Marketing Chapter 1 Vocab Words

Front 1

Acquisition

Back 1

the critical phase in the circle of consumption... acquistion of goods and services. In the past marketers studied purchase decisions when it came to acquisition.

Front 2

Adoption

Back 2

related to the diffusion of innovative products somehow... probably what the name implies... the product is spread through the population by diffusion and then "adopted" by the population

Front 3

Attitude

Back 3

deals with beliefs and feelings of the consumer towards a product... example "Peggy ha a positive attitude toward her minivan becaus she thinks that it facilitates her lifestyle and it feels good using it because of its safety features"

Front 4

Biography

Back 4

physical products, services, ideas, and celebrities have these. this "vocab term" can contribute value to objects beyond the value of consumer goods that are merely offered for sale. Consumption is not a simple outcome of a single purchase but may involve a host of activities.

Front 5

Brand loyalty

Back 5

more than just a repeat purchase behavior. it also includes a preference for a particular brand and a positive emotional response to the brand

Front 6

Circle of consumption

Back 6

provides an approach to the study of consumption and developing marketing strategy that focuses on consumption activities. It is based on the fact that the production and acquisition of goods and services, their consumption, and the disposal of used goods are part of a cycle of managerial and socioeconomic activities.

Front 7

Consumer behavior

Back 7

individuals or groups acquiring, using, and disposing of products, services, ideas, or experiences.

Front 8

Consumer Bill of Rights

Back 8

the rights to safety, to be informed, to choose, and to be heard. consumers' right to privacy has been added to the list of the concerns of policy makers and advocates... written up by John F. Kennedy in 1960

Front 9

Diffusion

Back 9

refers to the spread of a new product through a population

Front 10

Disposition

Back 10

refers to those processes by which consumers divest themselves of consumer goods

Front 11

Domain of consumer behavior

Back 11

that cool little chart that shows consumers which may consist of individuals or groups and how they acquire, consume, and dispose products, services, ideas, and experiences

Front 12

heuristics

Back 12

different choice rules that consumers employ in making purchase decisions

Front 13

LAW (less affluent world)

Back 13

basically where recylced consumer goods such as robber tires go from the U.S to make swings and be used as various games... Africa is probably a good example of this

Front 14

Market Segment

Back 14

a piece of the market that company's try to appeal to specifically... example "Peggy is part of a _____ of consumers that desires products that are "healthy" and "natural"

Front 15

Public policy

Back 15

consumer behavior has an affect on this... governement regulators, lobbysits for industry groups, and non profit organizations and activist organizations influence this vocab word.