IM week 2

35 flashcards · Other · by Daniel F.

1. marketing environment

   the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers Parts microenvironment macroenvironment

2. microenvironment

   the actors close to the company that affects its ability to serve its customers Parts: The company. Suppliers. Marketing intermediaries, which are firms that help the company to promote, sell, and distribute its goods to final buyers. Competitors. Publics, which are any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives such as financial publics, media publics, government publics, citizen-action publics, internal publics, general p…

3. Macroenvironment

   The larger societal forces that affect the microenvironment demographic, economic, natural, technological, political, cultural forces

4. Demographic environment

   the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics has a huge impact on businesses, therefore, marketers pay close attention to the trend and developments in their marketers

5. economic environment

   Economic factors that affect consumer purchasing power and spending patterns.

6. Natural environment

   The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities. Effecting marketing: Shortages of raw materials. Increased pollution. Increased government intervention.

7. environmental sustainability

   Developing strategies and practices that create a world economy that the planet can support indefinitely.

8. technological environment

   Forces that create new technologies, creating new product and market opportunities

9. political environment

   Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society marketing activity is influenced by a wide range of laws and regulations Business legislation has been enacted for several reasons: In order to protect companies from each other. To be able to protect consumers from unfair business practices. To protect the interests of society against unrestrained business behavior. cause-related marketing

10. Cultural environment

    institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors. Parts: Core beliefs and values Secondary beliefs and values

11. The major cultural values of society are expressed in

    People's views of themselves. People's views of others. People's views of organizations. People's views of society. People's views of nature. People's views of the universe.

12. Consumer buyer behavior

    The buying behavior of final consumers—individuals and households that buy goods and services for personal consumption.

13. Consumer market

    All the individuals and households that buy or acquire goods and services for personal consumption

14. Model of consumer behaviour

15. Characteristics affecting consumer behavior

    Cultural factors. Social factors. Personal factors. Psychological factors.

16. Cultural factors

    Cultural factors exert a broad and deep influence on consumer behavior. Marketers need to understand the Culture Subculture Total market strategy Social class

17. Culture

    The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.

18. Subculture

    A group of people with shared value systems based on common life experiences and situations. (Hispanic Americans etc)

19. Total market strategy

    Integrating ethnic themes and cross-cultural perspectives within a brand’s mainstream marketing, appealing to consumer similarities across subcultural segments rather than differences.

20. Social class

    Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.

21. Social factors

    A consumer’s behavior also is influenced by social factors, such as the consumer’s groups social networks family social roles status.

22. Groups

    consist of two or more people who interact to accomplish individual or mutual goals Membership group - has a direct influence and to which a person belongs to Reference groups - direct or indirect point of comparison or reference in forming a person’s attitudes or behavior Word-of-mouth influence - The impact of the personal words and recommendations of trusted parties on buying behaviour Opinion leaders - (can be online influencers) A person within a reference group who, because of special ski…

23. Personal factors

    A buyer’s decisions also are influenced by personal characteristics such as the buyer’s occupation age and stage economic situation lifestyle personality self-concept.

24. psychological factors

    A person’s buying choices are further influenced by four major psychological factors: motivation perception learning beliefs and attitudes

25. Motive

    need that is sufficiently pressing to direct the person to seek satisfaction of the need A motivated person is ready to act, the way they act is influenced by perception

26. Maslow’s hierarchy of needs

27. Perception

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

28. Learning

    changes in an individual’s behavior arising from experience Acquire beliefs and attitudes

29. Beliefs

    descriptive thought that a person holds about something

30. attitude

    a person’s consistently favorable or unfavorable evaluation, feeling, and tendency toward an object or idea

31. types of buying decision behavior

32. Buyer decision process

    Need recognition, in which the consumer recognizes a problem or need. can be triggered by internal end external stimuli Information search, in which the consumer is motivated to search for more information. Alternative evaluation, in which the consumer uses information to evaluate alternative brands in the choice set. Purchase decision, where the buyer's decision about which brand to purchase is made. Postpurchase behavior, where the consumers take further action after purchase, based on their…

33. Customer journey

    The sum of the ongoing experiences consumers have with a brand that affect their buying behavior, engagement, and brand advocacy over time.

34. buyer decision process for new products

    Awareness, where the consumer becomes aware of the new product but lacks information about it. Interest, where the consumer seeks information about the new product. Evaluation, where the consumer considers whether trying the new product makes sense. Trial, where the consumer tries the new product on a small scale to improve their estimate of its value. Adoption, where the consumer decides to make full and regular use of the new product.

35. five different adopters who have differing values

    Innovators, who are venturesome, they try new ideas at some risk. Early adopters, who are guided by respect, they are opinion leaders in their communities and adopt new ideas early but carefully. Early mainstream adopters, who are deliberate, although they are rarely leaders, they adopt new ideas before the average person. Late mainstream adopters, who are skeptical, they adopt an innovation only after a majority of people have tried it. Lagging adopters, who are tradition bound, they are suspi…