Marketing 327 exam 2 Flashcards Preview

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Flashcards in Marketing 327 exam 2 Deck (98):
1

Raw materials

unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, corn, fruits, vegetables, and fish

2

segmentation bases, or variables

characteristics of individuals, groups, or organizations

3

Value

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

4

stimulus discrimination

a learned ability to differentiate among similar products

5

routine response behavior

the type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time

6

Supplies

consumable items that do not become part of the final product

7

market segmentation

the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups

8

Benefit segmentation

the process of grouping customers into market segments according to the benefits they seek from the product

9

buying center

all those people in an organization who become involved in the purchase decision

10

positioning

developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general

11

Self-concept

how consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations

12

market segment

a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs

13

primary membership group

a reference group with which people interact regularly in an informal, face-to-face manner, such as family, friends, and coworkers

14

Selective distortion

a process whereby a consumer changes or distorts information that conflicts with his or her feelings or beliefs

15

stimulus generalization

a form of learning that occurs when one response is extended to a second stimulus similar to the first

16

consumer decision-making process

a five-step process used by consumers when buying goods or services

17

modified rebuy

a situation in which the purchaser wants some change in the original good or service

18

strategic alliance

a cooperative agreement between business firms

19

derived demand

the demand for business products

20

80/20 principle

a principle holding that 20 percent of all customers generate 80 percent of the demand

21

multiplier effect (or accelerator principle

phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product

22

target market

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

23

Limited decision making

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

24

separated self-schema

a perspective whereby a consumer sees himself or herself as distinct and separate from others

25

social class

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

26

Content marketing

a strategic marketing approach that focuses on creating and distributing content that is valuable, relevant and consistent.

27

Geodemographic segmentation

segmenting potential customers into neighborhood lifestyle categories

28

Geographic segmentation

segmenting markets by region of a country or the world, market size, market density, or climate

29

connected self-schema

a perspective whereby a consumer sees himself or herself as an integral part of a group

30

selective exposure

a process whereby a consumer notices certain stimuli and ignores others

31

concentrated targeting strategy

a strategy used to select one segment of a market for targeting marketing efforts

32

Business marketing (also called industrial, business-to-business, B-to-B, or B2B marketing)

the marketing of goods and services to individuals and organizations for purposes other than personal consumption

33

market

people or organizations with needs or wants and the ability and willingness to buy

34

Processed materials

products used directly in manufacturing other products

35

original equipment manufacturers, or OEMs

individuals and organizations that buy business goods and incorporate them into the products they produce for eventual sale to other producers or to consumers

36

Culture

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

37

perception

the process by which people select, organize, and interpret stimuli into a meaningful and coherent picture

38

Utilitarian value

a value derived from a product or service that helps the consumer solve problems and accomplish tasks

39

niche

one segment of a market

40

Consumer behavior

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

41

socialization process

how cultural values and norms are passed down to children

42

showrooming

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

43

learning

a process that creates changes in behavior, immediate or expected, through experience and practice

44

extensive decision making

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

45

aspirational reference group

a group that someone would like to join

46

Personality

a way of organizing and grouping the consistencies of an individual’s reactions to situations

47

Psychographic segmentation

segmenting markets on the basis of personality, motives, lifestyles, and geodemographics

48

real self-image

the way an individual actually perceives himself or herself

49

Optimizers

business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one

50

Position

the place a product, brand, or group of products occupies in consumers’ minds relative to competing offerings

51

stimulus

any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing

52

evoked set (or consideration set

a group of brands resulting from an information search from which a buyer can choose

53

cognitive dissonance

inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions

54

North American Industry Classification System (NAICS)

a detailed numbering system developed by the United States, Canada, and Mexico to classify North American business establishments by their main production processes

55

consumer product

a product bought to satisfy an individual’s personal wants or needs

56

product differentiation

a positioning strategy that some firms use to distinguish their products from those of competitors

57

undifferentiated targeting strategy

a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix

58

Selective retention

a process whereby a consumer remembers only that information that supports his or her personal beliefs

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perceived value

the value a consumer expects to obtain from a purchase

60

reciprocity

a practice whereby business purchasers choose to buy from their own customers

61

Major equipment

capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings

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motive

a driving force that causes a person to take action to satisfy specific needs

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Trust

the condition that exists when one party has confidence in an exchange partner’s reliability and integrity

64

opinion leaders

an individual who influences the opinions of others

65

Nonaspirational reference groups

a group with which an individual does not want to associate

66

cannibalization

a situation that occurs when sales of a new product cut into sales of a firm’s existing products

67

marketing-controlled information source

a product information source that originates with marketers promoting the product

68

want

recognition of an unfulfilled need and a product that will satisfy it

69

Maslow’s hierarchy of needs

a method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization

70

Accessory equipment

goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment

71

secondary membership group

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

72

family life cycle (FLC)

a series of stages determined by a combination of age, marital status, and the presence or absence of children

73

keiretsu

a network of interlocking corporate affiliates

74

Perceptual mapping

a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers’ minds

75

Usage-rate segmentation

dividing a market by the amount of product bought or consumed

76

Business services

expense items that do not become part of a final product

77

Involvement

the amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior

78

hedonic value

a value that acts as an end in itself rather than as a means to an end

79

Need recognition

result of an imbalance between actual and desired states

80

Component parts

either finished items ready for assembly or products that need very little processing before becoming part of some other product

81

reference group

all of the formal and informal groups in society that influence an individual’s purchasing behavior

82

Relationship commitment

a firm’s belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely

83

ideal self-image

the way an individual would like to be perceived

84

nonmarketing-controlled information source

a product information source that is not associated with advertising or promotion

85

straight rebuy

a situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers

86

Joint demand

the demand for two or more items used together in a final product

87

multisegment targeting strategy

a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each

88

Repositioning

changing consumers’ perceptions of a brand in relation to competing brands

89

business product, or industrial product

a product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers

90

demographic segmentation

segmenting markets by age, gender, income, ethnic background, and family life cycle

91

Satisficers

business customers who place an order with the first familiar supplier to satisfy product and delivery requirements

92

internal information search

the process of recalling past information stored in the memory

93

business-to-business online exchange

an electronic trading floor that provides companies with integrated links to their customers and suppliers

94

new buy

a situation requiring the purchase of a product for the first time

95

external information search

the process of seeking information in the outside environment

96

subculture

a homogeneous group of people who share elements of the overall culture as well as unique elements of their own group

97

norm

a value or attitude deemed acceptable by a group

98

What are the five steps in the consumer decision making process?

There are 5 steps in a consumer decision making process a need or a want is recognized, search process, comparison, product or service selection, and evaluation of decision. Most decision making starts with some sort of problem. The consumer develops a need or a want that they want to be satisfied.