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Essentials of Marketing
Chapter 5
33
Business
Undergraduate 1
09/13/2011

Additional Business Flashcards

 


 

Cards

Term

 

 

 

 

ECONOMIC BUYERS

Definition

 

 

 

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

Term

 

 

 

 

ECONOMIC NEEDS

Definition

 

 

 

Needs that are concerned with making the best use of a consumer's time and money - as the consumer judges it.

Term

 

 

 

DISCRETIONARY INCOME 

Definition

 

 

 

What is left of income after paying taxes and paying for necessities

Term

 

 

 

 

NEEDS

Definition

 

 

 

 

The basic forces that motivate a person to do something

Term





WANTS

Definition

 

 

 

 

“Needs” that are learned during a person’s life

Term

 

 

 

 

DRIVE


 

Definition





A strong stimulus that encourages action to reduce a need

Term





PHYSIOLOGICAL NEEDS

 

Definition





Concerned with biological needs – food, liquid, rest, and sex

Term



SAFTEY NEEDS

Definition


 

 

Concerned with protection and physical well-being (perhaps involving health, security, medicine, and exercise)

Term

SOCIAL NEEDS


Definition
Concerned with love, friendship, status, and esteem – things that involve a person’s interaction with others
Term

PERSONAL NEEDS


Definition
Concerned with an individual’s need for personal satisfaction – unrelated to what others think or do
Term

PERCEPTION


Definition
How we gather and interpret information from the world around us
Term

SELECTIVE EXPOSURE


Definition
Our eyes seek out and notice only information that is interesting to us
Term

SELECTIVE PERCEPTION


Definition
The screening out or modification of our ideas, messages, and information that conflicts with our previously learned attitudes and beliefs
Term

SELECTIVE RETENTION


Definition
Remembering only what we want to remember
Term

LEARNING


Definition
A change in a person’s thought process caused by prior experience
Term

CUES


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

RESPONSE


Definition
An effort to satisfy a drive
Term

REINFORCEMENT


Definition
Occurs when the response to the drive is followed by reinforcement – that is, reduction in the drive
Term

ATTITUDE


Definition

A person’s point of view toward something

(Like vs. Dislike)

Term

BELIEF


Definition

A person’s opinion about something

(Positive vs. Negative)

Term

EXPECTATION


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

PYSCHOGRAPHICS

(LIFESTYLE ANALYSIS)


Definition
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 as AIOs
Term

EMPTY NESTERS


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

 

SOCIAL CLASS


 

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

REFERENCE GROUP


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

OPINION LEADER


Definition
A person who influences others
Term

CULTURE


Definition
The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogenous set of people
Term

EXTENSIVE PROBLEM SOLVING


Definition
When someone puts much effort into deciding how to satisfy a need – as is likely for a completely new purchase or to satisfy an important need
Term

LIMITED PROBLEM SOLVING


Definition
Used by most consumers when some effort is required in deciding the best way to satisfy a need
Term

ROUTINIZED RESPONSE BEHAVIOR


Definition
When an individual regularly selects a particular way of satisfying a need when it occurs
Term

LOW-INVOLVEMENT PURCHASES


Definition
Purchases that have little importance or relevance for the customer
Term

DISSONANCE


Definition
The feeling of uncertainty about whether or not the correct decision was made
Term

ADOPTION PROCESS


Definition
The steps an individual goes through on the way to accepting or rejecting a new idea
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