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MKTG 250 Ch. 8-9

Vocab Review

QuestionAnswer
Measures of Success Criteria or standards used in evaluating proposed solutions to the problem.
Constraints in a decision, the restrictions placed on potential solutions to a problem.
Primary Data the facts and figures that are newly collected for the project.
Secondary Data the facts and figures that have already been recorded prior to the project.
Observational data the facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods.
Mystery shopper Companies pay researchers to shop at their stores, outlets, or showrooms to obtain the point of view of actual customers.
Ethnographic A specialized observational approach in which trained observers seek to discover subtle behavioral and emotional reactions such as consumers encounter products in their "natural use environment", such as in their home or car.
Neuromarketing a relatively new field of study that merges technologies used to study the brain with marketing's interest in understanding consumers.
Questionnaire Data the facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
Focus Group Informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader, or moderator, asks for opinions about the firm's products and those of its competitors.
Test Market Offer a product for sale in a small geographical area to help evaluate potential marketing actions.
Information technology (IT) includes all of the computing resources that collect, sort, and analyze data.
Data mining the practice of examining large databases to find statistical relationships between consumer purchasing patterns and marketing actions.
Sales Forecast consists of the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.
Market segmentation Aggregating prospective buyers into groups, or segments, that have common needs and will respond similarly to a marketing action.
Product differentiation A marketing strategy that involves a firm using different marketing mix actions to help consumers perceive a product as being different and better than competing products.
Market-product grid A framework to relate the market segments of potential buyers to products offered or potential marketing actions.
Geographic Segmentation where customers live or work.
Demographic Segmentation based on some objective physical (gender, race), measurable (age, income), or other classification attribute (birth era, occupation) of prospective consumers.
Mass Customization Tailoring products or services to the tastes of individual customers on a high-volume scale.
Cannibalization When a new product eats into sales of an existing product from the same firm.
Tiffany/Walmart Strategy Many firms now offer different variations of the same basic offering to high-end and low-end segments.
Personas Character descriptions of a brand’s typical customers. Personas bring target market data alive by creating fictional character narratives.
Product Positioning the place a product occupies in consumers’ minds based on important attributes relative to competitive products.
Product Repositioning involves changing the place a product occupies in a consumer’s mind relative to competitive products.
Perceptual Map a means of displaying in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how they perceive competing products or brands, as well as the firm’s own product or brand.
Created by: dom23uriarte
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