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UM - MKTG 310 - Study Guide - Midterm

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UM - MKTG 310 - Study Guide - Midterm

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background image Study guide exam 1 Key Terms Chapters 1,3,4,5 and 6 Chapter 1) applied research: Applied research examines many of the same variables as
basic research, but within a specific context of interest to a marketer. 
Applied research is more common than basic research because consumer 
researchers want to solve particular business­related problems of immediate 
interest.
basic research: Consumer research is divided into two broad categories  based on the goals of the research: basic research and applied research. Basic research looks for general relationships between variables, regardless of the 
specific situation. For example, basic research has shown that using celebrity
endorsers in advertising can increase consumers’ positive attitudes toward a 
brand, especially when the celebrity is well liked and fits well with the 
product
behavioral science: Behavioral science applies the scientific method,  relying on systematic, rigorous procedures to explain, control, and predict 
consumer behavior. Thus, behavioral scientists study people and their 
behaviors in 
the same way that natural scientists study physical phenomena. Because 
behavioral scientists study people, however, research findings are more 
difficult to interpret. The primary methods of behavioral science include the 
experimental approach—conducting controlled experiments—and the 
marketing science
background image causal relationship: A causal relationship between two variables means that
the variables are correlated and that one variable influences the other, but not
vice 
versa 
In other words, a causal relationship exists if the following requirements
are met:
1. The two variables are correlated. 2. The cause must precede the effect. 3. Other potential causes are ruled out. causal research: is concerned with identifying and understanding cause­
and­effect relationships through experimentation. Consumer researchers are 
especially interested in uncovering two special types of relationships—
correlations and causal (causeand­effect). When a statistically testable and 
significant relationship exists 
between two variables, we say the variables are correlated.
A variable is simply any factor that can potentially change.
consumer behavior:  Consumer behavior: Entails all consumer activities  associated with the purchase, use, and disposal of goods and services, 
including the consumer’s emotional, mental,  and behavioral responses that 
precede, determine, or follow these activities  
consumer insight: is a deep, profound knowledge  of the consumer that comes from integrating traditional marketing research 
tools with consumer behavior theories.
background image correlation vs. causation customer delight: goes a step beyond customer perceived value, suggesting 
customer benefits that not only meet, but also exceed expectations in 
unanticipated ways. P&G executives state that offering customers better 
value when they first encounter a product in the store and purchase the 
product, and then subsequently delighting customers during their usage 
experience with the product, represents fundamental “moments of truth” for 
the company. In other words, generating value and delight for consumers is 
essential for long­term success. Likewise, L’Oréal, a French cosmetic 
company, attempts to create customer delight by offering consumers 
products in its line of Nutricosmetics, products that combines cosmetics and 
nutrition. The company markets a “beauty pill” that reportedly firms the 
skin. While both cosmetics and vitamins satisfy customer needs and wants, 
the interconnection of the two creates unanticipated
benefits for the consumer, and hence, customer delight.
customer perceived value: “is the consumer’s overall assessment of the 
utility of a product based on perceptions 
of what is received and what is given.” In other words, it is the estimated net
gain customers receive from their sacrifice of time, money, and effort 
expended 
to purchase, use, and dispose of a product or service (i.e., benefits versus 
costs).
descriptive research: More structured and rigid than exploratory research, a
descriptive research study is done to 
describe the characteristics of some group or their behaviors, or to make 
predictions about trends or variables. For example, a study that measures the
sales 
trends of a product over time in relation to the economy would be a 
descriptive study. A study that attempts to characterize the members of a 
company’s target customer group by characteristics such as age, income, and
education would be considered descriptive research. Data related to 
descriptive research design are 
background image collected with longitudinal studies or cross­sectional studies. experiments: manipulate variables in a controlled setting to determine their 
relationship 
to one another. Researchers use experiments to rule out all but one 
explanation for a particular observation. In designing an experiment, 
researchers first 
identify any variables that can possibly change.
exploratory research: is broad, qualitative research done to generate ideas 
or 
help further formulate problems for further research. For example, a 
magazine 
faced with a drop in sales may do exploratory research to generate possible 
explanations. This type of research is often done when little is known about 
the problem or research issue. With this type of research, the researcher is 
usually not looking for a definitive solution to a problem, but guidance for 
the next step. Key descriptors of this type of research are unstructured, 
flexible, and general.
focus group: consists of 8 to 12 participants run by a moderator who 
monitors and guides the group discussion of the research topic at hand. 
Participants are usually 
carefully screened so that the group members are relatively homogeneous 
and 
have the desired characteristics (age, gender, income, etc.) for the situation. 
The moderator usually follows a very detailed but flexible script of 
questions. Focus groups are conducted for a variety of reasons, including 
brainstorming for ideas, generating hypotheses that can be tested further, 
assessing new products, and evaluating promotional campaigns.
background image in­depth interview (IDI):  is  a lengthy (sometimes lasting several hours),  probing interview, where a carefully trained interviewer extensively questions
a subject about his or her purchase motivations. 
individual consumers:  purchase good and services to satisfy their own  personal need and want or to satisfy the needs and wants of others.  Such as,
satisfying household uses, family car, gift purchases.
Interpretivism: An alternative research approach to behavioral science that 
relies 
less on scientific and technological methodology 
marketing concept: the idea that firms should discover 
and satisfy customer needs and wants in an efficient and profitable manner, 
while benefiting the long­term interests of the company’s 
stakeholders.Today, the marketing concept is a core philosophy for many 
successful organizations. As a result, these successful organizations focus on
delivering customer perceived value and customer delight.
marketing research:   is a systematic process of planning, collecting,  analyzing, and interpreting data and information relevant 
to marketing problems and consumer behavior. Marketing research also 
enables 
businesses to better understand the market(s) in which they compete and the 
broader environment in order to identify opportunities and threats. Finally, 
consumer researchers use marketing research to analyze the effectiveness of 
marketing strategies, programs, and tactics.
organizational consumers:  Organizational consumers purchase goods and  services in order to:   Produce other goods or services  Resell them to other organizations or to individual consumers  Help manage and run their organization Include profit firms, and non profit primary data: are new data collected specifically for the research purpose 
at hand. If we 
have to collect primary data, we must decide what method will be used
to collect the information and how specific instruments will be designed

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School: University of Miami
Department: Marketing
Course: Consumer Behvior
Professor: Howard Marmorstein
Term: Fall 2016
Tags: MKT310, marmonstein, midterm1, terms, key, study, guide, UM, complete, mideterm1, and fall2016
Name: Study Guide for Midterm #1
Description: Study Guide for midterm#1 <<<<Only all Key terms of chapter 1,3,4,5 and 6 that you need to know>>> complete definitions of all terms listed by the professor
Uploaded: 09/19/2016
21 Pages 72 Views 57 Unlocks
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