Marketing Test 2 (Ch 5-9 Vocab)

Front 1

Consumer buying behavior

Back 1

The buying behaviour of final consumers individuals and households that buy goods and services for personal consumption

Front 2

Consumer market

Back 2

All the individuals and households that buy or acquire goods and services for personal consumption

Front 3

Culture

Back 3

The set of basic values, perceptions, want, and behaviors learned by a member of society from family and other important institutions

Front 4

Subculture

Back 4

A group of people with shared value systems based on common life experiences and situations

Front 5

Cross-cultural marketing

Back 5

Including ethnic themes and cross cultural perspectives within a brand's mainstream marketing, appealing to consumer similarities across sub-cultural segments rather than differences

Front 6

Social class

Back 6

Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors

Front 7

Group

Back 7

Two or more people who interact to accomplish individual or mutual goals

Front 8

Word-of-mouth influence

Back 8

The impact of the personal words and recommendations of trusted friends, family, associates, and other consumers on buying behavior

Front 9

Opinion leader

Back 9

A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others

Front 10

Online social networks

Back 10

Online social communities such as blogs, social networking websites, and other online communities where people socialize or exchange information and opinions

Front 11

Lifestyle

Back 11

A person's pattern of living as expressed in his or her activities, interest, and opinions

Front 12

Personality

Back 12

The unique psychological characteristics that distinguish a person or group

Front 13

Motive (drive)

Back 13

A need that is sufficiently pressing to direct the person to seek satisfaction of the need

Front 14

Perception

Back 14

The process by which people select, organize, and interrupt information to form a meaningful picture of the world

Front 15

Learning

Back 15

Changes in an individual's behavior arising from experience

Front 16

Belief

Back 16

A descriptive thought that a person holds about something

Front 17

Attitude

Back 17

A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea

Front 18

Complex buying behavior

Back 18

Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands

Front 19

Dissonance-reducing buying behavior

Back 19

Consumer buying behavior and situations characterized by high involvement but few perceived differences among brands

Front 20

Habitual buying behavior

Back 20

Consumer buying behavior and situations characterized by low consumer involvement and few significant perceived brand differences

Front 21

Variety-seeking buying behavior

Back 21

Consumer buying behavior and situations characterized by low consumer involvement but significant perceived brand differences

Front 22

Need recognition

Back 22

The first stage of the buyer decision process, in which the consumer recognizes a problem or need

Front 23

Information search

Back 23

The stage of the buyer decision process in which the consumer is motivated to search for more information

Front 24

Purchase decision

Back 24

The buyers decision about which brand to purchase

Front 25

Postpurchase behavior

Back 25

The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction

Front 26

Cognitive dissonance

Back 26

Buyer discomfort caused by post purchase conflict

Front 27

New product

Back 27

A good, service, or idea that is perceived by some potential customers as new

Front 28

Adoption process

Back 28

The mental process through which an individual passes from first hearing about an innovation to final adoption

Front 29

Business buying behavior

Back 29

The buying behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others

Front 30

Business buying process

Back 30

The decision process by which business buyers determine which products and services that organizations need to purchase and then fine, evaluate, and choose among alternatives suppliers and brands

Front 31

Derived demand

Back 31

Business demand that ultimately comes from (derives from) the demand for consumer goods

Front 32

Supplier development

Back 32

Systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others

Front 33

Straight rebuy

Back 33

A business bank situation in which the buyer between the reorder something without any modifications

Front 34

Modified rebuy

Back 34

A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers

Front 35

New task

Back 35

A business buying situations in which the buyer purchases a product or service for the first time

Front 36

Systems/solutions selling

Back 36

Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation

Front 37

Buying center

Back 37

All the individuals and units that play a role in the purchase decision making process

Front 38

Users

Back 38

Members of the buying organization who will actually use the purchased product or service

Front 39

Influencers

Back 39

People in an organization's buying Center who affect the buying decision; they often help define specifications and also provide information for evaluating alternatives

Front 40

Deciders

Back 40

People in an organization's buying center who have formal or informal power to select or approve the final suppliers

Front 41

Buyers

Back 41

People in an organization's buying Center who make an actual purchase

Front 42

Gatekeepers

Back 42

People in an organization's buying center who control the flow of information to others

Front 43

Problem recognition

Back 43

The first stage of the business buying process in which someone in the company recognizes a problem or need that can be met by acquiring a good or service

Front 44

General need description

Back 44

The stage in the business buying process in which a buyer describes the general characteristics and quantity of needed items

Front 45

Product specification

Back 45

The stage of the business buying process in which the buying organization decides on and specifies the best technical product characteristics for a needed item

Front 46

Supplier search

Back 46

The stage of the business buying process in which the buyer tries to find the best vendors

Front 47

Proposal solicitation

Back 47

The stage of the business buying process in which the buyer invites qualified suppliers to submit proposals

Front 48

Supplier selection

Back 48

The stage of the business buying process in which the buyer reviews proposals and select a supplier or suppliers

Front 49

Order-routine specification

Back 49

The stage of the business buying process in which the buyer writes the final order with the chosen suppliers, listing the technical specification, quantity needed, expected time of delivery, return policies, and warranties

Front 50

Perfirmance review

Back 50

The stage of the business buying process in which the buyer assesses the performance of the supplier and decides to continue, modify, or drop the arrangement

Front 51

E-procurement

Back 51

Purchasing through electronic connections between buyers and sellers--- usually online

Front 52

Institutional market

Back 52

Schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care

Front 53

Government market

Back 53

Governmental units--- federal, state, and local--- that purchase or rent goods and services for carrying out the main functions of government

Front 54

Market segmentation

Back 54

Dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes

Front 55

Market targeting

Back 55

Evaluating each market segments attractiveness and selecting one or more segments to enter

Front 56

Differentiation

Back 56

Differentiating the market offering to create superior customer value

Front 57

Positioning

Back 57

Arranging for a market offering to occupy a clear distinctive and desirable place relative to competing products in the minds of target consumers

Front 58

Geographic segmentation

Back 58

Dividing a market in two different geographical units, such as nations, States, regions, counties, cities, or even neighborhoods

Front 59

Demographic segmentation

Back 59

Dividing the market into segments based on variables such as age, life cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

Front 60

Age and life-cycle segmentation

Back 60

Dividing a market into different age and life-cycle groups

Front 61

Gender segmentation

Back 61

Dividing a market into different segments based on gender

Front 62

Income segmentation

Back 62

Dividing a market into different income segments

Front 63

Psychographic segmentation

Back 63

Dividing a market into different segments based on social class, lifestyle or personality characteristics

Front 64

Behavioral segmentation

Back 64

Dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product

Front 65

Occasion segmentation

Back 65

Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item

Front 66

Benefit segmentation

Back 66

Dividing the market into segments according to the different benefits that consumers seek from the product

Front 67

Intermarket (cross-market) segmentation

Back 67

Forming segments of consumers who have some more needs and buying behaviors even though they are located in different countries

Front 68

Target market

Back 68

A set of buyers sharing common needs or characteristics of the company decides to serve

Front 69

Undifferentiated (mass) marketing

Back 69

A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

Front 70

Differentiated (segmented) marketing

Back 70

The market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each

Front 71

Concentrated (niche) marketing

Back 71

A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches

Front 72

Micromarketing

Back 72

Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments: it includes local marketing and individual marketing

Front 73

Local marketing

Back 73

Tailoring brands and marketing to the needs and wants of local customer segments--- cities, neighborhoods, and even specific stores

Front 74

Individual marketing

Back 74

Tailoring products and marketing programs to the needs and preferences of individual customers

Front 75

Product position

Back 75

The way a product is defined by consumers on important attributes--- the place the product occupies consumers minds relative to competing products

Front 76

Competitive advantage

Back 76

An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices

Front 77

Value proposition

Back 77

The full positioning of a brand--- the full mix of benefits on which it is positioned

Front 78

Positioning statement

Back 78

A statement that summarizes company or brand positioning using this form: to (target segment and need) our (brand) is (concept) that (point of difference)

Front 79

Product

Back 79

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

Front 80

Service

Back 80

An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything

Front 81

Consumer product

Back 81

A product bought by final consumers for personal consumption

Front 82

Convenience product

Back 82

A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort

Front 83

Shopping product

Back 83

A consumer product that the customer, in the process of selecting and purchasing, usually compares on such African roots as suitability, quality, price, and style

Front 84

Specialty product

Back 84

A consumer product with unique characteristics or brand identification for which is significant group of buyers is willing to make a special purchase effort

Front 85

Unsought product

Back 85

A consumer product that the consumer either does not know about or knows about but does not normally consider buying

Front 86

Industrial product

Back 86

The product bought by individuals and organizations for further processing or for use in conducting a business

Front 87

Social marketing

Back 87

The use of commercial marketing concepts and tools in programs designed to influence individuals behavior to improve their well-being and that of society

Front 88

Product quality

Back 88

The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs

Front 89

Brand

Back 89

A name, term, sign, symbol, or design, or a combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors

Front 90

Packaging

Back 90

The activities of designing and producing the container or wrapper for a product

Front 91

Product line

Back 91

A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

Front 92

Product mix (or product portfolio)

Back 92

The set of all product lines and items that a particular seller offers for sale

Front 93

Service intangibility

Back 93

Services cannot be seen, tasted, felt, heard, or smelled before they are bought

Front 94

Service inseparability

Back 94

Services are produced and consumed at the same time and cannot be separated from their providers

Front 95

Service variability

Back 95

The quality of services may vary greatly depending on who provides them and when, where, and how they are provided

Front 96

Service profit chain

Back 96

The chain that links service firm profits with employee and customer satisfaction

Front 97

Internal marketing

Back 97

Orienting and motivating customer-contact employees and supporting service employees to work as a team to provide customer satisfaction

Front 98

Interactive marketing

Back 98

Training service employees in the fine art of interacting with customers to satisfy their needs

Front 99

Brand equity

Back 99

The differential effect that knowing the brand name has on customer response to the product or its marketing

Front 100

Brand value

Back 100

The total financial value of a brand

Front 101

Store/private brand

Back 101

A brand created and owned by a reseller of a product or service

Front 102

Co-branding

Back 102

The practice of using the established brand names of two different companies on the same product

Front 103

Line extension

Back 103

Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category

Front 104

Brand extension

Back 104

Extending an existing brand name to new product categories

Front 105

New product development

Back 105

The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts

Front 106

Idea generation

Back 106

The systematic search for new product ideas

Front 107

Crowdsourcing

Back 107

Inviting broad communities of people--- customers, employees, independent scientists and researchers, and even the public at large--- into the new product innovation process

Front 108

Idea screening

Back 108

Screening new product ideas to spot good ones and drop poor ones as soon as possible

Front 109

Product concept

Back 109

A detailed version of the new product ideas stated in meaningful consumer terms

Front 110

Concept testing

Back 110

Testing new product concepts with a group of target consumers to find out if the concepts have stronger consumer appeal

Front 111

Marketing strategy development

Back 111

Designing an initial marketing strategy for a new product based on the product concept

Front 112

Business analysis

Back 112

Review of the sales, cost, and profit projections for a new product to find out whether these factors satisfy the companys objectives

Front 113

Product development

Back 113

Developing the product concept into a physical product to ensure that the product ideas can be turned into a workable market offering

Front 114

Test marketing

Back 114

The stage of new product development in which the product and its proposed marketing program are tested and realistic market settings

Front 115

Commercialization

Back 115

Introducing a new product into the market

Front 116

Customer-centered new product development

Back 116

New product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences

Front 117

Team-based new product development

Back 117

New product development in which varies company departments were closer together, overlapping the steps in the product development process to save time and increase effectiveness

Front 118

Product life cycle (PLC)

Back 118

The course of a product sales and profits over its lifetime

Front 119

Style

Back 119

A basic and distinctive mode of expression

Front 120

Fashion

Back 120

Currently accepted or popular style in a given field

Front 121

Fad

Back 121

A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity

Front 122

Introduction stage

Back 122

The PLC stage in which a new product is first distributed and made available for purchase

Front 123

Growth stage

Back 123

The PLC stage in which a products sales start climbing quickly

Front 124

Maturity stage

Back 124

The PLC stage in which a product sales growth slows or levels off

Front 125

Decline stage

Back 125

The PLC stage in which a products sales fade away