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Definition
| the activity, set of institutions, and processes, for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
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| people giving up something to receive something they would rather have |
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| a philosophy that focuses on the internal capabilities of the firm rather on the desires and needs of the marketplace |
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| the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits |
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| the idea that social and economic justification for an organizations existence is the satisfaction of customer wants and needs while meeting organizational objectives |
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| a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase product; it is synonymous with the marketing concept |
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| Societal marketing orientation |
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| the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests |
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| the relationship between benefits and the sacrifice necessary to obtain those benefits |
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| customers' evaluation of a good or service in terms of whether it has met their needs and expectations |
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| a strategy that focuses on keeping and improving relationships with current customers |
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| delegation of authority to solve customers' problems quickly - usually by the first person that the customer notifies regarding a problem |
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| collaborative efforts of people to accomplish common objectives |
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| the moral principles or values that generally govern the conduct of an individual or a group |
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| the rules people develop as a result of cultural values and norms |
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| guideline to help marketing managers and other employees make better decisions |
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| Corporate and social responsibility |
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| a business' concern for society's welfare |
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| the idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time |
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| Pyramid of corporate and social responsibility |
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Definition
| model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure |
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| the development and marketing of products designed to minimize the negative effects on the physical environment or to improve the environment |
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| a defined group most likely to buy a firm's product |
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| when a company implements strategies that attempt to shape the external environment within which it operates |
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| the practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle |
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| the study of people's vital statistics, such as their age, race and ethnicity, and location |
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| people born between 1979 and 1994 |
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| people born between 1965 and 1978 |
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| people born between 1946 and 1964 |
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| when all major ethnic groups in an area- such as a city, county, or census tract- are roughly equally represented |
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| a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas |
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| a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year |
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| a period of economic activity characterized by negative growth, which reduces demand for goods and services |
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| pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon |
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| an attempt to develop new or improved products |
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| Food and Drug Admin. (FDA) |
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Definition
| a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products |
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| Consumer Product Safety Commision (CPSC) |
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Definition
| a federal agency established to protect the health and safety of consumers in and around their homes |
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| Federal Trade Commission (FTC) |
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Definition
| a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce |
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Definition
| processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use |
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| Internal information search |
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Definition
| the process of recalling past information stored in the memory |
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Term
| External information search |
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Definition
| the process of seeking informatin in the outside environment |
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| Nonmarketing-controlled information source |
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Definition
| a product information source that is not associated with advertising or promotion |
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| Marketing-controlled information source |
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Definition
| a product information source that originates with marketers promoting the product |
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| Evoked set (consideration set) |
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Definition
| a group of brands, resulting from an information search, from which a buyer can choose |
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Definition
| inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions |
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Definition
| the amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior |
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| Routine response behavior |
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Definition
| the type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time |
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Definition
| the type of decision making that requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category |
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| Extensive decision making |
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Definition
| the most complex type of consumer decision making, used when buying and unfamiliar, expense product or an infrequently bought item; requires use of several criteria for evaluating options and much time for seeking information |
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Definition
| the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and artifacts, or products, of that behavior as they are transmitted from one generation to the next |
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Definition
| the enduring belief that a specific mode of conduct is personally or socially preferable to another mode of product |
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| a homogeneous group of people who share elements of the overall culture as well as unique elements of their own group |
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| a group of people in a society who are considered nearly equal in status or esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms |
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| group in society that influences an individual's purchasing behavior |
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| a reference group with which people interact regularly in an informal, face-to-face manner, such as family, friends, and coworkers |
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| Secondary membership group |
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Definition
| a reference group with which people associate less consistently and more formally than a primary membership group, such as a club, professional group, or religious group |
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| Aspirational reference group |
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Definition
| a group that someone would like to join |
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| a value or attitude deemed acceptable by a group |
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| a group with which an individual does not want to associate |
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| an individual who influences the opinions of others |
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| how cultural values and norms are passed down to children |
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| a way of organizing and grouping the consistencies of an individual's reactions to situations |
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| how consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations |
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| the way an individual would like to be |
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| the way an individual actually perceives himself or herself |
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| the process by which people select, organize, and interpret stimuli into a meaningful and coherent picture |
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| the process whereby a consumer notices certain stimuli and ignores others |
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| a process whereby a consumer changes or distorts information that conflicts with his or her feelings or beliefs |
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| a process whereby a consumer remembers only that information that supports personal beliefs |
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Definition
| a driving force that causes a person to take action to satisfy specific needs |
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| Maslow's hierarchy of needs ** |
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Definition
| a method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization |
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Definition
| a process that creates changes in behavior, immediate or expected, through experience and practice |
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| a form of learning that occurs when one response is extended to a second stimulus similar to the first |
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| a learned ability to differentiate among similar products |
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| an organized pattern of knowledge that an individual holds as true about his or her world |
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| a learned tendency to respond consistently toward a given object |
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Definition
| people or organizations with needs or wants and the ability and willingness to buy |
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Definition
| a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs |
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Definition
| the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups |
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| Segmentation bases (variables) |
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Definition
| characteristics of individuals, groups, or organizations |
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Definition
| segmenting markets by region of a country or the world, market size, market density, or climate |
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Definition
| segmenting markets by age, gender, income, ethnic background, and family life cycle |
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Definition
| a series of stages determined by a combination of age, marital status, and the presence or absence of children |
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| Psychographic segmentation |
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Definition
| market segmentation on the basis of personality, motives, lifestyles, and geodemographics |
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| Geodemographic segmentation |
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Definition
| segmenting potential customers into neighborhood lifestyle categories |
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Definition
| the process of grouping customers into market segments according to the benefits they seek from the product |
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| dividing a market by the amount of product bought or consumed |
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Definition
| a principle holding that 20 percent of all customers generate 80 percent of the demand |
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Definition
| a group of people or organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges |
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| Undifferentiated targeting strategy |
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Definition
| a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix |
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| Concentrated targeting strategy |
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Definition
| a strategy used to select one segment of a market for targeting marketing efforts |
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| Multisegment targeting strategy |
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Definition
| a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each |
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Definition
| situation that occurs when sales of a new product cut into sales of a firm's existing products |
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Definition
| an individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer |
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Definition
| developing a specific marketing mix to influence potential customers' overall perceptions of a brand, product line, or organization in general |
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Definition
| the place a product, brand, or group of products occupies in consumers' minds relative to competing offerings |
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Definition
| a positioning strategy that some firms use to distinguish their products from those of competitors |
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Definition
| a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds |
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Definition
| changing consumers' perceptions of a brand in relation to competing brands |
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