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Definition
| An attempt to develop new or improved products |
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| People born between 1946 and 1964 |
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| Pure research that aims to confirm an existing theory or to learn more about a conept or phenomenon. |
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| Consumer Product Safety Commission (CSPC) |
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| A federal agency established to protect the health and safety of consumers in and around their homes |
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| When a company implements strategies that attempt to shape the external environment within which it operates. |
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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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| Food and Drug Administration (FDA) |
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| A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products. |
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| People born between 1965 and 1978 |
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| People born between 1979 and 1994 |
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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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| 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 period of economic activity characterized by negative growth, which reduces demand for goods and services. |
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| (1) A defined group most likely to buy a firm's product. (2) A group of people or organizations for which an 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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| An intermediary in the global market that assumes all ownership risks and sells globally for its own account. |
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| Using more capital than labor in the production process. |
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Term
| Central America Free Trade Agreement (CAFTA) |
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Definition
| A trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States. |
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| Private-label manufacturing by a foreign company. |
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Definition
| A form of trade in which all or part of the payment for goods or services is in the form of other goods or services. |
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| Direct Foreign Investment |
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Definition
| Active ownership of a foreign company or of overseas manufacturing or marketing facilities. |
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Definition
| The sale of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter. |
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| A free trade xone encompassing 27 European countries. |
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Definition
| An intermediary who acts like a manufacturer's agent for the exporter. The export agent lives in the foreign market. |
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Definition
| An intermediary who plays the traditional broker's role by bringing buyer and seller together. |
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| Selling domestically produced products to buyers in another country. |
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Definition
| Prices of different currencies move up and down based on the demand for and the supply of each currency. |
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Term
| General Agreement on Tariffs and Trade (GATT) |
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Definition
| A trade agreement that contained loopholes that enabled countries to avoid trade-barrier reduction agreements. |
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Definition
| Marketing that targets markets throughout the world. |
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| Global Marketing Standarization |
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Definition
| Production of uniform products that can be sold the same way all over the world. |
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Definition
| Recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets. |
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| International Monetary Fund (IMF) |
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Definition
| An international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation. |
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Definition
| When a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity. |
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Definition
| The legal process whereby a licensor agrees to let another firm use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge. |
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Definition
| The largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela. |
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| Multinational Corporation |
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Definition
| A company that is heavily engaged in international trade, beyond exporting and importing. |
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Term
| North American Free Trade Agreement (NAFTA) |
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Definition
| An agreement between Canada, the United States, and Mexico that created the world's largest free trade zone. |
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Definition
| An agreement to dramatically lower trade barriers worldwide; created the World Trade Organization. |
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Definition
| An international bank that offers low-interest loans, advice, and information to developing nations. |
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Term
| World Trade Organization (WTO) |
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Definition
| A trade organization that replaced the old General Agreement on Tariffs and Trade (GATT). |
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Term
| Aspirational Reference Group |
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Definition
| A group that someone would like to join. |
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Term
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Definition
| A learned tendency to respond consistently toward a given object. |
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Definition
| An organized pattern of knowledge that an individual holds as true about his or her world. |
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Definition
| A well-known and respected brand name from one product category is extended into other product categories. |
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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
| A group of brands, resulting from an information search, from which a buyer can choose. (evoked set) |
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Term
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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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Term
| Conumer Decision-Making Process |
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Definition
| A five-step process used by consumers when buying goods or services. |
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Term
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Definition
| The set of values, norms, attitudes, and other meaningful symbols that shape human behavior, and the artifacts, or products, of that behavior as they are transmitted from one generation to the next. |
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Definition
| A group of brands, resulting from an information search, from which a buyer can choose. (consideration set) |
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Term
| Extensive Decision Making |
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Definition
| The most complex type of consumer decision making, used when buying an unfamiliar, expensive product or an infrequently bought item; requires use of several criteria for evaluating options and much time for seeking information. |
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Term
| External Information Search |
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Definition
| The process of seeking information in the outside environment. |
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Definition
| The way an individual would like to be. |
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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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Definition
| The amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior. |
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Definition
| (1) A process that creates changes in behavior, immediate or expected, through experience and practice. (2) An informal process of collecting customer data through customer comments and feedback on product or service performance. |
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Definition
| A mode of living as identified by a person's activities, interests, and opinions. |
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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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Term
| Marketing-Controlled Information Source |
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Definition
| A product information source that originates with marketers promoting the product. |
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Term
| 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 driving force that causes a person to take action to satisfy specific needs. |
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Definition
| Result of an imbalance between actual and desired states. |
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Term
| Nonaspirational Reference Group |
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Definition
| A group with which an individual does not want to associate. |
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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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Definition
| A value or attitude deemed acceptable by a group. |
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Definition
| An individual who influences the opinions of others. |
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Definition
| The process by which people select, organize, and interpret stimuli into a meaningful and coherent picture. |
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Definition
| A way of organizing and grouping the consistencies of an individual's reactions to situations. |
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Definition
| A reference group with which people interact regularly in an informal, face-to-face manner, such as family, friends, or fellow employees. |
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Definition
| The way an individual actually perceives himself or herself. |
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Definition
| A group in society that influences an individual's purchasing behavior. |
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Term
| 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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Term
| 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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Term
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Definition
| A process whereby a consumer changes or distorts information that conflicts with his or her feelings or beliefs. |
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Definition
| The process whereby a consumer notices certain stimuli and ignores others. |
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Definition
| A process whereby a consumer remembers only that information that supports his or her personal beliefs. |
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Term
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Definition
| How consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations. |
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Term
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Definition
| A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms. |
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Definition
| How cultural values and norms are passed down to children. |
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Definition
| Any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing. |
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Definition
| A learned ability to differentiate among similar products. |
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Term
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Definition
| A form of learning that occurs when one response is extended to a second stimulus similar to the first. |
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Definition
| 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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Definition
| The enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct. |
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Definition
| The way a consumer goes about addressing a need. |
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