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200 Cards in this Set
- Front
- Back
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reseller markets
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intermediaries who buy finished goods and resell them for profit.
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producer markets
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individuals in business organizations that purchase products to make profits by using them to produce other products or using them in their operations.
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subculture
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a group of individuals who characteristic values and behavior patterns are simlar to eachother and differ from those of the surrounding culture
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culture
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the values, knowledge beliefs, customs, objects, and concepts of a society
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social class
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an open group of individuals with similar social rank
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opinion leader
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a reference group member who provides information about a specific sphere that interests reference group participants
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reference group
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any group that positively or negatively affects a persons values, attitudes, or behavior
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consumer socialization
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the process through which a person acquires the knowledge and skills to function as a consumer
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role
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actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons
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social influences
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the forces other people exert on ones buying behavior
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lifestyle
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an individuals pattern of living expressed through activities, interests, and opinions
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self concept
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perception or view of oneself
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personality
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a set of internal traits and distinct behavioral tendencies that result in consistent patterns of behavior
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attitude scale
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means of measuring consumer attitudes by guaging the intensity of individuals reactions to objectives, phrases, or sentences about an object
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attitude
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an individuals enduring evaluation of feelings about and behavioral tendencies towards an object or an idea
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learning
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changes in an individuals thought process and behavior caused by information and experience
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patronage motives
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motives that influence where a person purchases products on a regular basis
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maslows hierarchy of needs
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the five levels of needs that humans seek to satisfy from most to least important
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motive
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an internal energizing force that directs a persons behavior toward satisfying needs or achieving goals
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selective retention
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remembering information inputs that support personl feelings and beliefs and forgetting inputs that do not
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selective distortion
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an individuals changing or twisting of information when it is inconsistent with personal feelings or beliefs
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selective exposure
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the process of selecting inputs to be exposed to our awareness while ignoring others
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information inputs
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sensations received through the sense organs
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perception
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the process of selecting, organzing, and interpreting information inputs to produce meaning
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psychological influences
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factors that partly determine peoples general behavior thus influencing their behavior as consumers
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situational influences
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influences resulting from circumstances, time, and location that affect the consumer buying decision process
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evaluative criteria
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objective and subjective characteristics that are important to a buyer
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cognitive dissonance
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a buyers doubts shortly after a purchase about whether the decision was the right one
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consumer buying decision process
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a five stage purchase decision process that includes problem recognition, information search, evaluation of alternative, purchase, and postpurchase evaluation
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impulse buying
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an unplanned buying behavior resulting form a powerful urge to buy something immediately
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internal search
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an information search in which buyers search their memories for information about products that might solve their problem
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external search
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an information search in which seek information from outside sources
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consideration set
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a group of brands that a buyer views as alternatives for possible purchase
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extended problem solving
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a type of consumer problem solving process employed when purchasing infamiliar, expensive, or infrequently bought products
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limited problem solving
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a type of consumer problem solving process that buyers use when purchasing products occasionally or when they need information about an unfamiliar brand in a familiar product category
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routinized response behavior
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a type of consumer problem solving process used when buying frequently purchased, low cost items that require very little searh and decision effort
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level of involvement
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an individuals degree of interest in a product and the importance of the product for that person
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consumer buying behavior
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buying behavior of people who purchase products for personal or household use and not for business purposes
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buying behavior
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the decision processes and acts of people involved in buying and using products
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government markets
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federal, state, county, and local governments that buy goods and services to support their internal operations and provide products to their constituencies
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institutional markets
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organizations with charitable, educational, community or other nonbusiness goals
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reciprocity
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an arrangement unique to business marketing in which two organizations agree to buy from eachother
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new task purchase
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an initial purchase by an organization of an item to be used to perform a new job or solve a new problem
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straight rebuy purchase
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a routine purchase of the same products under approximately the same terms of sale by a business buyer
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modified rebuy purchase
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a new task purchase that is changed on subsequent orders or when the requirements of a straight rebuy purchase are modified
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derived demand
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demand for industrial products that stems from demand for consumer products
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inelastic demand
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demand that is not significantly altered by a price increase or decrease
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joint demand
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demand involving the use of two or more items in combination to produce a product
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business (organizational) buying behavior
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the purchase behavior of producers, government units, institutions, and resellers
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buying center
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the people within an organization including users, influencers, buyers, deciders, and gate keepers who make business purchase decisions
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value analysis
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an evaluation of each component of a potential purchase
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vendor analysis
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a formal systematic evaluation of current and potential vendors
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multiple sourcing
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an organizations decisions to use several suppliers
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sole sourcing
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an organizations decision to use only one supplier
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North American Industry Classification System
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An industry classification system that will generate comparable statistics among the United States, Canada, Mexico.
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price
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value exchanged for products in a marketing transaction
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barter
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the trading of products
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price competition
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emphasizing price and matching or beating competitors prices
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nonprice competition
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emphasizing factors other than price to distinguish a product from competing brands
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demand curve
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a graph of the quantity of products expected to be sold at various prices if other factors remain constant
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price elasticity of demand
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a measure of the sensitivity of demand to changes in price
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fixed costs
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costs that do not vary with changes in the number of units produced or sold
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average fixed cost
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the fixed costs per unit produced
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variable cost
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costs that vary directly with changes in the number of units produced or sold
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average variable cost
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the variable costs per unit produced
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total cost
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the sum of average fixed and average variable cost times the quantity produced
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average total cost
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the sum of the average fixed cost and the average variable cost
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marginal cost
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the extra cost a firm incurs by producing one or more unit of a product
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marginal revenue
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the change in total revenue resulting from the sale of an additional unit of a product
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breakeven point
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the point at which the cost of producing a product equal the revenue made from selling the product
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internal reference price
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a price developed in the buyers mind through experience with the product
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external reference point
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a comparison price provided by others
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value conscious
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concerned about price and quality of a product
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price conscious
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striving to pay low prices
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prestige sensitive
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drawn to products that signify prominence and status
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price discrimination
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providing price differentials that inure competition by giving one or more pbuyers a competitive advantage
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trade (functional) discount
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a reduction off the list price given by a producer to an intermediary for performing certain functions
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quantity discounts
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deductions from list price from purchasing large quantities
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cumulative discounts
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quantity discounts aggregated over a stated period
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noncumulative discounts
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one time reductions in price based on specific factors
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cash discount
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a price reduction given to buyers for prompt payment or cash payment
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seasonal discount
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a price reduction given to buyers for purchasing goods or services out of season
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allowance
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a concession in price to achieve a desired goal
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geographic pricing
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reductions for transportation and other cost related to the physical distance between buyer and seller
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F.O.B. Factory
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the price of merchandise at the factory before shipment
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F.O.B. Destination
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A price indicating the producer is absorbing shipping costs
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Uniform geographic Pricing
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charging all customers the same price regardless of geographic location
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zone pricing
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pricing based on transportation cost within major geopgraphic zones
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base point pricing
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geographics priciing combining factory price and freight charges from the base point nearest the bueyr
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freight absorption pricing
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absorption of all or part of actual freight costs by the seller
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transfer pricing
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prices charged in sales between an organizations unit
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pricing objectives
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goals that describe what a firm wants to achieve through pricing
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cost based pricing
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adding a dollar amount or percentage to the cost of a product
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cost plus pricing
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adding a specified dollar amount or percentage to the sellers cost
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markup pricing
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adding to the cost of the product a predetermined percentage of that cost
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demand based pricing
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pricing based on the level of demand for the product
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competition based pricing
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pricing influenced primarily by competitors' prices
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differential pricing
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charging different prices to different buyers for the same quality and quantity of a product
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negotiated pricing
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establishing a final price through bargaining
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secondary market pricing
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setting one price for the primary target market and a differnt price for another market
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periodic discounting
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temporary reduction of prices on a patterned or systematic basis
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random discounting
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temporary reduction of prices on an unsystematic basis
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price skimmming
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charging the highest possible price that buyers who most desire the product will pay
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penetration pricing
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setting prices below those of competing brands to penetrate a market and gain a significant market share quickly
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product line pricing
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establishing and adjusting prices of multiple products within a product line
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captive pricing
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pricing the basic product in a produced line low while pricing related items at a higher level
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premium pricing
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pricing the highest quality or most versatile products higher than other models in the product line
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bait pricing
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pricing an item in the product line low with the intention of selling a higher priced item in the line
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price lining
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setting a limited number of prices for selected groups or lines of merchandise
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psychological pricing
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pricing that attempts to influence a customers perception of price to make a products price more attractive
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reference pricing
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pricing a product at a moderate level and displaying it next to a more expensive model or brand
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bundle pricing
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packaging together two or more complementary products and selling them for a single price
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multiple unit pricing
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packaging together two or more identical products and selling them for a single price
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everyday low prices
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setting a low price for products on a consistent basis
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odd-even pricing
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ending the price with certain numbers to influence buyers perceptions of the price or product
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customary pricing
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pricing on the basis of tradition
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prestige pricing
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setting prices at an artificially high level to convey prestige or a quality image
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professional pricing
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fees set by people with great skill or experience in a particular field
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price leaders
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product priced below the usual markup near cost or below cost
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special event pricing
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advertised sales or price cutting linked to a holiday, season, or event
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comparison discounting
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setting a price at a specific level and comparing it with a higher price
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distribution
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the decision and activities that make products available to customers when and where they want to purchase them
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marketing channel
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a group of individuals and organizations directing the flow of products from producers to customers
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marketing intermediary
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a middle man linking producers to other middle men or ultimate consumers through contractual arrangements or through the purchase and resale of products
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supply chain management
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long term partnerships among marketing channel members that reduced inefficiencies, costs, and redundancies and developed innovative approaches to satisfy customers
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industrial distributor
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an independent business that takes title to business products and carries inventories
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dual distribution
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the use of two or more channels to distribute the same product to the same target market
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strategic channel alliance
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an agreement whereby, the products of one organization are distributed through the marketing channels of another
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channel power
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the ability of one channel member to influence another members goal achievement
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vertical channel integration
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combining two or more stages of the marketing channel undder one management
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vertical marketing systems
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a marketing channel managed by a single channel member
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horizontal channel integration
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combining organizations at the same level of operation under one management
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intesive distribution
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using all available outlets to distribute a product
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selective distribution
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using only some available outlets to distribute a product
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exclusive distribution
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using a single outlet in a fairly large geographic area to distribute a product
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physical distribution
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activities used to move products from producers to consumers and other end users
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outsourcing
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the contracting of physical distribution tasks to third parties who do not have managerial authority within the marketing channel
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cycle time
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the time needed to complete a process
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order processing
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the receipt and transmission of sales order information
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electronic data interchange
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a computerized means of integrating order processing with production, inventory, accounting, and transportation
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inventory management
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developing and maintaining adequate assortments of products to meet customers' needs
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just in time
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an inventory management approach in which supplies arrive just when needed for production or resale
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materials handling
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physical handling of tangible goods, supplies, and resources
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warehousing
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the design and operation of facilities for storing and moving goods
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private warehouses
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company operated facilities for storing and shipping products
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public warehouses
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businesses that lease storage space and related physical distribution facilities to other firms
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distribution centers
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large centralized warehouses that focus on moving rather than storing goods
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transportation
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the movement of products from where they are made to intermediaries and end users
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intermodal transportation
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two or more transportation modes used in combination
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freight forwarders
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organizations that consolidate shipments from several firms into efficient lot sizes
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megacarriers
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freight transportation firms that provide several modes of shipment
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integrated marketing communications
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coordination of promotional efforts for maximum informational and persuasive impact
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communication
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a sharing of meaning
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source
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a person, group, or organization with a meaning it tries to share
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receiver
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an individual, group, or organization that decodes a coded message
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coding process
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converting meaning into a series of signs or symbols
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communications channel
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the medium of transmission that carries the coded message from the source to the receiver or audience
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decoding process
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converting signs or symbols into concepts and ideas
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noise
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anything that reduces the communications clarity and accuracy
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feedback
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the receivers response to a message
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channel capacity
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the limit on the volume of information a communication channel can handle effectively
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promotion
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communication to build and maintain relationships by informing and persuading one or more audiences
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primary demand
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demand for a product category rather than for a specific brand
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pioneer promotion
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promotion that informs consumers about a new product
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selective demand
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demand for a specific brand
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promotion mix
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a combination of promotional methods used to promote a specific product
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kinesic communication
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communicating through the movement of head eyes, arms, hands, legs, or torso
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proxemic communication
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communicating by varying the physical distance in face to face interactions
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tactile communication
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communicating through touching
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push policy
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promoting a product only to the next institution down the marketing channel
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pull policy
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promoting a product directly to consumers to develop strong consumer demand that pulls products through the marketing channel
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word of mouth communication
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personal, informal exchanges of communication that customers share with one another about products, brands, and companies
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buzz marketing
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an attempt to incite publicity and public excitement surrounding a product through a creative event
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viral marketing
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a strategy to get consumers to share a marketers message often through email or online video in a way that spreads dramatically and quickly
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product placement
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the strategic location of products or product promotions within television program content to reach the products target market
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motives
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an internal energizing force that directs a persons behavior toward satisfying needs or achieving goals
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perceptual organization
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organizing and integrating new information with what is already storedin memory
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perceptual interpretation
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the assignment of meaning to what has been organized based on what is expected or what is familiar
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biogenic needs
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arise from physiological state of tension
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psychogenic needs
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arise from psychological states of tension
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need becomes motive when
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it is aroused to a sufficient level of intensity
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a motive is a need that is sufficiently pressing to
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drive a person to act
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learning
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changes in an individuals behavior arising from experience
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drive
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strong internal stimulus impelling action
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cue
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minor stimuli that determine when where and how a person responds
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discrimination
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the person has learned to recognize differences in sets of similar stimuli and can adjust responses accordingly
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attitudinal components
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cognitive, affective, behavioral
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cognitive
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knowledge and information about the object or idea
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affective
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feelings and emotions toward the object or idea
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behavioral
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individuals action regarding the object or idea
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autonomic
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equally shared decision making between husband an wife. husband or wife no both make decision.
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syncratic
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decisions made jointly between husband and wife
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new task purchase
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an initial item purchase to be used to perform a new job or solve a new problem
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Time utility
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the product is available when the customer wants it
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place utility
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the product is available in locations where customers wih to purchase it
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possession utility
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the customer has access to the product to use or to store for future use
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form utility
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the product is assembled, prepared or otherwise refined to suit customer needs
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industrial distributor
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an independent business that takes title to business products and carries inventories
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manufacturers agent
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an independent businessperson who sells, on commission, the complementary products of several producers; does not take title to or hold inventories
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channel captain
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a dominant member of a marketing channel or supplychain
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