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100 Cards in this Set
- Front
- Back
marketing
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the activity and process of creating capturing, communicating people at large
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marketing plan
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specifies the marketing activities for a specific period of time.
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exchange
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the trade of things of value between the buyer and the seller so that each is better off
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marketing mix: Four P's
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product, price, place, promotion
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goods
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items that you can physically touch
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services
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are intangible customer benefits
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ideas
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thoughts, opinions and philosophies that can be marketed.
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product
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goods, services, ideas
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price
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capturing value
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place
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Delivering
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promotion
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communicating the value proposition
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employment marketing
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undertaking marketing research to understand what potential employees are seeking as well as what they think.
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value
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relationship of benefits to costs
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value co-creation
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allow the opportunity to act as collaborators in creating the product or service
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transactional orientation
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regards the buyer seller relationship as a mere series of transactions
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relational orientation
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philosophy that buyers and sellers should develop a long term relationship
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customer relationship management (CRM)
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philosophy, strategies, programs, that focus on building customer loyalty.
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supply chain
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group of firms that make and deliver a given set of goods and services
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marketing strategy
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identifies: 1 a firms target market
2 related marketing mix-four p's 3 bases upon which the firm plans to build a sustainable competitive advantage |
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sustainable competitive advantage
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advantage over the competition that is not easily copied
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Customer excellence
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focuses on retaining loyal customers and excellent customer service
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operational excellence
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achieved though efficient operations and excellent supply chain and human resource management
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product excellence
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having products with high perceived value and effective branding and positioning
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locational excellence
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having a good physical location and internet presence.
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marketing plan
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written document composed of an analysis of the current marketing situation opportunities and threats for the firm.
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planning phase
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define the mission statement and vision of the business
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implementation phase
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identify and evaluate different opportunites by engaging in a process known as segmentations, targeting and positioning
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control phase
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evaluating any necessary corrective actions
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mission statement
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broad description of a forms objective and the scope of activities it plans to undertake.
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sustainable competitive advantage
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something the frim can persistently do better than its competitors
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situation analysis
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using SWOT that asses the internal environment
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SWOT
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strength, weakness, opportunities, threats
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STP
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segmentation, targeting, positioning
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market segment
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consisting of consumers who respond similarly to a frims marketing efforts
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market segmentation
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process of dividing the market into groups of customers with different needs, wants or characteristics
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target marketing/targeting
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decides which market segment to pursue
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market positioning
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process of defining the marketing mix variables so that target customers have a clear understanding of the product
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cost-based pricing
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when a firm determines the costs of producing or providing its product and then adds a fixed amount above that total to arrive at the selling price
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competitor-based pricing
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firm prices below at or above its competitors offerings.
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value-based pricing
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firm first determines the perceived value of the product from the customers point of view and then prices accordingly.
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strategic business unit (SBU)/product line
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level of the firm though managers also can use it to analyze brands or even individual items.
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market share
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the percentage of a market accounted for by a specific entity
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relative market share
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provides managers with a products relative strength, compared to that of the largest firm in the industry
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market growth rate
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annual rate of growth of the specific market in which the product competes.
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market penetration strategy
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employs the existing marketing mix and focuses the firms efforts on existing customers
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market development strategy
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employs the existing marketing offering to reach new market segments, domestic or international.
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product development strategy
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offers a new product or service to a firms current target market
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diversification strategy
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the last of the growth strategies, introduces a new product or service to a market segment that currently is not served.
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scenario planning
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integrates information obtained as part of the situation and opportunity analysis steps of the marketing plan to better understand the potential performance outcomes associated with different marketing mix applications
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SWOT
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strengths, weaknesses, opportunities and threats
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business ethics
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refers to the moral or ethical dilemmas that might arise in a business setting
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marketing ethics
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examines those ethical problems that are specific to the domain or marketing
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ethical climate
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within a marketing firm (or in the marketing division of any firm) includes having a set of values that guides decision making and behavior
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corporate social responsibility
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voluntary actions taken by a company to address the ethical social and environmental impacts of its business operations and the concerns of its stakeholders
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phishing
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sending emails falsely claiming to be a legitimate business soliciting information to scam users
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need recognition
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the beginning of the consumer decision process; occurs when consumers recognize they have an unstaified need and want to go from their actual needy state to a different desired state
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fuctional needs
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pertain the the performance of a product or service
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psychologial needs
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pertain to the personal gratification consumers associate with a product or service
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internal search for information
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buyer examines his or her own memory and knowledge to help make the buying decision
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external search for information
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buyer seeks informtion outside own memory and knowledge to help make the buying decision.
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internal locus of control
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people believe they have some controll over the outcomes of their actions
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external locus of control
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counsumers believe that external factors controll all outcomes
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performance risk
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perceived danger inherent of a poorly made product
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financial risk
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cost of good and cost to use it.
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psychological risk
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the way a person will feel if it does not convey the right message
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specialty goods/services
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consumer shows a strong preference and spend time researching
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shopping goods/services
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consumer will spend time looking at alternatives
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convenience goods/services
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customer spends no time seaching for information prior to consumption
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Universal sets
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include all possible choices for a product category
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evoked set
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conprises the alternative brands or stores that the consumers would consider when making a purchase
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retrieval sets
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brands or stores that can be readily brought forth from memory
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evaluate critera
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important attributs about a particular product.
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Determinant attributes
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product or service features that are important to the buyer and on which competing brands or stores are perceived to differ
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consumer decision rules
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set of criteria that consumers use consciously or subconsciously to quickly and effeciently select from among several alternatives.
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compensatory decision rule
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assumes that the consumer when evaluating altenatives trades off one characteristc against another, such that good characteristics compensate for bad characteristics
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noncompensatory decison rule
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which they chose a product or service on the basis of one characterisc or one subset of a characteristic regardless of the values of its other attributes.
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decison heuristics
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mental shortcuts that help consumer narrow down the choices.
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ritual comsumption
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refers to a patter of behaviors tied to life events that affect what and how we consume.
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postpurchase disonance
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known as buyers remorse, undcomfortable state produced by an incosistency between prior beliefs and actual behavior that evokes a motivations to reudce the the dissonance
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Negative word of mouth
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when consumers spread negative information about a product service or store to others.
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motive
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need or want that is strong enough to cause the person to seek satisfaction
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Maslows hierarchy of needs
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5 groups of needs. physiological, safety, love, esteem, self acutalization
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physiological needs
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deal with the basic biological necessities of life. food water rest shelter.
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safety needs
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protection and physical well being
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love needs
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relate to our interactions with others.
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esteem needs
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allow people to satisfy their inner desires.
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self-actualization
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occours when you feel completely satisfied with your life and how you live.
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attitude
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person enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea.
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cognitive
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component reflects what we believe to be true.
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affective
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involves what we feel about the issue. like or dislike.
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behavioral
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actions we undertake with regard to that issue.
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perception
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process by which we select organize and interpret infomration to form a meaningful picture of the world
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learning
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refers to a change in a persons thought process or behavior that arises.
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lifestyle
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refers to the way consumers spend their time and money to live
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reference group
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one or more persons whom an individual uses as a basis for comparison regarding belefs feelings and behaviors.
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culture
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shared meanings, beliefs, morals, values and customs of a group of people.
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situational factors
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factos specific to the situatoin override or at least influence psychological and social issues.
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extended problem solving
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common when the customer perceives that of purchase decison entails a lot of risk
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limited problem solving
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occours during a purchase decison that calls for at most a moderate amount of effort and time.
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impulse buying
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buying decison made by customers on the spot hen they see the merchandise.
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