique of training employees with actual or simulated equipment that they will use on the job, such as airplane pilot training, which reduces training costs and hazards

electronic performance support systems (EPSS)

Computer-based job aids or sets of computerized tools and displays that automate training, documentation, and phone support

Transfer of training

Application of the skills acquired during the trasining program into the work environment and maintain these skills over time

Reaction

One of the training effects to measure. Evaluate trainees’ reactions to the program

Learning

One of the training effects to measure. Test the trainees to determine whether they learned the principles, skills, and facts that they were supposed to learn

Behaviour

One of the training effects to measure. Ask whether the trainees’ behaviour on the job changes because of the training program

Results

One of the training effects to measure. Observe changes in specific measures of workplace results

Performance appraisal

Evaluating an employee’s current and/or past performance relative to performance standards

Performance appraisal process

A three-step appraisal process involving (1) setting work standards, (2) assessing the employee’s actual performance relative to those standards and (3) providing feedback to the employee to help eliminate performance deficiencies or to continue to perform above par

Performance management

The process encompassing all activities related to improving employee performance, productivity, and effectiveness

Graphic rating scale

A scale that lists a number of traits and a range of performance for each. the employee is then rated by identifying the score that best describes their level of performance for each trait

Alternation ranking method

Ranking employees from best to worst on a particular trait

Paired comparison method

Ranking employees by making a chart of all possible pairs of employees for each trait and indicating the better employee of the pair

Forced distribution method

Predetermined percentages of ratees are placed in various pefromance categories

Behaviourally anchored rating scale (BARS)

An appraisal method that aims to combine the benefits of narratives, critical incidents, and quantified scale with specific narrative examples of good and poor performance

Management by objectives (MBO)

Involves setting specific, measurable goals with the employee involved in the goal-setting process and periodically reviewing the progress made

Unclear performance standards

An appraisal scale that is too open to interpretation of traits and standards

Halo effect

The rating of an employee on one trait biases the way that person is rate on other traits

Central tendency

A tendency to rate all employees in the middle of the scale

Strictness/leniency

The problem that occurs when a supervisor has a tendency to rate lall employees either low or high

appraisal bias

The tendency to allow individual differences, such as age, race, and sex, to affect the appraisal ratings that these amployees receive

Similar-to-me bias

The tendency to give higher perfomance ratings to employees who are perceived to be similar to the rater in some way

360-degree appraisal

A performance appraisal technique that uses multiple raters including peers, employees reporting to the appraisee, supervisors, and customers