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test 2 for marketing Flashcards

1
Q

country culture

A

close to culture, but just at a country level, easy to spot visible nuances that are particular to a country (food, clothing, language, etc.)

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2
Q

culture

A

the shared meanings of beliefs, morals, values, and customs of. agroup of people

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3
Q

demographics

A

information about characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education

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4
Q

economic situation

A

macroeconomic factor that affects the way consumers buy merchandise and spend money

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5
Q

foreign currency fluctuations

A

changes in the value of a country’s currency relative to the currency of another country; can influence consumer spending

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6
Q

generational cohort

A

a group of people of the same generation

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7
Q

green marketing

A

a strategic effort by firms to supply customers with environmentally friendly merchandise

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8
Q

inflation

A

the persistent increase in the prices of goods and services

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9
Q

interest rates

A

the cost of borrowing money; the cost to the customer or the fee the bank charges those customers for borrowing

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10
Q

macroenvironmental factors

A

aspects of the external environmet that affect a company’s business, such as culture, demographics, social trends, technological advances, economic situation, and political/legal environment (CDSTEP)

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11
Q

physical environment

A

the land, water, air, and living organisms

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12
Q

political/legal environment

A

comprises political parties, government organizations, and legislation and laws

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13
Q

regional culture

A

similar to culture in general, but at a regional level. The influence of the area within a country in which people live

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14
Q

bottom of the pyramid

A

term used for economic settings in which consumers earn very low wages

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15
Q

direct investments

A

when a firm maintains 100 percent ownership of its plants, operation facilities, and offices in a foreign country, often through the formation of wholey owned subsidiaries

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16
Q

exchange control

A

the regulation of a country’s currency exchange rate

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17
Q

exchange rate

A

measure of how much one currency is worth in relation to another

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18
Q

franchising

A

contractual agreement between a fanchisor and a franchisee that allows the franchisee to operate a business using a name and format developed and supported by the franchisor

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19
Q

global localization

A

process of firms selling similar products to those in their home country, but making minor adaptations for products sold in host countries

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20
Q

globalization

A

processes by which goods, services, capital, people, information, and ideas flow across national borders

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21
Q

joint venture

A

formed when a firm entering a new market pools its resources with those of a local firm to form a new company in which ownership, control, and profits shared

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22
Q

purchasing power parity (PPP)

A

theory that states that if the exchange rates of two countries are in equilibrium, a product purchased in one will cost the same in the other, expressed in the same currency

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23
Q

trading bloc

A

consists of those countries that have signed a particular trade agreement

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24
Q

affective component

A

component of attitude that reflects what a person feels about the issue at hand

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25
behavioral component
a component of attitude that comprises the actions a person takes with regard to the issue at hand
26
choice architecture
various methods that marketers use to present different choices to consumers, which have an important impact on their decision making
27
cognitive component
a component of attitude that reflects what a person believes to be true
28
compensatory decision rule
at work when the consumer is evaluating alternatives and trade offs on one characteristic against another such that good characteristics compensate for bad ones
29
consumer decision rules
the set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from several alternatives
30
default
an element of choice architecture that marketers can use to impose some choices on consumers who fail to take any further action or actively opt for a different alternative
31
determinant attributes
product or service features that are important to the buyer and which competing brands and store are perceived to differ
32
esteem needs
part of Maslow's hierarchy, these are needs that enable people to fulfill inner desires
33
evaluative criteria
consist of a set of important attributes about a product
34
evoked set
the alternative brands that a consumer states he or she would consider when making a purchase decision
35
extended problem solving
a process in the decision process where the consumer devotes a lot of time to looking at alternatives (happens when it is a riskier purchase)
36
external locus of control
when people think fate or other external factors control what happens
37
functional needs
pertains to the performance of a product or service
38
impulse products
products that are purchased without planning (fragrances cosmetics magazines games, etc)
39
information encoding stage
the first stage in memory development in which consumers transform info about products into their brains
40
information storage stage
second stage in memory development and refers to how knowledge is integrated to what consumers already know and remember
41
internal locus of control
when consumers believe they have some control over what happens, they usually engage more in search activities
42
limited problem solving
during a purchase decision that calls for, at most, a moderate amount of effort and time
43
love needs
part of maslow's hierarchy where needs are expressed through interacting with others
44
Maslow's hierarchy of needs
A belief on how people are motivated, lower-level needs (physiological and safety) are fulfilled, people will turn to higher-level needs (social esteem, self-actualization)
45
multi-attribute model
a model of customer decision making based on how consumers see the product, this uses a weighted average score based on the importance of different attributes and performance
46
need recognition
the beginning of the consumer decision making process where consumers realize they have a need or want
47
non-compensatory decision rule
when consumers choose a product on the basis of its characteristics regardless of the values of its other attributes
48
nudge
an element of choice architecture that alters behavior in a predictable way but never forbids other behaviors or economic incentives
49
autocratic buying center
a buying center in which one person makes the decision alone, though there may be a lot of participants
50
B2B marketing
buying and selling goods or services to be used in other goods and services, for consumption by buying the organization, or for resale
51
buying center
the group of people typically responsible for the buying decisions in large organizations
52
consensus buying center
a buying center where all members of the team must reach a collective agreement that they can support a purchase
53
consultative buying center
where one person makes a decision, but they take input from others before they do
54
decider
a participant who ultimately decides any part of the buying decision (if they should buy, what, how, or where)
55
derived demand
the linkage between consumers' demand for a company's output and its purchase of necessary inputs to manufacture or assemble that output
56
gatekeeper
a participant who controls the information to decision makers and influencers
57
group purchase organization (GPO)
an organization formed to leverage the purchasing power of numerous businesses and can obtain better pricing for its members
58
influencer
a participant whose views influence other members of the buying center in making the final decisions
59
initiator
a buying center participant who first suggests buying the product
60
modified rebuy
in B2B where the buyer purchases generally the same thing buy adds modifications like price, quality, customer service, etc
61
new buy
in B2B where goods and services are purchased for the first time; usually quite an involved process
62
organizational culture
the set of values, traditions, and customs that guid a firm's employee behavior
63
request for proposal (RFP)
where buying organizations invite alternative suppliers to bid on supplying them
64
reseller
a marketing link that resells manufactured products without altering their form
65
straight rebuy
a B2B reference when the buyer simply buys more of what they have previously purchased
66
white papers
in B2B is a promotional technique to appeal to sellers in an educational context and not appearing like promotions or propaganda
67
wholesaler
firm engaged in buying, taking title to, often storing, and handling goods in large quantities, the reselling the goods to retailers or industrial businesses

business (5 decks)

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