Fun Shopping – Syn: Recreational Shopping
Shopping as a form of recreation. Often involves products for which the consumer needs more time to make a choice (e.g., furniture) or products involving status or personal appearance (e.g., clothing). Fun shopping is often combined with other activities such as visits to a theater or restaurant.
Future Research – The establishment, in probabilistic terms, of views on the future. Such a view is a forecast.
Heavy Users – Users of brand, product or service that are responsible for significantly higher levels of consumption than the average user of that brand, product or service. As a rule of thumb: one-third of all users consume two thirds of a particular product or service. The heavy user group can be arbitrarily defined as those (1/3) who consume this volume (2/3). See also: Medium Users/Light Users
Impulse Buy – Syn: Impulse Purchase See: Impulse Purchase
Impulse Purchase – Syn: Impulse Buy A consumer purchase that is motivated by chance rather than by prior intention – for example, the sight of a product on display in a shop that the shopper was visiting to make a different purchase; the sight of the product on display leads him or her to make an (unexpected) purchase. See also: Display
Inhibition – Resistance, restraint, impediment to purchase, for example to a new product. Reasons may have to do with newness, novelty, unfamiliarity with the product, image or packaging, etc.
Initial Purchase – The first purchase of a new product, variant,etc. This purchase shows the buyer wishes to try or test the product. Whenever no repeat purchase is subsequently made, the buyer is assumed to be disappointed (price? Quality? Need not satisfied?) See also: Repeat purchase
Innovators – Syn: Consumption pioneers See also: Consumption Pioneers
Institutional Marketing – Marketing activities focused on large-scale users, e.g., hospitals, restaurants, etc. See also: Marketing
Interest – An important variable in purchasing behavior: it is presumed that someone with an interest in cars will notice and read automobile advertising more readily than someone without this interest. See also: Perception
International Marketing – The marketing of the product or service in two or more countries, simultaneously or not. The marketing differs from country to country according to a number of important factors: law (constitution), competition, culture (availability of t.v. Stations), level of development, economy, language, etc. See also: Marketing
Late Majority – The 34% late purchasers of a new (or improved) product or brand. These are the buyers who do not wish to run risks or who are late in perceiving availability. Many others have gone before them. See also: Life cycle
Law of Leader’s Disadvantage – Generally applicable principle which holds that a particular production improvement or development or marketing lead is difficult to retain. Competitors profit from the know how and experience of the initiator. For example, the industrial advantage held by the United States after the second world war was rapidly eroded by the accomplishments of Japan and West Germany. The law can be in some way justified by the tendency of a leader to rest on his laurels and become lazy and less motivated tan those who follow.
Life Cycle – 1) Households, families
The classification of households and persons in their different stages of development from young individuals to just married couples through families with young children, then older children, older parents whose children have left home to widows and widowers. Patterns of consumption can be closely related to this pattern of household development.
2) Products, services
Classification system showing stage of development from introduction to growth, maturity and decline. This theoretical approach shows that there are few buyers who (dare to) buy a new product immediately after its introduction. The majority prefer to “wait and see.”
Light Users – The users of a brand, product or service who are responsible for a low level of consumption. Define as 1/3 of the total user group. See also: Heavy users/Medium users
M.I.S. – Abbreviation for: marketing information system See: Marketing Information system
Market Composition – Syn: Market structure See: Market structure
Market Potential – The sales volume for a product, brand or service that is desired by a supplier or is considered attainable. Often given in terms of market share See also: Market share
Market Profile – A brief description of the essential characteristic of a market. It normally covers facts on buyers, competitors (competitive brands) and general information on the economy and distribution pattern in country or region. See also: Market
Market Segment – Part of a total market for a product or service. For example, a region, large towns (metropolitan areas), retired consumers,the young women with a university education, men with incomes over $50,00 p.a.,etc. See also: Market segmentation/Market
Market Segmentation – The classification of a total heterogeneous market for a product, brand, or service into separate market segments. These market segments are in themselves homogeneous on the basis of different variables, For example, a market for a soft drink can be split geographically , by users profile, by packaging,type, etc. The market segmentation process is often complex and usefully assisted by computer analysis.