Home > Flashcards > Marketing > Marketing Definitions

Details Title: Marketing Definitions Description: Definitions for Vocabulary-Chapter 6: Basic marketing-A Marketing Strategey Planning Approach, McGraw Hill Publishing Co. Total Flash Cards: 31 Created: 10/07/2007 14:55:13	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Economic Buyers Definition people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money Term Economic Needs Definition making the best use of a consumer's time and money-as the consumer judges it. Example: Some consumers look for the lowest price. Others will pay extra for conveinence. Other needs: Efficiency, dependability, quality *Marketing managers must be alert to new ways to appeal to economic needs Term Needs Definition The basic forces that motivate a person to do something. More basic than wants. Term Wants Definition are "needs" that are learned during a person's life Term Drive Definition A strong stimulus that encourages action to reduce a need; when a need is not satisfied it may lead to this Term Physiological needs Definition concerned with biological needs-food, drink, rest and sex Term Safety needs Definition concerned with protection and physical well-being (sitting on chair example-the chair won't collapse) Term Personal Needs Definition An individual's need for personal satisfaction unrelated to what others think or do. Ex: Self esteem, accomplishment, fun freedom and relaxation Term Motivation theory Definition suggests that we never reach a state of complete satisfaction; as soon as we get lower-level needs reasonably satisfied, those at higher levels become more dominant Term Perception Definition how we gather and interprent information from the world around us; why consumers select varying ways to meet their needs Term Selective Exposure Definition our eyes and minds seek out and notice only information that interests us; ex. closing a pop-up ad before you see it, TiVo-ing commercials; helps explain why some people are not affected by some advertising Term Selective perception Definition we screen out or modify ideas messages and information that conflict with previously learned attitudes and beliefs helps explain why some people are not affected by some advertising Term Selective retention Definition we remember only what we want to remember; hels explain why some people are not affected by some advertising Term Learning Definition a change in a person's thought processes caused by prior experience. Often based on direct experience: Try ice cream, love it! May also be based on indirect experience or associations: ads, other people's opinions Term Cues Definition products, signs, ads, and other stimuli in the environment; causes a persion to choose a response Term Response Definition an effort to satisfy a drive; depends on the cues and the person's past experience Term Reinforcement Definition occurs when the response is followed by satisfaction; strenghtens the relationnship between the cue and the response; repeatedly, this leads to the development of a habit Term Attitude Definition a person's point of view towards something; affect the selective processes, learning and eventually the buying decisions people make; have some action implications; changing negative ones is probably the most difficult job marketers face Term Belief Definition a person's opinion about something; may help shape a consumer's attitudes but don't necessarily involve any liking or disliking; not very action-oriented *Ethical issues may arise if consumers have inaccurate beliefs. ex: low-fat beverages don't guarantee weight loss Term Expectation Definition an outcome or event that a person anticipates or looks forward to; focus on the benefits or value that the consumer expects froma firm's marketing mix; consumer likely to be dissatisfied if these are not met in a product Term Psychographics/lifestyle analysis Definition the analysis of a person's day-to-day pattern of living as expressed in that person's Activities, Interests, and Opinions (AIO's); help marketers paint a more human portrait of the target market Term social class Definition a group of people who have approximately equal social position as viewed by others in the society; almost every society has these patterns to some extent; each group has different economic/shopping patterns Term Reference Group Definition the people to whom an individual looks when forming attitudes about a paricular topic; making comparisons between ourselves and others- can influence purchase decisions when we want others to "see" brands we are using Term opinion leader Definition a person who influences others; aren't necessarily wealthy and/or better educated; just considered cool and in-sync with the times; trend setters Term Culture Definition the whole set of beliefs, attitudes and ways of doing things of a reasonably homogeneous set of people-tend to be more similar in outlook and behavior; can't forget about subcultures; each foreign market may need to be treated as a separate market with its own submarkets Term Extensive Problem Solving Definition when consumers put much effort into deciding how to satisfy a need; likely for a completely new purchase or to satisfy an important need; Ex: Buying a new car Term Limited problem solving Definition used by consumers when some effort is requred in deciding the best way to satisfy a need; typical when the consumer has some previous experience with a product but isn't sure which choice to make at the moment Term Routinized Response Behavior Definition when the consumer regularly selects a particular way of satisfying a need when it occurs Term Low-involvement purchases Definition purchases that have little importance or relevance for the customer Term Dissonance Definition a feeling of uncertanty about whether the correct decision was made; may lead a customer to seek additional information to confirm the wisdom of the purchase and thus reduce the tension Term Adoption Process Definition The steps individuals go through on the way to accepting or rejecting a new idea: Includes, in order: Awareness, Interest, Evaluation, Trial, Decision, Confirmation