Foundations
This concept focuses on creating value for customers rather than just selling products
The marketing concept
Data collected for some other purpose but later used for research
Secondary Data
People who look to others when deciding how to behave
Dividing a market into groups with similar needs and behaviors
Segmentation
The firm with the largest market share in an industry
The four elements of the marketing mix are known collectively as this
The 4 Ps
This type of research answers who, what, when, where, and how questions
A person who exerts social influence due to skills, knowledge, or personality
Opinion Leader
Segments must be measurable, accessible, substantial, differentiable, and this
Actionable
A small firm that serves overlooked segments
Market Nicher
When a company defines its business too narrowly and misses evolving customer needs, it suffers from this
To prove causation, researchers use this technique to place participants into groups
Random Assignment
This theory organizes human needs into a pyramid structure
This type of segmentation focuses on lifestyle and values
Psychographic Segmentation
Product, service, people, image, and channel differences are all forms of this
Differentiation
This statement defines an organization's purpose and what it wants to accomplish in the larger environment
Mission Statement
Surveys and experiments are examples of this type of research
Primary Research
The process by which people select, organize, and interpret information
Perception
After selecting a segment, this is how you appeal specifically to it
Targeting
A meaningful difference that customers value and competitors cannot easily copy
Competitive Advantage
This tool evaluates products based on market growth rate and relative market share
BCG Matrix
This occurs when two variables move together but one does not necessarily cause the other
Correlation
The first step in the consumer decision process, when a gap is recognized
Problem Recognition
This statement follows the format: "For __, who __, our product is __ that provides __ unlike __.
A positioning statement
A clear statement of the benefits a brand delivers to customers
Value Proposition