Term
| Consumer Purchase Decision Process |
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Definition
1. Problem Recognition
2. Information Search
3. Evaluate Alternatives
4. Purchase Decision
5. Post-Purchase Behavior |
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Term
| 3 Types of Problem Solving |
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Definition
1. Extended - all 5 stages are used ex: cars
2. Limited - different brands, moderate attributes ex: restaurants, toasters
3. Routine - habit and low involvement ex: milk |
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Term
| 5 Situational Influences in the Purchasing Decision |
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Definition
1. The purchase task - reason
2. social surroundings
3. physical surroundings
4. temporal surroundings (ex: Christmas)
5. antecedent states |
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Term
| 6 Psychological influences of the Purchasing decision |
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Definition
1. Motivation
2. Perception
3. Personality
4. Learning
5. Values, Beliefs, Attitudes
6. Lifestyle |
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Term
| Maslow's Hierarchy of Needs |
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Definition
1. Physiological Needs
2. Personal Needs
3. Social Needs
4. Safety Needs
5. Self-Actualization |
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Term
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Definition
| When people pay attention to messages that are consistent with their attitudes |
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Term
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Definition
| Interpreting info so that it is consistent with you attitudes and beliefs |
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Term
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Definition
| Consumers do not remember all information they see read and hear. ex: subliminal messaging |
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Term
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Definition
| The anxiety felt because the consumer cannot anticipate the outcomes of a purchase |
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Term
| Strategies to Reduce Perceived Risk |
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Definition
1. Seals of Approval
2. Securing endorsements
3. Providing free trials
4. Extensive user instructions
5. Warranties/Guarantees |
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Term
| VALS system - has 3 groups |
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Definition
1. Ideals Groups
2. Achievement Groups
3. Self-expression groups |
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Term
| Low Involvement Marketing Mix |
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Definition
- Maintain Quality
- Avoid Stockouts
- Use ads to: Keep on top of mind and reduce cognitive dissonance |
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Term
| High Involvement Marketing strategies |
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Definition
-Comparative advertising
-risk reversal
-brand can be key |
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Term
| Influences on Purchasing Decision (overall) |
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Definition
1. Marketing Mix
2. Psychological Influences
3. Situational Influences
4. Sociocultural |
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Term
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Definition
| Group of people in an organization who participate in the buying process |
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Term
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Definition
1. users
2. influencer
3. buyers
4. deciders
5. gatekeepers |
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Term
| Three Types of Organization Buys |
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Definition
1. Straight Rebuy
2. Modified Rebuy
3. New Buy |
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Term
| 5 Risks in Organizational Buying |
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Definition
1. Technical Risk
2. Financial Risk
3. Delivery Risk
4. Relationship Risk
5. Professional Risk |
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Term
| 3 types of Global Companies |
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Definition
1. International
2. Multinational
3. Transnational ex: coca cola |
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Term
| 4 Global Market Entry Strategies |
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Definition
1. Exporting
2. Licensing
3. Joint Venture
4. Direct Investment |
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Term
| Why is online buying prominent? |
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Definition
1. Timely supplier info
2. Reduces Buyer Processing costs
3. Internet reduces marketing costs. |
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Term
| How do you change the attitude of a customer? |
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Definition
1. Change beliefs about the extent to which a brand has certain attributes
2. Change the perceived importance of attributes
3.Adding new attributes |
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Term
| 5 types of Sociocultural Influence |
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Definition
1. Opinion Leadership
2. Word of Mouth
3. Reference Groups
4. Family
5. Culture/subculture |
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Term
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Definition
Segmentation
Targeting
Positioning |
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Term
| 4 Trends in Global Marketing |
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Definition
1. Gradual decline of protectionism
2. formal economic integration and free trade among nations
3. global competition among global companies for global customers
4. Development of networked global marketspace |
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Term
| 3 Things to Consider in a Global Environmental Scan |
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Definition
1. Cultural Diversity
2. Economic considerations
3. Political/Regulartory Climate |
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Term
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Definition
| Studies Values, Customs, Cultural symbols, and Language |
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Term
| How to overcome technical risk. |
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Definition
- technical papers
- Guarantees |
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Term
| How to Overcome Financial Risk |
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Definition
- Guarantee lowest price
- ROI
- offer installment payments |
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Term
| How to overcome delivery risk |
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Definition
- guarantee delivery and tracking
- keep open lines of communication |
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Term
| how to overcome relationship risk |
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Definition
- trial periods
- head to head comparisons
- get on approved supplier lists |
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Term
| How to over come professional risk |
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Definition
| - meet all key influencers |
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Term
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Definition
1. Slowing growth and saturation
2. Domestic markets not large enough
3. Build Brand Value
4. Leverage existing technology and supply chains |
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Term
| 3 Organizations that Facilitate Free Trade |
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Definition
World Bank - provides low interest loans
International Monetary Fund
World Trade Organizations - Monitors and enforces trade agreements |
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Term
| Primary Research Advantages |
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Definition
1. Specific
2. Current
3. Proprietary |
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Term
| Primary research disadvantages |
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Definition
1. Expensive
2. Time Consuming |
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Term
| Advantages of Secondary Research |
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Definition
1. Time Savings
2. Cheaper
3. Some can be more reliable |
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Term
| Secondary Research Disadvantages |
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Definition
1. out of date
2. definitions might not match up
3. biased |
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Term
| Most Common Research Mistakes |
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Definition
1. Overspending
2. Not properly defining objectives
3. Not determining you point of diminishing returns
4. Relying on secondary alone
5. Not identifying research target
6. Interviewer error
7. Respondent Error |
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Term
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Definition
| diving into two parts or classifications |
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Term
| Semantic differential scale |
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Definition
| measures the connotative meaning of objects,events and concepts |
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Term
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Definition
| measures attitude of customer |
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Term
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Definition
| Rate the level to which you agree/disagree |
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Term
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Definition
| Process of measuring the human website interaction to identify weaknesses |
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Term
| Economic Considerations in Global Marketing - 3 of them |
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Definition
1. Economic infrastructure
2. Consumer Income
3. Currency Exchange Rates |
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Term
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Definition
| same product, different promotion |
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