Creating Customer Value
This term describes which segments the company will go after in the market place.
What is Target Market
A type of research involving gathering primary data by observing relevant people, actions, and situations.
What is observational research?
Describes needs that must be met before higher needs shown in the shape of a hierarchical pyramid
What is Maslow's Hierarchy
This term is the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return.
What is marketing
This represents a set of tactical marketing tools that the firm blends to engage the customer and deliver customer value as represented by four groups of variables or strategies that the company has control over.
What is the marketing mix (4P's)
This type of environment involves actors close to the company that affect its ability to serve its customers
What is the microenvironment?
Consists of information that already exists somewhere, having been collected for another purpose.
What is secondary data?
These are the two biggest adopter categories in the product adoption curve or
What are early and late majority
This part of the marketing mix includes advertising ones product or service.
What is promotion?
Part of the SWOT that firms have no control over.
What are Opportunities and Threats.
A United States federal law that limits quantity discounts and promotional allowances and defines price discrimination as unlawful.
What is the Robinson-Patman Act?
A segment of the population selected for marketing research to represent the population as a whole.
What is a sample?
Demand for new cars went up so now there is a shortage of microprocessors that are used in cars is an example of this.
What is derived demand?
Coke wants to be available wherever people are thirsty. What concept takes an inside-out perspective starting with the companies existing products and calls for heavy promotions and selling?
What is the Selling Concept?
Describes the portfolio planning matrix that classifies business units as Cash Cows, Stars, Question Marks, and Dogs.
What is BCG Matrix
This describes six major forces the company faces that are unforeseeable and uncontrollable.
What is the Macroenvironment or PESTEL?
What do the following types of data collection have in common: surveys, experiments, observation, focus groups, in-depth interviews, panel data, questionnaires, and neuromarketing.
What is primary data collection?
In this type of buying situation a company is making new decisions that are complex and have long term implications.
What is new task buying?
This mistake focuses on putting more attention on the specific products they offer than to the benefits and experiences produced by these products.
What is Marketing Myopia
This matrix is made up of growth strategies for companies based on its existing products and markets as well as its new products and markets.
What is the Product /Market Expansion Grid or Asnoff Matrix?
Members of this generation are sometimes called Echo Boomers, due to the significant increase in birth rates through the 1980s and into the 1990s.
What is Millennials or Generation Y?
This represents the first stage in the Marketing Research Process.
What is Defining the Problem and Research Objectives?
Usually combines demographic variables such as income education and occupation to determine this.
What is psychographics or lifestyle?