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143 Cards in this Set
- Front
- Back
economic buyers
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people who know all of the facts and logically compare prices to get the greatest satisfaction from spending their time and money
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economic needs
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concerned with making the best use of a consumer’s time and money
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Needs
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are the basic forces that motivate a person to do something.
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Wants
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- are “needs” that are learned during a person’s life.
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drive
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is a strong stimulus that encourages action to reduce a need.
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perception
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how we gather and interpret information from the world around us
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Learning
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is a change in a person’s thought processes caused by prior experience.
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cues
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products, signs, ads, and other stimuli in the environment
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response
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an effort to satisfy a drive
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reinforcement
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response is followed by satisfaction
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attitude
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person’s point of view toward something
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belief
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person’s opinion about something
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expectation
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outcome or event that a person anticipates or looks forward to
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trust
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the confidence a person has in the promises or actions of another person, brand, or company
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psychographics (aka lifestyle analysis)
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analysis of a persons day-to-day patterns of living as expressed in that person’s activities, interests, and opinions
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Social class
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group of people who have approximately equal social position as viewed by others in society
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reference group
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people to whom an individual looks when forming attitudes about a particular topic
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opinion leader
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person who influences others
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culture
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whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people
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extensive problem solving
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when much effort is put towards deciding how to satisfy a need
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limited problem solving
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used by consumers when some effort is required in deciding the best way to solve a need
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routinized response behavior
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when someone regularly selects a particular way of satisfying a need when it occurs
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low-involvement purchases
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purchases that have little importance or relevance for the consumer
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dissonance
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feeling of uncertainty about whether the correct decision was made
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adoption process
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the steps individuals go through on the way to accepting or rejecting an idea
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Business and organizational customers
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any buyers who buy for resale or to produce other goods and services.
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purchasing specifications
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a written description of what the firm wants to buy
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ISO 9000
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way for a supplier to document its quality procedures according to internationally recognized standards
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purchasing managers
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buying specialists for their managers
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multiple buying influence
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several ppl play a part in making a purchase decision
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vendor analysis
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a formal rating of suppliers on all relevant areas of performance.
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requisition
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request to buy something
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competitive bids
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terms of sale offered by supplier in response to the purchase specifications posted by a buyer
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just-in-time delivery
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reliably getting products there just before the customer needs them
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negotiated contract buying
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agreeing to contracts that allow changes in purchase agreements
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outsource
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contract with an outside firm to produce goods or services rather than to produce them internally
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NAICS codes
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(North American Industry Classification System)- codes used to identify groups of firms in similar lines of business
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resident buyers
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independent buying agents who work in central markets for several retailer or wholesale customers based on outlying areas or other countries
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Marketing Research
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procedures that develop and analyze new information about a market
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Marketing Information System
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An organized way of continually gathering, accessing, and analyzing information that marketers need to make ongoing decisions. Allows for a continual flow of information that is available and quickly accessible when needed.
Elements of a complete MIS: -Information Sources (market research studies, internal data sources, external data sources) -Questions and Answers (marketing models, databases/data warehouses, decision support system, and information technology specialists and are all interconnected) -Decision Maker (Marketing manager) -Results (outcome, sales, profit, customer relations, etc)- feedback from results goes into the databases to be accessed later |
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Intranet
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A system for linking computers within a company
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Data Warehouse
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A place where databases are stored so that they are available when needed
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Decision Support System
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A computer program that aids in decision making as decisions are being made
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Search Engine
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A computer program that helps a marketing manager find information when it is needed
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Marketing Dashboard
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Displays up-to-the-minute marketing data in an easy-to-read format
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Marketing Model
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A statement of relationships among marketing variables
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Scientific Method
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A decision making approach that focuses on being objective and orderly in testing ideas before accepting them
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Hypothesis
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Educated guesses about the relationships between things or about what will happen in the future
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Marketing Research Process
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5 Step application of the scientific process in marketing.
1. Defining the problem. 2. Analyzing the situation. 3. Getting problem-specific data. 4. Interpreting the data 5. Solving the problem |
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Situation Analysis
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An informal study of what information is already available in the problem area. SWOT: Situation, Weaknesses, Opportunities, Threats
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Secondary Data
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Information that has previously been recorded or published. Secondary data is associated with Step 2 of the Marketing Research Process, which refers to situation analysis.
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Primary Data
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Information collected to solve a specific problem. Primary Data refers to Step 3 of the Marketing Research Process, Getting Problem-Specific Data.
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Research Proposal
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A plan that specifies what information will be obtained and how. It may include information about costs, what data will be collected, how it will be collected, who will analyze it and how, and how long the process is expected to take.
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Qualitative Research
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Type of research that seeks in-depth, open ended responses- not yes or no answer. Researchers try to to get people to share their thoughts on a topic without giving them many directions or guidelines about what to say. The advantage of this approach is depth, the disadvantage is that it is hard to measure the results objectively.
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Focus Group Interview
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Interviewing 6 to 10 people in an informal group setting. It is a form of qualitative questioning- the most widely used form.
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Quantitative Research
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Uses questions that seek structured responses that can be summarized in numbers like percentages, averages, and other statistics. Most survey research is quantitative. Samples can be larger and more representative than qualitative research, and various statistics can be used to draw conclusions. Researches usually provide fixed responses (multiple choice) to simplify analysis.
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Response Rate
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Percentage of people who complete a questionnaire
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Consumer Panels
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A group of consumers who provide information on a continuous basis
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Experimental Method
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Researches compare the responses of two (or more) groups that are almost similar, except the one characteristic being tested varies between groups. It used to learn if that specific characteristic causes differences in the responses among the groups.
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Statistical Packages
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Computer programs that analyze data
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Population
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The total group that marketing managers are interested in
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Sample
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A part of the relevant population
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Confidence Intervals
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The range on either side of an estimate that is likely to contain the true value for the whole population
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Validity
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Extent to which the data measures what it is supposed to measure
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Product
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The need-satisfying offering of a firm
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Quality
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A product's ability to satisfy a customer's needs or wants
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Product Assortment
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Set of all product lines and individual products that a firm sells
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Product Line
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set of individual products that are closely related
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Individual Product
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particular product in a line
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Branding
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The use of a name, term symbol or design to identify a product
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Brand Name
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Collection of words and letters used in branding
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Trademark
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Words symbols and marks legally registered for use by a single company
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Service Mark
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Service offering legally registered by a single company
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Brand Familiarity
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How well customers recognize a brand
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Brand Rejection
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When potential customers won't buy a brand unless its image is changed
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Brand Nonrecognition
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When consumers do not recognize the brand.
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Brand Preference
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When target customers chose one brand over others.
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Brand Insistence
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When target customers insist on a firm's brand and are willing to search for it.
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Brand Equity
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The value of a brand's overall strength in a market.
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Lanham Act
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Act that spells out what kind of marks can be protected and the exact method of protecting them.
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Family Brand
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The same brand name for several products.
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Licensed Brand
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A well known brand that sellers pay a fee to use
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Individual Brands
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Separate brand names for each product
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Generic Products
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Products that are void of branding save their contents and manufacturer/intermediary.
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Manufacturer Brands
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Brands created by producers.
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Dealer Brands
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(AKA Private Brands) - Brands created by intermediaries
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Battle of the Brands
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Refers to the competition between dealer and manufacturer brands
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Packaging
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Involves promoting, protecting and enhancing the product
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UPC
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(Universal Product Code) - Identifies each product with marks readable by electronic scanners
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Federal Fair Packaging and Labeling Act
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Act that requires consumer goods to be clearly readable
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Warranty
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Explains what the seller promises about a product
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Magnuson-Moss Act
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Act that says that producers must provide a clearly written warranty if they choose to offer any warranty
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Consumer Products
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Products meant for the final consumer
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Business Products
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Products meant for producing other products
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Convenience Products
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Products that the consumer needs but is not willing to spend much time or effort shopping for
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Staples
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Products that are bought often, routinely and without much thought. A convenience product.
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Impulse Products
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Products that are bought quickly as unplanned purchases. A convenience product.
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Emergency Products
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Products that are purchased immediately when the need is great. A convenience product.
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Shopping Products (separate term from "Homogenous Shopping Products" and "Heterogeneous Shopping Products")
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Products that the consumer feels are worth the time and effort to compare with other competing products
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Homogeneous Shopping Products
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Products that are seen as basically the same and are wanted at the lowest price
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Heterogeneous Shopping Products
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Shopping products that the consumer sees as different and wants to inspect for quality and suitability
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Specialty Products
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Consumer products that the customer really wants and makes a special effort to find
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Unsought Products (Separate term from "New Unsought Products" and "Regularly Unsought Products")
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Products that potential customers don't yet want or know they can buy
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New Unsought Products
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Products offering really new ideas that potential customers do not know about yet
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Regularly Unsought Products
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Products that stay unsought but not unbought forever (like gravestones and life insurance)
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Derived Demand
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Demand for business products derives from the demand for final consumer products
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Expense Item
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A product whose total cost is treated as a business expense in the year that it is purchased
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Capital Item
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A long lasting product that can be used and depreciated for years
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Installations
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Important capital items such as buildings, land rights, and major equipment
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Accessories
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Short lived capital items
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Raw Materials
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Unprocessed expense items
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Farm Products
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Products grown by farmers
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Natural Products
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Products that occur in nature
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Components
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Processed expense items that become part of a finished product.
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Supplies
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Processed expense items that do not become part of a finished product (ex. maintenance).
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Professional Services
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Specialized services that support a firm's operations
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Product Life Cycle
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The stages a really new product goes through from beginning to end
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Market Introduction
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Life Cycle stage: sales are low as a new idea is first introduced into a market
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Market Growth
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Life Cycle stage: industry sales go fast. Profits rise and then start falling
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Market Maturity
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Life Cycle stage: industry sales level off and competition gets tougher
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Sales Decline
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Life Cycle stage: new products replace the old
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The 4 Life Cycle Stages
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1. Market Introduction
2. Market Growth 3. Market Maturity 4. Sales Decline |
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Fashion
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The currently accepted or popular style
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Fad
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An idea that is fashionable only to certain groups who are enthusiastic about it.
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New Product
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A product that is new.
Wow. That's a real definition. |
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CPSA
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(Consumer Product Safety Act) - Act that set up the CPSC to encourage safety in product design and better quality control
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Product Liability
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Legal obligation of sellers to pay damages to those who are injured by defective or unsafe products
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Product (Brand) Managers
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People who manage specific products
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Total Quality Management
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The philosophy that everyone in the organization is concerned about quality, throughout all of the firm's activities, to better serve customer needs.
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Concept Testing
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Getting reactions from consumers towards how well a new-product idea fits their needs
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FTC
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(Federal Trade Commission) - The federal government agency that polices anti-monopoly laws
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Continuous Improvement
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A commitment to constantly making things better one step at a time
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Pareto Chart
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A graph that shows the number of times the cause of a problem appears, from most to least frequent
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Fishbone Diagram
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Visual aid that helps organize cause-effect relationships
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Empowerment
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Giving employees the authority to correct a problem without first checking with management
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Exploratory research
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gathers preliminary data (e.g. focus groups, interviews, small surveys)
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Descriptive research
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describes the market potential for a product, consumer attitudes and behavior (e.g. large surveys)
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Causal research
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tests hypotheses about cause-effect relationships (e.g. experiments)
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Idea Generation
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New Product Development Process step 1: Ideas from customers and users, Marketing research, Competitors, Other markets
Company people, intermediaries, etc. |
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Screening
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New Product Development Process step 2: Strengths and weaknesses, Fit with objectives, Market trends, Rough ROI estimate
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Idea evaluation
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New Product Development Process step 3: Concept testing, Reactions from customers, Rough estimates of costs, sales, and profits
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Development
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New Product Development Process step 4: R&D, Develop model or service, Test marketing mix, Revise plans as needed, ROI estimate
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Commercialization
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New Product Development Process step 5: Finalize product and marketing plan, Start production and marketing, “Roll out” in select markets, Final ROI estimate
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