Marketing Test 2
Resellers
Intermediaries (wholesalers or retailers) who buy finished goods and resell them for a profit
culture
The accumulation of values, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment and passes on to future generations
Exchange controls
Government restrictions on the amount of a particular currency that can be bought or sold
Heterogeneous market
(individuals or organizations with diverse needs for products in the same class)
import tariff
A duty levied by a nation on goods bought outside its borders and brought into the country
embargo
A government's suspension of trade, generally directed at a particular product or with a country
Market
A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.
subculture
A group of individuals whose characteristics, values, and behavior patterns are similar within the group and different from those of the surrounding culture
derived demand
Demand for business products that stems from demand for consumer products
Joint Demand
Demand involving the use of two or more items in combination to produce a product
Inelastic Demand
Demand that is not significantly altered by a price increase or decrease
Buying Behavior
The decision processes and actions of people involved in buying and using products
Consumer Buying Behavior
The decision processes and purchasing activities of people who purchase products for personal or household use and not for business purposes
Gross Domestic Product
The market value of a nation's total output of goods and services for a given period
Market Segmentation
The process of dividing a total market into groups with relatively similar product needs in order to design a marketing mix that matches those needs Segmentation allows firms to better able develop a marketing mix that satisfies a portion of a heterogeneous market
importing
The purchase of products from a foreign source
exporting
The sale of products to foreign markets
Self-reference criterion
The unconscious reference to one's own cultural values, experiences, and knowledge
Cognitive dissonance
A buyer's doubts shortly after a purchase about whether the decision was the right one
reference groups
A group with which a person strongly identifies; adopts the values, attitudes, and behavior of group members
quota
A limit on the amount of goods an importing country will accept for certain product categories in a specified time period
opinion leaders
A member of an informal group who provides information about a specific topic to other group members. Likely to be most influential in high product involvement situations
joint venture
A partnership between a domestic and a foreign firm or government (2 become 1)
Personality
A set of internal traits and distinct behavioral tendencies that result in consistent patterns of behavior
North American Free Trade Agreement
An agreement that eliminates most tariffs and trade restrictions on agricultural and manufactured products to encourage trade among Canada, the United States, and Mexico
Licensing
An alternative to direct investment that requires a licensee to pay a commission or royalties on sales or supplies used in manufacturing
Attitudes
An individual's enduring evaluation of feelings about and behavioral tendencies toward an object or idea
Lifestyle
An individual's pattern of living expressed through activities, interests, and opinions
Motive
An internal energizing force that directs a person's behavior toward satisfying needs or achieving goals
social class
An open aggregate of people with similar social rank
trade company
An organization that links buyers and sellers in different countries
Learning
Changes in an individual's thought processes and behavior caused by information and experience
Segmentation Variables
Characteristics of individuals, groups, or organizations used to divide a market into segments
Segmentation Variables:
Characteristics of individuals, groups, or organizations used to divide a market into segments. Demographic, Geographic, Psychographic, Behavioral
contract manufacturing
Hiring a foreign firm to produce a designated volume of the domestic firm's product or a component of it to specification
Producer markets
Individuals and business organizations that purchase products in order to make a profit by using them in producing other products or in their operations
Business Markets
Individuals or groups who purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations
Market Segment
Individuals, groups, or organizations with one or more similar characteristics that cause them to have similar product needs
Business markets
Individuals, organizations, or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations
Undifferentiated Targeting Strategy
Is a single marketing mix directed at the entire market Should be a homogeneous market (customers have similar product needs
Geodemographic segmentation
Market segmentation that clusters people in units based on lifestyle and demographic information
Self Concept
One's view of one's self. Closely linked to personality type
strategic alliance
Partnerships formed to create global competitive advantages; represented by an agreement to work together
Psychographic
Personality: introvert, extrovert Motives: safety, status, personal appearance, affiliation, health. Lifestyle
Consumer Markets
Purchasers are household members who intend to consume or benefit from purchased products and do not buy products for the purpose of making a profit
STP
Segmenting, Targeting, and Positioning
Concentrated targeting strategy
Targeting a single market segment using one marketing mix
Differentiated Targeting Strategy
Targeting two or more segments with a marketing mix for each
cultural relativism
The concept that morality varies from one culture to another and that business practices are differentially defined as right or wrong by particular cultures
roles
actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons
family groups
have a direct impact on the buying decision Process
Consumer Misbehavior
shoplifting is an example of
