Used in marketing for market segmentation, this variable describes and groups customers by combining psychological characteristics (e.g., personality, attitude, lifestyle) with demographic characteristics (e.g., age, gender, income level).
Found within the Culture component of the external influences on consumer buying behavior, this concept represents smaller groups sharing similar values such as ethnicity, geographic location, and special interests.
Refers to disagreements that arise within a channel when a channel member's decisions affect (often negatively) the business operations of other members.
Concerns statistics that describe a population such as age, education level, income, etc., and in marketing is used as a market segmentation variable.
Full-Service Market Research Firm
Research companies that develop and carryout all aspects of a market research plan for their clients.
A process for setting the initial price for a product that relies on analysis of market research to determine what customers perceive as an acceptable price and includes such methods as Backward Pricing, Psychological Pricing and Price Lining.
In marketing this is web-based technology that allows real-time communication between customers and company personnel through the exchange of text messaging within a web browser.
A form of promotional price adjustment that offers a product at a price considered to be lower than the normal selling price such as temporary sale pricing and lower pricing intended to remove extra inventory.
The planned direction the marketing effort takes over some period of time that serves as a general guide to decision-making.
A method of research that is often highly structured and controlled in which one variable, called the independent variable, is manipulated to see how it may effect another variable, called the dependent variable.
Decline Stage of PLC
Stage within the Product Life Cycle which occurs when the market is no longer able to sustain sales levels for a product as sales are decreasing at increasing rates compared to previous periods.
Franchised Channel Arrangement
A form of contractual dependent channel arrangement where a central organization (franchisor) controls nearly all activities of other members (franchisee).
Major Re-Purchase Decision
Type of consumer purchase decision that is important to the consumer but the consumer feels confident making these decisions since they have previous experience purchasing the product.
A form of sales promotion and a form of special pricing program, used in both consumer and business markets, that is designed to increase product demand by offering a short-term price reduction (i.e., sale price).
The general name give to the four major methods marketers have for promoting their products that include advertising, sales promotion, personal selling and public relations.
A type of business purchase decision that involves routine order placement that often leads to buyers buying the same product and not evaluating other product options or other brands.