Term
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Definition
| The processes involved when individuals or groups purchase, use and dispose of goods, services, or ideas to satisfy their needs. |
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Definition
| The process used when buying frequently purchased, low-cost items that require little search-and-decision effort |
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Definition
| The process that buyers use when purchasing products occasionally or when they need information about an unfamiliar brand in a familiar product category |
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Definition
| The process employed when purchasing unfamiliar, expensive, or infrequently bought products |
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Definition
| An unplanned buying behavior resulting from a powerful urge to buy something immediately |
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Term
| Consumer Buying Decision Process |
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Definition
| Influences on the decision process: situation (physical surroundings, social, time, purchase reason, buyers mood and condition), Psychological Influences (perception, motives, learning, attitudes, personality and self concept, lifesystles), social influences (roles, family, reference groups and opinion leaders, social classes, culture and subcultures) |
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Term
| Internal Search vs External Search |
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Definition
| Buyers search their memories for information about products that might solve their problem vs Buyers seek information from outside sources. |
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Term
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Definition
| A group of brands that the buyer views as alternatives for possible purchase |
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Term
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Definition
| Objective and subjective characteristics that are important to a buyer |
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Term
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Definition
| A buyer’s doubts shortly after a purchase about whether the decision was the right one |
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Term
| 3 major categories that influence the consumer decision process |
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Definition
| Situational, Psychological, and Social |
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Term
| Situational (with regards to the consumer decision process) |
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Definition
| Factors that can influence a buyer’s purchase decision and may cause the buyer to shorten, lengthen, or terminate the process. Physical surroundings. |
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Term
| Psychological (with regards to the consumer decision process) |
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Definition
| Factors that in part determine people’s general behavior, thus influencing their behavior as consumers. Perception. |
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Term
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Definition
| Time, Mood, Physical Surroundings, Social Surroundings, Reason for purchase |
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Term
| 6 Psychological Influences |
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Definition
| Perception, Motives, Attitudes, Personality, Self-Concept, Lifestyles |
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Term
| Perception (with regards to psychological influences) |
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Definition
The process of selecting,
organizing, and
interpreting information
inputs to produce
meaning |
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Term
| Motives (with regards to psychological influences) |
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Definition
| An internal energizing force that directs a person’s behavior toward satisfying needs or achieving goals (internal drive, motor). Wants vs. Needs |
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Term
| Attitudes (with regards to psychological influences) |
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Definition
| An individual’s enduring evaluation of, feelings about, and behavioral tendencies toward an object or idea. |
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Term
| Personality (with regards to psychological influences) |
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Definition
| A set of internal traits and distinct behavioral tendencies that result in consistent patterns of behavior in certain situations |
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Term
| Self-Concept (with regards to psychological influences) |
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Definition
| Perception or view of oneself |
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Term
| Lifestyles (with regards to psychological influences) |
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Definition
| An individual’s pattern of living expressed through activities, interests, and opinions |
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Term
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Definition
| Remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not |
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Definition
| An individual’s changing or twisting of information when it is inconsistent with personal feelings or beliefs |
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Definition
| The process of selecting inputs to be exposed to our awareness while ignoring others |
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Term
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Definition
The five levels of needs that humans are motivated to seek and satisfy, from least to most important are
Physiological needs—food, water, sex, clothing, shelter
Safety needs—security, freedom
Social needs—love, affection, belonging
Esteem needs—respect, recognition, self-worth
Self-actualization needs—personal growth needs |
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Term
| Social Influences on Consumer Behavior |
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Definition
| The forces other people exert on one’s buying behavior |
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Term
| 3 Types of Reference Groups |
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Definition
| Aspirational, Disassociates, Membership. Any group that positively or negatively affects a person’s values, attitudes, or behavior |
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Term
| Aspirational Reference Group |
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Definition
| Aspration to be a part of a group (e.g. NBA players) |
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Term
| Disassociate Reference Group |
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Definition
| Trying to disassociate with a group (e.g. Nerds) |
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Term
| Membership Reference Group |
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Definition
| Being part of a group or club to obtain identity (e.g. B.S.O. Club) |
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Term
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Definition
| A knowledgeable, accessible individual who provides information about a specific sphere of interest to followers |
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Definition
| An open group of individuals with similar social rank (e.g. occupation, education, income) |
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Definition
| The accumulated values, knowledge, beliefs, customs, objects, and concepts of a society. |
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Term
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Definition
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Term
| How and why do we use VALS? |
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Definition
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Term
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Definition
Creating and maintaining a certain concept of a product in customers’ minds
A product’s position results from customers’ perceptions of a product’s attributes relative to those of competing products. |
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Term
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Definition
| Adjusting a product’s present position can strengthen/increase its market share and profitability. |
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Term
| Head-to-head vs avoidance positioning |
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Definition
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Term
| Why would a marketer want to reposition a product within the market? |
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Definition
| Sell more, reboot a product, remove negative connotations |
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Term
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Definition
| Developing and performing marketing activities across national boundaries |
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Term
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Definition
A limit on the amount of
goods an importing country
will accept for certain product
categories in a specific period of time |
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Term
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Definition
A duty levied by a nation
on goods bought outside
its borders and brought
in |
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Term
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Definition
A governmental suspension of trade in a particular product or with a given country
(for health, religious and political reasons) |
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Term
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Definition
Government restrictions on the amount of a
particular currency that an be bought or sold |
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Term
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Definition
| The difference between the value of a nation’s imports and exports |
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Term
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Definition
The market value of a nation’s
total output of goods and
services for a given period; an
overall measure of economic
standing |
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Term
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Definition
| GDP divided by the population |
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Term
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Definition
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Term
| Contraversies of Free Trade Agreements |
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Definition
Reduced prices (may hurt some businesses)
- Outsourcing
- Job Loss
- Subsidized Industries (e.g. Canada/timber)
- Worker exploitation
- May discourage trading outside the NAFTA block |
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Term
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Definition
| North American Free Trade Alliance |
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Definition
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Definition
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Term
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Definition
| General Agreement on Tariffs and Trade. An agreement among nations to reduce worldwide tariffs and increase international trade (8 rounds of GATT) |
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Term
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Definition
World Trade Organization. An entity that promotes free trade among member nations
Provides legal ground rules
for international commerce
and trade policy |
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Term
| Globalization vs. Customization |
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Definition
| "Think globally act locally" |
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Term
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Definition
| The purchase of products from a foreign source |
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Term
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Definition
| The sale of products to foreign markets |
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Term
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Definition
A partnership between a
domestic firm and a foreign
firm or government |
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Term
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Definition
A form of licensing in which
the franchiser grants the
franchisee the right to
market its product in accordance
with the franchiser’s standards |
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Term
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Definition
| A partnership formed to create a competitive advantage on a worldwide basis often formed between traditional rivals. |
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Term
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Definition
| Hiring a foreign firm to produce a designated volume of product to specification |
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Term
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Definition
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Term
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Definition
-identifiable
-sizable
-are we big enough
-competition (direct, indirect)
-long-term potential (sustainability)
-consistent with mission (core competencies) |
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Term
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Definition
| Demographics, Geographics, behavioristic, psychographic |
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Term
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Definition
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Term
| Undifferentiated targeting strategies |
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Definition
Defining an entire market for
a particular product as the
target market (homogeneous
market)
Designing a single marketing
mix for and directing it at the
total market |
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Term
| Differentiated targeting strategies |
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Definition
Targeting two or more segments by developing a marketing mix for each
Competitive advantage is that a firm may gain a larger total market share by aiming multiple marketing mixes at multiple segments |
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Term
| Concentrated targeting strategies |
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Definition
Segmenting (dividing) the total market into groups with similar product needs (heterogeneous markets) to
design marketing mixes that
match those needs
Concentrated targeting strategy
focuses on a single market
segment using one marketing
mix |
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Term
| Segmentation Variables for Consumer Markets |
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Definition
| Demographics, behavioristic, Psychographic, Geographic |
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Term
| Demographics (With regards to Segmentation Variables for Consumer Markets) |
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Definition
| Age, occupation, gender, family size, race, family life cycle, ethnicity, religion, income, social class, education |
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Term
| Behavioristic (With regards to Segmentation Variables for Consumer Markets) |
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Definition
| Volume usage, end use, benefit expectations, brand loyalty, price sensitivity |
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Term
| Geographic (With regards to Segmentation Variables for Consumer Markets) |
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Definition
| Region, state size, urban, suburban, rural, market density, city size, terrain, county size |
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Term
| Psychographic (With regards to Segmentation Variables for Consumer Markets) |
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Definition
| personality attributes, motives, lifestyles |
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Term
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Definition
| Groups of individuals whose characteristic values and behavior patterns are similar and differ from those of the surrounding culture |
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