CHAPTER 11 MARKET PROCESSES & CONSUMER BEHAVIOR Flashcards
Advertising
any form of paid nonpersonal communication used by an identified sponsor to persuade or inform potential buyers about a product
Behavioral Segmentation
a segmentation strategy that uses behavioral variables to identify different market segments
Behavioral Variables
behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy
Brand Competition
competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies
Brand Loyalty
pattern of repeated consumer purchasing based on satisfaction with a product’s performance
Competitive Environment
the competitive system in which businesses compete
Consumer Behavior
study of the decision process by which people buy and consume products
Consumer Goods
physical products purchased by consumers for personal use
Corporate Blogs
comments and opinions published on the web by or for an organization to promote its activities
Cultural Influences
include culture, subculture, and social influences that marketers use to study buying behavior
Customer Relationship Management (CRM)
organized methods that a firm uses to build better information connections with clients, so that stronger company-client relationships are developed
Data Mining
the application of electronic technologies for searching, sifting, and reorganizing pools of data to uncover useful info
Data Warehousing
the collection, storage, and retrieval of data in electronic files
Demographic Segmentation
a segmentation strategy that uses demographic characteristics to identify different market segments
Demographic Variables
characteristics of populations that may be considered in developing a segmentation strategy
Economic Environment
relevant conditions that exist in the economic system in which a company operates
Emotional Motives
reasons for purchasing a product that are based on nonobjective factors
Evoked Set (or consideration set)
group of products consumers will consider buying as a result of information search
Experimentation
research method using a sample of potential consumers to obtain reactions to test versions of new products or variations of existing products
Focus Group
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
Form Utility
providing products with features that customers want
Geographic Segmentation
geographic units, from countries to neighborhoods, that may be considered in identifying different market segments in a segmentation strategy
Geographic Variables
geographic units that may be considered in developing a segmentation strategy
Geo-Demographic Segmentation
using a combination of geographic and demographic traits for identifying different market segments in a segmentation strategy
Geo-Demographic Variables
combination of geographic and demographic traits used in developing a segmentation strategy
Industrial Goods
physical products purchased by companies to produce other products
Industrial Market
organizational market consisting of firms that buy goods that are either converted into products or used during production
Institutional Market
organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations
Integrated Market Strategy
strategy that blends together the Four Ps of marketing to ensure their compatibility with one another and with the company’s nonmarketing activities
International Competition
competitive marketing of domestic products against foreign products
Market Segmentation
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
Marketing
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
Marketing Manager
manager who plans and implements the marketing activities that result in the transfer of products from producer to consumer
Marketing Mix (the Four Ps)
combination of product, pricing, promotion, and place (distribution) strategies used to market products
Marketing Objectives
the things marketing intends to accomplish in its marketing plan
Marketing Plan
detailed strategy for focusing marketing efforts on consumers’ needs and wants
Marketing Research
the study of what customers need and want and how best to meet those needs and wants
Marketing Strategy
all the marketing programs and activities that will be used to achieve the marketing goals
Observation
research method that obtains data by watching and recording consumer behavior
Personal Influences
include lifestyle, personality, and economic status that marketers use to study buying behavior
Personal Selling
person-to-person sales
Place (Distribution)
part of the marketing mix concerned with getting products from producers to consumers
Place Utility
providing products where customers will want them
Possession Utility
transferring product ownership to customers by setting selling prices, setting terms for customer credit payments, and providing ownership documents
Political-Legal Environment
the relationship between business and government
Primary Data
new data that are collected from newly performed research
Product
good, service, or idea that is marketed to fill consumers’ needs and wants
Product Differentiation
creation of a product feature or product image that differs enough from existing products to attract customers
Product Positioning
process of fixing, adapting, and communicating the nature of a product
Promotion
aspect of the marketing mix concerned with the most effective techniques for communicating info about a selling product
Psychographic Segmentation
a segmentation strategy that uses psychographic characteristics to identify different market segments
Psychographic Variables
consumer characteristics, such as lifestyles, opinions, interests, and attitudes, that may be considered in developing a segmentation strategy
Psychological Influences
include an individual’s motivations, perceptions, ability to learn, and attitudes that marketers use to study buying behavior
Public Relations
communication efforts directed at building goodwill and favorable attitudes in the minds of the public toward the organization and its products
Rational Motives
reasons for purchasing a product that are based on a logical evaluation of product attributes
Relationship Marketing
marketing strategy that emphasizes building lasting relationships with customers and suppliers
Reseller Market
organizational market consisting of intermediaries that buy and resell finished goods
Sales Promotion
direct inducements such as premiums, coupons, and package inserts to tempt consumers to buy products
Secondary Data
data that are already available from previous research
Services
products having nonphysical features, such as info, expertise, or an activity that can be purchased
Services Companies Market
firms engaged in the business of providing services to the purchasing public
Social Influences
include family, opinion leaders, and such reference groups as friends and coworkers that marketers use to study buying behavior
Social Networking
network of communications that flow among people and organizations interacting through an online platform
Social Networking Media
websites or access channels, such as FB, Twitter, YT, to which consumers go for info and discussions
Sociocultural Environment
the customs, mores, values, and demographic characteristics of the society in which an organization functions
Substitute Product
product that is dissimilar from those of competitors, but that can fulfill the same need
Surveys
research method of collecting consumer data using questionnaires, telephone calls, and face-to-face interviews
Technological Environment
all the ways by which firms create value for their constituents
Time Utility
providing products when consumers will want them
Target Market
the particular group of people or organizations on which a firm’s marketing efforts are focused
Utility
product’s ability to satisfy a human want or need
Value
relative comparison of a product’s benefits vs its costs
Viral Marketing
type of marketing that relies on the internet to spread info like a “virus” from person to person about products or ideas
