Gemeni study guide

Secondary data

Information that has already been collected from other sources and usually is readily available.

Qualitative research

Research method using a focus group to discover why customers are unhappy.

Primary data disadvantages

Typically more costly and time-consuming to collect compared to secondary data.

Research design stage

Stage where a researcher defines the objectives and identifies the data needed for a study.

Observation

Research method best for observing how people use a product in their natural environment.

Syndicated data

Data collected by companies like Nielsen that is sold to many different firms.

Data mining

A technique used to identify patterns or relationships in large sets of data.

Observation

Method used by a researcher to understand consumer preferences that cannot be explained.

Marketing research

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation.

Primary data

A company's internal database of customer purchase history.

Demographic segmentation

Dividing a market based on age, gender, income, or education.

Psychographic segmentation

Segmentation method based on how consumers describe themselves using characteristics like 'lifestyle'.

Benefit segmentation

Marketing an SUV to families prioritizing safety and durability.

Targeting

The process of evaluating each market segment's attractiveness and deciding which to pursue.

Positioning

The final step in the Segmentation, Targeting, and Positioning (STP) process.

Perceptual Map

Tool used by marketers to visualize the position of products or brands in the consumer's mind.

Differentiated targeting

Strategy involving targeting several market segments with a different offering for each.

Value proposition

Describes a company's positioning strategy.

Behavioral segmentation

Segmenting a market by 'heavy users' vs. 'light users'.

Concentrated targeting

A firm targeting a very specific, narrow market niche.

Need recognition

The buying process begins with this stage.

Limited problem solving

Buying a gallon of milk is usually an example of this type of problem solving.

Psychological need

Buying a Porsche to feel a sense of status and achievement satisfies this need.

Internal search for information

Involves examining one's own memory and knowledge.

Evoked set

Brands that a consumer can readily bring to mind.

Decision set

Specific brands a consumer would actually consider buying.

Determinant attributes

Product features that are important to the buyer and on which competing brands are perceived to differ.

Postpurchase cognitive dissonance

An uncomfortable state of inconsistency between beliefs and behaviors after a purchase.

High risk or high expense

Factors that increase the likelihood of postpurchase cognitive dissonance.

Performance risk

If a consumer fears that a new lawnmower might be dangerous to use, they are experiencing this type of risk.

Safety and physiological needs

Examples of needs included in Maslow’s Hierarchy.

Reference Group

A group of people used as a basis for comparison in forming attitudes.

Functional need

Buying a winter coat solely to stay warm satisfies this type of need.

Behavioral component

The third component of attitude, alongside cognitive and affective components.

Situational factors

Factors influencing the buying process, including shopping environment or time of day.

Marketing Mix

Comprised of Product, Price, Place, Promotion.

Brand awareness

Increased through elements such as brand name, logo, and slogan.

Co-branding

When two brands join to create one product.

Brand extension

Using an existing brand name to enter a completely different product category.

Line extension

Adding a new flavor to an existing product line.

Brand equity

The set of assets and liabilities linked to a brand that add to or subtract from its value.

Differentiate the product

Primary goal of changing a product's packaging.

Store brands

Another name for private-label brands.

Slogans

Not considered a physical brand element.

Brand dilution

Occurs when a brand name is used on too many products, weakening consumer perceptions.

Mission Statement

Defines a firm's purpose and the scope of its operations.

Controllable tools

The tools a firm uses to respond to the target market are classified as this.

Customer excellence

Strategy focuses on retaining customers through excellent service.

Value establishment

Occurs when benefits outweigh costs in the mind of the consumer.

Loyalty Programs

Primarily used to collect data and encourage repeat purchases.