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| the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends |
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| demographic characteristics of the population and its values |
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| describe a population according to selected characteristics such a age, gender, ethnicity, income, and occupation. |
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| consist of the generation of children born between 1946 and 1964 |
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| includes the 15 percent of the population born between 1965 and 1976. Also called baby bust |
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| includes the 72 million Americans born between 1977 and 1994. Also called echo-boom and baby boomlet |
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| a family formed by merging two previously separated units into a single household |
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| consists of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races |
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| consists of the set of values, ideas, and attitudes that are learned and shared among the members of a group |
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| the concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior |
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| pertains to the income, expenditures, and resources that affect the cost of running a business and hosehold |
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| the total amount of money in one year by a person, household, or family unit |
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| the money consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation |
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| the money that remains after paying for taxes and necessities |
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| consists of the inventions or innovations from applied science or engineering research |
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| an information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies digitized offereings |
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| any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services |
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| consists of the alternative firms that could provide a product to satisfy a specific market's needs |
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| are business practices or conditions that make it difficult for new firms to enter the market |
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| consists of the restrictions state and federal laws place on business with regard to the conduct of its activites |
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| a grassroots movement started in the 1960's to increase the influence, power, and rights of consumers in dealing with institutions |
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| is an alternative to government control where an industry attempts to police itself |
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| consists of the actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after actions |
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| Purchase Decision Process |
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| consists of the five stages a buyer passes through in making choices about which products and services to buy: (1)problem recognition (2) information search, (3) alternative evaluation, (4) purchase decision, and (5) postpurchase behavior |
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| are the factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands |
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| the group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware |
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| the feeling of postpurchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives |
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| the personal, social, and economic significance of the purchase to the consumer |
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| the five aspects of the purchase situation that impacts the consumer's purchase decision process (1) the purchase task, (2) social surroundings, (3) physical surroundings, (4) temporal effects, and (5) antecedent states |
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| the energizing force that stimulates behavior to satisfy a need |
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| a person's consistent behaviors or responses to recurring situations |
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| the way people see themselves and the way they believe others see them |
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| the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world |
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| involves seeing or hearing messages without being aware of them |
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| the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences |
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| consists of those behaviors that result from (1) repeated experience and (2) reasoning |
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| favorable attitude toward and consistent purchase of a single brand over time |
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| a learned predisposition to respond to respond to an object or class of objects in a consistently favorable or unfavorable way |
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| consumer's subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and decisions with other people |
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| a mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them |
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| individuals who exert direct or indirect social influence over others |
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| involves the influencing of people during conversations |
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| consists of people to whom an individual looks as a basis for self-appraisal or as a source of personal standards |
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| the process by which people acquire the skills, knowledge, and attitudes necessary to function a consmers |
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| the distinct phases that a family progresses through, from formation to retirement, each phase bringing with it identifiable purchasing behaviors |
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| relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped |
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| the subgroups within the larger, or national, culture with unique values, ideas, and attitudes |
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| good service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money something else of value |
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| intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money |
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| the products purchased by the ultimate consumer |
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| products organizations buy that assist in providing other products for resale |
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| items that consumer purchases frequently, conveniently, and with a minimum of shopping effort |
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| items for which the consumer compares several alternatives on criteria such as price, quality, or style |
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| items that a consumer makes a special effort to search out and buy |
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| items that the consumer either does not know about or knows about but does not initially want |
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| a specific product that has a unique brand, size, or product |
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| a group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range |
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| consists of all of the product lines offered by an organization |
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| a statement that before product development begins, identifies: (1)well definied target market; (2)specific customers' needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers |
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Definition
| consists of the seven stages an organization goes through to identify business opportunities and convert them to salable products or services |
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| New-product strategy development |
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| defines the role for a new product in terms of the firm's overall objectives |
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| the stage of the new-product process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage's results |
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| the stage of the new product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort |
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| the stage of the new- product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections |
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| the stage of the new-product process that turns the idea on paper into prototype |
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| the stage of the new-product process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy |
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| the stage of the new-product process that positions and launches a new product in full-scale production and sales |
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| describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline |
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| consists the entire product category or industry |
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| consists of variations of a product within the product class |
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| a strategy that alters one or more of a product's characteristic, such as its quality, performance, or appearance, to increase the product's value to customers and increase sales |
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| is a strategy in which a company tries to find new customers, increase a product's use among existing customers, or create new use situations |
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| adding value to the product through additional features or higher-quality materials |
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| involves reducing the number of features, quality, or price |
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| marketing decision in which an organization uses name, phrase, design, or symbols, |
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| any word device to distinguish a seller's goods or services |
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| a commercial legal name under which a company does business |
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| identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it |
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| a set of human characteristics associated with a brand name |
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| the added value a brand name gives to a product beyond the functional benefits provided |
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| a contractual agreement whereby one company allows its brand name to be used with products offered by another company for a royalty or fee |
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| a branding strategy in which a company uses one name for all its products in a product class |
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| a branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment |
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| branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer |
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Definition
| a branding strategy where a firm markets products under its own name and that of a reseller because the segment attracted to the reseller is different from its own market |
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| a component of a product that refers to any container in which it is offered for sale and on which label information is conveyed |
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| integral part of the package that typically identifies the product or brand, who made it, where and when it was made |
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| a statement indicating the liability of the manufacturer for product deficiencies |
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| Integrated marketing communications (IMC) |
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| designing marketing communications programs that coordinate all promotional activities |
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| process of conveying a message to others and that requires six elements: source, message, channel of communication, a receiver, and the processes of encoding and decoding |
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| a company or person who has information to convey during the communication process |
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| consists of the information sent by a source to a receiver |
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| the means of conveying a message to a receiver during the communication process |
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| consists of consumers who read, hear, or see the message sent by a source during the communication process |
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| process of having the sender transform an idea into a set of symbols during the communication process |
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| process of having the receiver take a set of symbols, the message, and transform them back to an idea during the communication process |
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| mutually shared understanding and knowledge that the sender and receiver apply to a message |
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| the impact the message hard on the receiver's knowledge attitudes or behaviors during the communication process |
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| sender's interpretation of the response, which indicates whether a message was decoded and understood ad intended during the communication process |
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| consists of extraneous factors that can work against effective communication by distorting a message or the feedback received |
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| any paid form of nonpersonal communication about an organization, good, service |
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| consists of the two-way flow of communication between a buyer and seller, often face-to-face |
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| a form of communication managemment that seeks to influence the feelings |
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| nonpersonal indirectly paid presentation of a good or service |
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Definition
| short term inducement of value offered to aroue interest in buying a good or service |
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| a promotion alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet |
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| directing the promotional mix to channel members to gain their cooperation in ordering and stocking a product |
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| involves directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product |
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Definition
| sequence of stages a prospective buyer goes through from initial awareness of a product to eventual action |
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| Percentage of sales budgeting |
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Definition
| involves allocating funds to promotion as a percentage of past or anticipated sales, in terms of either dollars or units sold |
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| Competitive parity budgeting |
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| allocating funds to promotion by matching the competitors level of spending |
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| All you can afford budgeting |
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| allocating funds to promotion only after all other budget items covered |
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| result of direct marketing offers that contain all the information necessary for a prospective buyer to make a decision to purchase and complete transaction |
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| the result of a direct marketing offer designed to generate interest in a product or service and a request for additional information |
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| outcome of a direct marketing offer designed to motivate people to visit a business |
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