marketing chapter 5, 6, 7 – Flashcards
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baby boomers
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generational cohort of people born after WWII, between '45 and '64
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country culture
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entails easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colors, and food preferences, and more subtle aspects, which are trickier to identify.
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culture
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the set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; exists on two levels: visible artifacts(e.g. behavior, dress, symbols, physical settings, ceremonies) and underlying values (thought processes, beliefs, and assumptions).
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demographics
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information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education.
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digital natives
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also known as Generation Z, people in this group were born into a world that already was full of electronic gadgets and digital technologies, such as the internet and social networks.
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foreign currency fluctuations
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changes in the value of a country's currency relative to the currency of another country; can influence consumer spending.
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generation x
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people born between '65 and '76.
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generation y
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people born between '77 and '95.
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generation z
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digital natives.
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generational cohort
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a group of people of the same generation-typically have the similar purchase behaviors because they have shared experiences and are in the same stage of life.
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green marketing
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involves a strategic effort by firms to supply customers with environmentally friendly merchandise.
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greenwashing
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exploiting a consumer by disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales.
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inflation
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refers to the persistent increase in the prices of goods and services.
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interest rate
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the cost of borrowing money.
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macroenvironmental factors
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aspects of the external environment that affect a company's business, such as the culture, demographics, social issues, technological advances, economic situation, a political/regulatory environment.
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Millennials
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consumers born between '77 and '00 and the children of baby boomers.
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political/regulatory environment
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compromise political parties government organizations, and legislation and laws.
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regional culture
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the influence of the area within a country in which people live.
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chapter 6
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chapter 6
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affective component
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a component of attitude that reflects what a person feels about the issue at hand-his or her like or dislike of something.
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attitude
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a person's enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea; consists of three components:cognitive, affective, and behavioral.
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behavioral component
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a component of attitude that comprises the actions a person takes with regard to the issue at hand.
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cognitive component
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a component of attitude that reflects what a person believes to be true.
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compensatory decision rule
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at work when the consumer is evaluating alternatives and trades off one characteristic against another, such that good characteristics compensate for bad ones.
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consumer decision rule
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the set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives..
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conversion rate
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percentage of consumers who buy a product after viewing it.
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determinant attributes
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product or service features that are important to the buyer and on which competing brands or stores are perceived to differ.
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esteem needs
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need that enable people to fulfill inner desires..
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evaluative criteria
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consist of a set of salient, or important, attributes about a particular product.
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evoked set
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comproses the alternative brands or stores that the consumer states he or she would consider when making a purchase decision.
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extended problem solving
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a purchase decision process during which the consumer devotes considerable time and effort to analyzing alternatives; often occurs when the consumer perceives the purchase decision entails a lot of risk.
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external locus of control
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refers to when consumers believe that fate o other external factors control all outcomes.
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external search for information
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occurs when the buyer seeks information outside his or her personal knowledge base to help make the buying decision.
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financial risk
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risk associated with a monetary outlay; includes the initial cost of the purchase, as well as the cost of using the item or service.
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functional needs
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pertain to the performance of a product or service.
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habitual decision making
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a purchase decision process in which consumers engage with little conscious effort.
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impulse buying
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a buying decision made by customers on the spot when they see the merchandise
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internal locus of control
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refers to when consumers believe they have some control over the outcomes of their actions, in which case they generally engage in more search activities.
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internal search for information
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occurs when the buyer examines his or her own memory and knwledge about the product or service, gathered through past experiences.
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involvement
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cosumer's interest in a product or servce.
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learning
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refers to a change in a person's thought process or behavior that arises from experience and takes place throughout the consumer decision process.
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lifestyle
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a component of psychographics; refers to the way a person liver his or her life to achieve goals.
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limited problem solving
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occurs during a purchase decision that calls for, at most, a moderate amount of effort and time.
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love needs
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needs expressed through interactions with others.
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Maslow's Hierarchy of needs
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a paradigm for classifying people's motives. It argues that when lower-level, more basic needs (physiological and safety) are fulfilled,people turn to satisfying their higher-level human needs (social and personal).
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motive
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a need or want that is strong enough to cause the person to seek satisfaction.
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multi-attribute model
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a compensatory model of customer decision making based on the notion that customers see a product as a collection of attributes or characteristics. The model uses a weighted average score based on the importance of various attributes and performance on those issues.
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need recognition
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the beginning of the consumer decision process; occurs when consumers recognize they have an unsatisfied need and want to go from their actual, needy state to a different, desired state.
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negative word of mouth
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occurs when consumers spread negative information about a product, service, or store to others.
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noncompensatory decision rule
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at work when consumers choose a product or service on the basis of a subset of its characteristics, regardless of the values of its other attributes.
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perception
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the process by which people select, organize, and interpret information to form a meaningful picture of the world.
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peformance risk
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involves the perceived danger inherent in a poorly performing product or service.
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physiological need
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thsoe relating to the basic biological necessities of life: food, drink, rest, and shelter.
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physiological risk
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the fear of an actual harm should a product not perform properly.
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postpurchase cognitive dissonance
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the psychologically uncomfortable state produced by an inconsistency between beliefs and behaviors that in turn evokes a motivation to reduce the dissonance; buyers' remorse.
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psychological needs
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pertain to the personal gratification consumers associate with a product or service.
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psychological risk
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associated with the way people will feel if the product or service does not convey the right image
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reference group
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one or more persons whom an individual uses as a basis for comparison regarding beliefs, feelings, and behaviors.
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retrieval sets
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includes those brands or stores that the consumer can readily bring forth from memory.
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safety needs
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one of the needs in the PSSP hierarchy of needs; pertain to protection and physical well-being.
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self-actualization
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when a person is completely satisfied with his or her life.
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situation factors
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factors affecting the consumer decision process; those that are specific to the situation that may override, or at least influence, psychological and social issues.
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social risk
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the fears that consumers suffer when they worry tohers might not regard their purchases positively.
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universal sets
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all the possible choices for a product category.
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chapter 7
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chapter 7
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autocratic buying center
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a buying center in which one person makes the decision to alone, through there may be multiple participants.
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buyer
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the buying center participant who handles the paperwork of the actual buying process
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buying center
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the group of people typically responsible for the buying decisions in large organizations.
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consensus buying center
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a buying center in which all members of the team must reach a collective agreement that they can support a particular purchase.
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consultative buying center
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a buying center in which one person makes the decision but he or she solicits input from others before doing so
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decider
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the buying center participant who ultimately determines any part of the entire buying decision-whether to buy, what to buy, how to buy, where to buy.
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democratic buying center
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a buying center in which the majority rules in making the decisions.
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derived demand
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the linkage between consumers' demand for a company's output and its purchase of necessary inputs to manufacture or assemble that particular output.
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distributors
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a type of re-seller or marketing intermediary that resells manufactured products without significantly altering their form. Distributors often buy from manufactures and sell to other businesses like retailers in a b2b transactions.
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gatekeeper
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the buying center participant who controls information or access to decision makers and influencers.
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influenecer
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the buying center participant whose views influence other members of the buying center in making the final decision.
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initiator
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they buying center participant who first suggest buying the particular product or service.
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modified rebuy
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refers to when the buyer has purchased a similar product in the past but has decided to change some specifications , such as the desired price, quality level, customer service level, options or so forth.
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new buy
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in a b2b setting, a purchase of a good or service for the first time; the buying decision is likely to be quite involved because the buyer or the buying organization does not have any experience with the item.
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organizational culture
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reflects the set of values, traditions, and customers that guide a firm's employees' behavior.
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request for proposals
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a process through which buying organizations invite alternative suppliers to bid on supplying their required components.
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resellers
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marketing intermediaries that resell manufactured products without significantly altering their form.
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straight rebuy
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refers to when the buyer or buying organization simply buys additional units of products that have previously been purchased.
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user
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the person who consumers or used the product or service purchased by the buying center.
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web portal
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an internet site whose purpose is to be a major starting point for users when they connect to the web.
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wholesalers.
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those firms engaged in buying, taking title to, often storing, and physically handling goods in large quantities, then reselling the goods (usually in smaller quantities) to retailers or industrial or business users.
