Marketing Flashcards
(178 cards)
1
Q
Processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use
A
Consumer Behavior
2
Q
A personal assessment of the net worth one obtains from making a purchase, or the enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct
A
Value
3
Q
A value derived from a product or service that helps the consumer solve problems and accomplish tasks
A
Utilitarian Value
4
Q
The value a consumer expects to obtain from a purchase
A
perceived value
5
Q
A value that acts as an end in itself rather than as a means to an end
A
Hedonic value
6
Q
A five-step process consumers use when buying goods or services
A
Consumer decisions-making process
7
Q
- Step 1 of decision-making process
- Result of an imbalance between actual and desired states
A
Need recognition
8
Q
- Recognition of an unfulfilled need and a product that will satisfy it
- Apart of Need Recognition
A
Want
9
Q
- Any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing
- Apart of Need Recognition
A
Stimulus
10
Q
- Step 2 of decision-making process
- Can be internal or external
A
Information Search
11
Q
- The process of recalling information stored in the memory
- Apart of Information Search
A
Internal information search
12
Q
- The process of seeking information in the outside environment
- Apart of information search
A
External information search
13
Q
A product information source that is not associated with advertising or promotion
A
non-marketing-controlled information source
14
Q
- A product information source that originates with marketers promoting the product
A
Marketing-controlled information source
15
Q
The extent to which an individual conducts an external search depends on his or her (4 answers)
A
perceived risk, knowledge, prior experience, level of interest in the good or service
16
Q
A group of brands resulting from an information search from which a buyer can choose
A
Evoked set
17
Q
A small intervention that can change a person’s behavior
A
nudge
18
Q
The type of purchase typically made after the consumer has collected a large amount of information
A
Planned purchase
19
Q
The type of purchase typically made when the consumer knows the product category but waits until shopping to choose a specific style or brand
A
Partially planned purchase
20
Q
The type of purchase often low-prices items or items on sale or purchased with a coupon, sometimes triggered by a nudge
A
Impulse or unplanned purchase
21
Q
Anticipation of receiving a highly desirable option only to have it become inaccessible
A
Jilting effect
22
Q
Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions
A
Cognitive dissonance
23
Q
The amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior
A
Involvement
24
Q
The type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time
A
Routine response behavior
25
The type of decision making that requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category
Limited decision making
26
The most complex type of consumer decision making, used when buying an unfamiliar, expensive product or an infrequently bought item; requires use of several criteria for evaluating options and much time for seeking information
Extensive decision making
27
Factors determining the level of consumer involvement (4)
previous experience, interest, perceived risk of negative consequences, social visibility
28
The practice of examining merchandise in a physical retail location without purchasing it and then shopping online for a better deal on the same item
Showrooming
29
For _____ _____ ____ _____, marketing managers should engage in extensive and informative promotions
High-involvement product purchases
30
For ____ ____ ____ _____, in-store promotion and targeted mobile ads are important tools
low-involvement product purchases
31
Offering products on a _____ _____ basis is one way marketers can increase involvement
limited availability
32
When a significant number of customers are switching brands
churning
33
The set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next
Culture
34
______ is pervasive, functional, learned, and dynamic
culture
35
The most defining element of a culture is its ______
values
36
A homogeneous group of people who share elements of the overall culture as well as unique elements of their own group
Subculture
37
A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms
social class
38
All of the formal and informal groups in society that influence an individual’s purchasing behavior
reference group
39
A reference group with which people interact regularly in an informal, face-to-face manner, such as family, friends, and coworkers
Primary membership group
40
A reference group with which people
associate less consistently and more formally than a primary membership group, such as a club, professional group, or religious group
Secondary membership group
41
A group that someone would like to join
aspirational reference group
42
A value or attitude deemed acceptable by a group
norm
43
A group with which an individual does
not want to associate
nonaspirational reference group
44
An individual who influences the opinions of others
opinion leader
45
How cultural values and norms are
passed down to children
socialization process
46
A perspective whereby a consumer
perceives themself as distinct and separate from others
separated self-schema
47
A perspective whereby a consumer
perceives themself as an integral part of a group
connected self-schema
48
A way of organizing and grouping the consistencies of an individual’s reactions to situations
personality
49
How consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations
self-concept
50
The way an individual would like to be perceived
ideal self-image
51
The way an individual actually perceives themself
real self-image
52
The process by which people select, organize, and interpret stimuli into a meaningful and coherent picture
perception
53
A process whereby a consumer notices certain stimuli and ignores others
selective exposure
54
A process whereby a consumer changes or distorts information that conflicts with their feelings or beliefs
selective distortion
55
A process whereby a consumer remembers only the information that supports their personal beliefs
selective retention
56
marketers must recognize the importance of _____, or signals, in consumers’ perception of products
cues
57
Marketers must identify the important attributes that the targeted consumers want in a product and then design ______ to communicate these attributes.
signals
58
Marketers must watch their brand _______ closely to maintain strong links between
perceived brand value and customer loyalty.
identity
59
Marketers must take care when changing such ______ as:
price,
package size,
product,
or product position or brand.
stimuli
60
A driving force that causes a person to take action to satisfy specific needs
motive
61
A method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self- actualization
Maslow's hierarchy of needs
62
A process that creates changes in behavior, immediate
or expected, through experience and practice
learning
63
A form of learning that occurs when one response is extended to a second stimulus similar to the first
stimulus generalization
64
A learned ability to differentiate among
similar products
stimulus discrimination
65
A process whereby a consumer notices certain stimuli and ignores
others
selective exposure
66
People or organizations with needs or wants and the ability and willingness to buy
Market
67
A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
Market segment
68
The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
Market segmentation
69
- Helps marketers define customer needs and wants more precisely
- Helps understand customers' lifestyles, values, jobs, need states, and buying occasions
Market Segmentation
70
Helps decision makers more accurately define marketing objectives and better allocate resources
Market Segmentation
71
A useful segmentation scheme must produce segments that meet four basic criteria:
Substantiality, Identifiability and measurability, accessibility, responsiveness
72
Which of the following terms refers to the idea that markets can be segmented using any criteria that seem logical?
a. Accessibility
b. Substantiality
c. Responsiveness
d. Identifiability
e. Measurability
c. Responsiveness
73
Characteristics of individuals, groups, or organizations
segmentation bases
74
Segmenting markets by region of a country or the world, market size, market density, or climates
geographic segmentation
75
segmenting markets by age, gender, income, ethnic background, and household life cycle
demographic segmentation
76
An individual's internal perception of their gender and how they label themselves
gender identity
77
Shared cultural characteristics such as language, ancestry, practices, and beliefs
ethnicity
78
A series of stages determined by a combination of age, marital status, and the presence or absence of children
Household life cycle (HLC)
79
Segmenting markets based on personality, motives, lifestyles, and geodemographics
Psychographic segmentation
80
Segmenting potential customers into
neighborhood lifestyle categories
geodemogrpahic segmentation
81
The process of grouping customers based on the behaviors they exhibit, including what they buy, where they buy, when they buy, and how they buy
Behavioral segmentation
82
A principle holding that 20 percent of all customers generate 80 percent of the demand
80/20 principle
83
The process of grouping customers into market segments according to the benefits they seek from the product
benefit segmentation
84
Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements
Satisficers
85
Business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one
optimizers
86
A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges
Target Market
87
A marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix
undifferentiated targeting strategy
88
A strategy used to select one segment of a market for targeting marketing efforts
concentrated targeting strategy
89
One segment of a market
niche
90
A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each
Multi-segment targeting strategy
91
A situation that occurs when sales of a new product cut into sales of a firm’s existing products
Cannibalization
92
There are at least four trends that will lead to the continued growth of CRM:
Personalization, time saving, loyalty, technology
93
Developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general
positioning
94
The place a product, brand, or group of products occupies in consumers’ minds relative to competing offerings
position
95
A positioning strategy that some firms use to distinguish their products from those of competitors
product differentiation
96
A means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers’ minds
perceptual mapping
97
Firms use a variety of bases for positioning, including the following:
Attribute, price and quality, use or application, product user, product class, competitor, emotion
98
Changing consumers’ perceptions of a brand in relation to competing brands
repositioning
99
Everything, both favorable and unfavorable, that a person receives in an exchange
product
100
A relatively inexpensive item that merits little shopping effort
convenience product
101
A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
shopping product
102
A particular item for which consumers search extensively and are very reluctant to accept substitutes
speciality product
103
A product unknown to the potential buyer or a known product that the buyer does not actively seek
unsought product
104
A specific version of a product that can be designated as a distinct offering among an organization’s products
product item
105
A group of closely related product items
product line
106
All products that an organization sells
product mix
107
Product lines and even entire product mixes often share some marketing strategy components:
Advertising economies, package uniformity, standardized components, efficient sales and distribution, equivalent quality
108
The number of product lines an organization offers
product mix width
109
The number of product items in a product line
product line depth
110
Changing one or more of a product’s characteristics
Product modification
111
a change in a product’s dependability or durability to lower
the price or help the firm compete with rival firms
quality modification
112
a change in a product’s versatility, effectiveness,
convenience, or safety
functional modification
113
A change in how the product looks
style modification
114
The practice of modifying products so those that have already been sold become obsolete before they actually need replacement
planned obsolescence
115
Adding additional products to an existing product line to compete more broadly in the industry
Product line extension
116
Three major benefits are likely when a firm contracts an overextended product line:
− Resources become concentrated on the most important products.
− Managers no longer waste resources trying to improve the sales and profits of poorly performing products.
− New-product items have a greater chance of being successful because more financial and human resources are available to manage them.
117
A name, term, symbol, design, or combination thereof that
identifies a seller’s products and differentiates them from
competitors’ products
Brand
118
That part of a brand that can be spoken, including
letters, words, and numbers
brand name
119
The elements of a brand that cannot be spoken
brand mark
120
The value of a company or brand name
brand equity
121
A brand that obtains at least one-third of its earnings
from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data
global brand
122
Consistent preference for one brand over all others
brand loyalty
123
consumers identify products they wish to buy again and avoid those they do not
repeat sales
124
a well-known and respected company and
brand name is extremely useful when introducing new products
new product sales
125
The brand name of a manufacturer
manufacturers' brand
126
A brand name owned by a wholesaler or a retailer
private brand
127
A brand manufactured by a third party for an exclusive retailer, without evidence of that retailer’s affiliation
captive brand
128
Using different brand names for different
products
individual branding
129
Marketing several different products under the same brand name
family branding
130
Placing two or more
brand names on a product or its
package
co-branding
131
The exclusive right to use a brand or part of a brand
trademark
132
A trademark for a service
service mark
133
Identifies a product by class or type and cannot be trademarked
generic product name
134
(Circled R) Provides notice that your trademark is register in a given country
registered trademark symbol
135
(Capital TM) used by entities selling goods/services under a given name
unregistered trademark
136
(Capital SM) tells the public that you are seeking to protect the services sold under your trademark
service mark symbol
137
A type of package labeling that focuses on a promotional theme or logo; consumer information is secondary
persuasive labeling
138
A type of package labeling designed to help consumers make proper product selections and lower their
cognitive dissonance after the purchase
informational labeling
139
A series of thick and thin vertical lines
(bar codes) readable by computerized optical scanners that represent numbers used to track products
universal product codes
140
Which of the following is not one of the three aspects of
packaging that is especially important in international marketing?
A. Labeling
B. Size
C. Aesthetics
D. Climate
B. Size
141
Three aspects of packaging that are especially important in
international marketing:
labeling, aesthetics, climate
142
A confirmation of the quality or performance of a good or service
warranty
143
A written guarantee
express warranty
144
An unwritten guarantee that the good or
service is fit for the purpose for which it was sold
implied warranty
145
____ _____ are important to sustain growth, increase revenues
and profits, and replace obsolete items.
new products
146
Some companies choose to introduce a new product even when it will cannibalize sales of an _______ product.
existing
147
A product new to the world, the market, the producer, the seller, or some combination of these
new product
148
A plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation
new product strategy
149
______ wants and needs should be the springboard for product
ideas.
consumers'
150
Many firms have formal and informal processes in place for _______ to propose new-product ideas.
employees
151
________ are often more aware of customer needs than
manufacturers, so a well-trained sales force routinely asks distributors about needs that are not being met.
distributors
152
One purpose of competitive monitoring is to determine which, if any, of the _________’ products should be copied.
competitors
153
A marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products
product development
154
______ determine whether a company has a balanced portfolio of
products and, if not, what new product ideas are needed to offset the imbalance.
consultants
155
The first filter in the product development process, which eliminates ideas that are inconsistent with the organization’s
new-product strategy or are obviously inappropriate for some other reason
screening
156
A test to evaluate a new-product idea, usually before any prototype has been created
concept test
157
The second stage of the screening process, where preliminary figures for demand, cost, sales, and profitability
are calculated
business analysis
158
The stage in the product development process in which a prototype is developed and a marketing strategy is outlined
development
159
A team-oriented approach
to new-product development
simultaneous product development
160
The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
test marketing
161
The presentation of advertising and other promotional materials for several products, including a test product, to members of the product’s target market
simulated marketing testing
162
The decision to market a product
commercialization
163
A product perceived
as new by a potential adopter
innovation
164
The process by which
the adoption of an innovation spreads
diffusion
165
Five categories of adopters
participate in the diffusion process:
Innovators, early adopters, early majority, late majority, laggards
166
% of innovators
2.5%
167
% of early adopters
13.5%
168
% of early majority
34%
169
% of late majority
34%
170
% of laggards
16%
171
A concept that provides a way to trace the stages of a product’s acceptance, from its introduction (birth) to its decline (death)
It is simply a tool to help marketers forecast future events and suggest appropriate strategies
product life cycle (PLC)
172
All brands that satisfy a particular type of need
product category
173
Four stages of the product life cycle
introductory stage, growth stage, maturity stage, decline stage
174
The full-scale launch of a new product into
the marketplace
introductory stage
175
The second stage of the product life cycle, when sales typically grow at an increasing rate; many competitors enter the market; large companies may start to acquire small pioneering firms; and profits are healthy
growth stage
176
A period during
which sales increase at a slower rate
maturity stage
177
A long-run drop in sales
decline stage
178
