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MARKETING 310 > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

Economic Buyers

A

People who know all the facts & logically compare choices to get the greatest satisfaction from spending their time and money

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2
Q

Economic Needs

A

Needs concerned with making the best use of a consumer’s time and money—as the consumer judges it

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3
Q

Discretionary Income

A

What is left of disposable income after paying for necessities

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4
Q

Needs

A

The basic forces that motivate a person to do something

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5
Q

Wants

A

Needs that are learned during a person’s life

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6
Q

Drive

A

A strong stimulus that encourages action to reduce a need

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7
Q

Physiological Needs

A

Biological needs such as the need for food, drink, rest, and sex

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8
Q

Safety Needs

A

Needs concerned with protection and physical well-being

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9
Q

Social Needs

A

Needs concerned with love, friendship, status, and esteem—things that involve a person’s interaction with others

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10
Q

Personal Needs

A

An individual’s need for personal satisfaction unrelated to what others think or do

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11
Q

Perception

A

How we gather and interpret information from the world around us

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12
Q

Selective Exposure

A

Our eyes and minds seek out and notice only information that interests us

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13
Q

Selective Perception

A

People’s screen out or modify ideas, messages, and info that conflict with previously learned attitudes and beliefs

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14
Q

Selective Retention

A

People remember only what they want to remember

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15
Q

Learning

A

A change in person’s thought processes caused by prior experience

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16
Q

Cues

A

Products, signs, ads, and other stimuli in the environment

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17
Q

Response

A

An effort to satisfy a drive

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18
Q

Reinforcement

A

Occurs in the learning process when the consumer’s response is followed by satisfaction—that is, reduction in the drive

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19
Q

Attitude

A

A person’s point of view toward something

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20
Q

Belief

A

A person’s opinion about something

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21
Q

Expectation

A

An outcome or event that a person anticipates or looks forward to

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22
Q

Trust

A

The confidence a person has in the promises or actions of another person, brand, or company

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23
Q

Psychographics (a.k.a. Lifestyle Analysis)

A

The analysis of a person’s day-to-day pattern of living as expressed in that person’s Activities, Interests, and Opinions

Sometimes referred to AIOs

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24
Q

Empty Nesters

A

People whose children are grown and who are now able to spend their money in other ways

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25
Q

Social Class

A

A group of people who have approximately equal social position as viewed by others in society

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26
Q

Reference Group

A

The people whom an individual looks when forming attitudes about a particular topic

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27
Q

Opinion Leader

A

A person who influences other

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28
Q

Culture

A

The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people

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29
Q

Purchase Situation

A

Takes into account the purpose, time available, and location where a purchase is made

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30
Q

Extensive Problem Solving

A

When consumers put much effort into deciding how to satisfy a need

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31
Q

Limited Problem Solving

A

When a consumer is willing to put some effort into deciding the best way to satisfy a need

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32
Q

Routinized Response Behavior

A

When consumers regularly select a particular way of satisfying a need when it occurs

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33
Q

Low-involvement Purchases

A

Purchases that have little importance of relevance for the customer

34
Q

Dissonance

A

Tension caused by uncertainty about the rightness of a decision

35
Q

Adoption Process

A

The steps individuals go through on the way to accepting or rejecting new ideas

36
Q

Business and Organizational Customers

A

Any buyers who buy for resale or to produce other goods and services

37
Q

Purchasing Managers

A

Buying specialists for their employers

38
Q

Multiple Buying Influence

A

Several people share in making a purchase decision—perhaps even top management

39
Q

Buying Center

A

All the people who participate in or influence a purchase

40
Q

Requisition

A

A request to buy something

41
Q

Purchasing Specifications

A

A written (or electronic) description of what the firm wants to buy

42
Q

ISO 9000

A

A way for a supplier to document its quality procedures according to internationally recognized standards

43
Q

New-task Buying

A

When an organization has a new need and the buyer wants a great deal of information

44
Q

Straight Rebuy

A

A routine repurchase that may have been made many times before

45
Q

Modified Rebuy

A

The in-between process where some review of the buying situation is done—though not as much as in new-task buying or as little as in straight rebuys

46
Q

White Paper

A

An authoritative report or guide that addresses important issues in an industry and offers solutions

47
Q

Competitive Bid

A

Terms of sale offered by different suppliers in response to the buyer’s purchase specifications

48
Q

Vendor Analysis

A

Formal rating of suppliers on all relevant areas of performance

49
Q

Just-in-time Delivery

A

Reliably getting products there just before the customer needs them

50
Q

Negotiated Contract Buying

A

Agreeing to a contract that allows for changes in the purchase arrangements

51
Q

Outsource

A

When the buying organization chooses to contract with an outside firm to produce goods or services rather than producing them internally

52
Q

North American Industry Classification System (NAICS) codes

A

Codes used to identify groups of firms in similar lines of business

53
Q

Foreign Corrupt Practices Act

A

A law passed by the U.S. Congress in 1977 that prohibits U.S. firms from paying bribes to foreign officials

54
Q

Marketing Research

A

Procedures to develop and analyze new information to help marketing managers make decisions

55
Q

Marketing Information System (MIS)

A

An organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions

56
Q

Big Data

A

Data sets too large and complex to work with typical database management tools

57
Q

Data Warehouse

A

A place where databases are stored so that they are available when needed

58
Q

Intranet

A

A system for linking computers within a company

59
Q

Decision Support System (DSS)

A

A computer program that makes it easy for marketing managers to get and use information as they are making decisions

60
Q

Marketing Dashboard

A

Displaying up-to-the-minute marketing data in an easy-to-read format

61
Q

Marketing Model

A

A statement of relationships among marketing variables

62
Q

Scientific Method

A

A decision-making approach that focuses on being objective and orderly in testing ideas before accepting them

63
Q

Hypotheses

A

Educated guesses about the relationships between things or about what will happen in the future

64
Q

Marketing Research Process

A

A five-step application of the scientific method that includes

1) . defining the problem
2) . analyzing the situation
3) . getting problem-specific data
4) . interpreting the data
5) . solving the problem

65
Q

Situation Analysis

A

An informal study of what information is already available in the problem area

66
Q

Secondary Data

A

Information that has been collected or published already

67
Q

Primary Data

A

Information specifically collected to solve a current problem

68
Q

Research Proposal

A

A plan that specifies what marketing research information will be obtained and how

69
Q

Qualitative Research

A

Seeks in-depth, open-ended responses, not yes or no answers

70
Q

Focus Group Interview

A

An interview of 6 to 10 people in an informal group setting

71
Q

Quantitation Research

A

Seeks structures responses that can be summarized in numbers—such as percentages averages, or other statistics.

72
Q

Response Rate

A

The percent of people contacted in a research sample who complete the questionnaire

73
Q

Market Research Online Community (MROC)

A

An online group of participants who are joined together by a common interest, and who participate in ongoing research

74
Q

Consumer Panels

A

A group of consumers who provide information on a continuing basis

75
Q

Experimental Method

A

A research approach in which researchers compare the responses of two or more groups that are similar except on the characteristic being tested

76
Q

Statistical Packages

A

Easy-to-use computer programs that analyze

77
Q

Population

A

In marketing research, the total group you are interested in

78
Q

Sample

A

A part of the relevant population

79
Q

Confidence Intervals

A

The range on either side of an estimate from a sample that is likely to contain the true value for the whole population

80
Q

Validity

A

The extent to which data measure what they are intended to measure

MARKETING 310 (4 decks)

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