Marketing Class

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Customer Experience
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The foundation of customer relationship management. is the internal response that customers have to all aspects of an organization and its offering.this internal response includes both the direct and inderect contacts of the customer with the company.
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Customer Relationship Management (CRM)
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the process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions of the organization and its offering so that buyers will choose them in the marketplace.
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Customer Value
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Is the 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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Environmental Forces
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Beyond the control of marketers, social, economic, technological, competitive, and regulatory forces.
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Exchange
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The trade of things of value between buyer and seller so that each is better off after the trade.
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Market
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Potential consumers, whichis people with both the desire and the ability to buy a specific offering
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Market Orientation
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Focuses its efforts on 1. continuously collecting information about customers’ needs 2. sharing this information across departments. 3. using it to create customer value.
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Marketing
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Is the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stake holders and society at large.
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Marketing Concepts
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The idea that an organization should 1. strive to satisfy the needs of consumers 2. while also trying to achieve the organization’s goals.
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Marketing Mix
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The marketing manager’s controllable factors- product, price, promotion, and place.
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Marketing Program
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A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. These porpsects react to the offering favorbly (by buying) or unfavorably (by not buying) and the porcess is repeated.
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Organizational buyers
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Are those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale.
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Relationship marketing
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The halmmark of developing and maintaining effective customer relationships. linking the org. to its individual customers, employees, suppliers, and other partners for their mutual long term benefits.
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Societal marketing concept
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The view that organizations should satisfy the needs of consumers in a way that provides for society’s well being.
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Target Market
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One or more specific groups of potential consumers toward which an organization directs its marketing program.
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Ultimate Consumers
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Are the people who use the goods and services purchased for a household.
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Utility
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The benefits or customer value received by users of the product.
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Business
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descirbes the clear, broad, underlying industry or market sector of an org’s offering.
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Business portfolio analysis
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to quantify performance measures and growth targets to analyze its client’s sbus as though they were a collection of separate investments. purpose of the tool is to determine the appeal of each sbu or offering and then determine the amount of cash, if any, each should receive.
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competetive advantage
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a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.
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core values
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the fundamental, passionate, and enduring principles that guide an organizations conduct over time.
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corporate level
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is where top management directs over all strategy for the entire organization.
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cross-functional teams
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these consist of a small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals. sometimes these teams will have representatives from outside the organization as suppliers or customers to assist them.
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diversification analysis
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is a tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products.
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functional level
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where groups of specialists actually create value for the organization.the organizations strategic direction becomes its most specific and focused.
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goals
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statements of an accomplishment of a task to be achieved, often by a specific time.
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market segmentation
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involves aggregating prospective buyers into groups, or segments, that 1. have common needs and 2. will respond similarly to a marketing action. this enables orgs to identify the segments on which it will focus its efforts-its target market segments- and develop specific marketing programs to reach them.
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market share
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is the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. a firm may choose to maintain or increase this sometimes at the expense of greater profits if industry status or prestige is at stake.
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marketing dashboard
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the visual computer display of the essential information related to achieving a marketing objective. often it is an internet based display with real time information.
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marketing metric
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measure on the marketing dashboard of quantitative value or trend of a marketing activity or result.
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marketing plan
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which is a road map for the marketing activities of an organization for a specified future time period. such as one year or five years.
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marketing strategy
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is the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it.
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marketing tactics
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are detailed day to day operation decisions essential to the overall success of marketing strategies.
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missions
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a statement of the organizations function in society, often identifying its customers, markets , products, and technologies.
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objectives
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statements of an accomplishment of a task to be achieved, often by a specific time.
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organizational culture
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the set of values, ideas, attitudes, and norms of behavior that is learned and share among the members of an org.
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points of difference
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are those characteristics of a product that make it superior to competitive substitutes.
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profit
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is the money left after a business firms total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings
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situation analysis
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is taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization’s marketing plans and the external forces and trends affecting it.
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strategic business unit (SBU)
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is a subsidiary divison or unit of an organization that markets a set of related offerings to a clearly defined groups of customers.
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strategic marketing process
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an organization uses this to allocate its marketing mix resources to reach its target markets. Planning, Implementation, and Evaluation.
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strategy
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is an orgnization’s longterm course of action designed to deliver a unique customer experience while achieving its goals.
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SWOT analysis
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an acronym describing an organization’s appraisal of its internal strengths and weaknesses, and its external opportunities and threats. identify trends in the orgs industry, analyze the org’s competitors, assess the org itself, research the org’s present and prospective customers.
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baby boomers
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the generation of children born between 1946 and 1964. 76 million of them. retiring at a rate of 10000 every 24 hours.
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barriers to entry
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business practices or conditions that make it difficult for new firms to enter the market.
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blended family
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formed by merging two previously separated units into a single household. (step parents)
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competetion
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the fourth component of the environmental scan. refers to the alternative firms that could provide a product to satisfy a specific market’s needs.
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cosumerism
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a grassroots movements started in the 1960’s to increase the influence, power, and rights of consumers in dealing with institutional. this movement continues and is reflected in growing consumer demands for ecologically safe products and ethical and socially responsible business practices.
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culture
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incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group. a second social force.
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demographics
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describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
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discretionary income
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the money that remains after paying for taxes and necessities. used for luxury items.
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disposable income
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the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.
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economy
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pertains to the income, expenditures, and resources that affect the cost of running a business and household.
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electronic commerce
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any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services.
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environmental scanning
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the process of continually acquiring info. on events occuring outside the organization to identify and interpret potential trends.
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generation x
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includes the 15% of the population born between 1965 and 1976. this period is known as the baby bust. number of children born each year declining.
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generation y
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includes the 72 million Americans born between 1977 and 1994. this was a period of increasing births. baby boomlet
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gross income
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total amount of money made in 1 year by a person, household, or family unit.
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market space
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an information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.
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multicultural marketing
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combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
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regulation
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consists of restrictions from the state and federal laws place on business with regard to the conduct of its activities. exists to protect companies as well as consumers. passed to ensure competition and fair business practice.
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self regulation
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where an industry attempts to police itself. 2 problems: noncompliance by members and enforcement.
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social forces
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Of the environment include the demographics characters of the population and its values. changes in these forces can have a dramatic impact on marketing strategy.
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technology
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the third environmental force, refers to inventions or innovations from applied science or engineering research.
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value consciousness
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the concern for obtaining the best quality, features, and performance of a product or service for a given price– will drive consumption behavior.
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Cause marketing
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occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products.
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caveat emptor
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let the buyers beware– w
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code of ethics
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is a formal statement of ethical principles and rules of conduct. 86% of US companies have some sort of ethics code and one of every 4 large companies has corporate ethics officers.
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consumer bill of rights
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John F kennedy in 1962 outlines this. it codified the ethics of exchange between buyers and sellers. the right to 1. safety, 2. to be informed. 3. to choose. .4. to be heard. consumers demands that these rights be protected as have american businesses.
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economic espionage
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is the clandestine collection of trade secrets or proprietary information about a company’s competitors. this practice is illegal and unethical and caries serious criminal penalties for the offending individual or business. illegal trespassing, theft, fraud, misrepresentation, wiretapping, the search of competitors trash, and violations of written and implicit employment agreements with non complete clauses.
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ethics
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are the moral principles and values that govern the actions and decisions of an individual or group. they serve as guidelines on how to act rightly and justly when faced with moral dilemmas.
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green marketing
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marketing efforts to produce, promote, and reclaim environmentally sensetive products- takes many forms.
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laws
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society’s values and standards that are enforceable in the courts.
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moral idealism
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personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.
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social audit
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a systematic assessment of a firms objectives, strategies, and performance in terms of social responsibility.
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social responsibility
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organizations are part of a larger society and are accountable to that society for their actions.
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sustainable development
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involves conducting business in a way that protects the natural environment while making economic progress
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triple bottom line
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recognition of the need for organizations to improve the state of people, the planet, and profit simultanesously if they are to achieve sustainable, long-term growth. growing interest in green marketing , cause marketing, social audits, and sustainable development reflect this recognition.
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utilitarianism
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a personal moral philosophy that focuses on the greatest good for the greatest number.
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whistle blowers
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employees who report unethical or illegal actions of their employers.
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attitude
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a learned predisposition to respond to an object or class of object in consistently favorable or unfavorable way
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beliefs
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are a consumers subjective perception of how a product or brand performs on different attributes
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brand loyalty
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a favorable attitude toward and consistent purchase of a single brand over time.
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cognitive dissonance
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Feeling of post purchase psychological tension or anxiety.
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consideration set
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The group of brands that a consumer would consider acceptable from among all the brands of which he or she is aware in the product class.
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consumer behavior
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the actions a person takes in purchasing and using products and services, including mental and social processes that come before and after these actions
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consumer socialization
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the process by which people acquire the skills knowledge and attitudes necessary to function as consumers.
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evaluative criteria
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represents both the objective attributes of a brand (such as display) and the subjective ones (such as prestige) you use to compare different products and brands.
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family life cycle
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describe the distinct family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors.
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involvement
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1. expensive, 2. can have serious personal consqueneces, 3. could reflect on one’s social image. level
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learning
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Refers to those behaviors that result from 1. repeated experience and 2. reasoning.
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lifestyle
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is a mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them.
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motivation
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is the energizing for that stimulates behavior to satisfy a need.
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opinion leaders
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individuals who exert direct or indirect social influence over others.
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perceived risk
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represents the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences
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perception
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the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world.
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personality
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refers to a person’s consistent behaviors or response to recurring situations.
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purchase decision process
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the stages a buyer passes through in making choices about which products and services to buy.5 stages. 1. problem recognition. 2. information search, 3. alternative evaluation, 4. purchase decision, 5. post purchase behavior
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reference groups
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are people to whom an individual looks as a basis for self appraisal or as a source of personal standards.
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self concept
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the way people see themselves and the way they believe others see them.
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situational influences
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has an impact on the purchase decision process 1. the purchase task, 2. social surroundings. 3. physical surroundings. 4. temporal effects. 5. antecedent states
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social class
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defined as the relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped.
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sub culture
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subgroups withing the larger, or national, culture with unique values, ideas and attitudes.
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subliminal perception
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means that you see or hear messages without being aware of them.
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word of mouth
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the influencing of people during conversations. most powerful and authentic information source for consumers because it typically involved friends viewed as trustworthy.

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