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Marketing P and P
chapter 4-6
| Question | Answer |
|---|---|
| A Marketing Information System (MIS) | Information to the company's marketing and other managers and external partners such as suppliers, resellers, and marketing service agencies |
| Marketing is | The process by which companies create value for customers and build strong customer relationships to capture value from customers in return |
| Where do marketers obtain information from? | Internal data, marketing intelligence, and marketing research |
| Internal databases are | Electronic collections of consumer and market information obtained from data sources within the company network |
| Marketing intelligence | The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketplace |
| Marketing research | The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization |
| What is the first step in the marketing research process? | Defining the problem and research objectives |
| What are the three kinds of research in the first step? | Exploratory research, descriptive reasearch, and causal research |
| What is exploratory research? | Open end question are useful for this |
| What is descriptive research? | knowledge, attitudes, preferences, and buying behavior |
| What is causal research? | Cause and effect relationship |
| What is the second step in the marketing research process? | Developing the research plan to collect information |
| What are the two kinds of data in the second step? | Primary and Secondary Data |
| What is primary data? | Information gathered for the special research plan |
| What is secondary data? | Information that already exists somewhere, having been collected for another purpose |
| Observational research | Involves gathering primary data by observing relevant people, actions, and situations |
| Ethnographic research | Involves sending trained observers to watch and interact with consumers in their natural environment |
| What is needed for primary data collection? | Research approaches, contact methods, sampling plan, and research instruments |
| What is survey research? | The most widely used method which is best for descriptive information |
| Experimental research | Best for gathering causal information |
| Observational, ethnographic, survey, and experimental research are part of this step in primary data collecting | Research approaches |
| What are the advantages of online research? | Low cost, speed, higher response rate, good for hard to reach groups |
| What are the disadvantages of online research? | Restricted internet access, not sure who is answering |
| What are some contact methods? | Online marketing research, internet surveys, online panels, focus groups, online experiments |
| A sample | Is a segment of the population selected for marketing research to represent the population as a whole |
| Deciding who to survey, how many people to survey, and how to choose who to survey are part of this step in primary data collecting | Sampling plan |
| What are probability samples? | Simple random sample, stratified random sample, cluster or area sample |
| Nonprobability samples | Convenience, judgement, and quota samples |
| A simple random sample means | Every member of the population has a known and equal change of selection |
| A stratified random sample means | The population is divided into mutually exclusive groups and random samples are drawn from each group |
| A cluster sample is | The population is divided into mutually exclusive groups and the researcher draws a sample |
| Convenience sample | Research selects the easiest population members |
| Judgement sample | Researcher uses their judgement to select members |
| Quota sample | Researcher finds and interviews a prescribed number of people in each of several categories |
| Questionnaires are part of which step in the primary data collection process? | Research instruments |
| Closed end questions | Include all possible answers, and sujects make choices among them |
| Open end questions | Allow respondents to answer in their own words |
| What is the third step in the marketing research process? | Implementing the research plan- collecting and analyzing data |
| What is the fourth step in the marketing research process? | Interpreting and reporting the findings |
| The last two steps in the process involve | Collecting, processing, analyzing the information; interpreting findings, draw conclusions, and report to management |
| Customer relationship management is used to analyze information. What is it? | Consists of sophisticated software and analytical tools that integrate customer information from all sources, analyze it in depth, and apply the results to build stronger customer relationships |
| Information distribution is the last step in the process. Information distribution involves | Involves entering information into databases and making it available in a time-usable manner |
| Intranet | Provides information to employees and stakeholders |
| Extranet | Provides information to key customers and suppliers |
| Consumer buyer behavior | Refers to the buying behavior of final consumers- individuals and households who buy goods and services for personal consumption |
| Consumer Market | Refers to all of the personal consumption of final consumers |
| What are the factors influencing consumer behavior? | Cultural, social, personal, psychological |
| Culture | Is learned values, perceptions, wants, and behavior from family and other institutions |
| What is a subculture? | Groups of people within a culture with shared value systems based on common life experiences |
| Social classes | Are society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors (measured by occupation, income, education, wealth) |
| Membership groups | Groups with direct influence and to which a person belongs |
| Aspirational groups | Groups an individual wishes to belong to |
| Reference groups | Groups that form a comparison or reference in forming attitudes and behavior |
| What are online social networks? | Online communities where people socialize or exchange information and opinions |
| What is most important consumer buying organization in society? | Family |
| Personal factors | Consist of age and life cycle stage |
| Occupation | Affects the goods and services bought by consumers |
| Economic situations includes | Trends in income, savings, and interest rates |
| Lifestyle | A person's pattern of living as expressed in his or her psychographics (activities, interests, and opinions); A person's pattern of acting and interacting in the environment |
| What does Personality and self-concept refer to? | Personal factors; The unique psychological characteristics that lead to consistent and lasting responses to the consumer's environment |
| What are some psychological factors? | Motivation, perception, learning, and beliefs and attitudes |
| Motive | A need that is sufficiently pressing to direct the person to seek satisfaction |
| Motivation research | Qualitative research designed to probe consumer's hidden, subconscious motivations |
| What is at the top of Maslow's Hierarchy of Needs? | Self-acutalization |
| What is perception? | The process by which people select, organize, and interpret information to form a meaningful picture of the world from three perceptual processes |
| Selective attention | The tendency for people to screen out most of the information to which they are exposed |
| Selective distortion | The tendency for people to interpret information in a way that will support what they already know |
| Selective retention | The tendency to remember good points made about a brand they favor and forget good points about competing brands |
| Learning | The change in an individual's behavior arising from experience and occurs through interplay of drives, stimuli, cues, responses, and reinforcement |
| Which psychological factor can be easily changed? | A belief |
| Beleif | A descriptive thought that a person has about something based on opinion, knowledge, or faith |
| Attitudes are hard to change because | It describes a person's relatively consistent evaluations, feelings, and tendencies toward an oject or idea |
| What are the 4 types of buying decision behavior? | Complex BB, dissonance reducing BB, habitual BB, and variety-seeking BB |
| Which BB has significant differences between brands and high involvement? | Complex BB |
| Which BB has significant differences between brands and low involvement? | Variey-seeking BB |
| Which BB has few differences between brands and high involvement? | Dissonance-reducing BB |
| Which BB has few differences between brands and low involvement? | Habitual BB |
| The buyer decision process consists of | Need recognition, information search, evaluation of alternatives, purchase decision, and postpurchase behavior |
| Need recognition | Occurs when the buyer recognizes a problem or need triggered by stimuli |
| Information search- sources of information | Family and friends (P), internet (C), media, consumer organizations (Pub), experience with a product (Exp) |
| What is the evaluation of alternatives? | How the consumer processes information to arrive at brand choices |
| Purchase decision | The act by the consumer to buy the most preferred brand, which can be affected by attitudes of others and situational factors |
| What is the post purchase decision? | Satisfaction or dissatisfaction that the consumer feels about the purchase |
| The post purchase decision is the relationship between | The consumer's expectations and the product's perceived performance |
| What is cognitive dissonance? | The discomfort caused by a post purchase conflict |
| Customer Satisfaction | A key to building profitable relationships with consumers- to keeping and growing consumers and reaping their customer lifetime value |
| What is the buyer decision process for new products? | Awareness, interest, evaluation, trial, and adoption |
| Adoption process | The mental process an individual goes through from first learning about an innovation to final regular use |
| The rate of adoption depends on the influence of these product characteristics | Relative advantage, compatibility, complexity, divisibility, and communicability |
| Business buyer behavior | The buying behavior of the organizations that buy good and services for use in production of other products and services that are sold, rented, or supplied to others |
| The business buying process | Process where business buyers determine which products and services are needed to purchase, and then find, evaluate, and choose among alternative brands |
| Business markets differ from Consumer markets in their | Structure and demand, nature of buying, and types of decisions and the decision process |
| What is derived demand? | Business demand that ulimately comes from the demand for consumer goods |
| Supplier development | The systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials that they will use in making their own products or resell |
| What are the major types of buying situations? | Straight rebuy, modified rebuy, and new task |
| Straight rebuy | Routine purchase decision such as reorder without modifications |
| Modified rebuy | Purchase decision that requires some research where the buyer wants to modify the product |
| New task | Purchase decision that requires thorough research |
| What is the buying center? | All the individuals and units that participate in the buinsess decision making process |
| Users | Those that will use the product or service |
| Influencers | Help define product specifications and provide information for evaluating alternatives |
| Buyers | Have formal authority to select the supplier and arrange terms of purchase |
| Deciders | Have formal or informal power to select and approve final suppliers |
| Gatekeepers | Control the flow of information; important for suppliers to have a relationship with this perosn |
| The buying process | Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routing specification, and performance review |
| What is problem recognition? | Occurs when someone in the company recognizes a problem or need |
| External stimuli is | An idea from a trade show or advertising |
| Internal stimuli is | A need for new product or prodcution equipment |
| A general need description | Describes the characteristics and quantity of the needed item |
| The product specificiation | Describes the technical criteria of the product |
| What is value analysis? | An approach to cost reduction where components are studied to determine if they can be redesigned, standardized, or made with less costly methods of production |
| The supplier search | Involves compiling a list of qualified suppliers |
| Proposal solicitation | Process of requesting proposals from qualified suppliers |
| Supplier selection | The process when the buying center creates a list of desired supplier attributes and negotiates with preferred suppliers for favorable terms |
| Order-routine specifications | The final order with the chosen supplier and lists all of the specifications and terms of the purchase |
| Performance review | Involves a critique of supplier performance to the purchase terms |
Created by:
ars49712
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