Term
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Definition
| Process people go through to select, purchase, use, and dispose of goods/services/etc. to satisfy needs and desires |
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Definition
| Relative importance of perceived consequences of the purchase to a consumer. |
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Definition
| The belief that product choice has potentially negative consequences, be it financial, physical, and/or social. |
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Term
| Consumer Decision-Making Process |
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Definition
| Problem Recognition, Information Search, Evaluation of Alternatives, Product Choice, Postpurchase Evaluation |
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Definition
| Marketers deliver advertisements based on watching what a consumer does on-line. |
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Definition
| Mental rule of thumb that leads to a speedy decision by simplifying the process |
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Definition
| Anxiety or regret experienced by a consumer after choosing one product over others |
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Definition
| Process by which people select, organize, and interpret information |
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Definition
| Extent to which a person's sensory receptors are capable of registering a stimulus. |
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Definition
| The extent to which a person devotes mental processing to a particular stimulus. |
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Term
| Maslow's Needs (Low to High) |
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Definition
| Physiological, Safety, Belongingness, Ego, Self-Actualization |
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Term
| Cognitive Learning Theory |
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Definition
| Importance of mental processes - people are problem-solvers |
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Definition
| Characterizing Consumers within a structure on basis of age defined stages |
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Definition
| Use of psychological, sociological, and anthropological factors to construct market segments |
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Definition
| Enviro-friendly claims that are exaggerated or untrue |
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Definition
| Transactions that occur between individuals without involving the manufacturer or retailer |
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| Customers that include manufacturers, wholesalers, retailers, etc. |
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Definition
| Marketing goods and services to commercial and industrial customers instead of individuals |
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Definition
| Demand for business or organizational products caused by demand for consumer goods or services |
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Term
| North American Industry Classification System (NAICS) |
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Definition
| Numerical coding system to classify firms according to their business activities |
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Term
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Definition
| Business buying situation that characterizes the degree of time and effort required to make a decision |
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Term
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Definition
| Business buyers make routine purchases that require minimal decision making |
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Term
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Definition
| Previously made purchase that involves some change but requires little decision making |
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Term
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Definition
| New B2B purchase that is complex or risky and requires extensive decision making |
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Term
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Definition
| Using a formal network to apply global resources to work on a problem |
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Term
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Definition
| Buyer identifies suppliers to source required goods or services |
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Definition
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Definition
| Psychographic system that divides the entire population into 8 segments |
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Term
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Definition
| 20 percent of purchasers account for 80 percent of the product's sales |
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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 different products for different groups, while keeping the products separate in the marketplace |
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Term
| concentrated marketing strategy |
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Definition
| focusing firm's efforts on offering one or more products to a single segment |
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Term
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Definition
| developing a marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition |
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Term
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Definition
| altering a product's position to respond to marketplace changes |
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Term
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Definition
| visually describes where brands are "located" in consumers' minds relative to competing brands |
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Term
| Customer relationship management |
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Definition
| tracking consumer preferences over time to tailor value proposition a closely as possible to customer needs. |
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Term
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Definition
| benefits the product will provide for consumers |
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Term
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Definition
| physical good or service that supplies the desired benefit |
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Term
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Definition
| product plus supporting features like warranty, credit, delivery, installation, etc. |
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Definition
| products that provide benefit over a long period of time, like cars, appliances, furniture |
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Definition
| products that provide benefits for short period of time because of consumption (like food) or are no longer useful (newspapers) |
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Term
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Definition
| Maintenence, repair, operating - consumed in a short time |
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Term
| dynamically continuous innovation |
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Definition
| change in an existing product that requires a moderate amount of learning or behavior change |
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Term
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Definition
| totally new product that creates major changes in the way we live |
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Term
| 7 New Product Development Phases |
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Definition
| Idea Generation, Product Concept Development and Screening, Marketing strategy development, business analysis, technical development, test marketing, commercialization |
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Term
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Definition
| process by which a consumer begins to buy and use a new good/service/idea |
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Term
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Definition
| process by which the use of a product spreads throughout a population |
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Term
| Adoption Pyramid (bottom to top) |
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Definition
| awareness, interest, evaluation, trial, adoption, confirmation |
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Term
| product adoption categories |
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Definition
| innovators, early adopters, early majority, late majority, laggards |
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Term
| factors that affect adoption rate |
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Definition
| relative advantage, compatibility, complexity, trialability, observability |
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