Marketing, Consumer Behavior, and Market Research Key Vocabulary

A comprehensive vocabulary review set covering essential definitions for marketing concepts, consumer behavior factors, and market research methodologies.

Marketing

All the activities businesses undertake to identify customers' problems, needs, and wants and to promote, sell, and deliver products.

Demographics

Measurable characteristics used to describe a population, such as age, income, gender, and location.

Psychographics

Characteristics related to people's interests, activities, values, and lifestyles.

Market Segmentation

Dividing potential customers into groups based on shared demographic and psychographic characteristics.

Target Customer

A buyer most likely to purchase a specific product because of their wants, needs, and preferences.

Customer Profile

A fictional description of a specific sample customer based on demographic and psychographic information.

Customer Acquisition Cost (CAC)

The average marketing, advertising, and sales cost of acquiring a customer.

Customer Lifetime Value (CLV)

The estimated amount of money a customer will spend with a business over time.

Consumer Behavior

The study of why and how consumers make purchasing decisions.

Personal Factors

Individual characteristics, such as age, income, education, occupation, and lifestyle, that influence purchasing decisions.

Psychological Factors

A consumer's values, beliefs, perceptions, motivations, and past experiences that influence purchasing decisions.

Social and Cultural Factors

The influence of family, peers, social status, cultural norms, and media on purchasing decisions.

Situational Factors

Temporary conditions, such as timing, store design, and product availability, that influence purchasing decisions.

Purchasing Pattern

A consumer's typical routine for making purchases, including timing, frequency, and quantity.

Consumer Protection Laws

Laws designed to protect consumers from fraudulent or unsafe products and deceptive business practices.

Market Research

The process of collecting detailed information about markets, products, and customer behavior to guide marketing decisions.

Quantitative Data

Numerical data that answers questions such as how many, how much, and how often.

Qualitative Data

Descriptive, nonnumerical data that answers questions such as why and how.

Primary-Source Research

Collecting new data directly from customers or the market.

Secondary-Source Research

Gathering existing information from external sources.

Business Hypothesis

An assumption about a customer, product, or market that can be tested with data.

Desirability

The extent to which a product creates value for customers by achieving problem-solution fit.

Feasibility

The ability to produce and provide a product using available resources, technology, expertise, and time.

Viability

The potential for a product to be profitable in a market.

A/B Testing

An experiment that compares customer responses to two alternatives.

Data Visualization

The use of charts and graphs to communicate patterns, trends, and insights.

Cialdini's Principles of Influence

Seven psychological principles that explain why people may be influenced to comply with a request.

Scarcity

The idea that limited availability increases a product’s perceived value or desirability (sự khan hiếm)

Authority

The tendency to trust experts or authority figures (xu hướng tin tưởng chuyên gia)

Consensus

The tendency to be follow the actions or opinions of others

Liking

The tendency to be influenced by people we like, admire, or relate to

Reciprocity

The tendency to act in ways that are consistent with precious comitments, actions, belief, or identity (làm theo những thứ phù hợp, related đến bản thân)

Unity

The tendency to be influenced by people with whom we share an identity or sense of belonging