MKT201 TEST 1-5

Vocabulary flashcards covering core marketing research concepts, information ecosystems, consumer behavior models, factors influencing buying, decision processes, and innovation adoption.

Big Data

Huge and complex data sets generated by today's sophisticated data generation, collection, storage, and analysis technologies.

Customer Insights

Deep understandings of customer's stated and unstated needs and wants that become the basis for creating customer value, engagement, and relationships.

Marketing Information Ecosystem (MIE)

People, processes, and assets dedicated to assessing managers' information needs, developing the needed information, and helping decision makers apply that information to generate and validate actionable customer and market insights.

Internal Databases

Collections of consumer and market data compiled from sources within the company network, such as marketing, sales, customer service, accounting, and operations.

Competitive Marketing Intelligence

The systematic monitoring, collection, and analysis of publicly available information about competitors and developments in the marketplace.

Marketing Research

The systematic design and execution of initiatives to collect, analyze, and report data, information, and insights relevant to a specific marketing situation facing an organization.

Marketing Research Process

A four-step process involving defining the problem and research objectives, developing the research plan, implementing the research plan, and interpreting and reporting the findings.

Exploratory Research

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

Descriptive Research

Marketing research used to describe market and consumer characteristics, such as product market potential or buyer demographics and attitudes.

Causal Research

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

Secondary Data

Information that has already been collected by someone else and exists prior to the current research project.

Focus Group Research

A small group of carefully selected people who discuss a product, service, or company with a trained moderator to share their thoughts, feelings, and opinions.

Immersion Groups

Small research groups where consumers interact directly with product designers without a moderator to provide natural and honest feedback.

Customer Relationship Management (CRM)

Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.

Marketing Analytics

The analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

Chief Privacy Officer (CPO)

A corporate executive appointed by major companies whose job is to safeguard customer privacy.

Model of Consumer Behavior

A model showing how marketing stimuli and environmental forces enter the buyer's decision processing and produce specific buyer responses.

Factors Influencing Consumer Behavior

The four key categories of characteristics that shape consumer buying decisions: cultural, social, personal, and psychological factors.

Subculture

A group of people with shared value systems based on common life experiences and situations, including consumer ethnic groups like Hispanic, Black, and Asian Americans.

Opinion Leaders

People within a reference group whose special skills, knowledge, personality, or status allow them to exert social influence on others.

Micro-Influencers

Bloggers, social-media personalities, and everyday product users with smaller but highly targeted audiences who offer high engagement and authenticity.

Brand Personality

The specific mix of human traits attributed to a particular brand, categorized into sincerity, excitement, competence, sophistication, and ruggedness.

Self-Concept

A person's self-image, reflecting the idea that people's possessions contribute to and reflect their identities.

Maslow's Hierarchy of Needs

A motivational structure ordering human needs into physiological, safety, social, esteem, and self-actualization levels.

Selective Attention

The tendency for consumers to screen out most of the information to which they are exposed.

Selective Distortion

The tendency for consumers to interpret information in a way that supports their existing beliefs.

Selective Retention

The tendency for consumers to remember positive points made about a favored brand while forgetting competing points.

Buyer Decision Process

The five-stage process consumers pass through when making purchases: need recognition, information search, evaluation of alternatives, purchase decision, and postpurchase behavior.

Cognitive Dissonance

Buyer discomfort caused by postpurchase conflict over giving up the benefits of unchosen alternatives.

Four Types of Buying Decision Behavior

A matrix categorizing consumer buying behavior based on involvement and brand differences into complex, variety-seeking, dissonance-reducing, and habitual behaviors.

Complex Buying Behavior

Buying behavior in situations characterized by high consumer involvement and significant perceived differences among brands.

Dissonance-Reducing Buying Behavior

Buying behavior in situations characterized by high consumer involvement but few perceived differences among brands.

Habitual Buying Behavior

Buying behavior in situations characterized by low consumer involvement and few perceived brand differences.

Variety-Seeking Buying Behavior

Buying behavior in situations characterized by low consumer involvement but significant perceived brand differences.

Customer Journey

The sum of a customer's ongoing experiences across all brand touch points, starting from brand awareness to brand advocacy.

Adoption Process

The mental process through which an individual passes from first learning about an innovation to final adoption as a regular user.

Adopter Categories

Five groups classifying consumers by their speed of adopting innovations: Innovators (2.5%), Early Adopters (13.5%), Early Mainstream (34%), Late Mainstream (34%), and Lagging Adopters (16%).