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72 Cards in this Set

  • Front
  • Back
consumer behavior
the actions a person takes in purchasing and using products and services including the mental and social processes that come before and after these actions
motivation
the energizing force that stimulates behavior to satisfy a need
cognitive dissonance
the feeling of post-purchase psychological tension or anxiety
personality
refers to a persons consistent behaviors or responses to recurring situations
perception
the process by which an individual selects, organizes, and interprets information to create a meaninful picture of the world
selective perception
a filtering of exposure, comprehension, and retention
selective comprehension
involves interpreting information so that it is consistent with your attitudes and beliefs
selective retention
means that consumers do not remember all the information they see, read, or hear, even minutes after exposure to it
learning
refers to those behaviors that result from repeated experiences and reasoning
attitude
is a "learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way"
perceived risk
represents the anxieties felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences
beliefs
are a consumer's subjective perception of how a product or brand performs on different attributes; based on personal experiences, advertising, and discussions with others
lifestyle
is a mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them
culture
incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group
subculture
subgroups within the larger, or national, culture with unique values, ideas, and attitudes
loss-leader pricing
is not to increase sales but to attract customers in hopes they will buy other products as well
cost-plus pricing
involves summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price; used by many manufacturing, professions services and construction firms
stages a buyer passes through
problem recognition, information search, alternative evaluation, purchase decision, post purchase behavior
involvement
the personal, social, and economic significance of the purchase to the consumer affected by cost, social image concerns, and consquences
extended problem solving
go through 5 stages of purchase decisoin process
limited problem solving
consumers typically seek some information or rely on friends
routine problem solving
used for products consumers spend very little effort seeking information or alternatives on
factors that influence consumer behavior
situational and psychological factors
psychographics
practice of combining psychology, lifestyle, and demographics; is used to uncover consumer motivations
VALS
prominent psychographics the identifies 8 consumer segments based on their primary motivation for buying
African Americans
second largest spending power; spend more on boys clothes, rental goods, and audio equipment; twice as likely to own a pager and spend far more for online serives
Hispanics
largest subculture in US and spending power; quality and brand conscious; prefer american made goods; influenced by family and peers
asian americans
fastest growing subculture in us; characterized by hard work, strong family ties and appreciation for education
business marketing
the marketing of goods and services to companies, governements, or not-for-profit organizations for use int he creation of goods and serives that they can product and market to others
buying center
the group of people in an organization who participate in the buying process and share common goals, risks, and knowledge important to the purchase decision
derived demand
the demand for inductrial products and services is driven by demand for consumer products and services
business markets
huge; $4.2 trillion in 2000; different from consumer markets bc market structures, demand, nature of the buying unit, types of decisions, processes
types of business markets
industrial, reseller, government, global
straight rebuy
reordering with no modifications
modified rebuy
when a slight change is made in the purchasing
new buy
the first time a good/service is purchased from a certain person; involves more decisions
buying center participants/roles
users, influencers, deciders, buyers, gatekeepers
demand oriented pricing
weighs factors underlying expected customer tastes andpreferences more heavily than such factors as cost, profit, and competition when selecting a price level
cost oriented pricing
when a cost setter stresses the cost side of the pricing problem; price is set by looking at the production and marketing costs and then adding enough to cover profit, overhead and expenses
discounts
reductions from the list price a seller gives to a buyer as a reward for some activity the buyer does
quantity discounts
reduction in unit cost for a larger order
seasonal discounts
used to encourage buyers to stock inventory earliers than their normal demand would require; more efficient
trade discounts
used to reward wholesalers and retailerse for marketing functions they will perform in the future
cash discounts
used to encourage retailers to pay their bills quickly
allowances
reductions from the list prices to buyers for performing some activity
trade-in allowance
price reduction given whena used product pays for pary of a new products
promotional allowance
sellers in the channel of distribution undertake certain advertising/selling activities to promote a product
price fixing
a conspiracy among firms to set prices for a product
horizontal price fixing
when 2 or more competitrs set prices
vertical price fixing
involves controlling agreements between independent buyers and sellers whereby sellers are required to not sell products below a min price
price distrimination
the practice of charging different prices to different buyers for same goods
deceptive pricing
price deals that midlead consumers
distribution channel
a set of interdependent individuals or organizations involved in the process of making a good/service available for use or consumption by the consumer or business
channel length
the number of actors that are in the channel
indirect channel
marketing channels where intermediaries are inserted between the produce and consumer
direct channel
a marketing channel where a producer and the ultimate consumer deal directly with each other
horizontal channel conflict
occurs between intermediaries at the same level; 2 or more retailers
veritical channel conflict
occurs between different levels in the marketing channel; retailer and consumer
disintermediation
channel conflict that arises when a channel member bypasses another member and sells or buys products direct
importance of marketing channels
greater efficiency in making goods available to target markets; purpose is to match supply from producers to demand from consumers
channels perform
risk taking, informatin, promotion, contact, matching, negotiation, physical distribution, financing
channel conflict
arises when one channel member beleives another is engaged in behavior that prevents the first from achieving its goals
vertical marketing system
professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact; more efficient bc act together
corporate vms
combination of successive stages of procution and distribution under a single ownership
contractual vms
when independent production and distribution firms integrate their efforts on a constractual basis
administered vms
achieve coordination at successive stages of procution and distribution by the size and influence of one channel member
conventional distribution channel
goes procuer to wholesale to retailer to conumser
intensive distriution
means that a firm tried to place it products in as many places as possible
exclusive distribution
means that a firm tried to place is products in very few outlets
selective distribution
between intensive and exclusive
channel choise depends on
environmental, consumer, product, and company factors
channel decsign considerations
target market coverage; satisfying buyer requirements and profitability