Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Marketing Ch.6
| Term | Definition |
|---|---|
| Consumer Behavior | the process of individuals or groups go through to select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires. |
| Involvement | the relative importance of perceived consequences of the purchase to a consumer |
| Perceived Risk | the belief that choice of a product has potentially negative consequences, whether financial, physical, or social. |
| 1. Problem Recognition 2. Information Search 3. Evaluation of alternatives 4. Product Choice 5. Post purchase Evaluation | Consumer Decision Making Process |
| Problem Recgonition | a. The process that occurs whenever the consumer sees a significant difference between his current state of affairs and some desired or ideal state; this recognition initiates the decision making process. |
| Information Search | the process where a consumer searches for appropriate information to make a reasonable decision. |
| Search Marketing | marketing strategies that involve the use of internet search engines |
| Search Engine Optimization | a systematic process of ensuring that your firm comes up at or near the top of lists of typical search phrases related to your business |
| Search Engine Marketing | search marketing strategy in which marketers pay for ads or better positioning. |
| Sponsored Search Ads | paid ads that appear at the top or beside the internet search engine results. |
| Comparison shopping agents/ shopbots | web applications that help online shoppers find what they are looking for at the lowest price and provide customer reviews and ratings of products and sellers. |
| Evaluation of Alternatives | a. The consumer must identify a small number of products they are interested in and then narrow down the choices by deciding which of the possibilities are feasible. |
| Evaluation Criteria | the dimensions consumers use to compare competing product alternatives. |
| Heuristics | a mental rule of thumb that leads to a speedy decision by simplifying the process. |
| Brand Loyalty | most common heuristic-- a pattern of repeat product purchases, accompanied by an underlying positive attitude toward the brand, based on the belief that the brand makes products superior to those of its competition |
| Post Purchase Evaluation | the consumer evaluates how good a choice he/she made was |
| Consumer Satisfaction/ Dissatifiscation | the overall feelings or attitude a person has about a product after purchasing it. |
| Cognitive Dissonance | the anxiety or regret a customer may feel after choosing from among several similar attractive choices. |
| Decision Process | this can be influenced by internal, external: situational and social influences |
| Perception | the process by which people select, organize, and interpret information from the outside world. Three things influence marketing process: exposure, attention and interpretation |
| Exposure | the extent to which a stimulus is capable of being registered by a person's sensory receptions.v |
| Subliminal Advertising | supposedly hidden messages in marketers communications |
| Attention | the extent to which a person devotes mental processing to a particular stimulus |
| Interpretation | 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. |
| Motivation | an internal state that drives us to satisfy needs by activating goal oriented behavior |
| Hierarchy of Needs | an approach that categorizes motives according to five levels of importance, the more basic needs being on the bottom of the hierarchy and the higher needs at the top. |
| Gamification | the strategy in which marketers apply game design techniques, often by awarding points or badges to non-game experiences in order to drive consumer behavior |
| Learning | a relatively permanent change in behavior caused by acquired information or experience. |
| Behavioral Learning Theories | theories of learning that focus on how consumer behavior is changed by external events or stimuli. |
| Classical Conditioning | the learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response on its own but will cause a similar response over time because of its association with the first stimulus. |
| Operant Conditioning | learning that occurs as a result of rewards or punishments |
| Cognitive Learning Theory | stresses the importance of internal mental processes and the role of creativity and views people as problem solvers who actively use information from the world around them to master their environment. |
| Observational Learning | learning that occurs when people watch the actions of others and note what happens to them as a result. |
| Attitude | a learned predisposition to respond favorably or unfavorably to a stimuli on the basis of relatively enduring evaluations of people, objects, or issues. |
| Affect | the feeling component of attitudes, refers to the overall emotional response a person has to a product. |
| Cognition | the knowing component of attitudes, refers to the beliefs or knowledge a person has about a product and its important characteristics. |
| Behavior | the doing component of attitudes; involves a consumer's intention to do something, such as the intention to purchase or use a certain product |
| Personality | the set of unique psychological characteristics that consistently influences the way a person responds to situations in the environment |
| Self Concept | an individual's self-image that is composed of a mixture of beliefs, observations, and feelings about personal attributes. |
| Family life cycle | a means of characterizing consumers within a family structure on the basis of different stages through which people pass as they grow older. |
| Lifestyle | the pattern of living that determines how people choose to spend their time, money, and energy that reflects their values, tastes, and preferences. |
| Psychographics | the use of psychological, sociological, and anthropological factors to construct marketing segments. |
| AIO's | measures of consumer activities, interests, and opinions used to place consumers into dimensions |
| Overall Awareness | percentage of consumers who recognize or know the brand |
| Top of mind awareness | first brand that comes to mind when someone thinks of a product category |
| Consumer Knowledge | specific knowledge about the brand |
| Attitude Toward Brand | measured with surveys |
| Purchase Intentions | consumers’ willingness to buy a certain good |
| Sensory Marketing | marketing techniques that link distinct sensory experiences such as a unique fragrance with a product or service. |
| Sensory Branding | the use of distinct sensory experiences not only to appeal to customers but also to enhance their brand |
| Time Poverty | - consumer’s belief that they are more pressed for time than ever before |
| Culture | represents the shared values, beliefs, customs, and tasted produced or practiced by a group of people. ○ Includes rituals such as weddings and funerals |
| Subculture | societal group who share a distinctive set of beliefs, characteristics, or common experiences. ○ Members of religious or ethnic group |
| Micro-culture | groups of individuals who identify based on a common activity or art form. ○ American Idol Fans |
| Consumerism | a social movement that attempts to protect consumers from harmful business practices |
| Social Class | a overall rank or social standing of groups of people within a society, according to factors such as: ○ Family background ○ Occupation ○ Education ○ Income |
| Status Symbol | visible markers that provide a way for people to flaunt their membership in higher social classes (or at least to make others believe they are) |
| Mass Class | the hundreds of millions of global consumers who now enjoy a level of purchasing power that’s sufficient to let them afford high-quality products- except for big-ticket items like college educations, housing or luxury cars |
| Reference Group | an actual or imaginary individual or group that has a significant effect on an individual's evaluations, aspirations, or behavior |
| Opinion Leader | - a person who is frequently able to influence others’ attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories |
| Gender Roles | society’s expectations regarding the appropriate attitudes, behaviors, and appearance for men and women. |
| Business to business (B2B) markets// Organizational Markets | the group of customers that include manufacturers, wholesalers, retailers and other organizations |
| Derived Demand | demand for business or organizational products caused by demand for consumer goods or services |
| Inelastic Demand | occurs when changes in price have little or no effect on quantity sought |
| Fluctuating Demand | when small changes in consumer demand create larges changes in business demand. |
| Joint Demand | occurs when two or more goods that are used together to create a product |
| Producers | the individuals or organizations that purchase products for use in the production of other goods and services, sell to make a profit ○ Fishing, agriculture → financial, healthcare, recreation industries |
| Resellers | the individuals or organizations that buy finished goods for the purpose of reselling, renting, or leasing to others to make a profit and maintain their business operations ○ Wholesalers and distributors → retailers |
| Government Markets | the federal, state, county and local governments that buy goods and services to carry out public objectives and to support their operations ○ Make up the largest single business and organizational market in the US |
| North American Industry Classification System (NAICS) | the numerical coding system that the US, Canada, and Mexico use to classify firms into detailed categories -Reports the number of firms, total dollar amount of sales, number of employees, growth rate for industries all broken down by geographic region |
| Buy Class | one of three classifications of business buying situations that characterizes the degree of time and effort required to make a decision ○ Apply to rebuys, modified rebuys, and new-task buys |
| Straight Rebuy | a buying situation in which business buyers make routine purchases that require minimal decision making |
| Modified Rebuy | a buying situation classification used by business buyers to categorize a previously made purchase that involves some change that requires limited decision making |
| New Task Buy | a new business-to-business purchase that is complex or risky and that requires extensive decision making |
| Initiatior | production employees, sales manager, almost anyone ○ Recognizes that a purchase needs to be made |
| User | production employees, secretaries, almost anyone ○ Individuals who will use the product |
| Gatekeeper | buyer/purchasing agent ○ Controls flow of information to others in the organization |
| Influencer | engineers, quality control experts, technical specialists, outside consultants ○ Affects decision by giving advice and sharing expertise |
| Decider | purchasing agent, managers, CEO ○ Make the final purchase decision |
| Buyer | purchasing agent ○ Executes the purchase decision |
| Initiatior, user, gatekeeper, influencer, decider, buyer | 6 Roles of buyers |
| 1. Recognize the problem 2. Search for Information 3. Evaluate the alternatives 4. Select the product and supplier 5. Evaluate post purchase | Business Buying Decision Process |
| Recognize the problem | o Make purchase requisition or request o Form buying center, if needed |
| Search for information | o Develop product specifications o Identify potential suppliers o Obtain proposals and quotations |
| Product Specifications | a written description of the quality, size, weight and other details required of a product purchase |
| Evaluate the Alternatives | o Evaluate proposals o Obtain and evaluate samples |
| Customer Reference Program | a formalized process by which customers formally share success stories and actively recommend products to other potential clients, usually facilitated through an on-line community. |
| Single Sourcing | the process of buying a particular product from only one supplier- if a single source does not come through it can be very detrimental |
| Multiple Sourcing | the business practice of buying a particular product from several different supplies Suppliers are more likely to remain price competitive |
| Reciprocity | a trading partnership in which two firms agree to buy one another |
| Outsourcing | the business buying process of obtaining outside vendors to provide goods or services that otherwise might be supplied in house |
| Offshoring | a process by which companies contract with companies or individuals in remote places like China or India to perform work they used to do at home |
| Crowd Sourcing | a practice in which firms outsource marketing activities (such as selection an ad) to a community of users o Kluster.com, redesignme.com, 99designs.com |
| Reverse Marketing | a business practice in which a buyer firm attempts to identify suppliers who will produce products according to the buyer’s firm’s specifications |
| B2B e-commerce | on-line exchanges between companies and individual consumers o Internet exchanges of goods, services, information and payments between two or more business organizations |
| Intranet | an internal corporate communication network that uses Internet technology to link company department, employees, and databases o Only authorized employees can access |
| Extranet | a private, corporate computer network that links company departments, employees and databases to suppliers, customers, and others outside the organization o Allows business partners to collaborate on projects |
| Malware | software designed specifically to damage or disrupt computer systems |
| Firewall | a combination of hardware and software that ensures that only authorized individuals gain entry into a computer system |
| Encryption | the process of scrambling a message so that only another individual (or computer) with the right “key” can unscramble it. |
Created by:
acorso3
Popular Marketing sets