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Marketing 300 uky > Chapters 5,6 and 7 exam review > Flashcards

Chapters 5,6 and 7 exam review Flashcards

1
Q

systematic design, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of opportunities

A

marketing research

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2
Q

what are the benefits of marketing research ?

A

facilitates strategic planning, assesses opportunities/ threats, ascertains potential for success, helps determine feasibility of a strategy, improves marketer’s ability to make decisions

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3
Q

yields descriptive non-numerical information

A

qualitative data

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4
Q

yields empirical information that can be communicated through numbers

A

quantitative data

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5
Q

conducted to gather more information about a problem or to make a tentative hypothesis more specific

A

exploratory research

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6
Q

designed to verify insights through objective procedure s and to help marketers in making decisions; used when the marketer has one or more alternatives in mind and needs assistance in the final stages of decision making

A

conclusive research

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7
Q

used to clarify the characteristics of certain phenomena to solve a particular problem; demands prior knowledge; may require statistical analysis

A

descriptive research

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8
Q

research that allows marketers to make causal inferences about relationships; need dependent and independent variables

A

experimental research

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9
Q

5 steps of the marketing research process

A

1) locating and defining issues or problems 2) designing the research project 3) collecting data 4) interpreting research findings 5) reporting research findings

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10
Q

an overall plan for obtaining the information needed to address a research problem or issue

A

Research design

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11
Q

an informed guess or assumption

A

hypothesis

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12
Q

marketing researchers must ensure that research techniques are both reliable and valid

A

research reliability and validity

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13
Q

a condition existing when a research technique produces almost identical results in repeated trials

A

reliability

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14
Q

a condition existing when a research method measures what it is supposed to measure

A

validity

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15
Q

data that is observed, recorded, or collected directly from respondents and is collected to address a specific problem that can not be answered by secondary data alone

A

Primary data

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16
Q

data that is compiled both inside and outside the organization and is for some purpose other than the current investigation

A

secondary data

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17
Q

source of secondary data; includes government sources, trade associations and shows, periodicals, and corporate information

A

external source

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18
Q

source of secondary data; organization’s own databases

A

internal source

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19
Q

al the elements, units, or individuals of interest to researchers for a specific study

A

population

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20
Q

a limited number of units chosen to represent the characteristics of the population

A

sample

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21
Q

sampling technique in which every element in the population being studied has a known chance of being selected for a study

A

Probability sampling

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22
Q

a type of probability sampling in which all units in a population have an equal chance of appearing in a sample

A

random sampling

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23
Q

a type of probability sampling in which the population is divided into groups according to a common attribute, a random sample is then chosen within the group

A

Stratified sampling

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24
Q

sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen

A

nonprobability sampling

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25
Q

a sampling technique in which researchers divide the population into groups and then arbitrary choose participants from each group

A

Quota

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26
Q

mail, telephone, personal interview surveys, shopping mall intercept, and online -digital media forms and crowdsourcing are all what type of method for collecting data

A

survey methods

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27
Q

can be used to gather useful information in understanding consumer decisions; provide a new way for marketers to conduct market research

A

digital media forms

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28
Q

for taking tasks usually performed by a marketer or researcher and outsourcing them to a potential market through an open call for ideas

A

Crowdsourcing

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29
Q

three kinds of questionnaire types

A

open-ended question, multiple-choice, and dichotomous

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30
Q

method where direct contact is avoided, notes are taken of subjects

A

observation method

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31
Q

focuses on what is typical and what deviates from the average

A

statistical interpretation

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32
Q

to report research findings…

A

prepare formal, written document, determine level of detail, clear and objective presentation, consider intended audience, point out deficiencies in data, summary/ recommendations

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33
Q

A framework for managing and structuring information gathered from internal and external sources

A

Marketing Information Systems (MIS)

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34
Q

a collection of information arranged for easy access and retrieval

A

databases

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35
Q

single-source data provided by single market research form

A

Single-source data

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36
Q

massive data files that can be obtained from both structured and unstructured databases

A

big data

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37
Q

employs database marketing techniques to identify different types of customers and develop specific strategies for interacting with each customer

A

Customer relationship management (CRM)

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38
Q

use of methods to measure and interpret the effectiveness of a firms marketing activities

A

marketing analytics

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39
Q

customized computer software that aids marketing managers in decision making

A

Marketing decision support systems (MDSS)

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40
Q

must have professional standards by which research can be judged
ethical and legal issues can develop as research is carried out
some organizations have developed codes of conduct and guidelines for ethical research for organizations

A

The importance of ethical marketing research

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41
Q

marketers must modify data-gathering methods to account for differences in socioculture, economic, political, legal and technical forces
use two-pronged approach to international marketing research

A

international issues in marketing research

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42
Q

a group of people who, as individuals or organizations, have needs for products in a product category and have the ability, willingness, and authority to purchase such products

A

Market

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43
Q

purchasers are household members who intend to consume or benefit from purchased products and do not buy products and do not buy products to make profits

A

consumer markets

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44
Q

individuals or groups that purchase a specific type of product for resale, direct use in producing other products, or use in general daily operations

A

business markets

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45
Q

a group of people or organizations for which a business creates and maintains a marketing mix specifically designed to satisfy the needs of group members

A

target market

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46
Q

the process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs

A

Market segmentation

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47
Q

individuals., groups, or organizations with one or more similar characteristics that cause them to have similar product needs

A

market segments

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48
Q

should be a homogeneous market: customers have similar needs for a product
a single marketing mix directed at the entire market

A

undifferentiated targeting strategy

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49
Q

heterogeneous market: individuals or organizations with diverse needs for products in the same class
tarketimg a single market segment using one marketing mix
advantages: allows specialization and a small firm can compete
disadvantages: profits fall with demand and difficult to diversify

A

concentrated targeting strategy

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50
Q

heterogeneous market
targeting 2 or more segments with a marketing mix for each
advantages: could mean increased sales and uses excess production compacity
disadvantages: production costs are higher

A

Differentiated targeting strategy

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51
Q

characteristics of individuals, groups, or organizations used to divide a market into segments

A

segmentation variables

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52
Q

commonly include age, gender, race, religion, ethnicity, income, education, occupation, family size, family life cycle, and social class

A

Demographic variables

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53
Q

segmentation variable that includes climate, terrain, city, size, population density, and urban/rural areas

A

geographic variable

54
Q

the number of potential customers within a unit of land area

A

market density

55
Q

market segmentation that clusters people in units (zip codes, neighborhoods) based on lifestyle and demographic information

A

geodemographic segmentation

56
Q

an approach to market segmentation in which organizations focus precise marketing efforts in very small geographic markets

A

micromarketing

57
Q

can be used ny itself to segment a market or combine with other types of segmentation variables; personality characteristics, motives, lifestyles, VALS

A

Psychographic variables

58
Q

Developed by SRI consulting business intelligence

A

Values, attitudes, and lifestyles (VALS)

59
Q

divide a market according to some feature of consumer behavior toward a product, commonly involving some aspect of product use

A

behavioristic variables

60
Q

the division of a market according to benefits that consumers want from the product

A

benefit segmentation

61
Q

for it to be a benefit segmentation 3 conditions have to be met

A

1) benefits must be identifiable
2) customers must be divisible into segments
3) at least one segment must be accessible to marketing efforts

62
Q

variables for segmenting business markets (4)

A

geographic location
types of organization
customer size
product use

63
Q

required product features, distribution systems, price structures, and selling strategies

A

types of organization

64
Q

may affect the purchasing procedures and types and quantities of products desired

A

customer size

65
Q

describes the similarities among potential customers within a segment

A

Market Segment Profile

66
Q

can be measured along several dimensions including product, geographic area, time, and level of competition

A

sales estimates

67
Q

the total amount of product customers will purchase in a specified period

A

market potential

68
Q

measuring company sales potential based on a general economic forcast

A

breakdown approach

69
Q

the maximum percentage of market share a firm can expect for a product

A

company sales potential

70
Q

measuring a company sales potential by estimating how much of a product a buyer will purchase

A

buildup approach

71
Q

firms must assess competition already in the segments being considered
market segments that seem attractive based on sales estimates may be less so after the assessment

A

Competitive assessment

72
Q

maintaining the right marketing mix can be expensive

firms must consider the cost of taking a potential product to market

A

cost estimate

73
Q

identifying the right target is key to implementing a successful marketing strategy

A

select specific target markets

74
Q

the decision process and actions of people involved in buying and using products

A

buying behavior

75
Q

the decision process and purchasing activities of ULTIMATE CUSTOMERS, those people who purchase products for personal or household use and not for business purposes

A

consumer buying behavior

76
Q

what are the 5 stages of the purchase decision process

A

1) problem recognition stage 2) information search stage 3) evaluation of alternatives 4) purchase stage 5) post-purchase evaluation

77
Q

occurs when a buyer becomes aware of a difference between a desired state and an actual condition

A

Problem Recognition Stage

78
Q

after recognizing the problem, they seek out product information

A

Information search stage

79
Q

buyers search their memories for information about products that might solve their problem

A

internal search

80
Q

when an internal search is not sufficient, consumers seek additional information from outside sources

A

external search

81
Q

a group of brands within a particular product category that the buyer views as alternatives for possible purchase

A

consideration set (evoked set)

82
Q

objective and subjective product characteristics that are important to the buyer

A

evaluative criteria

83
Q

chooses the product or brand to be bought (product availability may influence the decision )
chooses the seller
negotiates the terms of the transaction
makes the actual purchase or terminates the process

A

Purchase Stage

84
Q

after purchase, the buyer evaluates the product

is either satisfied or dissatisfied

A

post-purchase evaluation

85
Q

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

A

Cognitive Dissonance

86
Q

an individuals degree of interest in a product and the importance of the product for that person

A

level of involvement

87
Q

visible to others and expensive, as well as issues of high importance; ex: healthcare, a home

A

High-involvement

88
Q

tend to be less expensive and have less associated social risk. Ex: grocery items, t-shirt, gum

A

low- involvement

89
Q

ongoing and long-term involvement with a product or product category EX: sports

A

enduring involvement

90
Q

temporary or dynamic involvement resulting from a particular set of circumstances Ex: need to buy a new car after being in an accident

A

Situational Involvement

91
Q

used when buying frequently purchased, low-cost items that require very little search and decision effort

A

Routinized Response

92
Q

utilized when buying products occasionally or when one needs to obtain information about an unfamiliar brand in a familiar product category

A

limited problem solving

93
Q

occurs when purchasing unfamiliar, expensive, or infrequently bought products

A

extended problem solving

94
Q

involves no conscious planning; a powerful urge to buy something immediately

A

impulse buying

95
Q

factors that result from circumstances, time, and location that affect the consumer buying decision process

A

Situational influence

96
Q

5 categories of situational influences

A

physical surroundings, social surroundings, time dimension, purchase reason, buyers momentary mood and condition

97
Q

1 of 5 situational influences; includes location, store atmosphere, aromas, sounds, lighting, weather, and other factors in the physical environment

A

Physical surroundings

98
Q

includes characteristics and interactions of others who are present during a purchase decision

A

social surroundings

99
Q

includes the amount of time required to become knowledgable about a product, to search for it, and to buy and use it

A

time dimension

100
Q

what the product purchase should accomplish and for whom

A

purchase reason

101
Q

those which operate in part to determine people’s genera; behavior and thus influence behavior as consumers; factors are internal but are affected by outside social forces

A

psychological influences

102
Q

six categories of psychological influences

A

perception, motives, learning, attitudes, personality and self-concept, lifestyles

103
Q

selecting, organizing, and interpreting information to produce meaning

A

perception

104
Q

sensations received through sight, taste, hearing, smell, and touch

A

information inputs

105
Q

Three steps of the perception process

A

selective exposure, selective distortion, selective retention

106
Q

an individual selects which inputs will reach awareness; we cannot be conscious pf all inputs at one time

A

selective exposure

107
Q

changing or twisting received information; occurs when a person receives information inconsistent with personal feelings or beliefs

A

selective distortion

108
Q

remembering information inputs that support personal feelings and beliefs and forgets inputs that do not

A

selective retention

109
Q

the five levels of needs that humans seek to satisfy, from most to least important

A

Maslow’s hierarchy of needs

110
Q

five levels of Maslow’s hierarchy of needs

A

bottom level: physiological needs 2nd: safety needs 3rd: social needs 4th: esteem needs 5th: self-actualization needs

111
Q

influence where a person purchases products on a regular basis (ex friendly salespeople )

A

patronage motives

112
Q

3 sources of learning

A

1) behavioral consequences 2) information processing 3) Experience

113
Q

3 major components of attitude

A

cognitive, affective, behavioral

114
Q

major component of attitude; knowledge and information

A

cognitive

115
Q

major component of attitude; feeling and emotions

A

affective

116
Q

major component of attitude; actions regarding the object or idea

A

Behavioral

117
Q

a means of measuring consumer attitudes by gauging the intensity of individuals reactions to adjectives, phrases, or sentences about an object

A

attitude scales

118
Q

one’s view of one’s self; closely linked to personality type

A

self-concept

119
Q

refers to an individuals pattern of living expressed through activities, interests, and opinions

A

lifestyle

120
Q

the forces other people exert on ones buying behavior

A

social influence

121
Q

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

A

Roles

122
Q

have direct impact on the buying decision process

A

family influences

123
Q

the process through which a person acquires the knowledge and skills to function as a consumer

A

consumer socialization

124
Q

a group with which a person strongly identifies; adopts the values, attitudes, and behavior of group members

A

Reference group

125
Q

a group to which an individual belongs

A

membership

126
Q

a group to which an individual wants to belong

A

aspirational

127
Q

a group to which an individual does not want to belong

A

dissociative

128
Q

a member of an informed group who provides information about a specific topic about which other group members seek information; likely to be most influential in high product involvement situations

A

opinion leader

129
Q

an open group of individuals with similar social rank

A

social class

130
Q

the accumulation of values, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment and passes onto future generations

A

culture

131
Q

groups of individuals whos characteristic values and behavior patterns are similar and different from those of the surrounding culture

A

subculture

132
Q

shoplifting, organized retail crime, consumer fraud, pirating or abusive consumers are all examples of

A

consumer misbehavior

Marketing 300 uky (11 decks)

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