Marketing test 2

gcannon007's version from 2016-03-02 04:18

Section 1

Question Answer
Consumer Buying Behavior the decision processes and purchasing activities of people who purchase products for personal or household use and not for business purposes
Buying Behavior the decision processes and actions of people involved in buying and using products
high level of degreeproducts that are visible to others (automobiles, real estate, high-end electronics) as well as high importance issues (healthcare)
low level of degreemuch less expensive and have less associated social risk (grocery/ drugstore items)
enduring involvementa person’s interest in a product or product category that is ongoing and long-term
situational involvement- temporary and dynamic and results from a particular set of circumstances (ex. leaky faucet - consumer will research and find solution fairly quickly)
routine responsea consumer problem-solving process used when buying frequently purchased, low-cost items that require very little search-and decision effort
limited responsea consumer problem-solving process used when purchasing products occasionally or needing information about an unfamiliar brand in a familiar product category
extended responsea consumer problem-solving process employed when purchasing unfamiliar, expensive, or infrequently bought products
impulse responseunplanned buying behavior resulting from a powerful urge to buy something immediately
problem recognitionwhen a buyer becomes aware of a difference between a desired state and an actual condition
internal searchan information search in which buyers search their memories for information about products that might solve their problem
external searchinformation search in which buyers seek information from sources other than their memories
repetition technique used by advertisers to increase consumers’ information and recall - the more they hear it the more information they recall- too much repetition has the opposite effect and could work negatively against the advertiser (wear out)
consideration set (evoked set)group of brands within a product category that a buyer views as alternatives for possible purchase
evaluative criteriaobjective and subjective product characteristics that are important to a buyer
framingdescribing the alternatives and their attributes in a certain manner
purchaseconsumer purchases the product or brand yielded by the evaluation of alternatives
cognitive dissonacebuyer’s doubts shortly after a purchase about whether the decision was the right one
physical surroundingslocation, store atmosphere, scents, sounds, lighting, weather
social surroundings characteristics and interactions of others who are present during a purchase decision, such as friends, relatives, salespeople, and other customers
time perspectivetime it takes to go through the buying process
reason for purchaseinvolves what the product purchase should accomplish and for whom
buyers momentary moodmood ( anger, anxiety, or contentment) condition (fatigue, illness, having cash on hand)
psychological influencesfactors that in part determine people’s general behavior, thus influencing their behavior as consumers
perceptionprocess of selecting, organizing, and interpreting information inputs to produce meaning
selective exposurethe process by which some inputs are selected to reach awareness and others are not
selective distortionndividual’s changing or twisting of information that is inconsistent with personal feelings or beliefs
selective retentionremembering information inputs that supporting personal feelings and beliefs and forgetting inputs that do not
motivesinternal energizing force that directs a person’s behavior toward satisfying needs or achieving goals
maslows hierarchy psychological, safety, belonging, esteem, self-actualization
patronage motivesmotives that influence where a person purchases products on a regular basis
cognitivethe person’s knowledge and information about the object or idea
affectivecomprises the individuals feelings and emotions toward the object or idea
behaviorallove, hate, anger
personalityset of internal traits and distinct behavioral tencencies that result in consistent patterns of behavior in certain situations
self-conceptperception or view of oneself
consumer socializationprocess through which a person acquires the knowledge and skills to function as a customer
reference groupgroup that a person identifies with so strongly that he or she adopts the values, attitudes, and behavior of group members
membershipone to which an individual actually belongs, with which the individual identifies intensely enough to take on the values, attitudes, and behaviors of people in that group
aspirationalone to which a person aspires to belong
dissociativeindividual does not want to take on the values, attitudes, and behavior of group members
opinion leadermember of an informal group who provides information about a specific topic to other group members
social classopen group of individuals with similar social rank
subculturesgroup of individuals whose characteristics, values, and behavioral patterns are similar within the group and different from those of people in the surrounding culture

Section 2

Question Answer
business to business marketsindividuals, organizations, or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations
producer marketsindividuals and business organizations that purchase products to make profits by using them to produce other products or using them in their operations
reseller marketsintermediaries that buy finished goods and resell them for a profit
government marketsfederal, state, county, or local governments that buy goods and services to support their internal operations and provide products to their constituencies
institutional marketsorganizations with charitable, educational, community or other nonbusiness goals
reciprocity arrangement unique to business marketing in which two organizations agree to buy from each other
new task purchaseorganization’s initial purchase of an item to be used to perform a new job or solve a new problem
3 primary concerns 1. cost 2. acquiring right product that work effectively 3. customer service
straight rebuy purchaseroutine purchase of the same products under approximately the same terms of sale by a business buyer
modified rebuy purchasenew-task purchase that is changed on subsequent orders or when the requirements of a straight rebuy purchase are modified
derived demanddemand for business products that stems from demand for consumer products
inelastic demanddemand that is not significantly altered by a price increase or decrease
joint demanddemand involving the use of two or more items in combination to produce a product
fluctuation demandwhen consumer products are in high demand, producers buy large quantities of raw materials and components to meet long-run production requirements. Visa Versa
buying centerpeople within an organization who make business purchase decisions
value analysisevaluation of each component of a potential purchase
vendor analysisformal, systematic evaluation of current and potential vendors
multiple sourcingorganization’s decision to use several suppliers
sole sourcing organization’s decision to use only one supplier
NAICS (North American Industry Classification system) industry classification system that generates comparable statistics among the United States, Canada, and Mexico

Section 3

Question Answer
international marketingdeveloping and performing marketing activities across national boundaries
born globaltypically small, technology-based firms earning as much as 70 percent of their sales outside the domestic/home market
global customersomeone who travels frequently enough and expects to be able to obtain the products they want wherever they are
sociocultureMarketing activities are influenced by beliefs and values regarding family, religion, education, health, and recreation
economicstandards of living, credit, buying power, income distribution, national resources, and exchange rates
GDPthe market value of a nation’s total output of goods and services for a given period
import tariffduty levied by a nation on goods bought outside its borders and brought into the country
quotalimit on the amount of goods an importing country will accept for certain product categories in a specific period.
embargo government’s suspension of trade in a particular product or with a given country
exchange controlsgovernment restrictions on the amount of a particular currency that can be bought or sold
balance of tradedifference in value between a nation’s exports and its imports
lawit is essential for global marketers to understand the major laws in the countries in which their companies operate
pirated goods cost $600 billion annually according to the International Anticounterfeiting Coalition, another name for counterfeit goods
SRC (self reference criteria)is the unconscious reference to one’s own cultural values, experiences, and knowledge
cultural relativism concept that morality varies from one culture to another and that business practices are therefore differentially define as right or wrong by particular cultures.
alliancesaffect companies engaging in international marketing; some create opportunities, and others impose constraints
NAFTAimplemented in 1994, effectively merged Canada, Mexico, and the United States into one market of nearly 460 million consumers
CAFTADominican Republic- Central Free Trade Agreement- among Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States has also been ratified in all those countries except Costa Rica.
EU (European Community or Common Market)stablished in 1958 to promote trade among its members (countries in Europe
APEC (asia pacific rim)established in 1989, promotes open trade and economic and technical cooperation among member nations around the world
MERCOSUR"Common Market of the South," is an economic and political agreement among Argentina, Brazil, Paraguay (which is currently suspended), and Uruguay to promote the free movement of goods, services and people among member states
GATTagreement among nations to reduce worldwide tariffs and increase international trade
WTOentity that promotes free trade among member nations by eliminating trade barriers and educating individual
dumpingselling products at unfairly prices
trading companycompany that links buyers and sellers in different countries
licensingan alternative to direct investment that requires a licensee to pay commissions or royalties on sales or supplies used in manufacturing
franchisingform of licensing in which a company grants a franchisee the right to market its product, using its name, logo
contract mfgpractice of hiring a foreign firm to produce a designated volume of the domestic firm’s product or a component of it to specification
outsourcingpractice of contracting noncore operations with an organization that specializes in that operation
offshoringpractice of moving a business process that was done domestically at the local factory to a foreign country
offshore outsourcingpractice of contracting with an organization to perform some or all business functions in a country other than the country which the product will be sold
joint venturepartnership between a domestic firm and a foreign firm or government
strategic alliancespartnership that is formed to create a competitive advantage on a worldwide basis
domesticto adapt to local market differences
limitedexploit economies scale
multinationalexploit economies of global scope
regionalmine optimal locations for activities and resources
globalizedmaximize transfer of knowledge across locations
globalized marketingmarketing strategies are developed for the entire world, with focus on similarities across regions and country markets
regional marketingdeveloped for each major region
multinational marketinginternational markets are a consideration in the marketing strategy
limited exportingfirm develops no international marketing strategies
domestic marketingall marketing strategies focus on the market in the country or origin

Section 4

Question Answer
digital mediaelectronic media that function using digital codes, when we refer to digital media, we are referring to media available via computers, mobile devices, and other digital devices that have been released in recent years
digital marketinguses all digital media, including the Internet and mobile and interactive channels, to develop communication and exchanges with customers
e-marketingrefers to the strategic process of distributing, promoting, and pricing products, and discovering the desires of customers using digital media and digital marketing
mobile marketingpromotional activity designed for delivery to cell phones, smart phones and other handheld devices, usually as a component of a multi-channel campaign
characteristics of online mediaaddressability, interactivity, accessibility, connectivity, control
marketing strategiesessential for businesses to learn how to effectively use new social media
bricks-and-clicksbusiness making online shopping possible while not abandoning its physical stores
product issuesdigital media provides opportunities to add a service dimension to traditional products and create new products only accessible on the Internet
'new' channeldigital marketing can be viewed as a new distribution channel that helps businesses increase efficiency.
site-to-storeconsumers get free shipping if they pick up their purchases at a Walmart store of their choice (walmart)
push/pull dynamicfirm that provides a product will push to get that product in front of the consumer, while at the same time connectivity aids those channel members that desire to find each other
one click awaysocial networking sites allow customers to approach promotions in entirely new, creative ways
pricingDigital media marketing facilitates both price and nonprice competition, because internet marketing gives consumers access to more information about costs and prices. Digital connections can help the customer find the price of the product in an instant.

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