MARKETING SUPERCUT

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Consumer Buyer Behavior

The buying behavior of final consumers— individuals and households that buy goods and services for personal consumption

Consumer Market

The buying behavior of final consumers— individuals and households that buy goods and services for personal consumption

Culture

The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other key institutions

Subculture

A group of people with shared value systems based on common life experiences and situations

Reference Groups

Groups that serve as points of comparison or reference in shaping a person’s attitudes or behavior.

Opinion Leaders

People within a reference group who, because of special skills, knowledge, personality, or other characteristics, can socially influence others

Word-of-mouth influence

Enlisting established influencers or creating new influencers to spread positive information about a company’s brands

Online Social Networks

Online social communities—blogs, online social media, brand communities, and other online forums—where people socialize and exchange information and opinions

Lifestyle

A person’s pattern of living as expressed in their activities, interests, and opinions

Personality

The psychological characteristics that distinguish a person that are expressed in traits such as self-confidence, dominance, sociability, and adaptability.

Motive/Drive

A need that is sufficiently pressing that the person seeks to satisfy it

Perception

The process by which people select, organize, and interpret information to form a meaningful picture of the world

Learning

Changes in an individual’s behavior arising from experience

Belief

A descriptive thought that a person holds about something.

Attitude

A person’s consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea

Stage 1 in the Buyer Decision Process

Need Recognition

Stage 2 in the Buyer Decision Process

Information Search

Stage 3 in the Buyer Decision Process

Evaluation of Alternatives

Stage 4 in the Buyer Decision Process

Purchase Decision

Stage 5 in the Buyer Decision Process

Postpurchase Behavior

Need Recognition

The first stage of the buyer decision process in which the consumer recognizes a problem or need

Information Search

The stage of the buyer decision process in which the consumer is motivated to search for more information

Alternative Evaluation

The stage of the buyer decision process in which the consumer uses information to evaluate alternative brands

Consideration Set

The set of perhaps 10 or more brands that consumers begin evaluating in order to generate a smaller choice set

Choice Set

The smaller set of brands—say, five or fewer—that consumers carefully evaluate in order to make their final choice

Purchase Decision

The buyer’s decision about which brand to purchase

Postpurchase Behaivior

The stage of the buyer decision process in which consumers take further action after purchase based on their satisfaction or dissatisfaction

Cognitive Dissonance

Buyer discomfort caused by postpurchase conflict

Customer Journey

The sum of the ongoing experiences consumers have with a brand that affect their buying behavior, engagement, and brand advocacy over time.

New Product

A good, service, or idea that is perceived by some potential customers as new

Adoption Process

The process through which an individual passes from first hearing about an innovation to final adoption

Business Buyer Behaivior

The buying behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others

Business Buying Process

The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands

Derived Demand

Business demand that ultimately comes from (derives from) the demand for consumer good

Supplier Development

Systematic development of networks of supplier- partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others

Straight Rebuy

A business buying situation in which the buyer routinely reorders something without modification

Modified Rebuy

A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers

New Task

A business buying situation in which the buyer purchases a product or service for the first time

Systems Selling

Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation

Buying Center

All the individuals and units that play a role in the purchase decision-making process

E-Procurement

Purchasing through electronic connections between buyers and sellers— usually online

B-to-B digital and social media marketing

Using digital and social media marketing approaches to engage business customers and manage customer relationships anywhere, anytime

Market Segmentation

Dividing a market into distinct groups (segments) of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes

Market Targeting

Evaluating each market segment’s attractiveness and selecting one or more segments to serve.

Differentiation

Designing the market offering to create superior customer value that is distinct from that offered by competitors

Positioning

Creating a clear, distinctive, and desirable place for a marketing offer relative to competing products in the minds of target consumers

Geographic Segmentation

Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods

Demographic Segmentation

Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generatio

Age and life-cycle segmentation

Dividing a market into different age and life-cycle group

Gender Segmentation

Dividing a market into different segments based on gender or gender identity.

Income Segmentation

Dividing a market into different income segments.

Psychographic Segmentation

Dividing a market into different segments based on lifestyle or personality characteristics

Behavioral Segmentation

Dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product.

Occasion Segmentation

Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item

Benefit Segmentation

Dividing the market into segments according to the different benefits that consumers seek from the product

Target Market

The total set of targeted buyers across the market segments that a company decides to serve.

Undifferentiated Marketing/Mass Marketing

A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offering

Differentiated marketing/Segmented marketing

A market-coverage strategy in which a firm targets several market segments and designs separate offerings for each

Concentrated/Niche Marketing

A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.

Micromarketing

Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes hyperlocal marketing and individual marketing

Hyperlocal Marketing

Location-based targeting to consumers in specific locations using digital, mobile, and social media technologies

Individual Marketing

Tailoring products and marketing programs to the needs and preferences of individual customers

Product Positioning

The way a product is defined by consumers on important attributes—the place it occupies in consumers’ minds relative to competing products.

Competitive Advantage

An advantage over competitors gained by differentiating and positioning a company as providing superior or different customer value

Value Proposition

The full positioning of a brand—the full mix of benefits on which it is positioned

Positioning Statement

A statement that summarizes company or brand positioning using this form: “ or (target customers), who (unsolved customer needs), our product is (product description), which provides (key benefits). Unlike (key competing brands), our product (points of difference).

Product

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

Service

An activity, benefit, or satisfaction offered for consumption or sale that is essentially intangible and does not result in a customer’s ownership of anything

Customer Solutions

Carefully thought-out bundles of products and services that are designed to comprehensively solve customers’ problems

Customer Experiences

Market offerings with a strong sensory or emotional component that play out for the customer over time.

Consumer Products

Products bought by final consumers for personal consumption.

Convenience Products

Consumer products that customers usually buy frequently, immediately, with low customer involvement, and with minimal comparison and buying effort

Shopping Products

Consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style.

Specialty Products

Consumer products with unique characteristics or brand identifications for which buyers are willing to make a special purchase effort.

Unsought Products

Consumer products that the consumer either does not know about or knows about but does not normally consider buying.

Industrial Products

Products bought by individuals and organizations for further processing, use in conducting a business, or resale

Social Marketing

The use of traditional marketing concepts and tools to encourage behaviors that will create individual and societal well-being

Product Quality

The characteristics of a product or service that bear on its ability to consistently and reliably satisfy stated or implied customer needs

Brand

A name, term, sign, symbol, or design, or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.

Packaging

Designing and producing the container or wrapper for a product

Product Line

A group of products from a company that are closely related because they function in a similar manner, are sold to similar customer groups, serve similar customer needs, are marketed through the same types of outlets, or fall within given price ranges

Product Mix

Service Intangibility

Services usually cannot be seen, tasted, felt, heard, or smelled before they are bough

Service Inseparability

Services are produced and consumed at the same time and cannot be separated from their providers

Service Variability

The quality of services may vary greatly depending on who provides them and when, where, and how they are provided

Service Perishability

Services cannot be stored for later sale of use

Service Profit Chain

The chain that links customer satisfaction and profits for service firms with employee satisfaction

Brand Equity

The differential effect that knowing the brand name has on a customer’s emotions, attitudes, and behaviors related to the product or its marketing.

Brand Value

The total financial worth of a brand

Store Brands/Private Labels

Brands created and owned by a reseller of a product or service

Co-Branding

The practice of using the established brand names of two different companies on the same product

Line Extensions

Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category

New Product Development

The development of original products, product improvements, product modifications, and new brands through the firm’s own product development efforts

Stage 1 of New Product Development

Idea Generation

Stage 2 of New Product Development

Idea Screening

Stage 3 of New Product Development

Concept and Development Testing

Stage 4 of New Product Development

Marketing strategy development

Stage 5 of New Product Development

Business analysis

Stage 6 of New Product Development

Product Development

Stage 7 of New Product Development

Test Marketing