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Definition
| people who know all the facts and logically compare choices to get the greatest satisfaction. |
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Term
| The Economic-Buyer theory: |
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Definition
| assumes that economic needs guide most consumer behavior. |
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Definition
| concerned with making the best use of consumer's time and money - as the consumer judges it. |
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Definition
Economy of purchase or use.
Efficiency in operation or use.
Dependability in use.
Improvement of earnings.
Convenience. |
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Definition
| DOES NOT mean just offering lower and lower prices. Products can work better, require less service, or last longer. |
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Definition
| helps markets because it reduces selling time and cost and improves the companies image. Provides a unique identidy that competitors cannot match |
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| Things that make you buy it... Brands have 4 levels of meaning |
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Definition
attribute
benfit
value personaily |
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Definition
| well engineered, expensive, durable, high resale value, and very prestigious |
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Definition
| can do multiple things (function), and has an appeal to emotions |
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| high performance, and safety |
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Definition
| "hello i'm here" sophisticated |
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| Conditions Favorable to Branding |
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Definition
1. Product quality and good value
2. Dependable widespread availability
3. Market price can be high enough
4. Economies of scale
5. easy to label and identify
6. Favorable shelf or display space |
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Term
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Definition
| PROFIT percentage on their vehicles |
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Term
| Characteristics of a good brand are: |
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Definition
Short & Simple
Easy to Spell and Read
Easy to recognize and remember
easy to pronounce
can pronounce in only one way
Can pronounce in all languages
Suggests product benefits
meets packaging/labeling needs
no undesirable imagery
always timely
adapts to any advertising medium
legally available for use |
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Term
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Definition
| packaging allows you to be able to put something together that is meaning ful and that protects your products |
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Term
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Definition
| promoting and protecting the product. It makes them easier to identify and promotes the brand. |
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Definition
| can enhance the product, sends a message, can lower distribution costs, and upc codes speed handling |
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Definition
| if you do not know who are and how to market yourself you will not be successful |
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Term
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Definition
| the ability to define, refine and craft your UNIQUENESS that becomes a mark of DISTINCTION and ADDS VALUE |
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Term
| Your brand is the presentation of your distinct authentic identity... |
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Definition
| YOUR brand is either positive, negative, or neutral |
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Term
| Important thing about your brand.... |
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Definition
| the key is to develop, manage, and market your unique self/brand/distinctive competency to impact others and leave your mark/brand. |
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Term
| Another riveting overhead paper... |
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Definition
| each of you has the ability to create, package and present your product/brand... YOURSELF! |
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Term
| Branding is all about ... |
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Definition
| ATTITUDE. "Your attitude determines you altitude" iF ITS CLOUDY OUSIDE.. THE SUN IS STILL SHINIG ABOVE THE COULDS - ATTITUDE |
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Term
| These are your product/personal attributes: |
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Definition
| personality, demeanor, humility, deference, knowledge, commitment, desire, sincerity |
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Term
| In a world of clutter and competition what will be your indelible mark? |
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Definition
| you are the product that has priceless value. |
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Term
| It is not your career, education, position - |
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Definition
| these are just extensions of who you are. |
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Term
| Our value is not what we do but how we package who we are.... |
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Definition
| when we know our value we can present our innate gifts to the world.. and people will recognize it and want it. |
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Term
| People will pay more for a rare gem because it is uncommon.. |
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Definition
| you were born with this inherent value |
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Term
| your circumstances can contain you. |
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Definition
| your future job can't compensate you for what you are worth. the key question is will you tap into this truth about who you are? |
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Term
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Definition
| the basic forces that motivate a person to do something. |
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Term
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Definition
| not as basic as needs. these are "needs" that are learned during a person's life. you need water, but you want sparkling rasberry water. |
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Term
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Definition
| a strong stimulus that encourages action to reduce a need. |
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Term
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Definition
| Drives are Internal - they are the reason behind certain behavior patters. |
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Term
| A good marketing manager.. |
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Definition
| studies what consumer drive, needs, and wants exist instead of forcing a product upon them. |
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Term
| Consumers seek benefits to meet their... |
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Definition
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Term
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Definition
Physiological needs: food, sex, rest,...
Psychological: aggression, curiosity, power.
Desire for.. acceptance, comfort..
Freedom from.. fear, harm |
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Term
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Definition
| Developed by Maslow - In order from most important to least important ... Physiological needs (food, rest, liquid and sex). Safety needs (physical). Social needs (love, friendship) Personal Needs (self-esteem, fun, freedom) |
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Definition
| We are never satisfied... always a higher need. |
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Term
| Producers try to satisfy more than one need at a time. |
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Definition
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Term
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Definition
| how we gather and interpret information from the world around us. |
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Term
| We have selective "hearing" what we notice around us |
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Definition
1. Selective exposure: our eyes and minds seek out and notice only info that interest us.
2. Selective perception - we screen out or modify ideas, messages, and info that conflict with previously learned attitudes and beliefs.
3. Selective retention: We remember only want we want to |
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Term
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Definition
| a change in a person's thought processes caused by prior experience. Learning is often based on direct experience. |
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Term
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Definition
| Consumer behavior is learned - all of it. Learning can be indirect as well. |
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Term
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Definition
| Depending on the cues, an individual chooses some specific response. The specific response chosen depends on the cues and the person's past experience. |
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Term
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Definition
| products, signs, ads, and other stimuli in the environment |
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Term
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Definition
| an effort to satisfy a drive. |
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Term
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Definition
Reinforcement of the learning process occurs when the response is followed by satisfaction - that is, reduction in the drive.
It strengthens the relationship between the cue and the response. |
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Term
| Repeated reinforcement leads to development of a .. |
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Definition
| habit, making the indv. decision process routine. |
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Term
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Definition
| Many need are culturally/socially learned |
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Term
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Definition
| a person's point of view towards something. |
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Term
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Definition
| a person's point of view towards something. involve liking and disliking. |
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Term
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Definition
| is a person's opinion about something., they are not as "action-specific" as an attitude. They can help shape a consumer's attitudes, do not involve liking or disliking. |
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Term
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Definition
| Attitudes are not not good indicators for forecasting purchase behavior. |
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Term
| The most difficult job marketers face - |
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Definition
| changing negative attitudes |
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Term
| Attitudes and Beliefs combine to form an: |
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Definition
| Expectation- an outcome or event that a person anticipates or looks forward to. |
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Term
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Definition
| Marketers have not found a way to use personality in marketing strategy. Focusing more on lifestyle analysis. |
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Term
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Definition
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Term
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Definition
| analysis of a person's day to day pattern of living as expressed in that person's activities, interests, and opinios... referred to as AIOs |
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Term
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Definition
| a group of people who have approximately equal social position as viewed by others in the society. |
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Term
| Approaches for measuring social class groupings are based on a person's... |
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Definition
| occupation education and type and location of housing. |
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Term
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Definition
| the people to whom an individual looks when forming attitudes about a particular topic. |
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Term
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Definition
| a person who influences others. |
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Term
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Definition
| the whole set of beliefs, attitudes, and ways of doing things of a seasonably homogeneous set of people. |
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Term
| What affects the purchase situations: |
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Definition
| Reason, Time, urgency of the need, how long it takes, surroundings |
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Term
| Basic problem-solving steps a consumer may go through to satisfy a need: |
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Definition
1. information search
2. identify alternatives
3. set criteria
4. evaluate alternatives |
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Term
| 3 levels of problem solving that consumers may use for any kind of product: |
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Definition
1. extensive problem solving
2. limited
3. routinized |
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Term
| Extensive problem solving: |
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Definition
| when they put much effort into deciding how to satisfy a need - as is likely for a completely new purchase or to satisfy an important need. |
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Term
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Definition
| used by consumers when some effort is required in deciding the best way to satisfy a need. Typical when the consumer has some previous experience with a product but isn't quite sure which choice to make at the moment. |
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Term
| Routinized Response behavior: |
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Definition
| When he or she regularly selects a particular way of satisfying a need when it occurs. Typical when a consumer has considerable experience in how to meet a specific need and requires no new information. Also typical for low-involvement purchases. |
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Term
| low-involvement purchases: |
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Definition
| purchases that have little importance or relevance for the customer. |
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Term
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Definition
| a feeling of uncertainty about whether the correct decision was made. |
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Term
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Definition
| the steps individuals go through on the way to accepting or rejecting a new idea. When consumers face really new concepts. Learning plays a clearer role here and promotion is more visible in the marketing mix. |
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Term
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Definition
1. Awareness
2. Interest
3. Evaluation
4. Trial
5. Decision
6. Confirmation
Reinforcement leads to adoption |
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Term
| Business and organizational customers: |
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Definition
| any buyers who buy for resale or to produce other goods and services. |
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Term
| Organizational customer types: |
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Definition
producers of goods and services
intermediaries (wholesalers and retailers)
government units
nonprofit orgs |
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Term
| An organizational customer's basic need: |
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Definition
| to satisfy their own customers and lcients |
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Term
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Definition
| less emotional about their buying, and typically focus more on economic factors. |
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Term
| Switching to an international market.. |
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Definition
| much easier to do with organizational customers than individual. |
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Term
| Purchasing Specifications: |
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Definition
| a written description of what the firsm want to buy. Organizational buyers often buy on the basis of this. |
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Term
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Definition
| A way for a supplier to document its quality procedures according to internationally recognized standards. Get rids of concerns about product quality overseas. |
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Term
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Definition
| buying specialists for their employers. |
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Term
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Definition
| help cut costs and provide competitive advantage. |
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Term
| Multiple Buying Influence: |
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Definition
| several people play a part in making a purchase decision |
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Term
| Possible buying influences of organizational buyers: |
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Definition
1. Users (prod. line workers)
2. Influencers (enginnering r&d people)
3. Buyers (purchasing managers)
4. Deciders - the people in the org who have the power to select the suppplier.
5. gatekeepers - people who influence the flow of info about potential purchases. |
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Term
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Definition
| all the people who participate in or influence a purchase. |
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Term
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Definition
| all the people who participate in or influence a purchase. |
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Term
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Definition
| a formal rating of suppliers on all relevant areas of performance. The goal of this is to lower the total costs associated with purchases. |
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Term
| Focus of Vendor analysis: |
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Definition
| economic factors and behavior demensions |
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Term
| A seller's marketing mix when dealing with organizational buyers... |
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Definition
| must satisfy BOTH the needs of the customer company as well as the needs of the individuals who influence the purchase |
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Term
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Definition
| a request to buy something. a person who needs to purchase something usually completes this. |
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Term
| Spend management systems: |
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Definition
| track every single purchase, controls purchasing. |
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Term
| 3 kinds of buying process for org. buyers: |
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Definition
1. New-task buying
2. Straight rebuy (routine)
3. modified rebuy - inbtwn process where some review of the buying situation is done. |
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Term
| examples of personal sources: |
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Definition
| sales people, trade shows, buying center member, consultants |
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Term
| example of impersonal sources |
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Definition
| sales lit, sales catalogs, web pages, new publications, |
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Term
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Definition
| the terms of sale offered by the supplier in response to the purchase specifications posted by a buyer. |
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Term
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Definition
| foster price competition among suppliers. less effective when the value provided comes from a complete marketing mix. |
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Term
| Close relationships may produce mutual benefits |
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Definition
| close relationships are not always a good idea. |
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Term
| 5 key dimensions that characterize buyer seller relationships: |
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Definition
1. cooperation
2. info shating
3. operational linkages
4. legal bonds
5. relationship-specific adaptation |
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Term
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Definition
| treats problems as joint responsibilities |
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Term
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Definition
| is useful but can be risky. it can lead to better decisions, reduced uncertainty about the future, and better planning. |
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Term
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Definition
| share functions between firms. they are direct lies between the internal operations of the buyer and seller firms. Reduces inventory costs, maintains adequate inventory levels, and keeps production lines moving. Lowers costs and increases efficiency |
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Term
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Definition
| reliably getting products there just before the customer needs them |
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Term
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Definition
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Term
| Negotiated contract buying: |
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Definition
| agreeing to contracts that allow for changes in the purchase arrangements. |
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Term
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Definition
| invest in the relationship. Involves changes in a firm's product or procedures that are unique to the needs or capabilities of a relationship partner. buyers are hesitant to increase dependence on a single supplier. Sp. adaptations are made when the buying org chooses to outsource. |
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Term
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Definition
| contract with an outside firm to produce goods or sevicers rather than to produce them internally. |
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Term
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Definition
| important customers. Not many big ones. 339,100. marketers often segment industrial markets based on customer size bc large firms do so much of the buying |
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Term
| industrial markets are concentrated in certain |
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Definition
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Term
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Definition
| are often concentrated among customers in similar businesses |
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Term
| North American industry Classification System (naics) codes |
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Definition
| groups of firms in similar lines of business.number of establishments, sales volumesn, and number of employees |
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Term
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Definition
| smaller and more spread out than manufacturing firms. 4.6 million of them. so alot more. |
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Term
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Definition
| decisions to add or drop lines or chnge buying policies may be handled by them. Very impersonal. |
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Term
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Definition
| reorders. Used by drug reps who havve so many items and quick turnover. |
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Term
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Definition
| buyers have budgeted funds that can be spent during the current period. |
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Term
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Definition
| independent buying agents who work in central markets for several retailer or wholesaler customers based in outlying areas or other countries. They help firm's buyers. They fill a need. they help small channel members reach each other inexpensively. |
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Term
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Definition
| largest customer group in the US |
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Term
| government markets and salespeople |
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Definition
| salespoeople want to have input on the specifications that are written by the gov. market |
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Term
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Definition
| when specs are written primarily to exclude all suppliers but the one they want |
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Term
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Definition
| an important buying method in gov sales. |
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Term
| General Services Administration: |
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Definition
| handles vendor contracts for off the shelf goods and services for government contracting. |
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Term
| us purchasing, specifications, and sales directory |
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Definition
| explains gov procedures to encourage competition for such business. |
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Term
| Foregn Corrupt Practices Act (77) |
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Definition
| prohibits us firms from paying bribes to foregn officials. |
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Term
| 2 key sources mkting managers turn to for info to make better decisions: |
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Definition
1. Marketing research
2. Marketing information system |
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Term
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Definition
| an organized way of continually gathering, accessing, and analyzing info that marketing managers need to make ongoing decisions. |
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