40 Cards in this Set
| Front | Back |
|---|---|
|
What is a Tariff?
|
A tax on goods entering a country
|
|
5 Stage Process of Purchasing Decision
|
1) Problem Recognition
2)Information Search
3)Alternative Evaluation
4)Purchase Decision-whom and when to buy
5)Post Purchase Behavior- satisfied or unsatisfied
|
|
What are the Socio-culural Influences?
|
What are the Socio-culural Influences?
|
|
What are the 5 situational influences?
|
1)Purchase task (reason for buying)
2)Social Surroundings (friends)
3)Physical Surroundings (decor, crowds)
4)Temporal Effects (time of day/amount of time)
5)Antecedent states (consumer mood/money)
|
|
What is Selective Exposure?
|
pay attention to messages that are consistent with their attitude and beliefs, ignore inconsistencies (post-purchase)
|
|
What is Selective Comprehension?
|
interpreting info so it’s consistent with attitude/beliefs (ex. Snow Pup=toy and less sales/Snow Master=more sales)
|
|
What is Selective Retention?
|
consumers do not remember all the info they see, hear, or read (ex- reason for take home brochures)
|
|
What is Subliminal Perception?
|
see or hear messages without being aware of them
|
|
see or hear messages without being aware of them
|
· ccc consumer believes in negative consequences due to the purchase
|
|
What is Stimulus Generalization?
|
response elicited by 1 stimulus is generalized to another stimulus 9 (same brand name for different products)
|
|
What is Response Discrimination?
|
perceive differences in stimuli
|
|
What is Cognitive Learning?
|
thinking, reasoning, and problem solving
“Ad advil is a pain reliever” (link brand with an idea)
|
|
What is Brand Loyalty?
|
· fa favorable attitude/consistent purchase of a brand
|
|
What is Attitude?
|
- learned predisposition to respond to an object or class of objects
|
|
What is Belief?
|
What is Belief?
|
|
What are the 3 ways marketers try to change consumer attitudes?
|
Changing beliefs about the brand’s certain attributes
- Mayo=high omega 3, makes mothers think its healthy for their children
Changing the perceived importance of attributes
-Pepsi made freshness dates an important attribute
Adding new attributes to the product
-Colgate toothpaste a…
|
|
What is Protectionism?
|
- shshielding 1 or more industries within a country’s economy from foreign competition through tariffs or quotas
|
|
What is a Quota?
|
· - restriction placed on the amount of a product allowed to enter/leave the country
|
|
What is the World Trade Organization (WTO)?
|
What is the World Trade Organization (WTO)?
|
|
What is NAFTA (North American Free Trade Agreement)?
|
- lifted many trade barriers between Canada, Mexico, and the U.S (Wal-mart, Target)
|
|
What is the European Union?
|
· )- 27 countries that have eliminated most barriers to the free flow of goods, services, capital, and labor across their borders (Colgate toothpaste, Michelin Tires)
|
|
What is an International Firm?
|
· - engages in trade and marketing in different countries as an extension of the marketing strategy in its home country
|
|
What is a muti-national firm?
|
· M multidomestic marketing strategy
o They have as many different product variation, brand names, and advertising programs as countries in which they do business
|
|
What is a Transnational Firm?
|
views world as 1 market and emphasizes cultural similarities across countries or universal consumer needs (uses Global Market Strategy)
|
|
What is a global brand?
|
· - brand marketed under the same name in multiple countries
|
|
What is economic infrastructure?
|
- country’s communications, transportation, financial, and distribution systems
|
|
What is consumer income and purchasing power?
|
- household income among country’s consumers and how the income is distributed to determine purchase power
|
|
What is currency exchange rate?
|
- price of one country’s currency expressed in terms of another country’s currency
|
|
What is indirect exporting?
|
when a firm sells its domestically produced goods in a foreign country through an intermediary (least amount of risk and profit)
|
|
What is direct exporting?
|
- when a firm sells its domestically produced goods in a foreign country without intermediaries (more risk, still low profit)
|
|
What is licensing?
|
company offers the right to a trademark, patent, trade secret in return for a royalty or a fee
|
|
What is a joint venture?
|
when a foreign company and a local firm invest together to create a local business
|
|
What is a direct investment?
|
· ininvesting in and owning a foreign subsidiary or division
|
|
What is a market segment?
|
homogenous groups of prospective buyers that result from a market segmentation process
|
|
What is market segmentation?
|
aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action
|
|
What is product differentiation?
|
using different marketing mix activities (features and advertising) to help consumers perceive the product as being different and better than competing products
|
|
What is product positioning?
|
place a product occupies in consumer’s minds based on features relative to competitive products
|
|
What is product repositioning?
|
· Cchanging the place a product occupies in consumer’s minds
|
|
What are the steps in segmenting and target marketing?
|
o 1) Group Potential Buyers into Segments
o 2) Group Products to be Sold into Categories
o 3) Develop a Market-Product Grid and Estimate the size of Markets
o 4) Select Target Markets
o 5) Take Marketing Actions to Reach Target Markets
|
|
What are the steps in a perceptual map?
|
o Identify the important attributes for a product or brand
o Discover how target consumers rate competing products or brands with respect to these attributes
o Discover where the company’s product or brand is on these attributes in the minds of potential customers
o Reposition …
|
MKT 305: EXAM 1