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MRKT Exam 1
marketing exam 1
52
Marketing
Undergraduate 3
02/25/2017

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Term
consumer behavior
Definition
the set of value-seeking activities that tale place as people go about addressing and attempting to address real needs.
Term
exchange
Definition
the acting out of a decision to give something up in return for something percieved to be of greater value.
Term
costs
Definition
are the negative results of consumption experiences.
Term
benefits
Definition
the positive results of consumption experiences.
Term
want
Definition
a specific desire
Term
consumption
Definition
the process by which consumers use goods, services, or ideas and transofrm the experience into value.
Term
consumer behavior as a field of study
Definition
the study of consumption as they go through the consumption process
Term
economics
Definition
the study of production and consumption.
Term
psychology
Definition
the study of human reactions th their environment.
Term
social psychology
Definition
the thoughts, feelings, and behvaiors that people have as they interact with other people (group behavior).
Term
cognitive psychology
Definition
the intracacies of mental reactions involved in information processing.
Term
consumer orientation
Definition
way of doing business in which actions and decisions making prioritize consumer value and satisfaction
Term
market orientation
Definition
organizational culture that embodies the importance of creating value for customers among all employees
Term
stakeholder marketing
Definition
firms recognize that more than just the buyer and seller are involved in the marketing process
Term
primary market
Definition
customers, employees, owners, suppliers, and regulating agencies
Term
secondary market
Definition
mass media, communities, and trade organizations
Term
Relationship marketing
Definition
activities based on the belief that the firm's performance is enhanced through repeat business
Term
80-20
Definition
80% of your business comes for 20% of your customers
Term
interpretive research
Definition
seeks to explain the inner meanings and motivations associated with specific consumption experiences
Term
phenomenology
Definition
study of consumers that relies on interpretation of their lived experience associated with some aspect of consumption
Term
ethnography
Definition
study of consumers that relies on interpretation of artifacts to draw conclusions about consumptions.
Term
internationalization
Definition
deal with geographical and cultural distances. cultures interpret products and behaviors differently.
Term
Big Data
Definition
represents massive amounts of data available to companies that can be used to predict consumers' behaviors
Term
predictive analytics
Definition
application of statisctical tools to discover patterns in data that allow prediction of consumer behavior
Term
Utilitarian value
Definition
based on function
Term
hedonic value
Definition
based on emotion
Term
figure
Definition
focal point
Term
ground
Definition
background
Term
marketing strategy
Definition
way a company goes about creating value for customers
Term
corporate strategy
Definition
way a firm is defined and sets its general goals
Term
marketing tactics
Definition
way by which merketing management is implemented
Term
market segmentation
Definition
separation of a market into groups based on the different demand curves associated with each group
Term
product differentiation
Definition
consumers do not view all competing products as identical to one another
Term
marketing mix
Definition
the combination of product, pricing, promotion, and distribution strategies used to position some product offering or brand in the marketplace
Term
target market
Definition
which market segment a company will serve with a specific market mix
Term
perceptual map
Definition
graphical depiction of the positioning of competing products
Term
Consumer Lifetime Value (CLV)
Definition
= npv(sales-cost) + npv(equity)
Term
cognitive organization
Definition
process by which the human brain assembles sensory evidence into something recognizable.
Term
message congruity
Definition
extent to which a message is internally consistent and fits surrounding information.
Term
Implicit
Definition
memory for things that a person did not try to remember
Term
explicit
Definition
the person intends to remember information
Term
framing
Definition
meaning of something is influenced by the environment
Term
sensory memory
Definition
area where a consumer stores encounters exposed to one of the five senses
Term
workbench (short-term) memory
Definition
storage area where info is stored while being processed and encoded for later recall
Term
long-term memory
Definition
repository for all information that a person has encountered.
Term
repetition
Definition
holding a thought in short-term memory by mentally repeating the thought
Term
dual coding
Definition
two different sensory "traces" are available to remember something
Term
meaningful encoding
Definition
occurs when preexisting knowledge is used to store new information
Term
chunking
Definition
grouping stimuli by meaning so that multiple stimuli becomes a single memory unit
Term
exemplars
Definition
concept within a schema that is the single best representative of some category
Term
prototype
Definition
best representative of some category but that is not represented by an existing entity.
Term
Consumer Bill of Rights
Definition
safety, be informed, redress and to be heard, choice
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