Final Vocabulary

Question 1

Psychographics

Answer 1

Describing consumers based on their psychological and behavioral characteristics

Question 2

Values

Answer 2

Enduring beliefs

Question 3

Personality

Answer 3

tendencies, qualities that make us different

Question 4

Lifestyle

Answer 4

Actual behavior

Question 5

Segmentation

Answer 5

Partitioning markets into groups of potential customers with similar needs and/or characteristics who are likely to exhibit similar purchase behavior

Question 6

Segmentation enables companies too… (3)

Answer 6

• Design responsive products
• Identify UVP for specific target groups
• Target marketing efforts to homogeneous group

Question 7

Ways to approach segmentation (2)

Answer 7

• Demographics

- Psychographics

Question 8

3 levels of acculturation

Answer 8

1. Acculturated
2. Bicultural
3. Traditional

Question 9

Accommodation Theory

Answer 9

A touch of culture that doesn’t isolate someone who doesn’t speak the language can be effective

Question 10

The Law of the Few (3)

Answer 10

• Connectors
• Mavens (collect info & want to share it)
• Salespeople (charisma)

Question 11

What drives social influence? (2)

Answer 11

• Relatebility

- Depends on audience

Question 12

What makes an opinion leader? (3)

Answer 12

• Unapologetically themselves
• Genuine, especially about passion
• Consistent

Question 13

Opinion leader

Answer 13

Information broker between media and consumers

Question 14

Market mavens

Answer 14

Someone who seems to know everything about products, sales, etc.

Question 15

Normative influence

Answer 15

Influence from other people

Question 16

Foot-in-the-door Technique

Answer 16

Ask for something small first (momentum for helping you)

Question 17

Door-in-face Technique

Answer 17

Ask for something huge first, then go down (all about comparison and anchoring)

Question 18

Even-a-penny-will-help Technique

Answer 18

People feel bad only giving a small amount (likely to give more)

Question 19

Innovation

Answer 19

Products, services, etc. are innovations if they are perceived as new by customers

Question 20

Innovation should be… (4)

Answer 20

• New
• Remarkable
• Spreadable
• Contextual

Question 21

Continuous innovation

Answer 21

Small innovation that doesn’t really change how you do things (limited effect on existing consumption patterns)

Question 22

Dynamically continuous innovation

Answer 22

Not completely new, but has an impact (pronounced effect on consumption practices– often incorporates new technology)

Question 23

Discontinuous innovation

Answer 23

A product so new that we have never known anything like it before (car, airplane, telephone)

Question 24

Aesthetic or hedonic innovations

Answer 24

Pleasure-seeking

Question 25

Functional innovation

Answer 25

Better performance

Question 26

Perceived value

Answer 26

Products with higher perceived value (benefits > costs) will be adopted more readily

Question 27

Why should marketers care about creativity?

Answer 27

- Grabs attention - Sells products - New ideas for products/designs - Consumers help co-produce products - Communication

Question 28

Creativity

Answer 28

The ability to produce work that is BOTH novel and appropriate

Question 29

Novel

Answer 29

original, unexpected, unique

Question 30

Appropriate

Answer 30

useful, practical, effective

Question 31

Convergent creativity

Answer 31

Hone in on right answer

Question 32

Divergent creativity

Answer 32

Deviate from what's standard

Question 33

Path of Least Resistance (POLR)

Answer 33

We are likely to... - Recall an existing solution to an active problem - Implement a well-known plan to solve it

Question 34

How to avoid POLR

Answer 34

Give yourself constraints