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40 Cards in this Set
- Front
- Back
There are five stages in the consumer purchase decision process. The third stage is __________. |
The actions a person takes in purchasing and using products and services, including the mental and social |
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Lexi wants to find the perfect gift for her older sister’s college graduation. She started looking for the gift last |
Differentiate between Extended, Routine and Limited Problem Solving
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Limited |
Consumers typically seek some information or rely on a friend to help them evaluate alternatives.
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Routine |
Routine: Those that are made routinely with little or no conscious effort.
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Extended |
Extended: Employed when unfamiliar, expensive, or infrequently bought products are purchased; buyers use many |
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Another name for the analysis of consumer lifestyles is called __________. |
Psychographics |
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Psychographics |
How people spend their time and resources, what they consider important in their |
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The five aspects of the purchase situation that impact the consumer purchase decision process: purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states. |
Situational, Psychological |
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Situational |
The five aspects of the purchase situation that impact the consumer purchase decision process: purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states. |
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Psychological |
The psychological influences include motivation and personality, perception, learning, values, |
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Sociocultural influences that affect the consumer purchase decision process include |
Reference groups, family, culture, social class, personal influence |
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Data |
the facts and figures related to the problem that are divided into two main parts: secondary data and
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Primary data |
Facts and figures that are newly collected for a project at hand.advantages & disadvantages
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Secondary |
Facts and figures already recorded prior to the project at hand…advantages and disadvantages. |
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Organizational buyers can be divided into three different markets, which are |
Industrial, reseller, federal, state, and local govt |
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Industrial |
Manufacturers and purchasers of tangible goods for use in the production of other goods and services |
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Reseller |
Wholesalers and Retailers…purchase and resell w/o modifying the product or service. |
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Federal, state, and local governments |
Purchase goods and services for the constituencies (voters, citizens) they serve. |
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Derived Demand |
demand for industrial products and services that is driven by, or derived from, the demand for |
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What are the three kinds of marketing research that are used depending on the type of problem to be solved? |
Exploritory, Descriptive, Casual |
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Exploritory |
Observational data, facts and figures obtained by watching, either mechanically or in person, |
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Descriptive |
Descriptive research involves trying to find the frequency that something occurs or the |
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Casual |
Research that involves trying to determine the extent to which the change in one factor changes |
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Semantic differential scale |
scale is a five-point scale in which the ends have adjectives that have opposite |
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Likert |
The respondent indicates the extent to which he or she agrees or disagrees with a statement. |
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Product Positioning: |
Strategy involving a firm’s using different marketing mix activities to help consumers perceive the product as being different and better than competing products. Changing the place an offering occupies in consumers’ minds relative to competitive products. |
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Market-Development: |
Strategy used when the current product is launched in a new market…Introduce existing products in foreign markets or introduce new brand names in a market. Develop new markets for its current products. How? Identify new demographic or geographic markets. |
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Market Penetration: |
When the product is in the current market, it can still grow using a marketing strategy that involves a firm using different marketing mix (4Ps) actions to help consumers perceive the product as being different and better than competing products Making more sales to current customers without changing its products. Add new stores in current market areas, improve advertising, adjust prices, service or store design. |
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Product-Development Strategy: |
Product-Development Strategy: When a new product is launched in the current market. Company strategies based on product development often try to sell other products to (regular) clients. This can be accessories, add-ons, or completely new products. |
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Diversification: |
A technique that helps a firm search for growth opportunities from among current and new markets as well as current |
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Reciprocity |
Reciprocity occurs when firm A purchases from supplier B, who in turn buys A’s own products and services. An industrial buying practice in which two organizations agree to purchase each other’s products and services |
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An organization’s buying center includes individuals who can play one or more of the following roles |
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Gatekeepers: |
People who control the flow of information in the buying center, such as technical experts and |
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Influencers: |
Affect the buying decision, usually by helping define the specifications for what is to be bought. |
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Deciders: |
Decision maker….approve the purchase |
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Users |
Persons who use the item…he people who will work directly with the purchased products or services |
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What is the North American Industry Classification System (NAICS)? |
The North American Industry Classification System (NAICS) designates industries with a numerical code in a defined structure. The system provides common industry definitions for Canada, Mexico, and the United States to facilitate the measurement of economic activity in the three member countries of the |
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Mystery Shoppers: |
People posing as customers, who are paid to check on the quality of a company’s products and |
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Focus groups |
are informal sessions of 6 to 10 past, present, or prospective customers, often held in a room that |
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Market Segmentation |
targeting niche markets and make shoes designed to satisfy the needs of different specific groups of customers. |