Principles of Marketing Test #2 (Chapters 4-6)

Involvement
The personal, social, and economic significance of the purchase to the consumer
Motivation
The energizing force that stimulates behavior to satisfy a need
Perception
The process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world
Perceived Risk
The anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consenquenses
Beliefs
A consumer’s subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussing with other people
Opinion Leaders
Individuals who are considered to be knowledgeable about or users of particular products or services and therefore can exert direct or indirect social influence over others
Reference Groups
People to whom an individual looks as a basis for self-appraisal or as a source of personal standards
Consumer Behavior
The actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions
Subcultures
Subgroups within the larger, or national, culture with unique values, ideas, and attitudes
Personality
A person’s consistent behaviors or responses to recurring situations
Business Marketing
The marketing of products and services to companies, governments, or not-for-profit organizations for use in the creation of products and services that they can produce and market to others
Buy Classes
Consist of three types of organizational buying situations: straight rebuy, new buy, and modified rebuy
Buying Center
The group of people in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision
Derived Demand
The demand for industrial products and services that is driven by, or derived from, demand for consumer products and services
E-Marketplaces
Online trading communities that bring together buyers and supplier organizations to make possible the real time exchange of information, money, products, and services. Also called B2B exchanges or e-hubs
North American Industry Classification Systems (NAICS)
Provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the three member countries of the North American Free Trade Agreement (NAFTA)
Organizational Buyers
Those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale
Organizational Buying Behavior
The decision-making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers
Reverse Auction
In the e-marketplace, it is an online auction in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other
Traditional Auction
In an e-marketplace, it is an online auction in which a seller puts an item up for sale and would-be buyers are incited to bid in competition with each other
Protectionism
The practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas
Tariff
A government tax on goods or services entering a country that primarily serves to raise prices on imports
Quota
A restriction placed on the amount of a product allowed to enter or leave a country
Multidomestic Marketing Strategy
A strategy that multinational firms use that has as many different product variations, brand names, and advertising programs as countries in which they do business
Global Consumers
Consumer groups living in many countries or regions of the world who have similar needs or seek similar features and benefits from products or services
Microfinance
The practice of offering small, collateral-free loans to individuals who otherwise would not have access to the capital necessary to begin small businesses or other income-generating activities
Joint Venture
A global market-entry strategy in which a foreign company and a local firm invest together to create a local business in order to share ownership, control, and profits of the new company
Cross-cultural Analysis
The study of similarities and differences among consumers in two or more nations or societies
Values
A society’s personally or socially preferable modes of conduct or states of existence that tend to persist over time
Customs
The normal and expected ways of doing things in a specific country