Marketing 341 - Test #2

Front 1

Consumer buyer behavior

Back 1

The buying behavior of final consumers - individuals and households who buy goods and services for personal consumption.

Front 2

Consumer market

Back 2

All the individuals and households who buy or acquire goods and services for personal consumption.

Front 3

Culture

Back 3

The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.

Front 4

Subculture

Back 4

A group of people with shared value systems based on common life experiences and situations.

Front 5

Social class

Back 5

Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.

Front 6

Group

Back 6

Two or more people who interact to accomplish individual or mutual goals.

Front 7

Opinion leader

Back 7

Person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts influence on other.

Front 8

Online social networks

Back 8

Online social communities - blogs, social networking Web sites, or even virtual worlds - where people socialize or exchange information and opinions.

Front 9

Lifestyle

Back 9

A person's pattern of living as expressed in his or her activities, interests, and opinions.

Front 10

Motive (drive)

Back 10

A need that is sufficiently pressing to direct the person to seek satisfaction of the need.

Front 11

Perception

Back 11

The process by which people select, organize, and interpret information to form a meaningful picture of the world.

Front 12

Learning

Back 12

Changes in an individual's behavior arising from experience.

Front 13

Belief

Back 13

A descriptive thought that a person holds about something.

Front 14

Attitude

Back 14

A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.

Front 15

Cognitive dissonance

Back 15

Buyer discomfort caused by post-purchase conflict.

Front 16

New product

Back 16

A good, service, or idea that is perceived by some potential customers as new.

Front 17

Adoption process

Back 17

The mental process through which an individual passes from first hearing about an innovation to final adoption.

Front 18

Business buyer behavior

Back 18

The buying behavior or the organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at a profit.

Front 19

Derived demand

Back 19

Business demand that ultimately comes from (derives from) the demand for consumer goods.

Front 20

Straight rebuy

Back 20

A business buying situation in which the buyer routinely reorders something without any modifications.

Front 21

Modified rebuy

Back 21

A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.

Front 22

New task

Back 22

A business buying situation in which the buyer purchases a product or service for the first time.

Front 23

Systems selling (or solutions selling)

Back 23

Selling a complete solution to a problem, helping buyers to avoid all the separate decisions involved in a complex buying situation.

Front 24

Buying center

Back 24

All the individuals and units that participate in the business buying-decision process.

Front 25

Value analysis

Back 25

An approach to cost reduction in which components are studied carefully to determine if they can be redesigned, standardized, or made by less costly methods of production.

Front 26

Market segmentation

Back 26

Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.

Front 27

Market targeting (targeting)

Back 27

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Front 28

Differentiation

Back 28

Actually differentiating the market offering to create superior customer value.

Front 29

Positioning

Back 29

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers.

Front 30

Geographic segmentation

Back 30

Dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods.

Front 31

Demographic segmentation

Back 31

Dividing the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.

Front 32

Age and life-cycle segmentation

Back 32

Dividing a market into different age and life-cycle groups.

Front 33

Gender segmentation

Back 33

Dividing a market into different groups based on gender.

Front 34

Income segmentation

Back 34

Dividing a market into different income groups.

Front 35

Psychographic segmentation

Back 35

Dividing a market into different groups based on social class, lifestyle, or personality characteristics.

Front 36

Behavioral segmentation

Back 36

Dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product.

Front 37

Occasion segmentation

Back 37

Dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.

Front 38

Benefit segmentation

Back 38

Dividing the market into groups according to the different benefits that consumers seek from the product.

Front 39

Intermarket segmentation

Back 39

Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries.

Front 40

Target market

Back 40

A set of buyers sharing common needs or characteristics that the company decides to serve.

Front 41

Undifferentiated (mass) marketing

Back 41

A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.

Front 42

Differentiated (segmented) marketing

Back 42

A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.

Front 43

Concentrated (niche) marketing

Back 43

A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.

Front 44

Micromarketing

Back 44

The practice or tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups - includes local marketing and individual marketing.

Front 45

Local marketing

Back 45

Tailoring brands and promotions to the needs and wants of local customer groups - cities, neighborhoods, and even specific stores.

Front 46

Individual marketing

Back 46

Tailoring products and marketing programs to the needs and preferences of individual customers - also labeled "markets-of-one marketing", "customized marketing", and "one-to-one marketing."

Front 47

Product position

Back 47

The way the product is defined by consumers on important attributes - the place the product occupies in consumers' minds relative to competing products.

Front 48

Competitive advantage

Back 48

An advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices.

Front 49

Value proposition

Back 49

The full positioning of a brand - the full mix of benefits upon which it is positioned.

Front 50

Positioning statement

Back 50

A statement that summarizes company or brand positioning - it takes this form:
To (target segment and need) our (brand) is (concept) that (point-of-difference).

Front 51

Product

Back 51

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

Front 52

Service

Back 52

Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.

Front 53

Consumer product

Back 53

Product bought by final consumer for personal consumption.

Front 54

Convenience product

Back 54

Consumer product that customers usually buy infrequently, and with a minimum of comparison and buying effort.

Front 55

Shopping product

Back 55

Consumer good that the customers, in the process of selection and purchase, characteristically compare on such bases as suitability, quality, price, and style.

Front 56

Specialty product

Back 56

Consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

Front 57

Unsought product

Back 57

Consumer product that the consumer either does not know about or knows about but does not normally think of buying.

Front 58

Industrial product

Back 58

Product bought by individuals and organizations for further processing or for use in conducting a business.

Front 59

Social marketing

Back 59

The use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society.

Front 60

Product quality

Back 60

The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.

Front 61

Brand

Back 61

A name, term, sign, symbol, or design or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.

Front 62

Packaging

Back 62

The activities of designing and producing the container or wrapper for a product.

Front 63

Product line

Back 63

A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.

Front 64

Product mix (or product portfolio)

Back 64

The set of all product lines and items that a particular seller offers for sale.

Front 65

Brand equity

Back 65

The positive differential effect that knowing the brand name has on customer response to the product or service.

Front 66

Store brand (or private brand)

Back 66

A brand created and owned by a reseller of a product or service.

Front 67

Co-branding

Back 67

The practice of using the established brand names of two different companies on the same product.

Front 68

Line extension

Back 68

Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.

Front 69

Brand extension

Back 69

Extending an existing brand name to new product categories.

Front 70

Service intangibility

Back 70

A major characteristic of services - they cannot be seen, tasted, felt, heard or smelled before they are bought.

Front 71

Service inseparability

Back 71

A major characteristic of services - they are produced and consumed at the same time and cannot be separated from their providers.

Front 72

Service perishability

Back 72

A major characteristic of services - they cannot be stored for later sale or use.

Front 73

Service-profit chain

Back 73

The chain that links service firm profits with employee and customer satisfaction.

Front 74

Internal marketing

Back 74

Orienting and motivating customer-contact employees and the supporting service people to work as a team to provide customer satisfaction.

Front 75

Interactive marketing

Back 75

Training service employees in the fine art of interacting with customers to satisfy their needs.

Front 76

New-product development

Back 76

The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts.

Front 77

Idea generation

Back 77

The systematic search for new-product ideas.

Front 78

Idea screening

Back 78

Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible.

Front 79

Product concept

Back 79

A detailed version of the new-product idea stated in meaningful consumer terms.

Front 80

Concept testing

Back 80

Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.

Front 81

Marketing strategy development

Back 81

Designing an initial marketing strategy for a new product based on the product concept.

Front 82

Business analysis

Back 82

A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives.

Front 83

Product development

Back 83

Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering.

Front 84

Test marketing

Back 84

The stage of new-product development in which the product and marketing program are tested in realistic market settings.

Front 85

Commercialization

Back 85

Introducing a new product into the market.

Front 86

Consumer-centered new-product development

Back 86

New-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.

Front 87

Team-based new-product development

Back 87

An approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness.

Front 88

Product life cycle

Back 88

The course of a product's sales and profits over its lifetime.

Front 89

Style

Back 89

A basic and distinctive mode of expression.

Front 90

Fashion

Back 90

A currently accepted or popular style in a given field.

Front 91

Fad

Back 91

A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.

Front 92

Introduction stage

Back 92

The product life-cycle stage in which the new product is first distributed and made available for purchase.

Front 93

Growth stage

Back 93

The product life-cycle stage in which a product's sales start climbing quickly.

Front 94

Maturity stage

Back 94

the product life-cycle stage in which sales growth slows or levels off.

Front 95

Decline stage

Back 95

The product life-cycle stage in which a product's sales decline.