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137 Cards in this Set

  • Front
  • Back
the process involved when individuals or groups select, purchase, use and dispose of goods, services, ideas, or experiences to satisfy their needs and desires
consumer behavior
the relative importance of percieved consequences of the purchase to a consumer
involvement
the belief that choice of a product has potentially negative consequneces, wither financial, physical, or social
percived risk
The process that occurs whenecer the consumer sees a significant defference between his or her current state of affairs and some desired or ideal state, this recognition initiates the decision-making process
problem recognition
The process wherby a consumer searches for appropriate info to make a reasonable desision
information search
a mental rule of thumb that leads to a speedy decision by simplifying the process
heuristics
brand makes product superior
brand loyalty
the overall attitude a person has about a product after purchasing it
consumer satisfaction/dissatisfaction
the anxiety or regret a consumer may feel after choosing from among several similar attractive choices
cognitive dissonance
the process by which people select, organize, and interpret information from the outside world
perception
the extent to which a stimulus is capable of being registered by a persons sensory receptors
exposure
the extent to which mental processing activity is devoted to a particular stimulus
attention
the process of assigning meaning to a stimulus based on prior associations a person has with it and assumptions he or she makes about it
interpretation
an internal state that drives us to satisfy needs by activating goal oriented behavior
motivation
theories of learning that focus on how consumer behavior is changed by external events of stimuli
behavioral learning theories
the feeing component of attitudes refers to the overall emotional response a person has to a product
affect
an individuals self image that is composed of a mixture of beliefs, observations, and feelings about personal attributes
self-concept
a means of characterizing consumers within a family structure on the basis of different stages through which people pass as they grow older
family life cycle
the pattern of living that determines how people choose to spend their time, money, and energy that reflects their values, traits, and preferences
lifestyle
the use of psychological, sociological, and anthropological factors to construct market segments
psychographics
the values, beliefs, customs, and tastes, valued by a group of people
culture
a group within a society whose members share a distinctive set of beliefs, characteristics, or common experiences
subculture
the hundreds of millions of global consumers who now enjoy a level of purchasing power thats sufficient to let them afford high quality products except for big ticket items like college educations, housing, or luxury cars
mass-class
an actual or imaginary individual or group that has a significant effect on an individuals evaluations, aspirations, or behavior
reference group
a change in beliefs or actions as a reaction to real or imagined group pressure
conformity
a person who is frequently abole to influence others attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories
opinion leader
the marketing of goods and services that business and organizational customers need to produce other goods and services for resale or to support their operations
business to business marketing
the group of customers that include manufacturers, wholesalers, retailers, and other organizations
business to business markets, or organizational markets
demand for business or organizational products caused by demand for consumer goods or services
derived demand
demand in which changes in price have little or no effect on the amount demanded
inelastic demand
demand for two or more goods that are used together to create a product
joint demand
the individuals or orgs that purchase products for use in the production of other goods and services
producers
the individuals or orgnizations that buy finished goods for the purpose of reselling, renting, or leasing to other to make a profit and to maintain their business operations
resellers
the federal, state, county, and local govts, that buy goods and services to carry out public objectives to support their operations
govt markets
the numerical coding system that the usa, canada, and mexico use to classify firms into detailed categories according to their business activities
North AMerican Industry Classification system (NAICS)
one of three classifications of business buying situations that characterizes the degree of time and effort required to make a decision
buyclass
a buying situation in which business buyers make routine purchases that require minimal decision making
straight rebuy
a buying situation classification used by business buyers to categorize a previously made purchase that involves some change and that requires limited decision making
modified rebuy
a new business to business purchase that is complex or risky and that requires extensive decision making
new task buy
the group of people in an org who participate in a purchasing decision
buying center
a written description of the quality, size, weight, and so forth required of a product purchase
product specifications
the business practice of buying a particular product from only one supplier
single sourcing
the business practice of buying a particular product from several different suppliers
multiple sourcing
a trading partnership in which two firms agree to buy from one another
reciprocity
the business buying process of obtaining outside vendors to provide goods or services that otherwise might be supplied in-house
outsourcing
through a formal network, pulling together expertise from around the globe put to bear on solving a particular problem for a firm
croudsourcing
a business practice in which a buyer firm attempts to identify suppliers who will produce products according to the buyer firms specifications
reverse marketing
Internet exchanges between two or more businesses or orgs
business to business ecommerce
a private corporate computer network that links company departments employees, and databases to suppliers, customers, and others outside the organizations
extranet
systems that link an invited group of suppliers and partners over the web
private exchanges
the creation of many consumer groups due to a diversity of distinct of distinct needs and wants in modern society
market fragmentation
dividing the total market into different segments on the basis of customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments
target marketing strategy
the process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics
segmentation
dimensions that divide the total market into fairly homogenous groups, each with different needs and preferences
segmentation variables
the group of consumers born between 1977 and 1994
Generation y
statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure
demographics
marketing to members of a generation, who tend to share the same outlook and priorities
generational marketing
the group of consumers born between 1965 and 1978
Generation X
the segment of people born between 1946 and 1964
baby boomers
a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side
metrosexual
a segmentation technique that combines geography with demographics
geodemography
customizing web advertising so that people who log on in different places will see ad banners for local businesses
geocoding
the use of psychological, sociological, and anthropological factors to construct market segments
psychographics
a psychographic system that divides the entire us pop into eight segments
VALS (values and lifestyles)
a technique that divides consumers into segments on the basis of how the act toward, feel about. or use a good or service
behavioral segmentation
a marketing rule of thumb that 20 percent or purchasers amount for 80 present of its sales
80/20 rule
a new approach to segmentation based on the idea that companies can make money by selling small amounts of items that only a few people want, provided they dell enough different items
long tail
an indicator used in one type or market segmentation based on when consumers use a product most
usage occasions
a strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources in to turn them into customers
targeting
the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts
target market
a description of the "typical" customer in a segment
segment profile
appealing to a broad spectrum of people
undifferentiated targeting strategy
developing one or more products for each of several distinct customer groups and making sure these offering are kept separate in the marketplace
differentiated targeting strategy
focusing a firms efforts on offering one or more products to a single segment
concentrated marketing strategy
an approach that tailors to specific products and the messages about them to individual customers
custom marketing strategy
an approach that modifies a basic good or service to meet the needs of an individual
mass customization
developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition
positioning
redoing a products position to respond to a marketplace changes
repositioning
a distinctive image that captures a goods or services character and benefits
brand personality
a vivid way to construct a picture of where products or brands are located in consumers minds
perceptual map
the percentage of an individual customers purchase of a product that is a single brand
share of customer
the potential profit generated by a single customers purchase of a firms products over the customers lifetime
lifetime value of customer
the financial value of a customer relationship throughout the lifetime of the relationship
customer equity
a tangible product that we can see, touch, smell, hear, or taste
good
all of the benefits the product will provide for the customers or business customers
core product
the physical good or the delivered service that supplies the desired benefit
actual product
the actual product plus other supporting features such as warranty, credit, delivery, installation, and repair service after the sale
augmented product
consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances
durable goods
consumer products that provide benefits for a short time because they are consumed (food) or are no longer useful (newspapers)
nondurable goods
a consumer good or service that is usually low priced, widely available, and purchased frequently with a minimum or comparison and effort
convenience product
basic or necessary items that are available almost everywhere
staples
a product people often buy on the spur of the moment
impulse product
products we purchase when were in dire need
emergency products
products that exhibit consistently high velocity of sales in the consumer market place
fast moving consumer goods
a good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
shopping product
computer programs that find sites selling a particular product
shopbots
a good or service that has unique characteristics and is important to the buyer and for which the buyer will devote significant effort to acquire
specialty product
goods or services for which a consumer has little awareness or interest until the product or need for the product is brought to his or her attention
unsought products
expensive products that an org uses in its daily operations that last for a long time
equipment
goods that a business customer consumes in a relatively short time
maintenance, repair, and operating products
products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products
raw materials
products created when firms transform raw materials from their original state
processed materials
manufactured goods or subassemblies of finished items that organizations need to complete their own products
component parts
a product that consumers perceive to be new and different from existing products
innovation
a modification of an existing product that sets one brand apart from its competitors
continuous innovation
a new product that copies, with slight modification, the design of an original product
knockoff
a change in existing product that requires a moderate amount of learning or behavior change
dynamically continuous innovation
the coming together of two or more technologies to create a new system with greater benefits than its parts
convergence
a totally new product that creates major changes in the way we live
discontinuous innovation
the first step of product development in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission
idea generation
the second step of product development in which marketers test product ideas for technical and commercial success
product concept development and screening
the step in the product development process in which marketers assess a products commercial viability
business analysis
test versions of a proposed product
prototype
testing the complete marketing plan in a small geographic area that is similar to the larger market firm hopes to enter
test marketing
the step in the product development process in which a new product is refined and perfected by company engineers
technical development
the final step in the product development process in which a new product is launched into the market
commercialization
the process by which a consumer or business customer begins to buy and use a new good, service, or idea
product adoption
the process by which the use of a product spreads throughout a population
diffusion
in the context of product diffusion, the point when a products sales spike from a slow climb to an unprecedented new level, often accompanied by a steep price decline
tipping point
a massive advertising campaign that occurs over a relatively short time frame
media blitz
a purchase made without any planning or search effort
impulse purchase
the first segment of a population to adopt a new product
innovators
those who adopt an innovation early in the diffusion processes but after the innovators
early adopters
those whose adoption of a new product signals a general acceptance of the innovation
early majority
the adoptors who are willing to try new products when there is little or no risk associated with the purchase, when the purchase becomes an economic necessity, or when there is social pressure to purchase
late majority
the last consumers to adopt an innovation
laggards
the degree to which a consumer perceives that a new product provides superior benefits
relative advantage
the extent to which a new product is consistent with existing cultural values, customs, and practices
compatibility
the degree to which consumers find a new product or its use difficult to understand
complexity
the ease of sampling a new product and its benefits
trialibilaity
how visible a new product and its benefits are to other who might adopt it
observability
the last consumers to adopt an innovation
laggards
the degree to which a consumer perceives that a new product provides superior benefits
relative advantage
the extent to which a new product is consistent with existing cultural values, customs, and practices
compatibility
the degree to which consumers find a new product or its use difficult to understand
complexity
the ease of sampling a new product and its benefits
trialibilaity
how visible a new product and its benefits are to other who might adopt it
observability