MARK 3336 MIDTERM VERIFIED STUDY GUIDE
Primary Data - Answers - information collected for the specific purpose at hand
Secondary Data - Answers - information that already exists somewhere, having been
collected for another purpose
Market Segmentation - Answers - Dividing a market into distinct groups of buyers who
have different needs, characteristics, or behaviors, and who might require separate
marketing strategies/mixes
geographic segmentation - Answers - divide the market into different geological units --
such as nations, regions, states, countries, or cities. The good starting point for
segmentation
demographic segmentation - Answers - divides the market into segments based on
variables such as age, life-cycle stage, gender, income, occupation, education, religion,
ethnicity, and generation
physcographic segmentation - Answers - divide buyers into different groups base on
social class, lifestyle, or personality traits.
Behavorial Segmentation - Answers - divides buyers into groups based on knowlegde,
attitudes, uses, and response to product.
convience products - Answers - consumer product and services that customers buys
frequently, immediately and within comparison in within buying efforts ( magazine, food,
candies)
shopping products - Answers - consumers products and servies that customers
compare carefully on suitability, quality, price, and style. (furniture, cars, appliances)
unsought products - Answers - consumer products and services that customers don't
know about but doesn't normally thinks of buying (life insurance, blood donation, and
free roll services)
industrial products - Answers - purchased for further processing or for use in conducting
a business (material and parts, capital items, supplies and services)
Steps in Marketing Research - Answers - 1. define the problem and research objectives
2. develop the research plan for collecting information
3. implement the research plan - collecting and analyzing the data
4. interpreting and reporting the findings
, Expoloratory Research - Answers - Gather preliminary info that will help define
problems and suggest hypothesis
descriptive research - Answers - to describe things, such as the market potential for a
product or the demographics and attitudes of consumers who buy the product
Casual Research - Answers - test hypotheses about cause-and-effect relationships
observational research - Answers - involves gathering primary data by observing
relevant people, actions, and situations
ethnographic research - Answers - sending trained observers to watch and interact with
consumers in their "natural environments"
survey research - Answers - involves gathering primary data by asking people questions
about their knowledge, attitudes, preferences, and buying behavior
experimental research - Answers - involves gathering primary data by selecting
matched groups of subjects, giving them different treatments, controlling related factors,
and checking for differences in group responses.
market penetration - Answers - firms seeks to achieve growth with existing products in
current market segments -- aiming to increase market share
product development - Answers - firms develop new product targeted to existing market
segments
market development - Answers - firm seeks growth by targeting its existing products to
new market segments
Diversification - Answers - firm grows by diversifying into new businesses by developing
a new product by new markets
new-task buy - Answers - purchase decision that requires research such as a new
product (first time buy)
straight re-buy - Answers - a routine purchase decision such as reorder without any
modification (buy again what you already bought)
modified re-buy - Answers - purchase decision that requires some research or buy
wants to modify products
competitive marketing intelligence - Answers - the systematic monitoring, collection, and
analysis of publicly available information about consumers, competitors, and
developments in the marketplace
Primary Data - Answers - information collected for the specific purpose at hand
Secondary Data - Answers - information that already exists somewhere, having been
collected for another purpose
Market Segmentation - Answers - Dividing a market into distinct groups of buyers who
have different needs, characteristics, or behaviors, and who might require separate
marketing strategies/mixes
geographic segmentation - Answers - divide the market into different geological units --
such as nations, regions, states, countries, or cities. The good starting point for
segmentation
demographic segmentation - Answers - divides the market into segments based on
variables such as age, life-cycle stage, gender, income, occupation, education, religion,
ethnicity, and generation
physcographic segmentation - Answers - divide buyers into different groups base on
social class, lifestyle, or personality traits.
Behavorial Segmentation - Answers - divides buyers into groups based on knowlegde,
attitudes, uses, and response to product.
convience products - Answers - consumer product and services that customers buys
frequently, immediately and within comparison in within buying efforts ( magazine, food,
candies)
shopping products - Answers - consumers products and servies that customers
compare carefully on suitability, quality, price, and style. (furniture, cars, appliances)
unsought products - Answers - consumer products and services that customers don't
know about but doesn't normally thinks of buying (life insurance, blood donation, and
free roll services)
industrial products - Answers - purchased for further processing or for use in conducting
a business (material and parts, capital items, supplies and services)
Steps in Marketing Research - Answers - 1. define the problem and research objectives
2. develop the research plan for collecting information
3. implement the research plan - collecting and analyzing the data
4. interpreting and reporting the findings
, Expoloratory Research - Answers - Gather preliminary info that will help define
problems and suggest hypothesis
descriptive research - Answers - to describe things, such as the market potential for a
product or the demographics and attitudes of consumers who buy the product
Casual Research - Answers - test hypotheses about cause-and-effect relationships
observational research - Answers - involves gathering primary data by observing
relevant people, actions, and situations
ethnographic research - Answers - sending trained observers to watch and interact with
consumers in their "natural environments"
survey research - Answers - involves gathering primary data by asking people questions
about their knowledge, attitudes, preferences, and buying behavior
experimental research - Answers - involves gathering primary data by selecting
matched groups of subjects, giving them different treatments, controlling related factors,
and checking for differences in group responses.
market penetration - Answers - firms seeks to achieve growth with existing products in
current market segments -- aiming to increase market share
product development - Answers - firms develop new product targeted to existing market
segments
market development - Answers - firm seeks growth by targeting its existing products to
new market segments
Diversification - Answers - firm grows by diversifying into new businesses by developing
a new product by new markets
new-task buy - Answers - purchase decision that requires research such as a new
product (first time buy)
straight re-buy - Answers - a routine purchase decision such as reorder without any
modification (buy again what you already bought)
modified re-buy - Answers - purchase decision that requires some research or buy
wants to modify products
competitive marketing intelligence - Answers - the systematic monitoring, collection, and
analysis of publicly available information about consumers, competitors, and
developments in the marketplace
