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34 Cards in this Set

  • Front
  • Back
Perception
the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world.
Subliminal perception
involves seeing or hearing messages without being aware of them.
Selective Retention
means consumers do not remember all the information the see, read, or hear even minutes after exposure to it.
Selective Comprehension
Interpreting information so that it is consistent with you attitudes and beliefs. Ex. Snow pup didnt sell, but snow Master did
Market
consists of people with both the desire and the ability to buy a specific product.
Customer relationship management (CRM)
the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.
Consumer Behavior
consists of 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.
Value
Perviced benefit/price
Utility
consists of the benefits or customer value received by users of the product.
Mission statement
statement of the organizations function in socitey
SBU
is a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly-defined group of customers.
strategic marketing process
the approach whereby an organization allocates its marketing mix resources to reach its target markets.
Pure Monopoly
when one firm sells the product
Monopolostic competition
many sellers compete with their products on a substitutable basis
Oligopoly
when a few companies control the majority of industry sales
Pure competition
every company has a similar product
Brand
a marketing decision by an organization to use a name, phrase, design, or symbols, or combination of these to identify its products and distinguish them from those of competitors.
Trademark
identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it.
Brand loyalty
A favorable attitude toward and consistent purchase of a single brand over time
Brand equity
the added value a given brand name gives to a product beyond the functional benefits provided.
Slotting allowances
cash or free goods to stock new products, relates to right to choose and inhibits it
Whistle blower
are employees who report unethical or illegal actions of their employers.
Derived demand
the demand for industrial products and services is driven by, or derived from, demand for consumer products and services.
Reciprocity
an industrial buying practice in which two organizations agree to purchase each other’s products and services.
NAICS
provides common industry definitions for Canada, Mexico, and the United States, which makes easier the measurement of economic activity in the three member countries of the North American Free Trade Agreement (NAFTA).
ISO 9000
standards for registration and certification of a manufacturer’s quality management and assurance system based on an on-site audit of practices and procedures developed by the International Standards Organization (ISO).
Industrial markets
reprocess a product or service they buy before selling it again to the next buyer
Demographics
describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
psychographics
The analysis of consumer lifestyles
profit
money left over after total expenses are subtracted from total revenues
market share
ratio of sales revenue of the firm to total sales revenue to all the firms in the industry, including itself
gross income
the total amount of money made in one year by a person, household, or family unit. Also known as money income at the Census Bureau.
discretionary income
the money that remains after paying for taxes and necessities.
disposable income
the money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation.