Term
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Definition
| process involved when individuals or groups select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires |
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Definition
| relative importance of perceived consequences of teh purchase to a consumer |
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Definition
| belief that chioice of a product has potentially negative consequences, whether financial, physical, and/or social |
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Definition
process that occurs whenever the consumer sees a significant difference between their current state of affairs and some desired or ideal state;
this initiates the decision-making process |
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Definition
| process whereby a consumer searches for appropriate information to make a reasonable decision |
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Definition
| marketing strategies that involve teh use of internet search engines |
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Term
| Search Engine Optimization (SEO) |
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Definition
| systematic process of ensuring that your firm comes up at or near the top of lists of typical search phrases related to your business |
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| Search Engine Marketing (SEM) |
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Definition
| where marketers pay for ads or better positioning |
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Definition
| paid ads that appear at the top or beside the internet search engine results |
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| Comparison Shopping Agents or Shopbots |
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Definition
| web applications that help online shoppers find what they are looking for at the lowest price and provide customer reviews and ratings of products and sellers |
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Definition
| marketing practice by which marketers deliver advertisements for products a consumer is looking for by watching what the consumer does online |
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Definition
| dimensions consumers use to compare competing product alternatives |
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Definition
| A mental rule of thumb that leads to a speedy decision by simplifying the process |
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Definition
| A pattern of repeat product purchases, accompanied by an underlying positive attitude toward the brand, based on the belief that the brand makes products superior to those of its competition |
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Term
| Consumer Satisfaction/Dissatisfaction |
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Definition
| Overall feelings or attitude a person has about a product after purchasing it |
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Definition
| The anxiety or regret a consumer may feel after choosing from among several similar attractive choices |
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Definition
| The process by which people select, organize, and interpret information from the outside world |
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Definition
| the extent to which a stimulus is capable of being registered by a person's sensory receptors |
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Definition
| supposedly hidden messages in marketers' communications |
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Definition
| the extent to which a person devotes mental processing to a particular stimulus |
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Definition
| process of assigning meaning to a stimulus based on prior associations a person has with it and assumptions he or she makes about it |
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Definition
| an internal state that drives us to satisfy needs by activating goal-oriented behavior |
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Definition
| An approach that categorizes motives according to five levels of importance, the more basic needs being on the bottom of the hierarchy and the higher needs at the top |
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Definition
| a relatively permanent change in behavior caused by acquired information or experience |
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Term
| Behavioral Learning Theories |
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Definition
| focus on how consumer behavior is changed by external events or stimuli |
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Definition
| occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response on its own but will cause a similar response over time because of its association with the first stimulus |
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Definition
| occurs as the result of rewards or punishments |
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Term
| Cognitive Learning Theory |
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Definition
| stresses the importance of internal mental processes and that views people as problem solvers who actively use information from teh world around them to master their environment |
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Definition
| occurs when people watch the actions of others and note what happens to them as a result |
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Definition
| a learned predisposition to respond favorably or unfavorably to stimuli on the basis of relatively enduring evaluations of people, objects, and issues |
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Definition
| the feeling component of attitudes; refers to the overall emotional response a person has to a product |
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Definition
the knowing component of attitudes;
refers to the beliefs or knowledge a person has about a product and its important characteristics |
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Definition
the doing component of attitudes;
involves consumer's intention to do something, such as the intention to purchase or use a certain product |
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Definition
| the set of unique psychological characteristics that consistently influences the way a person responds to situations in the environment |
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Definition
| an individual's self-image that is composed of a mixture of beliefs, observations, and feelings about personal attributes |
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Definition
| a means of characterizing consumers within a family structure on the basis of different stages through which people pass as they grow older |
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Definition
| The pattern of living that determines how people choose to spend their time, money, and energy and that reflects their values, tastes, and preferences |
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Definition
| the use of psychological, sociological, and anthropological factors to construct market segments |
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Definition
measures of consumer:
A - Activities
I - Interests
O - Opinons
Used to place consumers into dimensions |
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Definition
| technique that links distinct sensory experiences such as a unique fragrance with a product or service |
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Definition
| Consumers' belief that they are more pressed for time than ever before |
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Definition
| The values, beliefs, customs, and tastes of a group of people values |
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Definition
| a group within a society whose members share a distinctive set of beliefs, characteristics, or common experiences |
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Definition
| groups of consumers who identify with a specific activity or art form |
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Definition
| A social movement that attempts to protect consumers from harmful business practices |
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Definition
| A broad philosophy and social movement that seeks conservatism and improvement of the natural environment |
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Definition
| a global agreement among countries that aims at reducing greenhouse gases that create climate change |
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| Environmental Stewardship |
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Definition
| a position taken by an organization to protect or enhance the natural environment as it conducts its business activities |
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Definition
| strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers |
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Definition
| the overall rank or social standing of groups of people within a society according to teh value assigned to factors such as family background, education, occupation, and income |
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Definition
| Visible markers that provide a way for people to flaunt their membership in higher social classes (or make others believe they are members |
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Definition
| the hundreds of millions of global consumers who now enjoy a level of purchasing power that's sufficient to let them afford high-quality prodcuts - except for big-ticket items like college educations, housing, or luxury cars |
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Definition
| an actual or imaginary individual or group that has a significant effect on an individual's educations, aspirations, or behaviors |
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Definition
| A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories |
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Definition
| society's expectations regarding the appropriate attitudes, behaviors, and appearance for men and women |
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Term
| Business-to-business (B2B) Markets |
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Definition
| the group of customers that include manufacturers, wholesalers, retailers, and other organizations |
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Term
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Definition
| another name for business-to-business markets |
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Term
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Definition
| demand for business or organizational products caused by demand for consumer goods or services |
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Definition
| Demand in which changes in price have little or no effect on the amount demanded |
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Definition
| demand for two or more goods that are used together to create a product |
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Definition
| The individuals or organizations that purchase products for use in the production of other goods and services |
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Definition
| the individuals or organizations that buy finished goods for the purpose of reselling, renting, or leasing to others to make a profit and to maintain their business operations |
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Definition
| the federal, state, county, and local governments that buy goods and services to carry out public objectives and to support their operations |
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| not-for-profit institutions |
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Definition
| organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members |
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Term
| North American Industry Classification System (NAICS) |
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Definition
| the numerical coding system that the United States, Canada, and Mexico use to classify firms into detailed categories according to their business activities |
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| Business-to-Business (B2B) e-commerce |
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Definition
| internet exchanges between two or more business organizations |
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Definition
| a private, corporate computer network that links company departments, employees, and databases to suppliers, customers, and others outside the organization |
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Definition
| systems that link an invited group of suppliers and partners over the web |
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Definition
| characterizes the degree of tiem and effort required to make a decision |
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Definition
| business buyers make routine purchases that require minimal decision making |
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Definition
| used by business buyers to categorize a previously made purchase that involves some change and that requires limited decision making |
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Definition
| a new business-to-business purchase that is complex or risky and that requires extensive decision making |
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Definition
| the group of people in an organization who participate in a purchasing decision |
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Definition
| a written description of the quality, size, weight, and other details required of a product purchase |
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Term
| Customer Reference Program |
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Definition
| a formalized process by which customers formally share success stories and actively recommend products to other potential clients, usually facilitated through an on-line community |
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Definition
| The business practice of buying a particular product from only one supplier |
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Definition
| the business practice of buying a particular product from several different suppliers |
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Definition
| a trading partnership in which two firms agree to buy from one another |
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Term
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Definition
| business buying practice of obtaining outside vendors to provide goods or services that otherwise might be supplied in-house |
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Definition
| a practice in which firms outsource marketing activities (such as selecting an ad) to a community of users |
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Definition
| a business practice in which a buyer firm attempts to identify suppliers who will produce products according to the buyer firm's specifications |
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Definition
| the creation of many consumer groups due to a diversity of distinct needs and wants in modern society |
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Term
| Target Marketing Strategy |
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Definition
| Dividing the total market into different segments on the basis of customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments |
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Definition
| process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics |
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Definition
| dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences |
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Definition
| group of consumers born between 1979 and 1994 |
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Definition
| statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure |
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Definition
| marketing to members of a generation, who tend to share the same outlook and priorities |
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Definition
| The group of consumers born between 1965 and 1978 |
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Definition
| segment of people born between 1946 and 1964 |
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Definition
| a management practice that actively seeks to include people of different sexes, races, ethnic groups, and religions in an organization's employees, customers, suppliers, and distribution channel partners |
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Definition
| segmentation technique that combines geography with demographics |
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Definition
| customizing web advertising so that people who log on in different places will see ad banners for local businesses |
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Term
| VALS (Values and Lifestyles) |
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Definition
| a psychographic system that divides the entire U.S. population into eight segments |
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Definition
| A technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service |
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Definition
| 20 percent of purchasers accunt for 80 percent of a product's sales |
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Definition
| new approach to segmentation based on the idea that companies can make money by selling small amounts of items that only a few people want, provided they sell enough different items |
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Definition
| an indicator used in behavioral market segmentation based on when consumers use a product most |
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Definition
| a strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers |
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Definition
| the market segments on which an organization focuses its marketing plan and toward which it directs its marketing offer |
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Definition
| a description of the "typical" customer in a segment |
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Term
| Undifferentiated Targeting Strategy |
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Definition
| appealing to a broad spectrum of people |
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Term
| Differentiated Targeting Strategy |
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Definition
| Developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the marketplace |
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| Concentrated Targeting Strategy |
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Definition
| Focusing a firm's efforts on offering one or more products to a single segment |
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| Custom Marketing Strategy |
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Definition
| an approach that tailors specific products and the messages about them to individual customers |
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Term
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Definition
| an approach that modifies a basic good or service to meet the needs of an individual |
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Definition
| Develop a marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition |
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Definition
| Redoing a product's position to respond to marketplace changes |
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Definition
| a once-popular brand that has been revived to experience a popularity comeback, often by riding a wave of nostalgia |
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Definition
| A distinctive image that captures a good's or service's character and benefits |
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Definition
| a technique to visually describe where brands are "located" in consumers' minds relative to competing brands |
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Term
| Customer Relationship Management (CRM) |
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Definition
A systematic tracking of consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs
Allows firms to talk to individual customers and to adjust elements of their marketing programs in light of how each customer reacts |
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Definition
| any point of direct interface between customers and a company (online, by phone, or in person) |
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Definition
| The percentage of an individual customer's puchase of a product that is a single brand |
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Term
| Lifetime Value of a Customer |
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Definition
| the potential profit a single customer's purchase of a firm's products generates over the customer's lifetime |
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Definition
| the financial value of a customer relationship throughout the lifetime of the relationship |
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Definition
| a tangible product that we can see, touch, smell, hear, or taste |
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Definition
include features, functions, benefits, and uses of a product
marketers view products as a bundle of attributes that includes the packaging, brand name, benefits, and supporting features in addition to a physical good |
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Definition
| all the benefits the product will provide for consumers or business customers |
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Definition
| the physical good or the delivered service that supplies the desired benefit |
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Definition
| the actual product plus other supporting features such as a warranty, credit, delivery, installation, and repair service after the sale |
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Definition
| Consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances |
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Definition
| consumer products that provide benefits for a short time because they are consumed (such as food) or are no longer useful (such as newspapers) |
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Definition
| a consumer good or service that is usually low-priced, widely available, and purchased frequently with a minimum of comparison and effort |
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Definition
| Basic or necessary items that are available almost everywhere |
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| a product people often buy on teh spur of the moment |
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Definition
| products we purchase when we're in dire need |
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Definition
| goods or services for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase |
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Definition
| Computer programs that find sites selling a particular product |
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Definition
| goods or services that has unique characteristics and is important to the buyer and for which they will devote significant effort to acquire |
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Definition
| goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to their attention |
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Definition
| expensive goods that an organization uses in its daily operations that last for a long time |
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| Maintenance, Repair, and Operating (MRO) Products |
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Definition
| goods that a business customer consumes in a relatively short time |
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Definition
| Products of teh fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products |
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Definition
| products created when firms transform raw materials from their original state |
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Definition
| manufactured goods or subassemblies of finished items that organizations need to complete their own products |
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Definition
| a prodcut taht consumers perceive to be new and different from existing products |
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Definition
| a modification of an existing product that sets one brand apart from its competitors |
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Definition
| a new prodcut that copies, with slight modification, the design of an original product |
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Term
| Dynamically Continuous Innovation |
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Definition
| A change in an existing product that requires a moderate amount of learning or behavior change |
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Definition
| A totally new product that creates major changes in the way we live |
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Definition
| the coming together of two or more technologies to create a new system with greater benefits than its separate parts |
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| New Product Development (NPD) |
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Definition
| the phases by which firms develop new products including idea generation, product concept development and screening, marketing strategy development, business analysis, technical development, test marketing, and commercialization |
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Definition
| where marketers brainstorm for products that provide customer benefits and are compatible with the company mission |
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| Product Concept Development and Screening |
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Definition
| marketers test product ideas for technical and commercial success |
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Definition
| marketers assess a product's commercial viability |
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| company engineers refine and perfect a new product |
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Definition
| test versions of a proposed product |
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Definition
| a legal mechanism to prevent competitors from producing or selling an invention, aimed at reducing or eliminating competition in a market for a period of time |
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Definition
| testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter |
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Definition
| process in which a new product is launched into the market |
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Definition
| Process by which a consumer or business customer begins to buy and use a new good, service, or idea |
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Definition
| process by which the use of a product spreads throughout a population |
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Definition
in the context of product diffusion;
the point when a product's sales spike from a slow climb to an unprecedented new level, often accompanied by a steep price decline |
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Definition
| a massive advertising campaign that occurs over a relatively short time frame |
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Definition
| a purchase made without any planning or search effort |
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| adopt an innovation early in the diffusion process, but after the innovators |
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Definition
| those whose adoption of a new product signals a general acceptance of the innovation |
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Definition
| the adopters who are willing to try new products when there is little or no risk associated with the purchase, when the purchase becomes an economic necessity, or when there is social pressure to purchase |
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Definition
| The last consumers to adopt an innovation |
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Definition
| The degree to which a consumer perceives that a new product provides superior benefits |
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Definition
| The extent to which a new product is consistent with existing cultural values, customs, and practices |
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Definition
| the degree to which consumers find a new product or its use difficult to understand |
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| The ease of sampling a new product and its benefits |
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| How visible a new product and its benefits are to others who might adopt it |
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