Mkg 300 Chapter 6 & 7 (Exam #2)

Front 1

People who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money.

Back 1

Economic Buyers

Front 2

This theory states that consumers decide what to buy based on economic needs, which are concerned wit making the best use of a consumer's time and money- as the consumer judges it.

Back 2

Economic-Buyer Theory

Front 3

What are the five most common economic needs?

Back 3

1.) Economy of use
2.) Efficiency in operation or use
3.) Dependability in use
4.) Improvement of Earnings
5.) Convenience

Front 4

What are four examples of Economic Needs that allow consumers to make decisions?

Back 4

1.) Economy of Purchase
2.) Convenience
3.) Efficiency
4.) Dependability

Front 5

What are four examples of Psychological Variables that allow consumers to make decisions?

Back 5

1.) Motivation
2.) Perception
3.) Learning
4.) Attitude
5.) Trust

Front 6

People who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money.

Back 6

Economic Buyers

Front 7

This theory states that consumers decide what to buy based on economic needs, which are concerned wit making the best use of a consumer's time and money- as the consumer judges it.

Back 7

Economic-Buyer Theory

Front 8

What are the five most common economic needs?

Back 8

1.) Economy of use
2.) Efficiency in operation or use
3.) Dependability in use
4.) Improvement of Earnings
5.) Convenience

Front 9

What are four examples of Economic Needs that allow consumers to make decisions?

Back 9

1.) Economy of Purchase
2.) Convenience
3.) Efficiency
4.) Dependability

Front 10

What are four examples of Psychological Variables that allow consumers to make decisions?

Back 10

1.) Motivation
2.) Perception
3.) Learning
4.) Attitude

Front 11

What are four examples of Social Influences that consumers use to make buying decisions?

Back 11

1.) Family
2.) Social Class
3.) Reference Groups
4.) Culture

Front 12

What are three examples of the Purchase Situation that lead to consumers making particular buying decisions?

Back 12

1.) Purchase Reason
2.) Time
3.) Surrounding

Front 13

The basic forces that motivate a person to do something.

Back 13

Needs

Front 14

"Needs" that are learned during a person's life.

Back 14

Wants

Front 15

A strong stimulus that encourages action to reduce a need. These are INTERNAL- they are the reason behind certain behavior patterns. In Marketing, a product purchase results in the needs from a ____ to satisfy a need.

Back 15

Drive

Front 16

What are the four levels of the PSSP Hierarchy of Needs (from the base of the diagram to the top).

Back 16

1.) Physiological Needs
2.) Safety Needs
3.) Social Needs
4.) Personal Needs

Front 17

The Need for a better world, accomplishment, fun, freedom, and relaxation are examples of what from the PSSP Hierarchy of Needs.

Back 17

Personal Needs

Front 18

The need for love, friendship, status, esteem and connecting with others are examples of what from the PSSP Hierarchy of Needs.

Back 18

Social Needs

Front 19

The Need for solutions, protection, and physical well-being (perhaps involving health, security, and exercise) are examples of what from the PSSP Hierarchy of Needs

Back 19

Safety Needs

Front 20

The Need for food, liquid, rest, and sex are examples of what from the PSSP Hierarchy of Needs.

Back 20

Physiological Needs

Front 21

Concerned with a persons need for personal satisfaction- unrelated to what others think and do. Ex. accomplishment, fun, freedom, and relaxation.

Back 21

Personal Needs

Front 22

Concerned with love, friendship, status, and esteem- things that involve a person's interaction with others.

Back 22

Social Needs

Front 23

Needs concerned with biological needs- food, liquid,rest, and sex.

Back 23

Physiological Needs

Front 24

Concerned with protection and physical well-being (perhaps involving health, financial security, medicine, and exercise).

Back 24

Safety Needs

Front 25

How we gather and interpret information from the world around us.

Back 25

Perception

Front 26

Our eyes and minds seek out only information that interests us.

Back 26

Selective Exposure

Front 27

We Screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs.

Back 27

Selective Perception

Front 28

We Remember only what we want to remember.

Back 28

Selective Retention

Front 29

A change in a person's thought process caused by prior experiences.

Back 29

Learning

Front 30

Products, signs ads, and other stimuli in the environment.

Back 30

Cues

Front 31

An effort to satisfy a drive. The specific ______ chosen depends on the cues and the person's past experience.

Back 31

Response

Front 32

Occurs when the response is followed satisfaction- that is, reduction in the drive.

Back 32

Reinforcement

Front 33

A person's point of view toward something.

Back 33

An Attitude

Front 34

A person's opinion about something. These may help shape a consumer's attitudes but don't necessarily involve any liking or disliking.

Back 34

A Belief

Front 35

An outcome or event that a person anticipates or looks forward to.

Back 35

Expectation

Front 36

The confidence a person has in the promises or actions of another person, brand, or company. This drives expectations because when people ___, thy EXPECT the other party to fulfill promises or perform capably.

Back 36

Trust

Front 37

The analysis of a person's day-to-day pattern of living as expressed in that persons' activities, interests, and opinions (AIOs).

Back 37

Psychographics or Lifestyle Analysis

Front 38

A group of people who have approximately equal social position as viewed by others in the society.

Back 38

Social Class

Front 39

The people to whom an individual looks when forming attitudes about a particular topic.

Back 39

Reference Group

Front 40

A person who influences others. These people don't have to be wealthier or better educated. Can be the opinion leader on one subject but not on that of another.

Back 40

Opinion Leader

Front 41

The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people.

Back 41

Culture

Front 42

What are three instances that affect the buying behavior of a consumer.

Back 42

1.) Purchase Reason
2.) Time
3.) Surroundings

Front 43

The consumer decision process begins when?

Back 43

A consumer becomes aware of an unmet need.

Front 44

Consumers put ion this type of problem solving when they put much effort into deciding how to satisfy a need. This may involve soliciting a friend's opinion, visiting local stores for a first hand experience, etc.

Back 44

Extensive Problem Solving

Front 45

This type of problem solving is used by consumers when SOME effort is required in deciding the best way to satisfy a need. This occurs when a consumer has some previous experience with the product but isn't quite sure what decision to make at the time.

Back 45

Limited Problem Solving

Front 46

This type of problem solving is used when the consumer regularly selects a particular way of satisfying a need when it occurs. Routine is key here. This may also occur when a buyer trusts a company, brand, or friend's recommendation.

Back 46

Routinized Response Behavior

Front 47

Purchases that have little importance or relevance for the customer. Ex. Buying a box of salt.

Back 47

Low -Involvement Purchases

Front 48

A consumer problem-solving process always leads to a purchase. True or False?

Back 48

False

Front 49

A feeling of uncertainty about whether the correct decision was made. May lead a customer to seek additional information to confirm the wisdom of the purchase.

Back 49

Dissonance

Front 50

The steps individuals go through on the way to accepting or rejecting a new idea.

Back 50

The Adoption Process

Front 51

What are the 6 Steps of the "Adoption Process?"

Back 51

1.) Awareness
2.) Interest
3.) Evaluation
4.) Trial
5.) Decision
6.) Comfirmation

Front 52

More purchases are made by businesses and other organizations rather than by final customers. True or False? (Ch.7)

Back 52

TRUE

Front 53

Any buyers who buy for resale or to produce other goods and services.

Back 53

Business and Organizational Customers

Front 54

What are four types of Business and Organizational Customers?

Back 54

1.) Producers of Goods and Services
2.) Intermediaries
3.) Government Units
4.) Nonprofit Organizations

Front 55

Organizational Customers are collectively referred to as what?

Back 55

The "B2B" Market (Business to Business)

Front 56

Written (or electronic) description of wheat the firm wants to buy.

Back 56

Purchasing Specifications

Front 57

A way for a supplier to document its quality procedures according to internationally recognized standards.

Back 57

IS0 9000

Front 58

In order to get ISO certified what must a company do?

Back 58

They must prove to outside auditors that it documents how the company operates and who is responsible for quality.

Front 59

Buying specialists for their employers.

Back 59

Purchasing Managers `

Front 60

This occurs when several people- perhaps even management-play a part in making a purchase decision.

Back 60

The Multiple Buying Influence

Front 61

Production Line Workers and their supervisors

Back 61

Users

Front 62

Engineering or R&D people who help write speeches, supply information for evaluating new alternatives.

Back 62

Influencers

Front 63

The purchasing managers who have the responsibility fro working with suppliers and arranging the terms of the sale.

Back 63

Buyers

Front 64

The people in the organization who have the power to select or approve the supplier.

Back 64

Deciders

Front 65

People who control the flow of information within the organization.

Back 65

Gatekeepers

Front 66

All the people who participate or influence a purchase.

Back 66

Buying Center

Front 67

A formal rating of suppliers on all relevant areas of performance.

Back 67

Vendor Analysis

Front 68

A request to buy something

Back 68

A requisition

Front 69

Occurs when a customer organization has a new need and wants a great deal of information.

Back 69

New-Task Buying

Front 70

A routine repurchase that may have been made many times before.

Back 70

A Straight Rebuy

Front 71

The in-between process where some review of the buying situation is done.

Back 71

The Modified Rebuy

Front 72

Reports designed to help the consumers make decisions about a particular topic.

Back 72

The White Papers

Front 73

The terms of sale offered by the supplier in response to the purchase specifications posted by a buyer.

Back 73

Competitive Bid

Front 74

Reliably getting products to customers JUST BEFORE they need them.

Back 74

Just-in-time delivery

Front 75

Agreeing to contracts that allow for changes in the purchase arrangements.

Back 75

Negotiated Contract Buying

Front 76

Contracting with an outside firm to produce goods or services rather than to produce them internally.

Back 76

Outsource

Front 77

When buyers have budgeted funds that can be spent during the current period.

Back 77

"Open to Buy"

Front 78

Groups of firms in similar lines of business. The number of establishments, sales volumes, and number of employees- broken down by geopgraphic areas are given for each NAICS code.

Back 78

The NAICS Codes (The North American Industry Classifcation System)

Front 79

Independent buying agents who work in central markets (NYC, Paris, Rome, Chicago, LA) etc. for several retailer or wholesaler customers based in outlying areas or other countries.

Back 79

Resident Buyers

Front 80

______ buying organizations fill a need by helping small channel members reach each other inexpensively.

Back 80

Resident Buying

Front 81

The _____ is the largest customer group in many countries.

Back 81

The Government

Front 82

This act was passed in 1977, and prohibits US firms from paying bribes to foreign officials.

Back 82

Foreign Corrupt Practices Act.

Front 83

Ina slight change to the corrupt practices act, people can use small grease payments if it is accepted in the local culture. True or False?

Back 83

True