mkt 300 exam2

Multi-attribute

Determine weighted total by multiplying the importance rating by attribute evaluation and summing.

Snowball

Subjects help researcher, find additional subjects, who have characteristics of interest

Quota

Researcher finds a prescribed number of subjects across several categories

Multi-attribute

Determine weighted total by multiplying the importance rating by attribute evaluation and summing.

Stratified

Divide population in two mutually exclusive groups in random samples are drawn from each group

Cluster

Divide population into mutually exclusive groups and random customers are drawn to sample

Descriptive

Gathering and presenting factual statements

Diagnostic

Explaining data

Consumer insight

Is the perceived meanings of data collected from the study of consumer behavior

Reliability

The research technique produces almost identical results, and repeated trials

Validity

Search method measures what it is supposed to measure

Representativeness

The sample is similar to the population. We’re interested in.

Primary data

Information collected firsthand specific to your purpose

Secondary data

Information previously collected

Exploratory

Sheds light on problem suggest solutions are new ideas

Explanatory

Test hypothesis about cause-and-effect relationships

Ethnographic research

The study of human behavior in its natural context

Ordinal data

The order matters, but the difference is between values aren’t necessary equal

Ratio data

Measurement of distance – length

Judgment

Selecting a sample based on the researchers, or an experts knowledge in judgment

Non-compensatory models

Elimination based decision, making no trade-offs allowed

Compensatory models

Weigh all attributes of each option and make trade-offs to determine best overall choice

Likert

Importance and rating scales

Conjunctive rule

Set minimum standards/cut offs for one or more attributes, reject any brands that do not meet all minimum threshold’s

Lexicographic rule

Best and most attribute

Purchase decision

Brand to purchase is selected

Cognitive dissonance

A buyers doubts shortly after a purchase about whether the decision was the right one

Social influences role

Actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons

Selective exposure

The process of selecting inputs to exposed to our awareness while ignoring others

Selective distortion

An individual changing or twisting of information when it is inconsistent with personal feelings or beliefs

Selective retention

Remembering information inputs that support, personal feelings and beliefs, and forgetting inputs that do not

Central route processing

Theory of reasoned, action (TORA), if highly motivated/involved people likely use central route processing

Semantic differential

Used to measure the connotative meaning of objects, events in concepts. Opposite adjectives pairs

awareness set

Heard of / know that it exist

Evoked set

Top of mind awareness/things that first come to mind

Consideration set

Determining options as either acceptable or unacceptable

Evaluate alternatives

Awareness set, evoked set, consideration set

Need/recognition

Occurs when a buyer becomes aware of the difference between a preferred/ideal state in the present/actual condition

Information search

Depends on how much information you have, ease of obtaining information, and value you placed on information

The five steps of consumer decision process

Need/recognition, information search, evaluate alternatives, purchase decision and post purchase evaluation

Primary reference group

Heavily involved and I am a member

Secondary reference group

Not heavily involved, to some extent only

Aspirational reference group

I am not a member, but inspired to be

Non-aspirational reference group

Group that I don’t want to be like

peripheral route processing

A mental shortcut that involves forming opinions based on superficial cues instead of Messages Content

Consumer behavior

The study of how people make decisions about what they buy, want, need, or act in regards to a product service or company

Segmenting

Divide market based on needs/benefits, demographics, lifestyles, behavioral measures

STP

Segmenting, targeting, positioning

Ideals orientation

Thinkers, believers, part of VALS

Achievement, orientation

Achiever, striver, part of Val’s

Self-expression orientation

Experience or’s, makers, part of vals

Reverse acculturation

Home society impacted by other cultures

Undifferentiated strategy

Marketing approach that views the market with no individual segments in the thus requires a single marketing mix

Differentiated strategy

Strategy that uses two or more well defined market segments and develops a distinct marketing mix for each

Niche strategy

A concentrated strategy of focusing on a narrow market is sometimes more profitable than spreading resources over several different segments

Micromarketing strategy

One to one marketing, which is individualized information intensive with a long-term perspective and goal of increasing customer loyalty

Perceptual maps

A means of displaying or graphing in two or more dimensions, the location of products, brands or groups of products in customers minds

Value proposition

The brands full mix of benefits on which a brand is differentiated and positioned

Value

Is a relationship between price and quality

Positioning statement

Is a clearer concise description of how a brand product or service fits into the market and how it differs from competitors in the minds of target customers

Reason to believe

Is a statement providing compelling evidence in reasons why customers in your target market can have confidence in your differentiation claims

Frame of reference

Is the segment or category in with your company competes

Point of differentiation

POD describes how your brand or product benefits customers in ways that set you apart from competitors

Positioning

Marketing messages through the 4 P’s (product, price, place, promotion)

Targeting

Select most appropriate market

Culture

Accumulated values, knowledge, beliefs, customs, objects, and concepts of society

Subculture

Groups of individuals whose characteristic values and behaviors are similar, but also differ from those of the surrounding culture

Enculturation

Learning your own culture

Acculturation

Learning a new/foreign culture

Cause related marketing

The practice of linking products to a particular cause on an ongoing or short term basis

Green marketing

The specific development, pricing, promotion, and distribution of products that do not harm the natural environment

Social responsibility

An organizations obligation to maximize its positive impact and minimize its negative impact on society

Pre-conventional morality

Based on what will be punished or rewarded

Conventional morality

Moves toward the expectations of society

Post conventional morality

Concern about how they judge themselves

Global marketing standardization

Production of uniform products that can be sold the same way all over the world

Joint demand

Demand involving the use of two or more items in combination to produce a product

Forecasting

Anticipated outcome, if the marketing objectives are met

Company description, purpose, goals

Includes historical information on business and products, and the companies core competencies an reason for existent

Derived demand

Refers to the demand for a product or service that arises because of the demand for some thing else usually a final good or service. It is common in B2B markets

joint venture

Is a business arrangement where two or more parties come together to collaborate on a specific project or business activity, sharing, resources risks, profits and control

Contract manufacturing

Is a business arrangement where a company hires another company to produce goods on its behalf

Licensing

Is a business agreement where the owner grants permission to another party to use their product

Generic competitors

Compete For the limited financial resources of the same customers

Form competitors

Provide very different products that solve the same problem or satisfy the same basic customer need

Industry competitor

Compete in the same product class but their products have different features, benefits, and prices

Brand competitors

Market products with similar features and benefits to the same customers at similar prices

Porters five forces

Bargaining power of customers, bargaining, power of suppliers, threat of new entrants, threat of substitute products, competitive rivalry within an industry

Environmental responses proactive

Is when a company anticipates and prepares for changes in its internal or external environment before they occur

Environmental responses reactive

Refers to an a business response to environmental changes only after they occur

Environmental analysis

Is the process of examining all external and internal elements that affect an organizations performance

Environmental scanning

Is the process of systematically, collecting analyzing and interpreting information about external and internal environmental factors that could impact in organizations, current and future strategies

SWOT analysis

Strengths, weaknesses, opportunities, threats

Macro environmental factors

Are broad external forces that affect not only a business, but the entire industry or economy

Micro environmental factors

Are the forces close to a company that directly affect its ability to serve its customers