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Principles of Marketing Vocab
Chapters 4-6
84
Business
Undergraduate 1
02/10/2011

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Term
Applied Research
Definition
An attempt to develop new or improved products
Term
Baby Boomers
Definition
People born between 1946 and 1964
Term
Basic Research
Definition
Pure research that aims to confirm an existing theory or to learn more about a conept or phenomenon.
Term
Consumer Product Safety Commission (CSPC)
Definition
A federal agency established to protect the health and safety of consumers in and around their homes
Term
Environmental Management
Definition
When a company implements strategies that attempt to shape the external environment within which it operates.
Term
Federal Trade Commission (FTC)
Definition
A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce.
Term
Food and Drug Administration (FDA)
Definition
A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products.
Term
Generation X
Definition
People born between 1965 and 1978
Term
Generation Y
Definition
People born between 1979 and 1994
Term
Inflation
Definition
A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year.
Term
Multiculturalism
Definition
When all major ethnic groups in an area–such as a city, county, or census tract–are roughly equally represented.
Term
Purchasing Power
Definition
A comparison of income versus the relative cost of a set standard of goods and services in different geographic areas.
Term
Recession
Definition
A period of economic activity characterized by negative growth, which reduces demand for goods and services.
Term
Target Market
Definition
(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.
Term
Buyer for Export
Definition
An intermediary in the global market that assumes all ownership risks and sells globally for its own account.
Term
Capital-Intensive
Definition
Using more capital than labor in the production process.
Term
Central America Free Trade Agreement (CAFTA)
Definition
A trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States.
Term
Contract Manufacturing
Definition
Private-label manufacturing by a foreign company.
Term
Countertrade
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.
Term
Direct Foreign Investment
Definition
Active ownership of a foreign company or of overseas manufacturing or marketing facilities.
Term
Dumping
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.
Term
European Union (EU)
Definition
A free trade xone encompassing 27 European countries.
Term
Export Agent
Definition
An intermediary who acts like a manufacturer's agent for the exporter. The export agent lives in the foreign market.
Term
Export Broker
Definition
An intermediary who plays the traditional broker's role by bringing buyer and seller together.
Term
Exporting
Definition
Selling domestically produced products to buyers in another country.
Term
Floating Exchange Rates
Definition
Prices of different currencies move up and down based on the demand for and the supply of each currency.
Term
General Agreement on Tariffs and Trade (GATT)
Definition
A trade agreement that contained loopholes that enabled countries to avoid trade-barrier reduction agreements.
Term
Gloabal Marketing
Definition
Marketing that targets markets throughout the world.
Term
Global Marketing Standarization
Definition
Production of uniform products that can be sold the same way all over the world.
Term
Global Vision
Definition
Recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets.
Term
International Monetary Fund (IMF)
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.
Term
Joint Venture
Definition
When a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity.
Term
Licensing
Definition
The legal process whereby a licensor agrees to let another firm use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge.
Term
Mercosur
Definition
The largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela.
Term
Multinational Corporation
Definition
A company that is heavily engaged in international trade, beyond exporting and importing.
Term
North American Free Trade Agreement (NAFTA)
Definition
An agreement between Canada, the United States, and Mexico that created the world's largest free trade zone.
Term
Uruguay Round
Definition
An agreement to dramatically lower trade barriers worldwide; created the World Trade Organization.
Term
World Bank
Definition
An international bank that offers low-interest loans, advice, and information to developing nations.
Term
World Trade Organization (WTO)
Definition
A trade organization that replaced the old General Agreement on Tariffs and Trade (GATT).
Term
Aspirational Reference Group
Definition
A group that someone would like to join.
Term
Attitude
Definition
A learned tendency to respond consistently toward a given object.
Term
Belief
Definition
An organized pattern of knowledge that an individual holds as true about his or her world.
Term
Brand Extensions
Definition
A well-known and respected brand name from one product category is extended into other product categories.
Term
Cognitive Dissonance
Definition
Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.
Term
Consideration Set
Definition
A group of brands, resulting from an information search, from which a buyer can choose. (evoked set)
Term
Consumer Behavior
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.
Term
Conumer Decision-Making Process
Definition
A five-step process used by consumers when buying goods or services.
Term
Culture
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.
Term
Evoked Set
Definition
A group of brands, resulting from an information search, from which a buyer can choose. (consideration set)
Term
Extensive Decision Making
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.
Term
External Information Search
Definition
The process of seeking information in the outside environment.
Term
Ideal Self-Image
Definition
The way an individual would like to be.
Term
Internal Information Search
Definition
The process of recalling past information stored in the memory.
Term
Involvement
Definition
The amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior.
Term
Learning
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.
Term
Lifestyle
Definition
A mode of living as identified by a person's activities, interests, and opinions.
Term
Limited Decision Making
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.
Term
Marketing-Controlled Information Source
Definition
A product information source that originates with marketers promoting the product.
Term
Maslow's Hierarchy of Needs
Definition
A method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization.
Term
Motive
Definition
A driving force that causes a person to take action to satisfy specific needs.
Term
Need Recognition
Definition
Result of an imbalance between actual and desired states.
Term
Nonaspirational Reference Group
Definition
A group with which an individual does not want to associate.
Term
Nonmarketing-controlled information source
Definition
A product information source that is not associated with advertising or promotion.
Term
Norm
Definition
A value or attitude deemed acceptable by a group.
Term
Opinion Leader
Definition
An individual who influences the opinions of others.
Term
Perception
Definition
The process by which people select, organize, and interpret stimuli into a meaningful and coherent picture.
Term
Personality
Definition
A way of organizing and grouping the consistencies of an individual's reactions to situations.
Term
Primary Membership Group
Definition
A reference group with which people interact regularly in an informal, face-to-face manner, such as family, friends, or fellow employees.
Term
Real Self-Image
Definition
The way an individual actually perceives himself or herself.
Term
Reference Group
Definition
A group in society that influences an individual's purchasing behavior.
Term
Routine Response Behavior
Definition
The type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time.
Term
Secondary Membership Group
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.
Term
Selective Distortion
Definition
A process whereby a consumer changes or distorts information that conflicts with his or her feelings or beliefs.
Term
Selective Exposure
Definition
The process whereby a consumer notices certain stimuli and ignores others.
Term
Selective Retention
Definition
A process whereby a consumer remembers only that information that supports his or her personal beliefs.
Term
Self-Concept
Definition
How consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations.
Term
Social Class
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.
Term
Socailization Process
Definition
How cultural values and norms are passed down to children.
Term
Stimulus
Definition
Any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing.
Term
Stimulus Discrimination
Definition
A learned ability to differentiate among similar products.
Term
Stimulus Generalization
Definition
A form of learning that occurs when one response is extended to a second stimulus similar to the first.
Term
Subculture
Definition
A homogeneous group of people who share elements of the overall culture as well as unique elements of their own group.
Term
Value
Definition
The enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct.
Term
Want
Definition
The way a consumer goes about addressing a need.
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