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marketing test chapters 8 9 10
Terms in this set (59)
the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
provides ideas about vague problems
generally involves trying to find the frequency with which something occurs or the extent of a relationship between two factors
tries to determine the extent to which the change in one factor changes another one.
measures of success
criteria or standards used in evaluating proposed solutions to the problem.
the restrictions placed on potential solutions to a problem
ideas about products or services
the approaches that can be used to collect data to solve all or part of a problem
the facts and figures related to the project, are divided into two main parts: secondary data and primary data
are facts and figures that have already been recorded prior to the project at hand
are facts and figures that are newly collected for the project
Facts and figures obtained by watching, either mechanically or in person, how people actually behave
facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
involves operating computer networks that can store and process data
the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions
a method of presenting and analyzing data involving two or more variables to discover relationships in the data.
refers to the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.
involves aggregating prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action.
involves a firm using different marketing mix actions, such as product features and advertising, to help consumers perceive the product as being different and better than competing products.
a framework to relate the market segments of potential buyers to products offered or potential marketing actions.
the increased customer value achieved through performing organizational functions such as marketing or manufacturing more efficiently
the quantity consumed or patronage—store visits—during a specific period
concept that suggests 80 percent of a firm's sales are obtained from 20 percent of its customers.
refers to the place a product occupies in consumers' minds based on important attributes relative to competitive products
changing the place a product occupies in a consumer's mind relative to competitive products.
a means of displaying in two dimensions the location of products or brands in the minds of consumers.
a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value
an item consumed in one or a few uses, such as food products and fuel.
one that usually lasts over many uses, such as appliances, cars, and smartphones
intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value
products purchased by the ultimate consumer
products organizations buy that assist in providing other products for resale.
items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort
items for which the consumer compares several alternatives on criteria such as price, quality, or style.
items that the consumer makes a special effort to search out and buy.
items that the consumer does not know about or knows about but does not initially want.
items that become part of the final product
items used to assist in producing other products and service
a specific product that has a unique brand, size, or price
a group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range
consists of all of the product lines offered by an organization
involves making the consumer learn entirely new consumption patterns to use the product
a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers.
new product process
the seven stages an organization goes through to identify opportunities and convert them into salable products or services.
new-product strategy development
the stage of the new-product process that defines the role for a new product in terms of the firm's overall objectives
the second stage of the new-product process, involves developing a pool of concepts to serve as candidates for new products, building upon the previous stage's results
screening and evaluation
the stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort.
customer experience management
is the process of managing the entire customer experience within the company
specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections
the stage of the new-product process that turns the idea on paper into a prototype.
a stage of the new-product process that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy
involves offering a product for sale on a limited basis in a defined area for a specific time period. The three main kinds of test markets are (1) standard, (2) controlled, and (3) simulated
standard test market
a company develops a product and then attempts to sell it through normal distribution channels in a number of test-market cities
controlled test market
involves contracting the entire test program to an outside service
the stage of the new-product process that positions and launches a new product in full-scale production and sales.
product life cycle
describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline
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