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Marketing ch6-ch10
| Term | Definition |
|---|---|
| Affective component | a component of attitude that reflects what a person feels about the issue at hand - his or her like or dislike of something |
| Attitude | "a person's enduring evaluation of his or her feelings about a behavioral tendencies toward an object or idea; consists of three components: cognitive |
| Autocratic buying center | "A buying center in which one person makes the decision alone |
| Behavioral component | A component of attitude that comprises the actions a person takes with regard to the issues at hand |
| Behavioral segmentation | a segmentation method that divides customers into groups based on how they use the product or service. Some common behavioral measures include occasion and loyalty |
| Benefit segmentation | The grouping of consumers on the basis of the benefits they derive from products or services |
| Biometric data | Digital scanning of the physiological or behavioral characteristics of individuals as a means of identification |
| Business-to-business marketing | "The process of buying and selling goods or services to be used in the production of other goods ands services |
| Buyer | the buying center participant who handles the paperwork of the actual purchase |
| Buying center | the group of people typically responsible for the buying decisions in large organizations |
| Churn | "The number of consumers who stop using a product or service |
| Cognitive component | a component of attitude that reflects what a person believes to be true |
| Compensatory decision rule | "at work when the consumer is evaluating alternatives and trades off one characteristic against another |
| Concentrated targeting strategy | "a marketing strategy of selecting a single |
| Consensus buying center | a buying center in which all members of the team must reach a collective agreement that they can support a particular purchase |
| Consultative buying center | a buying center in which one person makes the decision but he or she solicits input from others before doing so |
| Consumer decision rules | the set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives |
| Conversion rate | percentage of consumers who buy a product after viewing it |
| Cookies | "computer program |
| Culture | A set of values guiding beliefs understanding and ways of doing things shared by members of the society |
| Data | raw numbers or facts |
| Data mining | use of a variety of statistical analysis tools to uncover previously unknown patterns in data stored in databases or relationships among variables |
| Data warehouses | Large computer files that store millions and even billions of pieces of individual data |
| Decider | buying center participant who ultimately determines any part of or the entire buying decision |
| Democratic buying center | the majority rules in making decisions |
| Demographic segmentation | "grouping of consumers according to easily measured objective characteristics such as age |
| Derived demand | linkage between consumers demands or companies output and it's purchase of necessary inputs to manufacture or assemble that particular output |
| Determinant attributes | product or service features that are important to the buyer and on which competing brands or stores are perceived to differ |
| Differentiated targeting strategy | a strategy throughout which a firm targets several market segments that are different from each other |
| Direct investment | "a firm maintains 100% ownership of plants |
| Distributors | a type of reseller or marketing intermediary that resells manufactured products without significant altering from their original form |
| Duty | see tariff (taxes) |
| Esteem needs | enable people to fulfill their inner desires |
| Evaluative criteria | consists of a set of important attributes about a particular product |
| Evoked set | compromises alternative brands or stores that the customer states he/she would consider when making a purchase |
| Exchange control | refers to regulation of the country's currency exchange rate |
| Exchange rate | measure of how much one currency is worth in relation to another |
| Experiment | see experimental research |
| Experimental research | a type of conclusive and quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on another variable |
| Exporting | producing goods in one country and selling them in another |
| Extended problem solving | a purchase decision process during which the consumer devotes considerable time and effort to analyzing alternatives; often occurs when the consumer devotes considerable time and effort to analyzing alternatives; often occurs when the consumer perceives t |
| external locus of control | refers to when consumers believe that fate or other external factors control all outcomes |
| External search for information | a buyer seeks information outside of personal knowledge to help make a buying decision |
| Financial risk | a risk associated with a monetary outlay |
| Focus group interview | research technique where a small group of people comes together for intense discussion about a particular topic |
| Franchisee | buyer |
| Franchising | a contractual agreement between the franchisor and franchisee that allows the franchisee to operate the business using the name and format developed and supported by the franchisor |
| Franchisor | seller |
| Functional needs | pertains to the performance of a product or service |
| Gatekeeper | "buying center participant who controls information or access to decisions |
| Geodemographic segmentation | "grouping consumers on the basis of geographic |
| Geographic segmentation | grouping consumers on the basis of where they live |
| Globalization | "goods and services |
| Glocalization | firms standardizing their product globally but using different advertising campaigns to sell them |
| Gross domestic product (GDP) | market value of goods and services produced by a country in a year |
| Gross national income (GNI) | consists of the gdp plus the net income earned from investments abroad |
| Habitual decision making | purchase decision process in which consumers exchange with little conscious effort |
| Ideal point | position and which a particular market segment's idea product would lie on a perceptual map |
| Impulse buying | buying decision made by customers on the spot when they see a product |
| In-depth interview | "extraordinary research technique where trained researchers ask questions |
| Influencer | buying center participant whose views influence on members of the buying center to make the final decision |
| Information | "organized |
| Infrastructure | basic facility services and installations needed for a community to function |
| Initiator | a buying center participant who first suggests buying a particular product or service |
| Internal locus of control | consumers believe that they have some control over the outcomes of their actions |
| Internal search for information | a buyer examines their memory and knowledge about the product or service |
| Involvement | customers interest in the product or service |
| Joint venture | formed when a firm entering into a new market pools resources with a local firm |
| Learning | exchange in a person's thought process or behavior that arises from experience that takes place throughout the consumers decision process |
| Lifestyles | the way a person lives their life to achieve goals |
| Limited problem solving | "during a purchase decision that calls for |
| Love needs | expressed through interactions with others |
| Loyalty segmentation | strategy of investing in loyalty initiatives to retain the firm's most profitable customers |
| Marketing research | "techniques and principals for systematically correcting |
| Maslow’s hierarchy of needs | a program for classifying people's motivations |
| Micromarketing | form of segmentation that tailors a product or service to suit an individual customers wants or needs |
| Modified rebuy | a buyer has purchased a similar product in the past but has decided to change some specifications |
| Motive | need or want that is strong enough to cause a person to seek satisfaction |
| Multi-attribute model | a compensatory model of customer decision making based on the notion that customers see a product as a collection of attributes or characteristics |
| Need recognition | "the beginning of the consumer decision process; occurs when consumers recognize they have an unsatisfied need and want to go from their actual |
| Negative word of mouth | "occurs when consumers spread negative information about a product |
| New buy | "in a B2B setting |
| Noncompensatory decision rule | "at work when consumers choose a product or service on the basis of a subset of its characteristics |
| Observation | an exploratory research method that entails examining purchase and consumption behaviors through personal or video camera scrutiny |
| Occasion segmentation | a type of behavioral segmentation based on when a product or service is purchased or consumed |
| One-to-one marketing | see micromarketing |
| Organizational culture | "reflects the set of values |
| Panel data | information collected from a group of consumers |
| Perception | "the process by which people select |
| Perceptual map | "displays |
| Performance risk | danger inherent in a poorly performing product or service |
| Physiological needs | basic biological needs |
| Physiological risk | fear of actual harm should a product not perform correctly |
| Postpurchase cognitive dissonance | psychologically uncomfortable state produced by an inconsistency between beliefs and behaviors that in turn evokes a motivation to reduce the dissonance; buyer's remorse |
| Primary data | data collected to address specific research needs |
| Psychographics | used in segmentation; delves into how consumers describe themselves |
| Purchasing power parity (PPP) | exchange rates of two countries are in equilibrium; a product purchased in one costs the same in another |
| Qualitative research | informal research methods |
| Quantitative research | structured responses that can be statistically tested to confirm insights and hypotheses gathered via qualitative research or secondary data |
| Questionnaire | a set of questions to gather information from respondents and thereby accomplish research objectives |
| Quota | designates the maximum quantity of a product that may be brought into a country during a specified time period |
| Reference group | "one or more persons whom an individual uses as a basis for comparison regarding beliefs |
| Request for proposals (RFP) | a process through which buying organizations invite alternative suppliers to bid on supplying their required components |
| Resellers | marketing intermediaries that resell manufactured products without significantly altering their form |
| Retrieval sets | includes those brands or stores that the consumer can readily bring forth from memory |
| Reverse innovation | "when companies initially develop products for niche or underdeveloped markets |
| Safety needs | one of the needs in the PSs hierarchy of needs; pertain to protection and physical well-being |
| Safety risk | see psychological risk |
| Sample | a group of customers who represent the customers of interest in a research study |
| Scanner data | a type of quantitative research that uses data obtained from scanner readings of Universal Product Codes (UPCs) at checkout computers |
| Secondary data | pieces of information that have already been collected from other sources and usually are readily available |
| Self-actualization | when a person is completely satisfied with his or her life |
| Self-concept | the image a person has of him- or herself |
| Self-values | "goals for life |
| Sentiment mining | data gathered by evaluating customer comments posted through social media sites such as Facebook and Twitter |
| Situational factors | factors affecting the consumer decision process; those that are specific to the situation that may override or at least influence psychological and social issues |
| Social risk | the fears that consumers suffer when they worry others might not regard their purchases positively |
| Straight rebuy | refers to when the buyer or buying organization simply buys additional units of products that have previously been purchased |
| Strategic alliance | "a collaborative relationship between independent firms |
| Structured questions | "closed-ended questions for which a discrete set of response alternatives |
| Survey | a systematic means of collecting information from people that generally uses a questionnaire |
| Syndicated data | data available for a fee from commercial research firms such as Information Resources Inc. |
| Tariff | a tax levied on a good imported into a country; also called a duty |
| Trade agreements | intergovernmental agreements designed to manage and promote trade activities for specific regions |
| Trade deficit | results when a country imports more goods than it exports |
| Trade surplus | occurs when a country imports more goods than it exports |
| Trading bloc | consists of those countries that have signed a particular trade agreement |
| Undifferentiated targeting strategy (mass marketing) | "a marketing strategy a firm can use if the product or service is perceived to provide the same benefits to everyone |
| Universal sets | includes all possible choices for a product-category |
| Unstructured questions | open-ended questions that allow respondents to answer in their own words |
| User | the person who consumes or uses the product or service purchased by the buying center |
| Value | "reflects the relationship of benefits to costs |
| Value and lifestyle survey (VALS) | a psychological tool developed by SRI Consulting Business Intelligence; classifies consumers into either segments |
| Value proposition | the unique value that a product or service provides to its customers and how it is better than and different from those of competitors |
| Web portal | an internet site whose purpose is to be a major starting point for users when they connect to the Web |
| Wholesalers | "those firms engaged in buying |
Created by:
IAmWEC
Popular Marketing sets