Chapter 5: Principles of Marketing – Flashcards
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The way in which individuals and organizations make decisions to spend their available resources such as time and money.
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Consumer Behavior
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Selling goods and services to end-user customers.
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Business-to-Consumer Marketing (B2C)
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The stage of the buying process in which consumers recognize they have a need to satisfy.
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Problem Recognition
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When consumers seek information beyond their personal knowledge and experience to support them in their buying decision.
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External Information Search
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When consumers use their past experiences with items from the same brand or product class as sources of information.
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Internal Information Search
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Patterns of consumption that are repeated with regularity.
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Ritual Consumption
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The attributes a consumer considers important about a certain product.
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Evaluative Criteria
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The mental conflict that people undergo when they acquire new information that contradicts their beliefs or assumptions.
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Cognitive Dissonance
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Factors like time and social surroundings that serve as an interface between the consumers and their decision making process.
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Situational Influences
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The distinct family-related phases that an individual progresses through over the course of his or her life.
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Family Life Cycle
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A collection of people to whom a consumer compares himself or herself.
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Reference Group
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The group to which a consumer actually belongs.
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Membership Reference Group
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The individuals a consume would like to emulate.
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Aspirational Reference Group
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The people that the individual would not like to be like.
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Dissociative Reference Groups
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Individuals who exert an unequal amounts of influence on the decisions of others because they are considered knowledgeable about particular products.
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Opinion Leaders
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The set of distinctive characteristics that lead an individual to respond in a consistent way to certain situations.
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Personality
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A person's typical way of life as expressed by his or her activities, interests and opinions.
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Lifestyle
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A consumers belief that specific behaviors are socially or personally preferable to other behaviors.
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Values
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The beliefs and associations people have about a country.
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Country-Of-Origin Effects
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The underlying psychological mechanisms that can influence consumer behavior.
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Psychological Processes
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A persons overall evaluation of an object involving general feelings of likes and dislikes.
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Attitude
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The modification of behavior that occurs over time due to experiences and other external stimuli.
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Learning
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The inward drive we have to get what we want or need.
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Motivation
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The need all humans have to be respected by others as well as by themselves.
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Esteem
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A consumers full potential and the need to realize that potential.
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Self-Actualization
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The personal, financial and social significance of the decision being made.
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Involvement
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Purchasing a product with no planning or forethought.
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Impulse buying
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Inexpensive products that can be purchased without much forethought and that are products that are purchased frequently.
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Low-Involvement Products
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Significant purchases that carry a greater risk to consumers if they fail.
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High-Involvement Products
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Marketing to organizations that acquire goods and service in the production of other goods and services that are then sold or supplied to others.
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Business-to-Business Marketing (B2B)
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When demand for one product occurs because of the demand of a related product.
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Derived Demand
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A single industry classification system used by the members of the NAFTA to generate comparable statistics for businesses and industries across the three countries.
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North American Industry Classification System (NAICS)
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Retailers and wholesalers who buy finished goods and resell them for a profit.
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Resellers
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A firm that sells mainly to end-user consumers.
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Retailer
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The sale of goods or merchandise to retailers: industrial, commercial, institutional or other professional business users or wholesalers.
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Wholesaling
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A firm that sells goods to anyone other than end consumer.
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Wholesaler
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A buying situation in which a business customer is purchasing a product for the very first time.
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New Buy
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A buying situation in which a business customer signals its satisfaction by agreeing to purchase the same product a the same price.
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Straight Rebuy
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A buying situation in which the customer needs change slightly or they are not completely satisfied with the product they purchased.
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Modified Rebuy
