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Impulse Purchasing
Represents customer purchase decisions that result in a customer making unplanned purchases often due to marketer's promotions (e.g., coupons, in-store demonstrations) or product placement strategies (e.g., product located at checkout lane).
Exploratory Market Research
Marketing research method that uses a less structured and often less scientific approach to discover general information about a topic that is not well understood by the marketer.
Descriptive Market Research
Generally considered the most popular form of market research, this research method has the objective of providing an accurate description for something that is occurring (e.g., monthly sales volume, customer preference).
Contests
A form of sales promotion, mainly used in the consumer market, that awards something of value to winners based on skills they demonstrate compared to other consumers.
External Forces
Factors considered outside the control of marketers but that potentially influence marketing decision-making and include demographics, economic conditions, governmental environment, influential stakeholders, cultural and social change, innovation and competitors.
Independent Channel Arrangement (also Conventional Distribution)
A non-binding arrangement between channel members to engage in a business relationship that allows channel members to move away from the relationship if they feel it is not in their best interest.
Market
From a marketers perspective, consists of all people and/or organizations possessing the necessary qualification for making a purchase or otherwise developing a relationship with the marketer.
Perceptual Filter
A component of the internal influences on consumer buying behavior that affects, through both conscious and subconscious processes, how a consumer perceives the world.
Modified Re-Purchase
A type of business purchase decision in which a buyer, who previously gave little consideration for alternatives when purchasing a certain type of product, has now decided to consider other options thus increasing the chances of purchasing from a new supplier.
Market Pricing
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.