37 Cards in this Set
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What is the five stage purchasing decision process?
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Problem Recognition
Information Search
Alternative Evaluation
Purchase Decision
Post-purchase Behavior
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What are some internal components to the purchasing decision?
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You scan your memory for previous experiences with products or brands.
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What are some external processing components to the purchasing decision?
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1) Personal sources -- the opinions of relatives and friends
2) Public sources -- various product-rating organizations, government programs, and "TV consumer programs."
3) Marketer-Dominated sources -- information from the seller including advertising, company websites, salespeople, and…
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What is the order of Sociocultural Influences?
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Culture -- the set of values, ideas, and attitudes that are learned and shared among the members of a group
Subculture -- subgroups within the larger, or national, culture with unique values, ideas, and attitudes
Referent groups --people to whom an individual looks as a basi…
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What types of situational influences are there?
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Purchase task -- the reason you are attempting to make a purchase
Social surroundings -- What people are with you to make the purchase decision?
Physical surroundings -- Lighting, crowdedness, store layout, presentation, music playing, number of registers open, etc.
Tem…
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What is selective perception?
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A filtering of exposure, comprehension, and retention.
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What types of selective perception are there?
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Selective exposure -- people pay attention to messages that are consistent with their attitudes or beliefs and ignore messages that are inconsistent.
Selective comprehension -- interpreting information so that it is consistent with your attitudes and beliefs.
Selective reten…
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What is perceived risk?
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Perceived risk is the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences.
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What is behavioral learning?
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Behavioral learning is the process of developing automatic responses to a situation built up through repeated exposure to it.
This is in the form of a drive (you're hungry) followed by a cue (seeing a billboard advertisement) followed by a response (buys a sandwich) and ended with a …
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What is cognitive learning?
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Cognitive learning is learning though thinking, reasoning, and mental problem solving without direct experience. This usually involves making connections between two or more ideas or by observing the outcomes of others' behaviors.
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What is brand loyalty?
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Brand loyalty is a favorable attitude towards consistent purchases of a single brand over time.
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Define "attitude"
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A learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way.
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Define "belief"
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A subjective perception of how a product or brand performs on different attributes.
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What are the three approaches marketers use to change consumers' attitudes towards
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...
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What are the three approaches marketers use to change consumers' attitudes toward products and brands?
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Changing beliefs about the extent to which a brand has certain attributes.
Changing the perceived importance of attributes
Adding new attributes to the product
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What is business marketing?
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Business marketing is the marketing of products and services to companies, governments, or not-for-profit organizations (organizational buyers) for use in the creation of goods and services that they can produce and market to others.
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Who are organizational buyers?
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manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale.
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What is an industrial market?
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Firms that reprocess a product before selling it again to the next buyer.
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What is a reseller market?
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Wholesalers and retailers that buy physical products and resell them again without any reprocessing.
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What is a government market?
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the federal, state, and local agencies that buy products and services for the constituents they serve. (Any government agency making purchases)
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What is a buying center?
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An individual who makes most of the buying decisions. They operate in buying classes which are (self-explanatorily):
New buy -- buying a brand new product
Straight rebuy -- buying an old product the way you did before
Modified rebuy - buying an old product in a different …
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What is protectionism?
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the practice of shielding one or more industries within a country's economy from foreign competition, usually through tariffs or quotas.
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What is a tariff?
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A tariff is a tax on goods or services entering a country
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What is a quota?
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A quota is a restriction placed on the amount of a product allowed to enter or leave a country.
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Describe the World Trade Organization
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The World Trade Organization (WTO) was formed in 1995 to address a broad array or world trade issues. Members within the WTO account for 97% of world trade. It sets rules governing trade between its members.
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Describe NAFTA
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The North American Free Trade Agreement lifted many trade barriers between the U.S., Canada, and Mexico in order to stimulate trade across the borders of these countries.
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Describe the European Union
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A union created to help ease trade across the continent of Europe.They also defined Europe's common currency, the euro.
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Describe the three types of global firms and their differences
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International Firm - Market based on home strategies
Multi-national Firm - Market based on a particular strategy, will change their product and branding from country to country
Transnational Firm -- marketed to all people, not people at home translated globally.
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What is a global brand?
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A brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs.
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What are some economic considerations?
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Economic infrastructure -- countries communications, transportation, financial aid, and distribution system
Consumer (average) income
Consumer purchasing power
Currency exchange rates -- when a currency has been devalued, the other country is able to buy more at the sa…
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What contribute to the political regulatory climate?
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Political stability -- social unrest? nationalization (government seizing assets)? Changes in policy?
Trade regulations -- Can help or hinder? Often based on cultural values
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What is a direct export?
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An export directly sent to the company using them
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What is an indirect export?
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An export sent to an intermediate importing company who then distributes the goods to others.
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What is licensing?
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A company offers their rights to a third party (marketing, logo, designs, literature) who run it themselves
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What is a joint venture?
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An international partnership between the company breaking into the foreign market and a company already within the foreign market
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What is a direct investment?
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Building and operating your own firm in a foreign market
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What are the three product promotion strategies of goods and services in other countries?
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Product extension: making minor/no changes to your product and introducing it to the foreign market
Product adaptation - making changes to suit local tastes, preferences, norms, and values
Product invention - making a product particularly for multinational use
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MKT 305: EXAM 1