MKT 301 Exam #2 UD

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140 Terms

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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

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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

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perceived value

the value a consumer expects to obtain from a purchase

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utilitarian value

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

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hedonic value

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

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Consumer Decision Making Process

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

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need recognition

result of an imbalance between actual and desired states

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want

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

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Stimulus

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

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internal information search

the process of recalling past information stored in the memory

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external information search

the process of seeking information in the outside environment

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non-marketing controlled information source

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

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marketing-controlled information source

a product information source that originates with marketers promoting the product

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evoked set

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

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nudge

a small intervention that can change a person's behavior

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jilting effect

anticipation of receiving a highly desirable option only to have it become inaccessible

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cognitive dissonance

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

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involvement

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

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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

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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

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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

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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

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churning

when a significant number of customers are switching brands

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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

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Subculture

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

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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

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reference group

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

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primary membership group

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

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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

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aspirational reference group

a group that someone would like to join

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norm

a value or attitude deemed acceptable by a group

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nonaspirational reference group

a group with which an individual does not want to associate

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opinion leaders

an individual who influences the opinions of others

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socialization process

how cultural values and norms are passed down to children

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separated self-schema

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

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connected self-schema

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

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Personality

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

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self-concept

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

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ideal self-image

the way an individual would like to be perceived

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real self-image

the way an individual actually perceives himself or herself

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Perception

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

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selective exposure

the process whereby a consumer notices certain stimuli and ignores others

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selective distortion

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

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selective retention

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

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motive

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

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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

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learning

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

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stimulus generalization

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

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stimulus discrimination

a learned ability to differentiate among similar products

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Business Marketing

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

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business product (industrial product)

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

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consumer product

a product bought to satisfy an individual's personal wants

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content marketing

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

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strategic alliance

a cooperative agreement between business firms

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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

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trust

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

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keiretsu

a network of interlocking corporate affiliates

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original equipment manufacturers (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

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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

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derived demand

the demand for business products

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joint demand

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

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multiplier effect

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

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business-to-business online exchange

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

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Reciprocity

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

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major equipment (installations)

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

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accessory equipment

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

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raw materials

Unprocessed natural products used in production

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component parts

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

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processed materials

products used directly in manufacturing other products

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supplies

consumable items that do not become part of the final product

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business services

expense items that do not become part of a final product

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buying center

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

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new buy

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

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modified rebuy

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

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straight rebuy

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

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market

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

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market segment

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

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Market Segmentation

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

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segmentation bases (variables)

characteristics of individuals, groups, or organizations

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geographic segmentation

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

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demographic segmentation

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

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family life cycle (FLC)

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

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psychographic segmentation

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

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geodemographic segmentation

segmenting potential customers into neighborhood lifestyle categories

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benefit segmentation

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

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usage-rate segmentation

dividing a market by the amount of product bought or consumed

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80/20 principle

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

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satisficers

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

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optimizers

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

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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

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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

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concentrated targeting strategy

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

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Niche

one segment of a market

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multisegment targeting strategy

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

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Cannabilization

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

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Positioning

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

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position

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

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product differentiation

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

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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

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Repositioning

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