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Ethics
moral principles and values that govern the actions and decisions of an individual or a group. Guidelines on how to act right and justly when faced with a moral dilemma. TERM 2
Culture
DEFINITION 2 the set of values, ideas, and attitudes that are learned and shared among the members of a group. TERM 3
Societal culture and norms
DEFINITION 3 moral standards are relative to particular societies. Standards reflect the laws and regulations that affect social and ecomonic behavior TERM 4
Economic Espionage and Bribery
DEFINITION 4 Espionage clandestine collections of trade secrets or information about a company's competitors. Its illegal Bribes are also kickbacks often disguised gifts, and favors. more common in b2b and government marketing. TERM 5
Corporate Culture
DEFINITION 5 reflects the shared values, beliefs, and purpose of employees that affect individual and group behavior
Consumer Behavior
actions a person takes in purchasing and using products and services including the mental and social processes that come before and after actions. TERM 7
Problem recognition
DEFINITION 7 the initial step in the purchase decision that is perceiving a difference between a person's ideal and actual situations being enough to make a decision. TERM 8
Information
search
DEFINITION 8 the second stage in decision process. Internal vs. External TERM 9
Internal
search
DEFINITION 9 scan your memory for previous experiences with products or brands. TERM 10
External
search
DEFINITION 10 needed when past experiences or knowledge is not good enough, the risk of making wrong decision is high, cost of gathering information is low.
Cognitive dissonance
feeling of postpurchase psychological tension or anxiety. TERM 17
Involvement
DEFINITION 17 the personal, social and economic significance of the purchase to the consumer. TERM 18
Extended problem solving
DEFINITION 18 includes the 5 stages of decision process and time and effort on external information and identifying and evaluating alternatives. TERM 19
Limited problem solving
DEFINITION 19 consumers seek some information or rely on a friend to help them evaluate alternatives. TERM 20
Routine Problem solving
DEFINITION 20 typically the case for low-priced, frequently purchased products such as; table salt, or milk, bread, etc
Situational influences
influences that have an impact on your purchase decision process; task, social surroundings, physical surroundings, temporal effects, antecedent states. TERM 22
Purchase task
DEFINITION 22 the reason for engaging in the decision in the first place TERM 23
Social surrounding
DEFINITION 23 includes the other people present when a purchase decision is made TERM 24
Physical surroundings
DEFINITION 24 include; music, crowd, lighting etc. TERM 25
Temporal effects
DEFINITION 25 Time of the day, or amount of time available
Selective perception
a filtering of exposure, comprehension, and retention. TERM 32
Selective exposure
DEFINITION 32 occurs when people pay attention to messages that are consistent with their attitudes and ignore ones that are inconsistent TERM 33
Subliminal perception
DEFINITION 33 you see or hear messages without being aware of them TERM 34
Perceived risk
DEFINITION 34 anxiety felt when a consumer cannot anticipate possible negative outcomes of a purchase TERM 35
Learning
DEFINITION 35 behaviors that result from repeated experience or reasoning.
Behavioral learning
the process of developing automatic responses to a situation built up through repeated exposure to it. Includes drive, cue, response, reinforcement TERM 37
Drive
DEFINITION 37 a need that moves an individual to action. TERM 38
Cue
DEFINITION 38 a stimulus or symbol perceived by consumers. TERM 39
Response
DEFINITION 39 the action taken by a consumer to satisfy the drive TERM 40
Reinforcement
DEFINITION 40 the reward
Marketing
mix
price, promotion, place, product TERM 47
Price
DEFINITION 47 money or other considerations exchange for the ownership or use of a good or service TERM 48
Synonyms for price
DEFINITION 48 tuition, rent, interest, premium, fee, dues, fare TERM 49
Value equation
DEFINITION 49 perceived benefits divide by price TERM 50
Different price levels
DEFINITION 50 price levels are skimming, penetration, prestige, price lining, price bundling
Demand-oriented approaches
weight factors underlying expected customer tastes and preference more heavily than such factors as cost, profit, and competition when selecting a price level. TERM 52
Cost-oriented approaches
DEFINITION 52 a price setter stresses the cost side of the pricing problem, not the demand side TERM 53
Competition-oriented approaches
DEFINITION 53 a price setting that can stress what competitors are doing TERM 54
Customary pricing
DEFINITION 54 used for some products where tradition, a standardized channel of distribution, or other competitive factors dictate the price. TERM 55
Lost leader pricing
DEFINITION 55 purposes is not increase sales but to attract customers in hopes they will buy other products as well, particularly the discretionary items with lark markups.
Facilitators
The term facilitation is broadly used to describe any activity which makes tasks for others easy. TERM 62
other names for intermediaries
DEFINITION 62 middleman, agent or broker, wholesaler, retailer, distributor, dealer. TERM 63
The role of the intermediaries
DEFINITION 63 make it possible to flow products from producers to ultimate consumers by performing functions. TERM 64
Functions performed by intermediaries
DEFINITION 64 Transactional - buying selling Logistical - sorting, transporting, assorting Facilitating - financing, grading, marketing information TERM 65
Direct channel for consumer offering
DEFINITION 65 when a producer and consumer deal direclty with each other
Indirect channel for business offerings
when intermediaries are involved TERM 67
Direct channel for business offerings
DEFINITION 67 employed when buyers are large and well defined, the sales effort requires extensive negotiations and products are high unit value TERM 68
Indirect channel of business offerings
DEFINITION 68 intermediaries are involved TERM 69
Direct marketing channel
DEFINITION 69 allow consumers to buy products by interacting with various advertising media without a face to face meeting with a salesperson TERM 70
Multichannel marketing
DEFINITION 70 blending of different communication and delivery channels that re mutually attracting, retaining, and building relationships with consumers.
Promotional
mix
combination of one or more of the communication tools used to inform. persuade, or remind prospective buyers. TERM 77
Integrated marketing communications
DEFINITION 77 concept of designing marketing communications programs that coordinate all promotional activities to provide a consistent message across all audiences. TERM 78
Advertising
DEFINITION 78 any paid form of non personal communication about an organization, good, service, or idea by an identified sponsor. TERM 79
Direct marketing
DEFINITION 79 promotional element that uses direct communication with consumer to generate a response in the form of an order, a request for further information. TERM 80
Sales promotion
DEFINITION 80 a short-term offer designed to arouse interest in buying a good or service
Publicity
non personal, indirectly paid presentation of an organization, good or service TERM 82
Public relations
DEFINITION 82 form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers. TERM 83
Personal selling
DEFINITION 83 two-way flow of communications betweens a buyer and seller, often in a face to face encounter, designed to influence a person's or group's purchase decision. TERM 84
Pioneer product advert
DEFINITION 84 tell people what a product is, what it can do and where it can be found TERM 85
Competitive product advert
DEFINITION 85 advertising that promotes a specific brands features and benefits
Reminder institutional advertising
advertisements like product from, simply bringing the company's name to the attention of the target market again.
