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80 Cards in this Set

  • Front
  • Back

Customer Insights

Fresh understanding of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.

Marketing Information System (MIS)

People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.

Marketing Research

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Exploratory Research

Marketing research to gather preliminary information that will help define problems and suggest hypothesis.

Descriptive Research

Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.

Causal Research

Marketing research to test hypotheses about cause-and-effect relationships.

Secondary Data

Information that already exists somewhere, having been collected for another purpose.

Primary Data

Information collected for the specific purpose at hand.

Observational Research

Gathering primary data by observing relevant people, actions, and situations.

Ethnographic Research

A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments."

Survey Research

Gathering primary data by asking people questions about their knowledge, attitudes, preferences and buying behavior.

Experimental Research

Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.

Focus Group Interviewing

Personal interviewing that involves inviting 6 to 10 people to gather for a few hours with a rained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion on important issues.

Online Marketing Research

Collecting primary data online through internet surveys, online focus groups, web-based experiments, or tracking consumers' online behavior.

Online focus groups

Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.


A segment of the population selected for marketing research to represent the population as a whole.

Consumer Buyer Behavior

The buying behavior of final consumers-individuals and households that buy goods and services for personal consumption.

Consumer Market

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

Characteristics Affecting Consumer Behavior

Cultural, social, personal, and psychological


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


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

Social class

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


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

Word-of-Mouth Influence

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

Opinion Leader

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

Online Social Networks

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


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


The unique psychological characteristics that distinguish a person or group.

Motive (drive)

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


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


Changes in an individuals behavior arising from experience.


A descriptive thought that a person holds about something.


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

Complex Buying Behavior

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

Dissonance-Reducing Buying Behavior

Consumer buying behavior in situations characterized by high involvement but few perceived differenced among brands.

Habitual Buying Behavior

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

Variety-Seeking Buying Behavior

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

Need Recognition

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

Information search

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

Alternative Evaluation

The stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set.

Purchase Decision

The buyer's decision about which brand to purchase.

Postpurchase Behavior

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

Cognitive dissonance

Buyer discomfort caused by post purchase conflict.

Brand Equity

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

Store Brand (or private brand)

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


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

Line extension

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

Brand Extension

Extending an existing brand name to new product categories.


The amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service.

Customer Value-Based Pricing

Setting price based on buyers' perceptions of value rather than on the seller's cost.

Good-Value Pricing

Offering just the right combination of quality and good service at a fair price.

Value-Added Pricing

Attaching value-added features and services to differentiate a company's offers and charging higher prices.

Cost-Based Pricing

Setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk.

Fixed Costs (overhead)

Costs that do not vary with the production or sales level.

Variable Costs

Costs that vary directly with the level of production.

Total Costs

The sum of the fixed and variable costs for any given level of production.

Experience Curve (learning curve)

The drop in the average per-unit production cost that comes with accumulated production experience.

Cost-plus pricing (markup pricing)

Adding a standard markup to the cost of the product.

Break-Even Pricing (target return pricing)

Setting price to break even on the costs of making and marketing a product, or setting pice to make a target return.

Competition-Based Pricing

Setting prices based on competitors' strategies, prices, costs, and market offerings.

Target Costing

Pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met.

Demand Curve

A curve that shows the number of units the market will buy in a given time period, at different prices that might be charged.

Price Elasticity

A measure of the sensitivity of demand to changes in price.

Depth (brand salience)

Ease of recall/recognition.

Breadth (brand salience)

Range of consumption situations.

Brand Valuation

the process of estimating the total financial value of a brand.

Customer Equity

the value of customer relationships that the brand creates.

Brand Positioning

Lowest level-product attributes

Middle level-benefits

Highest level-beleifs and values

(lovemarks- inspire loyalty beyond reason)

Brand Name Selection

1)should suggest something about the products benefit.

2)Easy to pronounce, recognize, and remember.

3)the brand name be distinctive

4)It should be extendable

5)translate easily

Battle of the Brands

between national and private brands, retailers have many advantages.


New brands in existing category. Eg. pepsi, sobe, tropicana.

Everyday Low Pricing

Charging a constant everyday low price with few or no temporary price discounts.

High-Low Pricing

Charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items.

Markup Price

unit cost/(1-desired return on sales)

Break-Even Volume

Fixed Cost/(Price - Variable Cost)

Pricing Under Pure Competition

the market consists of many buyers and sellers trading in a uniform commodity. No single buyer/seller has much effect on the market price.

Monopolistic Competition

market consists of many buyers/seller who trade a range of prices rather than a single market price.

Oligopolistic Competition

the market consists of only a few large sellers. Each seller is alert and responsive to competitors prices.

Pure Monopoly

the market is dominated by one seller. pricing handled differently in each case.

Price Elasticity

% change in quantity demanded/ %change in price

Inelastic = less than 1

Elastic = greater than 1