MArketing Quiz 2

Environmental Scanning

The process of continually acquiring information to help identify trends.

Social Forces

Factors that include demographics and culture which influence consumer behavior.

Demographic Characteristics

Includes population profile, generational cohorts, and racial/ethnic diversity.

Macroeconomic Conditions

Overall economic factors that impact the marketplace.

Microeconomic Factors

Specific economic aspects such as consumer income that affect marketing.

Technological Changes

Alterations in technology that can replace products or reduce prices.

Perfect Competition

Market structure with a large number of sellers.

Types of Competition

Includes pure competition, monopolistic competition, oligopoly, and monopoly.

Sherman Antitrust Act

Legislation that forbids actual monopolies.

Clayton Act

Legislation that forbids actions likely to lessen competition.

Generational Cohorts

Baby boomers, Generation X, Generation Y, and Generation Z.

Disposable Income

Income after paying taxes.

Discretionary Income

Income after paying taxes and essential needs.

Cognitive Dissonance

Post-purchase anxiety experienced by consumers.

Consideration Set

The brands a consumer considers buying in a product category.

Problem Recognition

The first stage in the consumer purchase decision process where a need is identified.

Extended Problem Solving

High-involvement purchase decision process involving all five stages.

Limited Problem Solving

Consumer seeks some information or relies on a decision for purchase.

Routine Problem Solving

Quick decision-making with little effort on information search.

Motivation

The energizing force that drives a need to be satisfied.

Perception

How someone interprets information and creates a worldview.

Reference Groups

Groups that influence a consumer's behavior.

Consumer Bill of Rights

Rights ensuring safety, information, choice, and voice for consumers.

Organizational Buying

The purchasing of products by companies or organizations.

Buying Center

A group of individuals sharing common goals and knowledge for purchase decisions.

Industrial Markets

Markets that reprocess a product or service before selling it.

Reseller Markets

Wholesalers and retailers that buy and sell products without reprocessing.

E-marketplaces

Online trading communities for real-time exchange of information, products, and services.

New Buy

The first-time purchase of a product or service.

Straight Rebuy

Reordering an existing product from an acceptable supplier.

Reverse Auction

Online auction where downward pressure is created on bid prices.

Word of Mouth

The influencing of people during conversations.

Green Marketing

Marketing efforts focused on environmentally sensitive products.

Consumer Purchase Decision Process

Consists of five stages: Problem Recognition, Information Search, Alternative Evaluation, Purchase Decision, and Postpurchase Behavior.

Selective Comprehension

A consumer's interpretation of product information that aligns with their existing beliefs.

Types of reference groups

Three types: Associative groups (belong to), Aspiration groups (wish to belong), Dissociative groups (wish to avoid).