Marketing Exam 3

Front 1

consumer behavior

Back 1

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

Front 2

motivation

Back 2

the energizing force that stimulates behavior to satisfy a need

Front 3

cognitive dissonance

Back 3

the feeling of post-purchase psychological tension or anxiety

Front 4

personality

Back 4

refers to a persons consistent behaviors or responses to recurring situations

Front 5

perception

Back 5

the process by which an individual selects, organizes, and interprets information to create a meaninful picture of the world

Front 6

selective perception

Back 6

a filtering of exposure, comprehension, and retention

Front 7

selective comprehension

Back 7

involves interpreting information so that it is consistent with your attitudes and beliefs

Front 8

selective retention

Back 8

means that consumers do not remember all the information they see, read, or hear, even minutes after exposure to it

Front 9

learning

Back 9

refers to those behaviors that result from repeated experiences and reasoning

Front 10

attitude

Back 10

is a "learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way"

Front 11

perceived risk

Back 11

represents the anxieties felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences

Front 12

beliefs

Back 12

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

Front 13

lifestyle

Back 13

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

Front 14

culture

Back 14

incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group

Front 15

subculture

Back 15

subgroups within the larger, or national, culture with unique values, ideas, and attitudes

Front 16

loss-leader pricing

Back 16

is not to increase sales but to attract customers in hopes they will buy other products as well

Front 17

cost-plus pricing

Back 17

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

Front 18

stages a buyer passes through

Back 18

problem recognition, information search, alternative evaluation, purchase decision, post purchase behavior

Front 19

involvement

Back 19

the personal, social, and economic significance of the purchase to the consumer affected by cost, social image concerns, and consquences

Front 20

extended problem solving

Back 20

go through 5 stages of purchase decisoin process

Front 21

limited problem solving

Back 21

consumers typically seek some information or rely on friends

Front 22

routine problem solving

Back 22

used for products consumers spend very little effort seeking information or alternatives on

Front 23

factors that influence consumer behavior

Back 23

situational and psychological factors

Front 24

psychographics

Back 24

practice of combining psychology, lifestyle, and demographics; is used to uncover consumer motivations

Front 25

VALS

Back 25

prominent psychographics the identifies 8 consumer segments based on their primary motivation for buying

Front 26

African Americans

Back 26

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

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Hispanics

Back 27

largest subculture in US and spending power; quality and brand conscious; prefer american made goods; influenced by family and peers

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asian americans

Back 28

fastest growing subculture in us; characterized by hard work, strong family ties and appreciation for education

Front 29

business marketing

Back 29

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

Front 30

buying center

Back 30

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

Front 31

derived demand

Back 31

the demand for inductrial products and services is driven by demand for consumer products and services

Front 32

business markets

Back 32

huge; $4.2 trillion in 2000; different from consumer markets bc market structures, demand, nature of the buying unit, types of decisions, processes

Front 33

types of business markets

Back 33

industrial, reseller, government, global

Front 34

straight rebuy

Back 34

reordering with no modifications

Front 35

modified rebuy

Back 35

when a slight change is made in the purchasing

Front 36

new buy

Back 36

the first time a good/service is purchased from a certain person; involves more decisions

Front 37

buying center participants/roles

Back 37

users, influencers, deciders, buyers, gatekeepers

Front 38

demand oriented pricing

Back 38

weighs factors underlying expected customer tastes andpreferences more heavily than such factors as cost, profit, and competition when selecting a price level

Front 39

cost oriented pricing

Back 39

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

Front 40

discounts

Back 40

reductions from the list price a seller gives to a buyer as a reward for some activity the buyer does

Front 41

quantity discounts

Back 41

reduction in unit cost for a larger order

Front 42

seasonal discounts

Back 42

used to encourage buyers to stock inventory earliers than their normal demand would require; more efficient

Front 43

trade discounts

Back 43

used to reward wholesalers and retailerse for marketing functions they will perform in the future

Front 44

cash discounts

Back 44

used to encourage retailers to pay their bills quickly

Front 45

allowances

Back 45

reductions from the list prices to buyers for performing some activity

Front 46

trade-in allowance

Back 46

price reduction given whena used product pays for pary of a new products

Front 47

promotional allowance

Back 47

sellers in the channel of distribution undertake certain advertising/selling activities to promote a product

Front 48

price fixing

Back 48

a conspiracy among firms to set prices for a product

Front 49

horizontal price fixing

Back 49

when 2 or more competitrs set prices

Front 50

vertical price fixing

Back 50

involves controlling agreements between independent buyers and sellers whereby sellers are required to not sell products below a min price

Front 51

price distrimination

Back 51

the practice of charging different prices to different buyers for same goods

Front 52

deceptive pricing

Back 52

price deals that midlead consumers

Front 53

distribution channel

Back 53

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

Front 54

channel length

Back 54

the number of actors that are in the channel

Front 55

indirect channel

Back 55

marketing channels where intermediaries are inserted between the produce and consumer

Front 56

direct channel

Back 56

a marketing channel where a producer and the ultimate consumer deal directly with each other

Front 57

horizontal channel conflict

Back 57

occurs between intermediaries at the same level; 2 or more retailers

Front 58

veritical channel conflict

Back 58

occurs between different levels in the marketing channel; retailer and consumer

Front 59

disintermediation

Back 59

channel conflict that arises when a channel member bypasses another member and sells or buys products direct

Front 60

importance of marketing channels

Back 60

greater efficiency in making goods available to target markets; purpose is to match supply from producers to demand from consumers

Front 61

channels perform

Back 61

risk taking, informatin, promotion, contact, matching, negotiation, physical distribution, financing

Front 62

channel conflict

Back 62

arises when one channel member beleives another is engaged in behavior that prevents the first from achieving its goals

Front 63

vertical marketing system

Back 63

professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact; more efficient bc act together

Front 64

corporate vms

Back 64

combination of successive stages of procution and distribution under a single ownership

Front 65

contractual vms

Back 65

when independent production and distribution firms integrate their efforts on a constractual basis

Front 66

administered vms

Back 66

achieve coordination at successive stages of procution and distribution by the size and influence of one channel member

Front 67

conventional distribution channel

Back 67

goes procuer to wholesale to retailer to conumser

Front 68

intensive distriution

Back 68

means that a firm tried to place it products in as many places as possible

Front 69

exclusive distribution

Back 69

means that a firm tried to place is products in very few outlets

Front 70

selective distribution

Back 70

between intensive and exclusive

Front 71

channel choise depends on

Back 71

environmental, consumer, product, and company factors

Front 72

channel decsign considerations

Back 72

target market coverage; satisfying buyer requirements and profitability