MKT 300H Exam 2 Key Terms

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What is consumer behavior?

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What is consumer behavior?

Actions and decision processes of individuals and households in discovering, evaluating, acquiring, consuming, and disposing of products.

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What is a low-involvement purchase?

A routine buying decision.

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What is a high-involvement purchase?

A complex buying decision made after extensive thought.

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What is passive learning?

Learning in which little energy is devoted to thinking about or elaborating on information.

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What is active learning?

Learning in which substantial energy is devoted to thinking about and elaborating on information.

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What is motivation?

An internal force that directs behavior toward the fulfillment of needs.

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What is approach-approach conflict?

Motivational conflict that occurs when a consumer desires two objectives but cannot have both.

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What is avoidance-avoidance conflict?

Motivational conflict that occurs when consumers must choose between two undesirable alternatives.

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What is approach-avoidance conflict?

Motivational conflict that occurs when a consumer desires an alternative that has positive and negative qualities.

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What is perception?

The process of recognizing, selecting, organizing, and interpreting stimuli in order to make sense of the world around us.

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What is selective attention?

When people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are not.

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What is selective comprehension?

The tendency to interpret products and messages according to current beliefs.

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What is selective retention?

The tendency to remember messages that are consistent with one's attitudes and beliefs, and forget those that are not.

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What is subliminal perception?

Seeing or hearing messages without being aware of them.

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What is learning?

Any change in consumer behavior caused by experience.

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What is problem recognition?

Becoming aware of an unfulfilled need or desire.

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What is information search?

Thinking through a situation by recalling information stored in memory or obtaining it from external sources.

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What is alternatives evaluation?

Using decision rules to determine the most satisfying product.

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What is purchase decision?

The decision to buy and which product to buy.

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Define purchase.

The financial commitment to acquire a product.

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What is purchase evaluation?

Determining satisfaction or dissatisfaction with a buying choice.

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Define classical conditioning.

Learning to respond to one stimulus as another.

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What is generalization?

Making the same response to different stimuli.

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What is discrimination?

Making different responses to different stimuli.

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Define operant conditioning.

Using reinforcement or punishment to shape behavior.

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What is an attitude?

A combination of thoughts, feelings, and intentions towards an object.

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Define cognitive.

Knowledge about a product's attributes not influenced by emotion.

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What is affective?

Emotional feeling of like or dislike.

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Define behavioral.

Tendency to act positively or negatively.

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What is information processing?

The process of acquiring, storing, and evaluating data for decision making.

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Define encoding.

Converting information to knowledge.

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What is memory?

The brain function that stores and recalls encoded information.

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Define culture.

Learned values, beliefs, language, symbols, and behavior patterns shared by a society.

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What are values?

Shared norms about what is right and desirable.

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Define subculture.

A subset of people with shared values within a culture.

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What is social class?

A grouping of people with similar interests, values, behaviors, and wealth.

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What are reference groups?

People whose norms and values influence consumer behavior.

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What are associative reference groups?

Groups that people want to identify with.

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What are dissociative reference groups?

Groups that people do not want to identify with.

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What is derived demand?

Demand that depends on the demand of end customers.

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What is inelastic demand?

Demand that is not influenced much by price changes.

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What is the accelerator principle?

Small changes in consumer demand have a larger effect on business demand.

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What is a commercial market?

Organizations and individuals that acquire goods and services to produce other goods and services for profit.

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What are extractor industries?

Organizations that obtain and process raw materials.

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What are trade industries?

Organizations that acquire or distribute finished products to businesses or consumers.

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What are institutions?

Public and private organizations that provide services to consumers.

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What are utilities?

Companies that distribute gas, electricity, and water.

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What are transportation and telecommunications companies?

Companies that provide passenger and freight service and/or local and long-distance telephone service.

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What are government markets?

The federal government, state government, and local government.

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What is a supply chain?

The linkage of organizations involved in the creation and delivery of a product.

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What is a tier?

The degree of contact between the supplier and the OEM.

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What is a make or buy decision?

The decision whether to supply products in-house or purchase them from other businesses.

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What is outsourcing?

Purchasing products and services from other companies.

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What is a straight rebuy?

A routine purchase with which the organization has considerable experience.

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What is a modified rebuy?

The purchase of a familiar product from an unfamiliar supplier or a new or different product from a familiar supplier.

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What is a new task situation?

The purchase of an unfamiliar product from an unfamiliar supplier.

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What is a buying center?

The group of people from the buying organization who make a purchase decision.

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What is a gatekeeper?

A person within the buying center who controls the flow of commercial information into the buying organization.

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What is an information seeker?

A person within the buying center who locates data that can be used during the purchasing process.

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What is a linking pin?

A person within the buying center who establishes contact among functional areas within the buying organization.

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Who are decision makers?

People within the buying center who have the authority to make or approve a purchase decision.

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Who are users?

People within the buying center who actually use the product.

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What are product factors?

Factors such as time or perceived risk that influence the organizational buying process.

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What is customer satisfaction?

A customer's positive, neutral, or negative feeling about the value received from an organization's product in specific use situations.

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What is customer loyalty?

A measure of how often, when selecting from a product class, a customer purchases a particular brand.

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What is customer lifetime value (CLV)?

The amount of profit a company expects to obtain over the course of a customer relationship.

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What is cost structure?

The amount of resources required to produce a specific amount of sales.

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What are customer expectations?

Consumer beliefs about the performance of a product based on prior experience and communications.

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What are customer defections?

The percentage of customers who switch to another brand or supplier.

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What is quality?

The degree of excellence in a company's products or services.

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What is subjective assessment of quality?

The degree to which a product does what consumers expect it to do.

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What is objective assessment of quality?

An evaluation of the degree to which a product does what it is supposed to do.

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What is static quality?

Quality that results when individuals or organizations perfect an accepted practice.

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What is dynamic quality?

Quality that results from a change that makes an existing standard obsolete.

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What is statistical quality control?

Use of statistics to identify and quantify production line problems.

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What is the Malcom Baldrige National Quality Award?

Program to raise quality awareness and practice among U.S. businesses.

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What are satisfaction ratings?

Ratings that compare purchase and/or performance satisfaction of specific products.

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What is a customer satisfaction measurement program?

Ongoing survey of customers to estimate satisfaction.

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What is market segmentation?

Process of dividing a large market into identifiable segments.

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What is a market segment?

Homogenous group of consumers with similar needs and buying behavior.

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What is target marketing?

Selection of specific homogeneous groups of potential customers for emphasis.

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What is positioning?

Creation of an image or reputation in the minds of consumers.

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What is product differentiation?

Marketing strategy to make products appear unique compared to competition.

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What is a heterogeneous group?

Buyers with diverse characteristics.

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What is a homogenous group?

Buyers with similar characteristics.

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What is a segmentation variable?

Distinguished market factor that can vary, such as gender or age.

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What is zip code segmentation?

Division of a market based on the demographic makeup of zip code areas.

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What is demographic segmentation?

Division of the market based on characteristics like gender, income, etc.

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What is de-ethnicization?

Process of marketing a product detached from its ethnic roots.

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What are psychographics?

Marketing approaches and tools used to identify lifestyles based on measures of consumers' values, activities, interests, opinions, demographics, and other factors.

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What is a market segment profile?

Information about a market segment and the amount of opportunity it represents.

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What is a targeting strategy?

The number of market segments and the relative amount of resources targeted at each.

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What is undifferentiated marketing?

A strategy that views all potential customers as though they are the same.

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What is differentiated marketing?

Serving each segment with marketing mix elements matched specifically to its desires and expectations.

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What is centralized decision-making?

A management process in which a small group of executives make all the major decisions for the whole company.

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What is decentralized decision-making?

A management process in which numerous groups, each dedicated to a specific segment, make decisions about their segment.

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What is concentrated marketing?

Focusing the organization's marketing mix strategy on one of only a few of many possible segments.

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What is a niche?

A very small market segment that most companies ignore because they fail to see any opportunity.

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What is product position?

The characteristics consumers associate with a brand based on important attributes.

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What is a positioning map?

A diagram of how consumers in a segment perceive specific brand elements they consider important.

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