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Business Administration > CHAPTER 11 MARKET PROCESSES & CONSUMER BEHAVIOR > Flashcards

CHAPTER 11 MARKET PROCESSES & CONSUMER BEHAVIOR Flashcards

1
Q

Advertising

A

any form of paid nonpersonal communication used by an identified sponsor to persuade or inform potential buyers about a product

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2
Q

Behavioral Segmentation

A

a segmentation strategy that uses behavioral variables to identify different market segments

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3
Q

Behavioral Variables

A

behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy

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4
Q

Brand Competition

A

competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies

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5
Q

Brand Loyalty

A

pattern of repeated consumer purchasing based on satisfaction with a product’s performance

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6
Q

Competitive Environment

A

the competitive system in which businesses compete

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7
Q

Consumer Behavior

A

study of the decision process by which people buy and consume products

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8
Q

Consumer Goods

A

physical products purchased by consumers for personal use

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9
Q

Corporate Blogs

A

comments and opinions published on the web by or for an organization to promote its activities

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10
Q

Cultural Influences

A

include culture, subculture, and social influences that marketers use to study buying behavior

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11
Q

Customer Relationship Management (CRM)

A

organized methods that a firm uses to build better information connections with clients, so that stronger company-client relationships are developed

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12
Q

Data Mining

A

the application of electronic technologies for searching, sifting, and reorganizing pools of data to uncover useful info

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13
Q

Data Warehousing

A

the collection, storage, and retrieval of data in electronic files

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14
Q

Demographic Segmentation

A

a segmentation strategy that uses demographic characteristics to identify different market segments

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15
Q

Demographic Variables

A

characteristics of populations that may be considered in developing a segmentation strategy

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16
Q

Economic Environment

A

relevant conditions that exist in the economic system in which a company operates

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17
Q

Emotional Motives

A

reasons for purchasing a product that are based on nonobjective factors

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18
Q

Evoked Set (or consideration set)

A

group of products consumers will consider buying as a result of information search

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19
Q

Experimentation

A

research method using a sample of potential consumers to obtain reactions to test versions of new products or variations of existing products

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20
Q

Focus Group

A

research method using a group of people from a larger population who are asked their attitudes, opinions, and beliefs about a product in an open discussion

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21
Q

Form Utility

A

providing products with features that customers want

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22
Q

Geographic Segmentation

A

geographic units, from countries to neighborhoods, that may be considered in identifying different market segments in a segmentation strategy

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23
Q

Geographic Variables

A

geographic units that may be considered in developing a segmentation strategy

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24
Q

Geo-Demographic Segmentation

A

using a combination of geographic and demographic traits for identifying different market segments in a segmentation strategy

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25
Q

Geo-Demographic Variables

A

combination of geographic and demographic traits used in developing a segmentation strategy

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26
Q

Industrial Goods

A

physical products purchased by companies to produce other products

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27
Q

Industrial Market

A

organizational market consisting of firms that buy goods that are either converted into products or used during production

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28
Q

Institutional Market

A

organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations

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29
Q

Integrated Market Strategy

A

strategy that blends together the Four Ps of marketing to ensure their compatibility with one another and with the company’s nonmarketing activities

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30
Q

International Competition

A

competitive marketing of domestic products against foreign products

31
Q

Market Segmentation

A

process of dividing a market into categories of customer types, or “segments,” having similar wants and needs and who can be expected to show interest in the same products

32
Q

Marketing

A

activities, a set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

33
Q

Marketing Manager

A

manager who plans and implements the marketing activities that result in the transfer of products from producer to consumer

34
Q

Marketing Mix (the Four Ps)

A

combination of product, pricing, promotion, and place (distribution) strategies used to market products

35
Q

Marketing Objectives

A

the things marketing intends to accomplish in its marketing plan

36
Q

Marketing Plan

A

detailed strategy for focusing marketing efforts on consumers’ needs and wants

37
Q

Marketing Research

A

the study of what customers need and want and how best to meet those needs and wants

38
Q

Marketing Strategy

A

all the marketing programs and activities that will be used to achieve the marketing goals

39
Q

Observation

A

research method that obtains data by watching and recording consumer behavior

40
Q

Personal Influences

A

include lifestyle, personality, and economic status that marketers use to study buying behavior

41
Q

Personal Selling

A

person-to-person sales

42
Q

Place (Distribution)

A

part of the marketing mix concerned with getting products from producers to consumers

43
Q

Place Utility

A

providing products where customers will want them

44
Q

Possession Utility

A

transferring product ownership to customers by setting selling prices, setting terms for customer credit payments, and providing ownership documents

45
Q

Political-Legal Environment

A

the relationship between business and government

46
Q

Primary Data

A

new data that are collected from newly performed research

47
Q

Product

A

good, service, or idea that is marketed to fill consumers’ needs and wants

48
Q

Product Differentiation

A

creation of a product feature or product image that differs enough from existing products to attract customers

49
Q

Product Positioning

A

process of fixing, adapting, and communicating the nature of a product

50
Q

Promotion

A

aspect of the marketing mix concerned with the most effective techniques for communicating info about a selling product

51
Q

Psychographic Segmentation

A

a segmentation strategy that uses psychographic characteristics to identify different market segments

52
Q

Psychographic Variables

A

consumer characteristics, such as lifestyles, opinions, interests, and attitudes, that may be considered in developing a segmentation strategy

53
Q

Psychological Influences

A

include an individual’s motivations, perceptions, ability to learn, and attitudes that marketers use to study buying behavior

54
Q

Public Relations

A

communication efforts directed at building goodwill and favorable attitudes in the minds of the public toward the organization and its products

55
Q

Rational Motives

A

reasons for purchasing a product that are based on a logical evaluation of product attributes

56
Q

Relationship Marketing

A

marketing strategy that emphasizes building lasting relationships with customers and suppliers

57
Q

Reseller Market

A

organizational market consisting of intermediaries that buy and resell finished goods

58
Q

Sales Promotion

A

direct inducements such as premiums, coupons, and package inserts to tempt consumers to buy products

59
Q

Secondary Data

A

data that are already available from previous research

60
Q

Services

A

products having nonphysical features, such as info, expertise, or an activity that can be purchased

61
Q

Services Companies Market

A

firms engaged in the business of providing services to the purchasing public

62
Q

Social Influences

A

include family, opinion leaders, and such reference groups as friends and coworkers that marketers use to study buying behavior

63
Q

Social Networking

A

network of communications that flow among people and organizations interacting through an online platform

64
Q

Social Networking Media

A

websites or access channels, such as FB, Twitter, YT, to which consumers go for info and discussions

65
Q

Sociocultural Environment

A

the customs, mores, values, and demographic characteristics of the society in which an organization functions

66
Q

Substitute Product

A

product that is dissimilar from those of competitors, but that can fulfill the same need

67
Q

Surveys

A

research method of collecting consumer data using questionnaires, telephone calls, and face-to-face interviews

68
Q

Technological Environment

A

all the ways by which firms create value for their constituents

69
Q

Time Utility

A

providing products when consumers will want them

70
Q

Target Market

A

the particular group of people or organizations on which a firm’s marketing efforts are focused

71
Q

Utility

A

product’s ability to satisfy a human want or need

72
Q

Value

A

relative comparison of a product’s benefits vs its costs

73
Q

Viral Marketing

A

type of marketing that relies on the internet to spread info like a “virus” from person to person about products or ideas

Business Administration (2 decks)

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