Principles of Marketing Exam1 Flashcards

Prepare for the Principles of Marketing Exam with our flashcards. Learn key terms, definitions, and much more with our flashcards. Attempt these simple quizzes and be prepare for the Principles of Marketing Test with us. Be sure to see how much you recall from them by taking a quiz.

28 cards   |   Total Attempts: 186
  

Cards In This Set

Front Back
Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.
Cognitive dissonance
The type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time.
Routine response
What determines the level of consumer involvement in purchase process?
Previous experience
Interest
Perceived risk of negative consequences
Situation
Social visibility
Reference groups
Opinion leaders
Blogs
Family
Social influences in consumer buying
Gender
Age and family life-cycle stage
Personality, self-concept, and lifestyle
Individual influences in consumer buying
A method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization.
Maslow's needs
A product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers.
Business product
A product bought to satisfy an individual's personal wants.
Consumer product
Producers
Resellers
Governments
Institutions
Types of business buyer
Derived demand
Inelastic demand
Joint demand
Fluctuating demand
Types of demand
Business marketers tend to emphasize personal selling, especially for expensive items, custom-designed products, large-volume purchases, and situations requiring negotiations.
Promoting for business product
1. Major equipment (large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings)
2. Accessory equipment (portable tools and office equipment)
3. Raw materials (mineral ore, lumber, wheat, corn, fruits, vegetables, and fish)
4. Component parts (Caterpillar diesel engines, spark plugs, tires, and electric motors for automobiles)
5. Processed materials (sheet metal, chemicals, specialty steel, lumber, corn syrup, and plastics)
6. Supplies (lubricants, detergents, paper towels, pencils, and paper)
7. Business services (janitorial, advertising, legal, management consulting, marketing research, maintenance, and other services)
Categories of business products
Initiator
Influencers/evaluators
Gatekeepers
Decider
Purchaser
User
Buying center roles
How do business buyers evaluate suppliers/make purchase decisions?
Quality
Service
Price
The process of dividing a market into meaningful, realatively similar, and identifiable segments or groups.
Market segmentation