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35 Cards in this Set

  • Front
  • Back
Aspirational Reference Group:
Are indirect nonmember ship reference groups that a person would like to join
A learned tendency to respond consistently toward a given object, such as a brand
an organized pattern of knowledge that an individual holds as true about his or her world.
Cognitive Dissonance:
Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values of opinion.
Consumer Behavior:
Processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use.
Limited Decision Making:
The type of decision making that requires a moderate amount of time for gathering info and deliberating about an unfamiliar brand in a familiar product category.
Marketing Controlled info source:
A product information source that originates with the marketers promoting the product.
Maslow’s Hierarchy of needs:
A method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization.
A driving force that causes a person to satisfy specific needs.
Need Recognition:
Result of an imbalance between actual and desired states.
Reference group:
A group in society that influences an individual’s purchasing behavior
Routine Response Behavior:
The type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time.
Secondary membership group:
A reference group with which people associate less consistently and more formally that a primary membership group, such as a club, professional, or religious groups.
Selective Distortion:
A process whereby a consumer changes or distorts info that conflicts with is or her beliefs
Selective Exposure:
The process whereby a consumer notices certain stimuli and ignores others
component lifestyles:
The practice of choosing goods and services that meet everyones deverse needs and interests rather than conforming to a single traditional lifestyle
baby boomers:
people born between 1946 and 1964
Generation X:
People born between 1965 and 1978
Generation Y:
people born between 1979-1984
purchasing power:
A comparison of income versus the relative cost of a set of standard of goods and services in different geogrphic areas
pyramid of corporate social responsibility:
A model that suggests coporate social responsibility is composed of economic, legal, ethical, and philanthropic respnonsabilities and that the firms economic performance supports the entire structure.
A period of economic activity characterized by negative growth, wich reduces demand for goods and services
The idea that socially responsible companies will outperform their peers by focusing on the worlds social problems and vewing them as opportunities to build profits and help the world at the same time,
target market:
a defined group miost likely to buy a firms product
applied research:
An attempt to develop new or improved products
Tariff :
a tax levied on the goods entering a country
A limit on the amount of a specific product that can enter a country
Uruguay Round :
A trade agreement adopted in 1994 that has lowered the worlds trade tariffs by 1/3 (signed by 148 nations)
North American Free Trade Agreement (NAFTA):
a trade agreement between Canada, the US, and Mexico lowering tariffs placed on trade goods. The US and Canada were also able to own subsidiaries in Mexico for the first time in 50 years due to this.
Free Trade of the Americas :
It would be a NAFTA for North and South America. It has 800 million people and 34 countries, and a combined GDP of $11 trillion.
European Union:
in 2004 it became a 25 country strong unit. It allows free trade, and its citizens to work, live, and vote in any member country. (450 million population
World Bank:
Offers low interest loans to developing nations
International Monetary Fund:
Makes short term loans to its members who
payment for goods and services is in the form of other goods and services
It’s a way for young people to explore Europe. Buses link 70 cities with services every 1 or 2 days.