question

Evaluative Criteria

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objective and subjective attributes of a brand consumers use to compare different products and brands

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Organizational Buying Behavior

answer

decision making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers

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Cognitive Dissonance

answer

feeling of post purchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives

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Global Marketing Strategy

answer

strategy of transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ

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Culture

answer

set of values, ideas, and attitudes that are learned and shared among the members of a group

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Diversification

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marketing strategy of selling new products to new markets

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Moral Idealism

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personal moral philosophy that considers individual rights or duties as universal, regardless of the outcome

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Situational Influences

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five aspects of the purchase situation that impact the consumer purchase decision process: purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states

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Marketing Plan

answer

road map for the marketing activities of an organization for a specified future time period, such as one year or five year

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Global Competition

answer

exists when firms originate, produce, and market their products and services worldwide

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Straight Rebuy

answer

routine reorder

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Modified Rebuy

answer

changed order

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New Buy

answer

first time order

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Marketing Mix

answer

product, price, promotion, and place

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Consumerism

answer

grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.

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Profit Responsibility

answer

duty of a firm to maximize profits for its owners or stockholders

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Whistle-blowers

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employees who report unethical or illegal actions of their employers

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Derived Demand

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demand for industrial products and services is driven by demand for consumer products and services

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Want

answer

need that is shaped by a person's knowledge, culture, or personality

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Target Market

answer

one or more specific groups of potential consumers toward which an organization directs its marketing program

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Customs

answer

what is considered normal and expected about the way people do things in a specific country

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Market Segments

answer

relatively homogeneous groups of prospective buyers that have common needs and will respond similarly to a marketing action

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Marketing

answer

Seeks to discover wants and needs of customers, and satisfy these wants and needs

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Environmental Forces

answer

uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces

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Necessary for Marketing to Occur

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two or more parties with unsatisfied needs, a desire and ability on their part to have their needs satisfied, a way for the parties to communicate, and something to exchange.

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Needs

answer

when a person feels deprived of basic necessities such as food, clothing, and shelter

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Product

answer

good, service, or idea to satisfy the consumer's needs

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Price

answer

what is exchanged for the product

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Promotion

answer

means of communication between the buyer and seller

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Place

answer

means of getting the product to the consumer

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Customer Value

answer

unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price

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Relationship Marketing

answer

links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit

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Marketing Program

answer

plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

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Marketing Concept

answer

idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals

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Societal Marketing Concept

answer

view that organizations should satisfy the needs of consumers in a way that provides for society's well-being

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Organizational Buyers

answer

manufacturers, wholesalers, retailers, service companies, not-for-profit organizations and government agencies that buy products and services for their own use or for resale

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Utility

answer

benefits or customer value received by users of the product

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Competitive Advantage

answer

one or more unique aspects of an organization that cause target consumers to patronize that firm rather than competitors

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Points of Difference

answer

those characteristics of a product that make it superior to competitive substitutes

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Pure Competition

answer

many sellers and they each have a similar product

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Monopolistic Competition

answer

many sellers compete with substitutable products within a price range

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Oligopoly

answer

occurs when a few companies control the majority of industry sales

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Pure Monopoly

answer

occurs when only one firm sells the product

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Utilitarianism

answer

personal moral philosophy that focuses on "the greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior

question

Purchase Decision Process

answer

stages a buyer passes through in making choices about which products and services to buy

question

High Involvement Purchases

answer

each of the five stages of the consumer purchase decision process is used and considerable time and effort are devoted to the search for external information and the identification and evaluation of alternatives

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Selective Retention

answer

consumers do not remember all the information they see, read, or hear, even minutes after exposure to it

question

Selective Comprehension

answer

involves interpreting information so that it is consistent with your attitudes and beliefs

question

Selective Exposure

answer

occurs when people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent with them

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Subliminal Perception

answer

you see or hear messages without being aware of them

question

Attitude

answer

learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way, shaped by our values and beliefs

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Associative Group

answer

group which a person actually belongs, such as a brand community that consists of a specialized group of consumers with a structured set of relationships involving a particular brand

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Traditional Auction

answer

seller puts an item up for sale and would-be buyers are invited to bid in competition with each other

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Reverse Auction

answer

buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other

question

International Firm

answer

engages in trade and marketing in different countries as an extension of the marketing strategy in its home country

question

Multinational Firm

answer

views the world as consisting of unique parts and markets to each part differently, have as many different product variations, brand names, and advertising programs as countries in which they do business. uses multidomestic marketing strategy

question

Transnational Firm

answer

views the world as one market and emphasizes cultural similarities across countries or universal consumer needs and wants rather than differences uses global marketing strategy

question

Back Translation

answer

translated word or phrase is retranslated into the original language by a different interpreter to catch errors

question

Indirect Exporting

answer

firm sells its domestically produced products in a foreign country through an intermediary

question

Exporting

answer

producing products in one country and selling them in another country

question

Licensing

answer

company offers the right to a trademark, patent, trade secret, or other similarly valued item of intellectual property in return for a royalty or a fee

question

Joint Venture

answer

foreign company and a local firm invest together to create a local business

question

Direct Investing

answer

domestic firm actually investing in and owning a foreign subsidiary or division

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Gray Market

answer

situation where products are sold through unauthorized channels of distribution

question

Reciprocity

answer

mutual agreement that firms will buy from each other to benefit one another

question

Maslow Hierarchy of Needs

answer

list of needs from physiological and safety needs to social, personal, and self actualization needs

question

Temporal Effects

answer

time of day, how much time you have to make decision

question

Caveat Emptor

answer

let the buyer beware

question

Patent Law

answer

gives inventors the right to exclude others from making, using, or selling products that infringe the patented invention

question

Copyright Law

answer

gives the author of a literary, dramatic, musical, or artistic work the exclusive right to print, perform, or otherwise copy that work

question

Digital Millennium Copyright Act

answer

improved protection of copyrighted digital products

question

Gross Income

answer

the total amount of income from wages before any payroll deductions, what you start with

question

Disposable Income

answer

money income left after all taxes on it have been paid, used on rent and necessities

question

Discretionary Income

answer

money income left after necessities have been bought, used on luxury goods

question

Environmental Scanning

answer

acquiring information to identify and interpret potential trends

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