Chapters 4 & 5 Terms 1
The group of all potential customers who have similar needs and wants and have the ability to buy the product / service
What is a market?
A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product.
What is an undifferentiated targeting strategy?
Dividing a market based on where a person lives (local, regional, state, national, or global markets)
What is geographic segmentation?
Characteristics of individuals, groups, or organizations used to divide a market into segments.
What are segmentation variables?
Involves making a product available to buyers in one or more areas and then measuring purchases and consumer responses to the product, price, distribution, and promotion.
What is a market test?
The research method must measure what it is supposed to meausure.
What is Validity?
The total amount of a product that customers will purchase within a specified period at a specific level of industry-wide marketing activity.
What is market potential?
Research that is conducted to gather more information about a problem or to make a tentative hypothesis more specific.
What is exploratory research?
Dividing the market based on personal characteristics such as age, gender, income, ethnic background, education, and occupation
What is demographic segmentation?
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.
What is a target market?
Involves massive structed and unstructured data sources.
What is big data?
The process of selecting representative units from a total population?
What is sampling?
This is the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.
What is marketing research?
Research that is designed to verify insights through objective procedures and to help marketers in making decisions.
What is conclusive research?
A research method in which respondents' are interviewed but gives the interviewer an opportunity to probe, as does a focus group, with the confidentiality provided by typical telephone surveys.
What is a telephone depth interview?
Refers to the number of potential customers within a unit of land area, such as a square mile.
What is market density?
Consists of purchases and household members who intend to consume or benefit from the purchased products and do not buy products to make a profit or serve an organizational need.
What is a consumer market?
Data compiled both inside and outside the organization for some purpose other than the current investigation.
What is secondary data?
When the entire market is divided into smaller market segments that share similar characteristics
What is market segmentation?
Small groups of actual customers who serve as sounding boards for new-product ideas and offer insights into their feelings and attitudes toward a firm's products and other elements of the marketing strategy.
What are customer advisory boards?
Analysis of what is typical and what deviates from the average.
What is statistical interpretation?
The division of a market according to benefits that consumers want from the product.
What is benefit segmentation?
Involves focusing precise marketing efforts on very small geographic markets, such as communities and even individual neighborhoods.
What is micromarketing?
Every element in the population being studied has a known chance of being selected for study.
What is probability sampling?
Dividing the market into groups based on what they are looking for in a product , how they feel about a product and why they buy the product.
What are behavioristic variables?
An overall plan for obtaining the information needed to address a research problem or issue.
What is research design?
Information provided by a single marketing research firm.
What is single-source data?
What is breakdown approach?
Is a file of fixed data that is in one department isolated from the rest of the organization.
What is a data silo?
Uses databases, big data, and measurement methods enabled by technology to interpret the effectiveness of a firm's marketing functions.
What is marketing analytics?
Individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations?
What is a business market?
All the elements, units, or individuals of interest to researchers for a specific study.
What is a population?
A framework for managing and structuring information gathered regularly from sources inside and outside the organization.
A forecaster usually performs four types of analyses: trend, cycle, seasonal, and random factor.
What is time series analysis?
Is a customized computer software that aids marketing managers in decision making by helping them anticipate the effects of certain decisions.
What is a marketing decision support system? (MDSS)
The marketing manager begins by estimating how much of a product a potential buyer in a specific geographic area, such as sales territory, will purchase in a given period.
What is buildup approach?
Dividing the market using personality characteristics, motives, and lifestyles to segment markets.
What are psychographic variables?
An informal guess or assumption about a certain problem or a certain set of circumstances.
What is a hypothesis?
A market made up of individuals or organizations with diverse needs for products in a specific product class.
What is a heterogenous market?
A type of probability sampling in which the population is divided into groups with a common attribute, groups with a common attribute, and a random sample is chosen within each group.
What is stratified sampling?
Experts create initial forecasts, submit them to the company for averaging, and have the results returned to them so they can make individual refined forecasts.
What is Delphi technique?
The forecaster seeks to find a relationship between past sales (the dependent variable) and one or more independent variables, such as population, per capita income, or gross domestic product.
Marketers segment markets according to geographic location, type of organization, customer size, and product use.
What are the variables for segmenting business markets?
A nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group.
What is quota sampling?
Data observed and recorded or collected directly from respondents.
What is primary data?
This is record-keeping technology that provides immutable records of data (or ledgers).
What is Blockchain?
Allows marketers to make these causal deductions about relationship between variables.
What is experimental research?
Factors like marital status and presence and age of children that affect consumers' needs for housing, appliances, food and beverages, etc.
What is family life-cycle?