Marketing Exam 2

Marketing Research

Procedures to develop and analyze new information to help marketing managers make decisions

Marketing Information System (MIS)

An organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions

Big Data

Data sets too large and complex to work with typical database management tools

Data Warehouse

A place where databases are stored so that they are available when needed

Decisions Support System (DSS)

A computer program that makes it easy for marketing managers to get and use information as they are making decisions

Marketing Dashboard

Displays up-to-the-minute marketing information in an easy-to-read format—-much like a car’s dashboard shows the speedometer and fuel guage

Marketing Model

A statement of relationships among marketing variables

Personal Data

Information that can be used by itself or in combination with other information to identify someone

Informational Privacy

Anything that limits others’ access to personal data that people consider sensitive or confidential

General Data Protection Regulation (GDPR)

A set of laws on data protection and privacy for all individuals within the European Union

Scientific Method

A decision-making approach that focuses on being objective and orderly in testing ideas before accepting them

Hypotheses

Educated guesses about the relationships between things or about what will happen in the future

Marketing Research Process

A five-step application of the scientific method:

1) Defining the problem

2) analyzing the situation

3) getting problem-specific data

4) interpreting the data

5) solving the problem

Situation Analysis

An informal study of what information is already available in the problem area

Secondary Data

information that has been collected or published already

Primary Data

information specifically collected to solve a current problem

Sentiment Analysis

an automated process of analyzing and categorizing social media to determine the amount of positive, negative, and neutral onlin comments a brand receives

Consumer Panel

a group of consumers who provide information on a continuing basis

Research Proposal

a plan that specifies what marketing research information will be obtained and how

Qualitative Research

seeks in-depth, open-ended responses, not yes or no answers

Quantitative Research

seeks structured responses that can be summarized in numbers—--such as percentages, averages, or other statistics

Depth Interview

where a researcher asks detailed, open-ended questions to get people to share their thoughts on a topic, without giving them many directions or guidelines about what to say

Customer Journey Map

the story and graphic diagram of a customer’s experience in the buying process from need awareness through the purchase process and post-purchase relationship

Focus Group Interview

an interview of 6-10 people in an informal group setting

Response Rate

the percentage of people contacted in a research sample who complete the questionnaire

Observation Method

researchers try to see or record what the subject does naturally

Experimental Method

a research approach in which researchers compare the responses of two or more groups that are similar except on the characteristic being tested

Statistical Packages

easy-to-use computer programs that analyze data

Population

In marketing research, the total group you are interested in

Sample

a part of the relevant population

Confidence Interval

the range on either side of an estimate from a sample that is likely to contain the true value for the whole population

Validity

the extent to which data measure what they are intended to measure

product

the need-satisfying offering of a firm

Quality

a product’s ability to satisfy a customer’s needs or requirements

Warranty

what the seller promises about its product

Individual Product

a particular product within a product line

Product Line

a set of individual products that are closely related

Product Assortment

the set of all product lines and individual products that a firm sells

Product Line Length

the number of individual products in a product line

Service

an intangible offering involving a deed, performance, or effort

Augmented Reality (AR)

an overlay of a computer-generated image, sound, text, or video onto a user’s view of the physical world

Non-Fungible Tokens (NFTs)

a virtual product that includes a record of ownership of primarily digital media

Branding

the use of a name, term, symbol, or design—or a combination of these—to identify a product.

includes the use of brand names, trademarks, and practically all other means of product identification.

Brand Name

a words, letter, or a group of words/letters.

ex: Verizon Wireless, WD-40, 3M Post-Its, GoPro Hero

Trademark

those words, symbols, or marks that are legally registered for use by a single company.

ex: PowerPoint, Bubble Wrap, and Q-Tips are all trademarks that refer to products from Microsoft, Sealed Air Corporation, and Unilever. 

Service Mark

those words, symbols, or marks that are legally registered for us by a single company to refer to a service offering.

same as trademark, except it refers to a service offering.

Brand Familiarity

how well customers recognize and accept a company’s brand.

affects the planning for the rest of the marketing mix—especially where the product should be offered & what promotion is needed.

Brand Rejection

potential customers won’t buy a brand unless its image is changed.

Brand Nonrecognition

final customers don’t recognize a brand at all—even though intermediaries may use the brand name for identification and inventory control.

ex: school supplies, inexpensive dinnerware, many of the items you’d find in a hardware store, and thousands of small online brands.

Brand Recognition

customers remember the brand

Brand Preference

target customers usually choose the brand over other brands, perhaps because of habit or favorable past experience

Brand Insistence

customers insist on a firm’s branded product and are willing to search for it

Brand Evangelism

meaning that customers are so enthusiastic about a brand that they actively spread positive word-of-mouth

Brand Equity

the value of a brand’s overall strength in the market

The Lanham Act

a 1946 law that spells out what kinds of marks (including brand names) can be protected and the exact method of protecting them

Family Brand

a brand name that’s used for several products.

ex: Keebler snack food products & Whirlpool appliances

Licensed Brand

a well-known brand that sellers pay a fee to use

Individual Brands

separate brand names used for each product

Generic Products

products that have no brand at all other than identification of their contents and the manufacturer or intermediary

Manufacturer Brands

brands created by producers. sometimes called national brands because the brand is promoted all across the country or in large regions globally.

ex: Nabisco, Colgate, Northwestern Mutual Life, Marriott, Mastercard, and McDonald’s

Dealer Brands

brands created by intermediaries. see also Private Brands.

ex: Primo Taglio and Priority Pet (Safeway), Up & Up (Target), and Sam’s Choice and Equate (Walmart)

Battle of the Brands

the competiton between dealer brands and manufacturer brands

Packaging

promoting, protecting, and enhancing the product

Federal Fair Packaging and Labeling Act

a 1966 law requiring that consumer goods be clearly labeled in easy-to-understand terms.

Consumer Products

products meant for the final consumer

Business Products

products meant for use in producing other products

Convenience Products

products a consumer needs but isn’t willing to spend much time or effort shopping for

Staples

products that are bought often, routinely, and without much thought

Impulse Products

products that are bought quickly as unplanned purchases because of a strongly felt need.

Emergency Products

products purchased immediately when the need is great

Shopping Products

products that a customer feels are worth the time and effort to compare with competing products. two different types

Homogeneous Shopping Products

shopping products the customer sees as basically the same and wants at the lowest

Heterogeneous Shopping Products

shopping products the customer sees as different and wants to inspect for quality and suitability

Specialty Products

consumer products that the customer really wants and makes a special effort to find

Unsought Products

products that potential customers don’t yet want or know they can buy

New Unsought Products

products offering really new ideas that potential customers don’t know about yet

Regularly Unsought Products

products that stay unsought but not unbought forever

Derived Demand

demand for business products derives from the demand for final consumer products

Expense Item

a product whose total cost is treated as a business expense in the period it’s purchased

Capital Item

a long-lasting product that can be used and depreciated for many years

Installations

important capital items such as buildings, land rights, and major equipment

Accessories

short lived capital items—-tools and equipment used in production or office activites

Raw Materials

unprocessed expense items—such as logs, iron ore, and wheat—that are moved to the next production process with little handling

Farm Products

products grown by farmers, such as oranges, sugarcane, and cattle

Natural Products

products that occur in nature—such as timber, iron ore, oil, and coal

Components

processed expense items that become part of a finished product

Supplies

expense items that don’t become part of a finished product

Professional Services

specialized services that support a firm’s operations

Product Life Cycle

the stages a new-product idea goes through from beginning to end.

divided into 4 major stages.

is concerned with new types of products in the market, not just what happens to an individual brand.

Market Introduction

1st stage of the product life cycle when sales are low as a new idea is first introduced to a market

Market Growth

2nd stage of the product life cycle when industry sales grow fast—but industry profits rise and then start falling

Market Maturity

3rd stage of the product life cycle when industry sales level off and competition gets tougher

Sales Decline

4th stage of the product life cycle when new products replace the old

Fashion

currently accepted or popular style

Fad

an idea that’s fashionable only to certain groups who are enthusiastic about it—but these groups are so fickle that a fad is even more short-lived than a regular fashion

New Product

a product that’s new in any way for the company concerned

Continuours Innovations

new products that don’t require customers to learn new behaviors

Dynamically Continuous Innovations

new products that require minor changes in customer behavior

Discontinuous Innovations

new products that require that customers adopting the innovation significantly change their behavior

Federal Trade Commission (FTC)

federal government agency that polices antimonopoly laws