Page 235 - Marketing the Basics 2nd

glossary 227
Need recognition The first stage of the buyer decision process whereby the buyer realizes they have an unsatisfied need.
Normalized A method of transforming data in order to apply various statistical tests.
Network effect The impact that one user of a good or service has on the value of the product used by others.
Normative The way things are.
Null hypothesis A hypothesis assumed to be true until proven
otherwise.
Objection handling Having prepared answers to client questions or concerns.
Occasional exporting A relatively passive approach to global marketing whereby the producer sells their products overseas intermittently.
Opportunity cost The forgone return from making one invest- ment over another with similar risk profiles.
Oversegmentation Dividing a market into groups that are unprofitable to serve.
Perceived performance The implied performance level of a product as expressed in a product’s promotional mix.
Perceived-value pricing Pricing goods according to how customers perceive the value they receive from consuming a product.
Perfect information A theoretical environment whereby consumers have access to any source of information needed to make an informed decision.
Permission marketing A marketing strategy that entails asking the customer for permission to sell a product or service to them.
Personal selling A promotional tool where the marketer uses salespeople to convince interested buyers to spend.