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UM / Marketing / MKT 301 / What are esteem needs?

What are esteem needs?

What are esteem needs?

Description

School: University of Miami
Department: Marketing
Course: Marketing
Professor: Howard marmostein
Term: Summer 2015
Tags: MKT 301, MKT, Marketing, and market
Cost: 50
Name: Complete Study Guide for MKT test 2
Description: detailed vocabulary and study guide for the test on tuesday good luck!
Uploaded: 03/25/2016
8 Pages 32 Views 5 Unlocks
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Affective component

A component of attitude that reflects what a person feels about the issue  at hand- like or dislike of something

Attitude  

A person’s enduring evaluation of his or her feelings about behavioral  tendencies toward an object or idea.

Behavioral component

A component of attitude that comprises the actions a person takes with  regard to the issue at hand

Cognitive component

A component of attitude that reflects what a person believes to be true

Compensatory decision rule

At work when the consumer is evaluating alternatives and trades off one  characteristic against another

Consumer decision rule

The set of criteria that consumers use consciously or subconsciously to  quickly and efficiently select from among several alternatives

Conversion rate  

Percentage of consumers who buy a product after viewing it

Culture

Set of values, guiding beliefs, understandings and way of doing things  shared by members of a society

Determinant attributes  

Product or service features that are important to the buyer and on which  competing brands or stores are perceived to differ

Esteem needs

Needs that enable people to fulfill inner desires

Evaluative criteria  

Consist of a set of salient or important attributes about a particular  product

Evoked set  

Comprises the alternative brands or stores that the consumer states he  or she would consider when making a purchase decision

Extended problem solving  

A purchase decision process during which the consumer devotes  considerable time and effort to analyzing alternatives

External locus of control

Refers to when consumers believe that fate or other external factors  control all outcomes

External search for

information

Occurs when the buyer seeks information outside his or her personal  knowledge base to help make the buying decision

Financial risk  

Risk associated with a monetary outlay: includes the initial cost of the  purchase as well as the costs of using the items or service

Functional needs  

Pertain to the performance of a product or service

Habitual decision making  

A purchase decision process in which consumers engage with little  conscious effort

Impulse buying  

A buying decision made by customers on the spot when they see the  merchandise

Internal locus of control

Refers to when consumers believe they have some control over the  outcomes of their actions, in which case they generally engage in more  search activities

Internal search for  

information

Occurs when the buyer examines his or her own memory and knowledge  about the product or service, gathered through past experiences

Involvement  

Consumer’s interest in product or service

Learning  

Refers to change in a persons thought process or behavior that arises  from experience and takes place throughout the consumer decision  process


What are esteem needs?



If you want to learn more check out What is the slope of the total product curve?

Lifestyle  

A component of psychographics refers to the way a person lives his or  her life to achieve goals

Limited problem solving  

Occurs during a purchase decision that calls for at most a moderate  amount of effort and time

Love needs  

Needs expressed through interactions with others

Maslow hierarchy of needs  

A paradigm for classifying people’s motives. It argues that when lower  level more basic needs are fulfilled people turn to satisfying the higher  levels

Motive  

A need or want that is strong enough to cause the person to seek  satisfaction

Multi attribute model  

A compensatory model of customer decision making based on the notion  that customers see a product as a collection of attributes and  characteristics

Need recognition

The beginning of the consumer decision process: occurs when consumers  recognize they have an unsatisfied need and want to go from their actual  needy state to desired state

Negative word of mouth

Occurs when consumers spread negative information about a product or  service

Noncompensatory decision  rule

At work when consumers choose a product or service on the basis of a  subset of its characteristics, regardless of the values of its other  attributes

Perception

The process by which people select, organize, and interpret information  to form a meaningful picture of the world

Performance risk

Perceived danger inherent in a poorly performing product or service

Physiological needs  

Relating to the basic biological necessities of life: food drink rest shelter

Physiological risks  

The fear of an actual harm should a product not perform properly

Post purchase cognitive  dissonance

Psychologically uncomfortable state produced by an inconsistency  between beliefs and behaviors that in turn evokes a motivation to reduce  the dissonance: buyer’s remorse

Psychological needs  

Personal gratification consumers associate with a product or service

Psychological risks  

Associated with the way people will feel if the product or service doesn’t  convey the right image

Reference group

One or more persons whom an individual uses as a basis for comparison  regarding beliefs, feelings, and behaviors

Retrieval sets  

Includes those brands or stores that the consumer can readily bring forth  from memory

Safety needs  

One of the needs in maslow’s hierarchy of needs pertains to protection  and physical well being

Safety risk

Self actualization

When a person is completely satisfied with his or her life

Situational factors

Factors affecting the consumer decision process

Social risks

The fears that consumers suffer when they worry others might not  regard their purchase positively


What is an evoked set?



Don't forget about the age old question of What are the two major types of receivables?

universal sets  

Includes all possible choices for a product category

We also discuss several other topics like What is orientalism?

Direct investment  

Firm maintains 100 percent ownership of its plants, operation facilities, and  offices in a foreign country.

Duty  

A tax levied on a good imported into a country also called tariff

Exchange control

Regulation of a country’s current exchange rate

Exchange rate  

The measure of how much one currency is worth in relation to another

Exporting  

Producing goods in one country and selling them in another

Franchisee

A contractual agreement between franchisor and a franchisee that allows the  franchisee to open a business using a name and format developed and  supported by the franchisor

Globalization

The processes by which goods, services, capital, people, information, and  ideas flow across national borders

Glocalization

Process of firms standardizing their products globally, using different  promotional campaigns to sell them

Gross domestic product  

Defined as the market value of the goods and services produced by a country  in a year

Gross national income  

GDP plus the net income earned from investments abroad

Infrastructure  

Basic facilities, services, and installations needed for a community or society to  function such as transportation, and communication systems, water and  power lines

Joint venture

When a firm entering a new market pools its resources with those of a local  firm to form an new company in which ownership, control, and profits are  shared

Purchasing power parity  A theory that states that if the exchange rates of two countries are in  equilibrium a product purchased in one will cost the same in the other

Quota  

Designates the maximum quantity of a product that may be brought into a  country during a specific time period

Reverse innovation

When companies initially develop products for niche or underdeveloped  markets and then expand them into their original home markets

Strategic alliance  

A collaborative relationship between independent firms, though the  partnering firms do not create an equity partnership

Trade agreements  

Intragovernmental agreements designed to manage and promote trade  activities for specific regions

Trade surplus  

Occurs when a country has a higher level of exports than imports

Trading bloc  

Consists of those countries that have signed a particular trade agreement


What is extended problem-solving?



We also discuss several other topics like What does an informal care mean?

Behavioral segmentation

A segmentation method that divides customers into groups  based on how they use the product or service

Benefit segmentation

The grouping of consumers on the basis of the benefits  they derive from products or services

Concentrated targeting strategy  

A marketing strategy of selecting a single primary target  market and focusing all energies on providing a product to  fit that markets needs

Cookies

Computer program, installed on hard drive that provides  identifying information

Demographic segmentation

The grouping of consumers according to easily measured ,  objective charactersitics such as gender age and income

Difference targeting strategy

A strategy through which a firm targets several market  segments with a different offering for each

Geodemographic segmentation

The grouping of consumers on the basis of a combination  of geographic, demographic, and life- style characteristics

Geographic segmentation

The grouping of consumers on the basis of where they live

Ideal point  

The position at which a particular market segment’s ideal  product would lie on a perceptual map

Lifestyles  

A component of psychographics refers to the way a person  lives his or her life to achieve goals

Loyalty segmentation

Specifically designed to retain customers by offering  premiums or other incentives to customers who make  multiple purchases over time

Micromarketing  

An extreme form of segmentation that tailors a product or  service to suit an individual customer’s wants or needs

Occasion segmentation

A type of behavioral segmentation based on when a  product or service is purchased or consumed

Perceptual map

Displays in two or more dimensions the position of  products or brands in consumer’s minds

Psychographics

Used in segmentation delves into how consumers describe  themselves, allows people to describe themselves

Self-concept  

The image a person has of himself or herself

Self values

Goals for life not just the goals one wants to accomplish in  a day

Undifferentiated target strategy

A marketing strategy a firm can use if the product or  service is perceived to provide the same benefits to  everyone

Value

Reflects the relationship of benefits to costs or what the  consumer gets for what he or she gives

Value and lifestyle survey

A psychographic tool developed by SRI consulting business  intelligence, classifies consumers into eight segments

If you want to learn more check out What iq tests are the most commonly used today?

Value proposition

The unique value that a product or service provides to its  consumers and how it is better and different from the  others

Actual product  

The physical attributes of a product including  the brand name features design, quality  level, and packaging

Associated services  

The non-physical attributes of a product  including product warranty, financing,  product supper, and after-sale service

Augmented product

Brand association

The mental links that consumers make  between a brand and its key product  attributes

Brand awareness

Measures how many consumers in a market  are familiar with the brand and what it  stands for

Brand dilution  

Occurs when a brand extension adversely  affects consumer perceptions about the  attributes the core brand is believed to hold

Brand equity  

The set of assets and liabilities linked to a  brand that add to or subtract from the value  provided by the product or service

Brand extension

The use of the same brand name for new  products being introduced to the same or  new markets

Brand licensing  

A contractual agreement between firms  whereby one firm allows another to use its  brand name, logo, symbols, or characters in  exchange for negotiated fee

Brand loyalty  

Occurs when a consumer buys the same  brands product or service repeatedly over  time rather than buying from multiple  suppliers

Brand repositioning  

A strategy in which marketers change a  brands focus to target new markets or realign  the brands core emphasis with changing  market preferences

Breadth

Number of product lines offered by a firm

Co-branding

The practice of marketing two or more  brands together on the same package or  promotion

If you want to learn more check out What is phylum porifera?

Consumer products  

Products and services used by people for  their personal use

Convenience products  

Those for which the consumer is not willing  to spend any effort to evaluate prior to  purchase

Core customer value  

The basic problem solving benefits that  consumers are seeking

Family brands

A firms own corporate name used to brand  its product lines and products

Depth

The number of categories within a product  line

Individual brands  

The use of individual brand names for each of  a firms product

Line extension

The use of the same brand name within the  same product line and represents an increase  in a product lines depth

Manufacturer brands  

Brands owned and managed by the  

manufacturer

Perceived value  

The relationship between a products or  services benefits and its cost

Primary package  

The packaging the consumer uses such as  toothpaste tube from which he or she  typically seeks convenience in terms of  storage use and consumption

Private label brands  

Brands developed and marketed by a retailer  and available only from that retailer

Product  

Anything that is of value to a consumer and  can be offered through marketing exchange

Product lines  

Groups of associated items such as those that  consumers use together or think of as part of  a group

Product mix  

The complete set of all products offered by a  firm

Retailer/store brands  

Products developed by retailers

Secondary package  

The wrapper or exterior carton that contains  the primary package

Shopping products  

Those for which consumers will spend time  comparing alternatives ie apparel

Specialty products  

Customer shows a strong preference and for  which he or she will expend considerable  effort to search for the best supplier

Alpha testing  

An attempt by the firm to determine whether a product  will perform by its design and whether it satisfies the need  for which it was intended

Beta testing  

Having potential consumers examine a product prototype  in a real use setting to determine its functionality  performance etc

Concept  

Brief written descriptions of a product or service, its  technology, working principles, and forms

Concept testing  

The process in which a concept statement that describes a  product or a service is presented to potential buyers or  users to obtain their reactions

Decline stage  

Stage of the product life cycle when sales decline and the  product eventually exits the market

Diffusion of innovation

The process by which the use of an innovation whether  product or service, spreads throughout a market group  over time and over various categories of adopters

Early adopter  

The second group of consumers in the diffusion of  innovation model, to use a product or service innovation

Early majority

A group of consumers in diffusion of innovation model that  represents 34 percent of the population, they don’t like to  take much risk and therefore tend to wait until bugs are  worked out of a product or service

First movers  

Product pioneers, first to create a market or product  category, making them readily recognizable to consumers

Growth stage  

Stage of the product life cycle when the product gains  acceptance, demand and sales increase

Innovation

The process by which ideas are transformed into new  products and services that will help firms grow

Innovator  

Those buyers who want to be the first to have the new  product or service

Introduction stage  

Stage of the product life cycle when innovators start buying  the product

Introductory price promotion

Short- term price discounts designed to encourage trial

Laggard  

Consumers who like to avoid change and rely on traditional  products

Late majority  

The last group of buyers to enter a new product market;

Lead user  

Innovative product users who modify existing products  according to their own ideas to suit needs

Maturity stage  

When industry sales are at their peak, firms try to  rejuvenate their products by adding new stuff

Pioneer  

New product introductions that establish a completely new  market or radically change both the rules of consumer  preference and competition

Premarket test

Conducted before a product or service is brought to  market to determine how many customers will try and  continue to use it

Product design

Product development

Prototype

The first physical form or service description of a new  product still in rough form

Reverse engineering  

Taking apart a competitors product analyzing it and  creating an improved product

Slotting allowance

Test marketing

Trade promotion

Trade show

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