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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
Social Class
A group of people who have approximately equal social position as viewed by others in society
26
Reference Group
The people whom an individual looks when forming attitudes about a particular topic
27
Opinion Leader
A person who influences other
28
Culture
The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people
29
Purchase Situation
Takes into account the purpose, time available, and location where a purchase is made
30
Extensive Problem Solving
When consumers put much effort into deciding how to satisfy a need
31
Limited Problem Solving
When a consumer is willing to put some effort into deciding the best way to satisfy a need
32
Routinized Response Behavior
When consumers regularly select a particular way of satisfying a need when it occurs
33
Low-involvement Purchases
Purchases that have little importance of relevance for the customer
34
Dissonance
Tension caused by uncertainty about the rightness of a decision
35
Adoption Process
The steps individuals go through on the way to accepting or rejecting new ideas
36
Business and Organizational Customers
Any buyers who buy for resale or to produce other goods and services
37
Purchasing Managers
Buying specialists for their employers
38
Multiple Buying Influence
Several people share in making a purchase decision—perhaps even top management
39
Buying Center
All the people who participate in or influence a purchase
40
Requisition
A request to buy something
41
Purchasing Specifications
A written (or electronic) description of what the firm wants to buy
42
ISO 9000
A way for a supplier to document its quality procedures according to internationally recognized standards
43
New-task Buying
When an organization has a new need and the buyer wants a great deal of information
44
Straight Rebuy
A routine repurchase that may have been made many times before
45
Modified Rebuy
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
White Paper
An authoritative report or guide that addresses important issues in an industry and offers solutions
47
Competitive Bid
Terms of sale offered by different suppliers in response to the buyer’s purchase specifications
48
Vendor Analysis
Formal rating of suppliers on all relevant areas of performance
49
Just-in-time Delivery
Reliably getting products there just before the customer needs them
50
Negotiated Contract Buying
Agreeing to a contract that allows for changes in the purchase arrangements
51
Outsource
When the buying organization chooses to contract with an outside firm to produce goods or services rather than producing them internally
52
North American Industry Classification System (NAICS) codes
Codes used to identify groups of firms in similar lines of business
53
Foreign Corrupt Practices Act
A law passed by the U.S. Congress in 1977 that prohibits U.S. firms from paying bribes to foreign officials
54
Marketing Research
Procedures to develop and analyze new information to help marketing managers make decisions
55
Marketing Information System (MIS)
An organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions
56
Big Data
Data sets too large and complex to work with typical database management tools
57
Data Warehouse
A place where databases are stored so that they are available when needed
58
Intranet
A system for linking computers within a company
59
Decision Support System (DSS)
A computer program that makes it easy for marketing managers to get and use information as they are making decisions
60
Marketing Dashboard
Displaying up-to-the-minute marketing data in an easy-to-read format
61
Marketing Model
A statement of relationships among marketing variables
62
Scientific Method
A decision-making approach that focuses on being objective and orderly in testing ideas before accepting them
63
Hypotheses
Educated guesses about the relationships between things or about what will happen in the future
64
Marketing Research Process
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
Situation Analysis
An informal study of what information is already available in the problem area
66
Secondary Data
Information that has been collected or published already
67
Primary Data
Information specifically collected to solve a current problem
68
Research Proposal
A plan that specifies what marketing research information will be obtained and how
69
Qualitative Research
Seeks in-depth, open-ended responses, not yes or no answers
70
Focus Group Interview
An interview of 6 to 10 people in an informal group setting
71
Quantitation Research
Seeks structures responses that can be summarized in numbers—such as percentages averages, or other statistics.
72
Response Rate
The percent of people contacted in a research sample who complete the questionnaire
73
Market Research Online Community (MROC)
An online group of participants who are joined together by a common interest, and who participate in ongoing research
74
Consumer Panels
A group of consumers who provide information on a continuing basis
75
Experimental Method
A research approach in which researchers compare the responses of two or more groups that are similar except on the characteristic being tested
76
Statistical Packages
Easy-to-use computer programs that analyze
77
Population
In marketing research, the total group you are interested in
78
Sample
A part of the relevant population
79
Confidence Intervals
The range on either side of an estimate from a sample that is likely to contain the true value for the whole population
80
Validity
The extent to which data measure what they are intended to measure

MARKETING 310 (4 decks)

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