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98 Cards in this Set
- Front
- Back
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The mental process through which an individual passes from first hearing about an innovation to final adoption.
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Adoption process
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A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.
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attitude
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A descriptive thought that a person holds about something.
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belief
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The buying behavior of 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.
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business buyer behavior
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All the individuals and units that participate in the business buying-decision process.
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buying center
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Buyer discomfort caused by postpurchase conflict.
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cognitive dissonance
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The buying behavior of final consumers-- individuals and households who buy goods and services for personal consumption.
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consumer buying behavior
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All the individuals and households who buy or acquire goods and services for personal consumption.
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consumer market
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The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
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culture
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Business demand that ultimately comes from the demand for consumer goods.
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derived demand
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Advances in information technology has given rise to new business to business marketing which includes online purchasing.
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E-procureument
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Two or more people who interact to accomplish individual or mutual goals.
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group
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Changes in an individual's behavior arising from experience.
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learning
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A person's pattern of living as expressed in his or her activities, interests, and opinions.
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lifestyle
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A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.
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modified rebuy
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A need that is sufficiently pressing to direct the person to seek satisfaction of the need.
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motive (drive)
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A good, service, or idea that is perceived by some potential customers as new.
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new product
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A business buying situation in which the buyer purchases a product or service for the first time.
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new task
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Online social communities-- blogs, social networking Web sites, or even virtual worlds-- where people socialize or exchange information and opinions.
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online social networks
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Person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts influence on others.
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opinion leaders
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The process by which people select, organize, and interpret information to form a meaningful picture of the world.
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perception
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The unique psychological characteristics that lead to relatively consistent and lasting responses to one's environment.
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personality
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Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.
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social class
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A business buying situation in which the buyer routinely reorders something without any modifications.
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straight rebuy
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A group of people with shared value systems based on common life experiences and situations.
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subculture
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Selling a complete solution to a problem, helping buyers to avoid all the separate decisions involved in a complex buying situation.
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systems selling (solutions)
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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.
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value analysis
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Dividing a market into different age and life-cycle groups
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Age and life-cycle segmentation
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Dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product.
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behavioral segmentation
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Dividing the market into groups according to the different benefits that consumers seek from the product.
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benefit segmentation
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An advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices.
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competitive advantage
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A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
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concentrated (niche) marketing
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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.
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demographic segmentation
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A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.
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differentiated (segmented) marketing
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Actually differentiating the market offering to create superior customer value.
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differentiation
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Dividing a market into different groups based on gender.
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gender segmentation
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Dividing a market into different geographical units such as nations, states, regions, countries, cities, or neighborhoods.
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geographic segmentation
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Dividing a market into different income groups
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income segmentation
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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
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individual marketing
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Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries.
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intermarket segmentation
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Tailoring brands and promotions to the needs and wants of local customer groups--cities, neighborhoods, and even specific stores.
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local marketing
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Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
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market segmentation
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The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
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market targeting
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The practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups-- includes local marketing and individual marketing.
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micromarketing
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Dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
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occasion segmentation
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Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
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positioning
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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).
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positioning statement
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The way the product is defined by consumers on important attributes-- the place the product occupies in consumers' minds relative to competing products.
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product position
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Dividing a market into different groups based on social class, lifestyle, or personality characteristics.
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psychographic segmentation
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A set of buyers sharing common needs or characteristics that the company decides to serve.
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target market
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A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.
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undifferentiated (mass) marketing
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The full positioning of a brand-- the full mix of benefits upon which it is positioned.
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value proposition
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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.
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brand
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The positive differential effect that knowing the brand name has on customer response to the product or service.
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brand equity
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Extending an existing brand name to new product categories.
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brand extension
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The practice of using the established brand names of two different companies on the same product.
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co-branding
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Product bought by final consumer for personal consumption.
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consumer product
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Consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort.
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convenience product
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Product bought by individuals and organizations for further processing or for use in conducting a business.
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industrial product
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Training service employees in the fine art of interacting with customers to satisfy their needs.
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interactive marketing
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Orienting and motivating customer-contact employees and the supporting service people to work as a team to provide customer satisfaction.
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internal marketing
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Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.
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line extension
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The activities of designing and producing the container or wrapper for a product.
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packaging
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Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
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product
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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.
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product line
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The set of all product lines and items that a particular seller offers for sale.
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product mix (product portfolio)
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The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
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product quality
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Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.
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service
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A major characteristic of services-- they are produced and consumed at the same time and cannot be separated from their providers.
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service inseparability
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A major characteristic of services-- they cannot be seen, tasted, felt, heard, or smelled before they are bought.
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service intangibility
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A major characteristic of services-- they cannot be stored for later sale or use.
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service perishability
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The chain that links service firm profits with employee and customer satisfaction.
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service-profit chain
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A major characteristic of services-- their quality may vary greatly, depending on who provides them and when, where, and how.
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service variability
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Consumer good that the customers, in the process of selection and purchase, characteristically compare on such bases as suitability, quality, price, and style.
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shopping product
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The use of commercial marketing concepts and tools in programs designed to influence individual's behavior to improve their well-being and that of society.
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social marketing
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Consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
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specialty product
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A brand created and owned by a reseller of a product or service
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store brand (private brand)
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Consumer product that the consumer either does not know about or knows about but does not normally think of buying.
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unsought product
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A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives.
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Business analysis
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Introducing a new product into the market.
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commercialization
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Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
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concept testing
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New-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.
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customer-centered new product development
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The PLC stage in which product's sales decline
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decline stage
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A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.
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fad
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A currently accepted or popular style in a given field.
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fashion
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The PLC stage in which a product's sales start climbing quickly.
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growth stage
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The systematic search for new-product ideas.
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idea generation
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Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible.
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idea screening
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The PLC stage in which the new product is first distributed and made available to purchase
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Introduction stage
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Designing an initial marketing strategy for a new product based on the product concept.
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Marketing-strategy development
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The PLC stage in which sales growth slows or levels off.
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maturity stage
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The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts.
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new-product development
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A detailed version of the new-product idea stated in meaningful consumer terms.
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product concept
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Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering.
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product development
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The course of a product's sales and profits over its lifetime.
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Product Life cycle (PLC)
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A basic distinctive mode of expression.
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style
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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.
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team-based new-product development
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The stage of new-product development in which the product and marketing program are tested in realistic market settings.
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test marketing
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