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Final Review
Final Review
66
Marketing
Undergraduate 1
11/30/2011

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Cards

Term
Routine Choice
Definition
carried out automatically, with little conscious effort
Term
Intermediate Problem Solving
Definition
limited information search and deliberation
Term
Extensive Problem Solving
Definition
requires deliberate and systematic effort
Term
Brand Laziness
Definition
both consumer involvement and processing effort are low
Term
Brand Loyalty
Definition
involvement is high and processing is relatively low
Term
External Uncertainties
Definition
misinterpretation of information about brands (incomplete information, misinterpret attributes, and using obsolete information).
Term
Internal Uncertainties
Definition
Consumers not understanding themselves
Term
Absolute Utility Error
Definition
consumer don't know what attributes they like
Term
Relative Utility Error
Definition
Consumer don't know what attributes to trade off
Term
Needs
Definition
fundamental physical or psychological states of felt deprivation
Term
Motives
Definition
internal drives that push consumer to resolve a problem or reduce a need
Term
Wants
Definition
Need Satisfiers shaped by a consumer's personality, experiences and culture--including marketing
Term
Opportunities
Definition
Emerge when a consumer's ideal and acutal states simultaneously move in opposite directions
Term
True Brand Universe
Definition
the set of all existing brands along with their attributes
Term
Perceived brand universe
Definition
only those brands of which a consumer is aware of.
Term
True Utility Function
Definition
the acutal satisfaction a consumer will obtain from using and consuming a brand
Term
Perceived Utility Function
Definition
what a consumer believes his or her reaction to a brand
Term
Consideration
Definition
non-compesatory process of selecting a single cluster of brand to consider
Term
Choice
Definition
a comensatory process of comparing brands within a cluser and selecting only one.
Term
Consumer Satisfaction
Definition
determined by consumers' post-purchase evaluation of their choices
Term
Dissonance-Reduction
Definition
consumer attempt to reduce post-purchase feelings of uneasiness regarding their choices by comparing the selected brand to a rejected alternative
Term
Expectancy Disconfirmation
Definition
consumers compare perceptions of a brand's performance with their expectations.
Term
Consideration Set
Definition
a group of brands that consumers think about when making a purchase
Term
The Compromise Effect
Definition
A target brand appears more attractive when it is viewed as a "good compromise"
Term
Stimulus-based Choice
Definition
consumers directly and physically observe all relevant brands in the consideration set
Term
Memory-based Choice
Definition
none of the considered brands are physically or directly observable
Term
Mixed Choice
Definition
consumers can see some brands but must remember others
Term
Attitude-based Choice
Definition
consumers form overall evaluations and gerneral impressions of brands
Term
Attribute-based Choice
Definition
consumers compare the specific attributes or features of each brand.
Term
Heuristic Processing
Definition
Shortcuts used to simply decisions
Term
Persuasion Heruistics
Definition
infulence consumers' beliefs and attitudes.
Term
Predicition Heuristics
Definition
used to form likelihood judgments
Term
Influence (choice) Heuristics
Definition
directly affect consumers' decisions
Term
The liking-agreement heuristic
Definition
(persuasion heuristic) based on the assumption that consumers usally agreewith people they like
Term
Simulation Heuristic
Definition
(Prediction Heuristic) an event or sequence of events that is easy to imagine also seems very likely to occur
Term
Lexiographic Heuristic
Definition
(Influnce or Choice Heurisitc) a consumer chooses the brand that appears best on the most important feature, ignoring all other attributes.
Term
When are consumers likely to use Heuristics?
Definition
When involvement is low and risk is low. And Choice difficulty is High
Term
The door in the face technique
Definition
allows customers to refuse the intial deal and a second more reasonable offer follows
Term
The That's Not All Technique
Definition
offers a better deal immediately eliminating the opportunity to refuse the intial offer
Term
The Reciporocity Principle
Definition
When somone does you a favor, you feel obligated to return it in kind.
Term
The Multiple-deescalating-requests technique
Definition
once a request is refused, additional request follow--one after the other until one is finally accepted.
Term
The Even-a Penny Technique
Definition
To make extremely small requests involoving a small donation of money
Term
Scarcity Principle
Definition
Consumers often want what they can't have. Consumer also want things that may not be available in the future.
Term
Social Validation Principle
Definition
the perceived validity (or correctness) if an indea increases as the number of people supporting the idea increases. "The proof is in the numbers"
Term
The Authority Principle
Definition
Consumers tend to comply with those in authority
Term
Word-of-Mouth
Definition
the act of one consumer talking to another about a brand
Term
The Automaticity Principle
Definition
is the cornerstone of all influence techniques. Consumer often think midlessly, without evaluating the consequences of a request.
Term
Because Heuristic
Definition
Because people process small requests mindlessly hearing the word because may be enough to trigger complaince.
Term
The commitment and consistency principle
Definition
consumers feel pressured to maintain stable beliefs, attitudes, and behaviors. Inconsistencies often invite interpretations of personality flaws.
Term
Encultturation
Definition
learning about one's own culture
Term
Acculturation
Definition
learning and adapting to meaning in another culture
Term
Culture
Definition
the patterns of meaning acquired by members of society expressed in their knowledge, beliefs, art, laws, morals, customs, and habits.
Term
Culture Values
Definition
a collective set of beliefs about what is important useful and desirable
Term
Subcultures
Definition
smaller groups of a larger culture that at once share larger cultural values and demonstrate unique cultural values.
Term
The Return Potential Model
Definition
describes norms on behavior and evaluative dimensions. Too much or too little behavior such as humor can be evaluated as either positive or negative depending on the culture norms
Term
Framing Effects
Definition
preferences change when decision alternatives are described in terms of different frames or perspectivs. Example framed Positively people are risk averse
Example framed Negatively people are risk seeking
Term
Prospect Theory (Reference Dependence)
Definition
suggest all outcomes are evaluated with respect to a neutral reference point, and that preferences change as reference point change.
Term
Loss Aversion
Definition
losses have a bigger impact on people than do equivalent gains
Term
Diminsihing sensitivity
Definition
outcomes have weaker effects on people as distance from the reference point increases.
Term
Sunk Cost Effect
Definition
as the amount of time or money invested in a prohect increases, people are more reluctant to give up the project
Term
Selective Thinking
Definition
Consumers tend to intrpret ambiguou information as supportive so preferred brand is cast in a favorable light. Only slecticting favorable information.
Term
Organice Word of Mouth
Definition
word of mouth that occurs naturally
Term
Buzz Marketing
Definition
the execution of marketing tactics specifically designed to generate positive wom and spread messages thoughtout the population of interest
Term
Product Pushers
Definition
opinion leaders recruited by a company to get products prominently seen and talked about
Term
Imitation Evangelists
Definition
actors put on the payroll for stealth buzz campaings. (slip commercial messages and recommendations into everday conversations)
Term
Product Placement
Definition
is the insertion of branded goods and services within the content of popular media. When done correctly add a sense of continuity and realsim to the context that a generic cannot. (Are economical for advertisers and reduce the cost of producing media)
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