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Business Administration > CHAPTER 11 MARKET PROCESSES & CONSUMER BEHAVIOR > Flashcards

CHAPTER 11 MARKET PROCESSES & CONSUMER BEHAVIOR Flashcards

(73 cards)

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1
Q

Advertising

A

any form of paid nonpersonal communication used by an identified sponsor to persuade or inform potential buyers about a product

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2
Q

Behavioral Segmentation

A

a segmentation strategy that uses behavioral variables to identify different market segments

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3
Q

Behavioral Variables

A

behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy

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4
Q

Brand Competition

A

competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies

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5
Q

Brand Loyalty

A

pattern of repeated consumer purchasing based on satisfaction with a product’s performance

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6
Q

Competitive Environment

A

the competitive system in which businesses compete

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7
Q

Consumer Behavior

A

study of the decision process by which people buy and consume products

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8
Q

Consumer Goods

A

physical products purchased by consumers for personal use

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9
Q

Corporate Blogs

A

comments and opinions published on the web by or for an organization to promote its activities

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10
Q

Cultural Influences

A

include culture, subculture, and social influences that marketers use to study buying behavior

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11
Q

Customer Relationship Management (CRM)

A

organized methods that a firm uses to build better information connections with clients, so that stronger company-client relationships are developed

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12
Q

Data Mining

A

the application of electronic technologies for searching, sifting, and reorganizing pools of data to uncover useful info

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13
Q

Data Warehousing

A

the collection, storage, and retrieval of data in electronic files

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14
Q

Demographic Segmentation

A

a segmentation strategy that uses demographic characteristics to identify different market segments

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15
Q

Demographic Variables

A

characteristics of populations that may be considered in developing a segmentation strategy

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16
Q

Economic Environment

A

relevant conditions that exist in the economic system in which a company operates

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17
Q

Emotional Motives

A

reasons for purchasing a product that are based on nonobjective factors

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18
Q

Evoked Set (or consideration set)

A

group of products consumers will consider buying as a result of information search

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19
Q

Experimentation

A

research method using a sample of potential consumers to obtain reactions to test versions of new products or variations of existing products

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20
Q

Focus Group

A

research method using a group of people from a larger population who are asked their attitudes, opinions, and beliefs about a product in an open discussion

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21
Q

Form Utility

A

providing products with features that customers want

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22
Q

Geographic Segmentation

A

geographic units, from countries to neighborhoods, that may be considered in identifying different market segments in a segmentation strategy

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23
Q

Geographic Variables

A

geographic units that may be considered in developing a segmentation strategy

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24
Q

Geo-Demographic Segmentation

A

using a combination of geographic and demographic traits for identifying different market segments in a segmentation strategy

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25
Geo-Demographic Variables
combination of geographic and demographic traits used in developing a segmentation strategy
26
Industrial Goods
physical products purchased by companies to produce other products
27
Industrial Market
organizational market consisting of firms that buy goods that are either converted into products or used during production
28
Institutional Market
organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations
29
Integrated Market Strategy
strategy that blends together the Four Ps of marketing to ensure their compatibility with one another and with the company's nonmarketing activities
30
International Competition
competitive marketing of domestic products against foreign products
31
Market Segmentation
process of dividing a market into categories of customer types, or "segments," having similar wants and needs and who can be expected to show interest in the same products
32
Marketing
activities, a set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
33
Marketing Manager
manager who plans and implements the marketing activities that result in the transfer of products from producer to consumer
34
Marketing Mix (the Four Ps)
combination of product, pricing, promotion, and place (distribution) strategies used to market products
35
Marketing Objectives
the things marketing intends to accomplish in its marketing plan
36
Marketing Plan
detailed strategy for focusing marketing efforts on consumers' needs and wants
37
Marketing Research
the study of what customers need and want and how best to meet those needs and wants
38
Marketing Strategy
all the marketing programs and activities that will be used to achieve the marketing goals
39
Observation
research method that obtains data by watching and recording consumer behavior
40
Personal Influences
include lifestyle, personality, and economic status that marketers use to study buying behavior
41
Personal Selling
person-to-person sales
42
Place (Distribution)
part of the marketing mix concerned with getting products from producers to consumers
43
Place Utility
providing products where customers will want them
44
Possession Utility
transferring product ownership to customers by setting selling prices, setting terms for customer credit payments, and providing ownership documents
45
Political-Legal Environment
the relationship between business and government
46
Primary Data
new data that are collected from newly performed research
47
Product
good, service, or idea that is marketed to fill consumers' needs and wants
48
Product Differentiation
creation of a product feature or product image that differs enough from existing products to attract customers
49
Product Positioning
process of fixing, adapting, and communicating the nature of a product
50
Promotion
aspect of the marketing mix concerned with the most effective techniques for communicating info about a selling product
51
Psychographic Segmentation
a segmentation strategy that uses psychographic characteristics to identify different market segments
52
Psychographic Variables
consumer characteristics, such as lifestyles, opinions, interests, and attitudes, that may be considered in developing a segmentation strategy
53
Psychological Influences
include an individual's motivations, perceptions, ability to learn, and attitudes that marketers use to study buying behavior
54
Public Relations
communication efforts directed at building goodwill and favorable attitudes in the minds of the public toward the organization and its products
55
Rational Motives
reasons for purchasing a product that are based on a logical evaluation of product attributes
56
Relationship Marketing
marketing strategy that emphasizes building lasting relationships with customers and suppliers
57
Reseller Market
organizational market consisting of intermediaries that buy and resell finished goods
58
Sales Promotion
direct inducements such as premiums, coupons, and package inserts to tempt consumers to buy products
59
Secondary Data
data that are already available from previous research
60
Services
products having nonphysical features, such as info, expertise, or an activity that can be purchased
61
Services Companies Market
firms engaged in the business of providing services to the purchasing public
62
Social Influences
include family, opinion leaders, and such reference groups as friends and coworkers that marketers use to study buying behavior
63
Social Networking
network of communications that flow among people and organizations interacting through an online platform
64
Social Networking Media
websites or access channels, such as FB, Twitter, YT, to which consumers go for info and discussions
65
Sociocultural Environment
the customs, mores, values, and demographic characteristics of the society in which an organization functions
66
Substitute Product
product that is dissimilar from those of competitors, but that can fulfill the same need
67
Surveys
research method of collecting consumer data using questionnaires, telephone calls, and face-to-face interviews
68
Technological Environment
all the ways by which firms create value for their constituents
69
Time Utility
providing products when consumers will want them
70
Target Market
the particular group of people or organizations on which a firm's marketing efforts are focused
71
Utility
product's ability to satisfy a human want or need
72
Value
relative comparison of a product's benefits vs its costs
73
Viral Marketing
type of marketing that relies on the internet to spread info like a "virus" from person to person about products or ideas

Business Administration (2 decks)

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