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Marketing 330 > Chapters 6-8 > Flashcards

Chapters 6-8 Flashcards

1
Q

Market

A

group of people with needs for products

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2
Q

To buy a product

A

must have the ability, willingness and authority to make a purchase

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3
Q

Types of markets

A

Consumer market and business market

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4
Q

Consumer market

A

purchasers who intend to consume or benefit from the product

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5
Q

Business market

A

orgs or groups that profit from products

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6
Q

Target market selection process

A
  1. identify target market
  2. segmentation
  3. market segment profile
  4. evaluate
  5. select target market
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7
Q

Target market

A

characteristics, product attributes, organization’s objectives

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8
Q

Market segmentation

A

process of dividing a total market into groups with similar needs

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9
Q

Undifferentiated approach

A

try to attract greatest number and variety of customers

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10
Q

Concentrated approach

A

focus on one or a few narrow groups

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11
Q

Variables

A

characteristics of markets used to divide into segments

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12
Q

Variables must

A

relate to customers
be measurable
consider company and product

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13
Q

Evaluating market segments

A

factors:
sales estimates
competition
estimated costs

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14
Q

Buying behavior

A

decision processes of people involved in buying products

what, where, when and how consumers buy

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15
Q

Consumer buying decision process

A 
problem recognition
information search
evaluation of alternatives
purchase
postpurchase evaluation
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16
Q

Internal search

A

consumers search their memory for products

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17
Q

External search

A

buyers seek information from sources other than memory

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18
Q

Cognitive dissonance

A

a buyer’s doubts shortly after a purchase

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19
Q

Cognitive dissonance

A

a buyer’s doubts shortly after a purchase

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20
Q

High-involvement products

A

products that are visible to others

ex: home, car, etc

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21
Q

Low-involvement product

A

products that are less expensive or have less social risk

ex: groceries, t-shirt

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22
Q

Routinized response behavior

A

decision-making process used when buying frequently purchased, low cost items that require little search
ex: soft drinks or cereal

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23
Q

Limited decision making

A

decision-making process used when purchasing products occasionally or needing info about an unfamiliar brand
ex: vacation

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24
Q

Extended decision making

A

decision-making process when purchasing unfamiliar, expensive products
ex: car, home, college

25
Q

Impulse buy

A

unplanned buying behavior

26
Q

Maslow’s hierarchy

A 
Psychological
safety
love
esteem
self-actualization
27
Q

B2B markets

A

consists of individuals, orgs or groups that purchase products for:
resale
direct use in producing other products
use in daily operations

28
Q

Types of business markets

A

producer
government
reseller
institutional

29
Q

MOST USED IN B2B

A

PERSONAL SELLING

30
Q

Producer markets

A

individuals and orgs that purchase products to make profit by making new products
includes:
buyers of raw materials etc

31
Q

Reseller Markets

A

intermediaries, such as retailers who buy finished goods and resell for profit

32
Q

Government markets

A

federal, state and local government that buy goods and services to support their internal operations

government spending: 39% of US GDP

33
Q

Institutional markets

A

consists of orgs with charitable, educational or non-business goals

34
Q

Types of demands

A

inelastic, joint, derived, elastic

35
Q

Inelastic demand

A

price increase or decrease will not significantly change demand for a product

36
Q

joint demand

A

the use of two or more items in combo to produce a product

37
Q

derived demand

A

stems from demand from the consumer

38
Q

elastic demand

A

price increases - demand decreases

39
Q

business buying behavior

A

the purchase of producers, government units, resellers, etc

40
Q

The buying center

A

people within an organization who make business purchase decisions

41
Q

Users

A

members who initiate the purchase, use and eval the product

42
Q

influencers

A

technical personnel who develop specifications and eval product

43
Q

buyers

A

select suppliers and negotiate terms

44
Q

deciders

A

actually choose products

45
Q

gatekeepers

A

control the flow of information to and among people who occupy other roles

46
Q

business buying decision process

A 
problem recognition
specifications
potential products
selection
evaluation
47
Q

problem recognition

A

step 1: one or more individuals recognize a product

48
Q

specifications

A

step 2: development of product specifications require the buying center participants to assess problem or need and determine what’s necessary to solve it

49
Q

potential products

A

step 3: searching for and eval potential products and suppliers

50
Q

value analysis

A

eval of each component of the potential purchase

51
Q

vendor analysis

A

formal eval of current and potential vendors

52
Q

selection

A

step 4: select product to be purchased and what supplier

53
Q

multiple sourcing

A

when the buyer selects and uses several suppliers

54
Q

sole sourcing

A

when only one supplier is selected

55
Q

evaluation

A

step 5: performance is evaluated by comparing it with step 2

56
Q

buying situations

A

new buy, modified buy, straight buy

57
Q

new buy

A

starting from scratch

58
Q

straight rebuy

A

ran out of product, asks for more of the same

59
Q

modified rebuy

A

make product, found errors, make changes, ship again

Marketing 330 (5 decks)

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