Marketing 310 Exam 1 - KU

Evaluative Criteria

objective and subjective attributes of a brand consumers use to compare different products and brands

Organizational Buying Behavior

decision making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers

Cognitive Dissonance

feeling of post purchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives

Global Marketing Strategy

strategy of transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ

Culture

set of values, ideas, and attitudes that are learned and shared among the members of a group

Diversification

marketing strategy of selling new products to new markets

Moral Idealism

personal moral philosophy that considers individual rights or duties as universal, regardless of the outcome

Situational Influences

five aspects of the purchase situation that impact the consumer purchase decision process: purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states

Marketing Plan

road map for the marketing activities of an organization for a specified future time period, such as one year or five year

Global Competition

exists when firms originate, produce, and market their products and services worldwide

Straight Rebuy

routine reorder

Modified Rebuy

changed order

New Buy

first time order

Marketing Mix

product, price, promotion, and place

Consumerism

grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.

Profit Responsibility

duty of a firm to maximize profits for its owners or stockholders

Whistle-blowers

employees who report unethical or illegal actions of their employers

Derived Demand

demand for industrial products and services is driven by demand for consumer products and services

Want

need that is shaped by a person's knowledge, culture, or personality

Target Market

one or more specific groups of potential consumers toward which an organization directs its marketing program

Customs

what is considered normal and expected about the way people do things in a specific country

Market Segments

relatively homogeneous groups of prospective buyers that have common needs and will respond similarly to a marketing action

Marketing

Seeks to discover wants and needs of customers, and satisfy these wants and needs

Environmental Forces

uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces

Necessary for Marketing to Occur

two or more parties with unsatisfied needs, a desire and ability on their part to have their needs satisfied, a way for the parties to communicate, and something to exchange.

Needs

when a person feels deprived of basic necessities such as food, clothing, and shelter

Product

good, service, or idea to satisfy the consumer's needs

Price

what is exchanged for the product

Promotion

means of communication between the buyer and seller

Place

means of getting the product to the consumer

Customer Value

unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price

Relationship Marketing

links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit

Marketing Program

plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

Marketing Concept

idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals

Societal Marketing Concept

view that organizations should satisfy the needs of consumers in a way that provides for society's well-being

Organizational Buyers

manufacturers, wholesalers, retailers, service companies, not-for-profit organizations and government agencies that buy products and services for their own use or for resale

Utility

benefits or customer value received by users of the product

Competitive Advantage

one or more unique aspects of an organization that cause target consumers to patronize that firm rather than competitors

Points of Difference

those characteristics of a product that make it superior to competitive substitutes

Pure Competition

many sellers and they each have a similar product

Monopolistic Competition

many sellers compete with substitutable products within a price range

Oligopoly

occurs when a few companies control the majority of industry sales

Pure Monopoly

occurs when only one firm sells the product

Utilitarianism

personal moral philosophy that focuses on "the greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior

Purchase Decision Process

stages a buyer passes through in making choices about which products and services to buy

High Involvement Purchases

each of the five stages of the consumer purchase decision process is used and considerable time and effort are devoted to the search for external information and the identification and evaluation of alternatives

Selective Retention

consumers do not remember all the information they see, read, or hear, even minutes after exposure to it

Selective Comprehension

involves interpreting information so that it is consistent with your attitudes and beliefs

Selective Exposure

occurs when people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent with them

Subliminal Perception

you see or hear messages without being aware of them

Attitude

learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way, shaped by our values and beliefs

Associative Group

group which a person actually belongs, such as a brand community that consists of a specialized group of consumers with a structured set of relationships involving a particular brand

Traditional Auction

seller puts an item up for sale and would-be buyers are invited to bid in competition with each other

Reverse Auction

buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other

International Firm

engages in trade and marketing in different countries as an extension of the marketing strategy in its home country

Multinational Firm

views the world as consisting of unique parts and markets to each part differently, have as many different product variations, brand names, and advertising programs as countries in which they do business.

uses multidomestic marketing strategy

Transnational Firm

views the world as one market and emphasizes cultural similarities across countries or universal consumer needs and wants rather than differences

uses global marketing strategy

Back Translation

translated word or phrase is retranslated into the original language by a different interpreter to catch errors

Indirect Exporting

firm sells its domestically produced products in a foreign country through an intermediary

Exporting

producing products in one country and selling them in another country

Licensing

company offers the right to a trademark, patent, trade secret, or other similarly valued item of intellectual property in return for a royalty or a fee

Joint Venture

foreign company and a local firm invest together to create a local business

Direct Investing

domestic firm actually investing in and owning a foreign subsidiary or division

Gray Market

situation where products are sold through unauthorized channels of distribution

Reciprocity

mutual agreement that firms will buy from each other to benefit one another

Maslow Hierarchy of Needs

list of needs from physiological and safety needs to social, personal, and self actualization needs

Temporal Effects

time of day, how much time you have to make decision

Caveat Emptor

let the buyer beware

Patent Law

gives inventors the right to exclude others from making, using, or selling products that infringe the patented invention

Copyright Law

gives the author of a literary, dramatic, musical, or artistic work the exclusive right to print, perform, or otherwise copy that work

Digital Millennium Copyright Act

improved protection of copyrighted digital products

Gross Income

the total amount of income from wages before any payroll deductions, what you start with

Disposable Income

money income left after all taxes on it have been paid, used on rent and necessities

Discretionary Income

money income left after necessities have been bought, used on luxury goods

Environmental Scanning

acquiring information to identify and interpret potential trends