Marketing Test 3
Terms
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copy deck
- marketing research to test hypotheses about cause-and-effect relationships
- casual research
- collect data from a variety of sources and store it in one accessible location
- data warehouse
- marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers
- descriptive research
- trained observers interact with and/or observe consumers in their natural habitat
- ethnographic research
- the gathering of primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses
- experimental research
- marketing research to gather preliminary information that will help to better define problems and suggest hypotheses
- exploratory research
- consists of electronic databases and non-electronic information and records of consumer and market information obtained from within the company
- internal data
- like instrument panel in a car or plane, visually displaying real time indicators to ensure proper functioning
- marketing dashboards
- a structure of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely and accurate information to decision makers
- marketing information system
- everyday information about developments in the marketing environment that help managers to prepare and adjust marketing plans
- marketing intelligence
- the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing a company
- marketing research
- hospitality companies often hire disguised shoppers to pose as customers and report back on their experience
- mystery shoppers
- the gathering of primary data by observing relevant people, actions, and situations
- observational research
- information collected for the specific purpose at hand
- primary data
- a segment of a population selected for marketing research to represent the population as a whole
- sample
- information that already exists somewhere, having been collected for another purpose
- secondary data
- the gathering of primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
- survey research
- offer of a trial amount of a product to consumers
- sample
- adding a standard markup to the cost of the product
- cost-plus pricing
- the company's other products that are sold to guests
- cross-selling
- refers to the segmentation of the market and pricing differences based on price elasticity characteristics of the segments
- discriminatory pricing
- costs that do no vary with production or sales level
- fixed costs
- setting price based largely on following competitors prices rather than on company costs or demands
- going rate pricing
- the amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service.
- price
- forecasting demand to optimize profit. demand is managed by adjusting prices. fences are often built to keep all customers from taking advantage of lower prices
- revenue management
- a technique used when a company's or business unit's sales slump, creating a loss that threatens its existence
- survival
- training sales and reservation employees to offer continuously a higher-priced product that will better meet the customer's needs, rather than selling for the lowest price
- upselling
- uses the buyers perceptions of value, not the seller's cost as the key to pricing
- value-based pricing
- any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor
- advertising
- designed environments that create or reinforce a buyers learning toward consumption of a product
- atmosphere
- scheduling ads evenly within a given periods
- continuity
- a process performed before or after an ad is printed or broadcast
- copy testing
- direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasing customer relationships
- direct marketing
- the advertiser exposes a consumer panel to alternative ads and asks them to rate the ads
- direct rafting
- occurrences staged to communicate messages to target audiences, such as news conferences or grand openings
- events
- advertising used to inform consumers about a new product or feature to build primary demand
- informative advantage
- under this concept the company carefully integrates its many communications channels to deliver a clear, consistent, and compelling message about the organization and its brands
- integrated marketing communications
- this test uses equipment to measure consumers physiological reactions to an ad; heartbeat, blood pressure, pupil dilation, and perspiration
- laboratory test
- nonpersonal communications channels, including newspaper, magazines, direct mail, radio, television, billboards, signs, and posters
- media
- personal presentation by the firm's sales force to make sales and build customer relationships
- personal selling
- consumers view or listen to a portfolio of advertisements, taking as much time as they need
- portfolio tests
- the specific mix of advertising personal selling, sales promotion, and public relations a company uses to pursue its advertising and marking objectives
- promotion mix
- building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events
- public relations
- scheduling ads unevenly over a given period
- pulsing
- the advertiser asks people who have been exposed to magazines or television programs to recall everything they can about the advertisers and products they saw
- recall tests
- the researcher asks readers of, for instance, a given issue of a magazine to point out what they have seen
- recognition tests
- advertising used to keep consumers thinking about a product
- reminder advertising
- short-term incentives to encourage the purchase or sale of a product or services
- sales promotion