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27 Cards in this Set
- Front
- Back
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reciprocity
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a trading partnership in which two firms agree to buy from one another
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What determines the level of decision making engaged by consumers?
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Involvement- how important we perceive the consequences of the purchase to be
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Know the steps in consumer decision making process
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1. Problem Recognition 2. Information Search 3. Evaluation of Alternatives 4. Product Choice 5. Postpurchase Evaluation
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What is derived demand?
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demand for business or organizational products caused by demand for consumer goods or services
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What is a specialty product?
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a good or service that has unique characteristics and is important to the buyer and for which she will devote significant effort to acquire
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What are the different types of demand in B to B market?
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1. Derived 2. Inelastic 3. Fluctuating 4. Joint
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What is customer equity in CRM?
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the financial value of a customer relationship throughout the lifetime of the relationship
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What is the pre-requisite for perception?
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the stimuli must be in range of peoples sensory receptors
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What is reverse marketing and how is it applied?
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a buyer firm attempts to identify suppliers who will produce products according to the buyer firms specifications
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What are the variables for segmenting the consumer market?
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Age, Gender, Family Life Cycle, income & social class, ethnicity, place of residence, psychographics, behavior
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What is convergence? Understand the application
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the coming together of two or more technologies to create a new system with greater benefits than its separate parts
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What is learning?
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a relatively permanent change in behavior caused by acquired info or experience
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What types of demands are experienced by business-to-business marketers?
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derived, inelastic, fluctuating, joint
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What is segmentation?
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the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics
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What is CRM? How is it applied?
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customer relationship management- a tracking of consumers preferences and behaviors over time in order to tailor value proposition to to each individual wants and needs
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Differentiate between continuous, dynamically continuous, and discontinuous innovation
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1. a modification of an existing product that sets one brand apart from others 2. a change in an existing product that requires a moderate amount of learning 3. a totally new product that creates major changes in the way we live
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Differentiate between straight rebuy, modified rebuy and new task
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1. business buyers make routine purchases that require minimal decision making 2. categorizes a previously made purchase that involves some change and requires limited decision making 3. complex and risky requires extensive decision making
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understand the types of b2b markets
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d
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what is positioning
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develop a marketing strategy to influence how a particular market segment precieves a good or service in comaprison to the competition
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jdifferentiate btwn share of the customer and share of the market
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j
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understand the differences btwn gen. x,y, and baby boomers
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gen x- 1965-1978 gen y 1979-1994 baby boomers 1946-1964
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what is the meaning of compatibility in the adoption process
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is the degree to which consumers find a new product or its use difficult to understand
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jdifferentiate btwn extended, limited, and habitual decision making
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j
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jjwhat are the 3 main categories of influences that affect consumer decision making
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situational, social, internal
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jwhat are mro? know the examples
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k
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jwhat is the difference btwn core, actual and augmented product
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k
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know the stages of the product adoption process
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awareness, interest, evaluation, trial, adoption, confirmation
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