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137 Cards in this Set
- Front
- Back
the process involved when individuals or groups select, purchase, use and dispose of goods, services, ideas, or experiences to satisfy their needs and desires
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consumer behavior
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the relative importance of percieved consequences of the purchase to a consumer
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involvement
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the belief that choice of a product has potentially negative consequneces, wither financial, physical, or social
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percived risk
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The process that occurs whenecer the consumer sees a significant defference between his or her current state of affairs and some desired or ideal state, this recognition initiates the decision-making process
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problem recognition
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The process wherby a consumer searches for appropriate info to make a reasonable desision
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information search
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a mental rule of thumb that leads to a speedy decision by simplifying the process
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heuristics
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brand makes product superior
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brand loyalty
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the overall attitude a person has about a product after purchasing it
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consumer satisfaction/dissatisfaction
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the anxiety or regret a consumer may feel after choosing from among several similar attractive choices
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cognitive dissonance
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the process by which people select, organize, and interpret information from the outside world
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perception
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the extent to which a stimulus is capable of being registered by a persons sensory receptors
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exposure
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the extent to which mental processing activity is devoted to a particular stimulus
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attention
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the process of assigning meaning to a stimulus based on prior associations a person has with it and assumptions he or she makes about it
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interpretation
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an internal state that drives us to satisfy needs by activating goal oriented behavior
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motivation
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theories of learning that focus on how consumer behavior is changed by external events of stimuli
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behavioral learning theories
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the feeing component of attitudes refers to the overall emotional response a person has to a product
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affect
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an individuals self image that is composed of a mixture of beliefs, observations, and feelings about personal attributes
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self-concept
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a means of characterizing consumers within a family structure on the basis of different stages through which people pass as they grow older
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family life cycle
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the pattern of living that determines how people choose to spend their time, money, and energy that reflects their values, traits, and preferences
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lifestyle
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the use of psychological, sociological, and anthropological factors to construct market segments
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psychographics
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the values, beliefs, customs, and tastes, valued by a group of people
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culture
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a group within a society whose members share a distinctive set of beliefs, characteristics, or common experiences
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subculture
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the hundreds of millions of global consumers who now enjoy a level of purchasing power thats sufficient to let them afford high quality products except for big ticket items like college educations, housing, or luxury cars
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mass-class
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an actual or imaginary individual or group that has a significant effect on an individuals evaluations, aspirations, or behavior
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reference group
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a change in beliefs or actions as a reaction to real or imagined group pressure
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conformity
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a person who is frequently abole to influence others attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories
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opinion leader
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the marketing of goods and services that business and organizational customers need to produce other goods and services for resale or to support their operations
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business to business marketing
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the group of customers that include manufacturers, wholesalers, retailers, and other organizations
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business to business markets, or organizational markets
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demand for business or organizational products caused by demand for consumer goods or services
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derived demand
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demand in which changes in price have little or no effect on the amount demanded
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inelastic demand
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demand for two or more goods that are used together to create a product
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joint demand
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the individuals or orgs that purchase products for use in the production of other goods and services
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producers
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the individuals or orgnizations that buy finished goods for the purpose of reselling, renting, or leasing to other to make a profit and to maintain their business operations
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resellers
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the federal, state, county, and local govts, that buy goods and services to carry out public objectives to support their operations
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govt markets
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the numerical coding system that the usa, canada, and mexico use to classify firms into detailed categories according to their business activities
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North AMerican Industry Classification system (NAICS)
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one of three classifications of business buying situations that characterizes the degree of time and effort required to make a decision
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buyclass
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a buying situation in which business buyers make routine purchases that require minimal decision making
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straight rebuy
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a buying situation classification used by business buyers to categorize a previously made purchase that involves some change and that requires limited decision making
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modified rebuy
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a new business to business purchase that is complex or risky and that requires extensive decision making
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new task buy
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the group of people in an org who participate in a purchasing decision
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buying center
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a written description of the quality, size, weight, and so forth required of a product purchase
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product specifications
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the business practice of buying a particular product from only one supplier
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single sourcing
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the business practice of buying a particular product from several different suppliers
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multiple sourcing
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a trading partnership in which two firms agree to buy from one another
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reciprocity
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the business buying process of obtaining outside vendors to provide goods or services that otherwise might be supplied in-house
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outsourcing
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through a formal network, pulling together expertise from around the globe put to bear on solving a particular problem for a firm
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croudsourcing
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a business practice in which a buyer firm attempts to identify suppliers who will produce products according to the buyer firms specifications
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reverse marketing
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Internet exchanges between two or more businesses or orgs
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business to business ecommerce
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a private corporate computer network that links company departments employees, and databases to suppliers, customers, and others outside the organizations
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extranet
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systems that link an invited group of suppliers and partners over the web
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private exchanges
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the creation of many consumer groups due to a diversity of distinct of distinct needs and wants in modern society
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market fragmentation
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dividing the total market into different segments on the basis of customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments
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target marketing strategy
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the process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics
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segmentation
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dimensions that divide the total market into fairly homogenous groups, each with different needs and preferences
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segmentation variables
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the group of consumers born between 1977 and 1994
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Generation y
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statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure
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demographics
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marketing to members of a generation, who tend to share the same outlook and priorities
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generational marketing
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the group of consumers born between 1965 and 1978
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Generation X
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the segment of people born between 1946 and 1964
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baby boomers
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a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side
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metrosexual
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a segmentation technique that combines geography with demographics
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geodemography
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customizing web advertising so that people who log on in different places will see ad banners for local businesses
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geocoding
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the use of psychological, sociological, and anthropological factors to construct market segments
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psychographics
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a psychographic system that divides the entire us pop into eight segments
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VALS (values and lifestyles)
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a technique that divides consumers into segments on the basis of how the act toward, feel about. or use a good or service
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behavioral segmentation
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a marketing rule of thumb that 20 percent or purchasers amount for 80 present of its sales
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80/20 rule
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a new approach to segmentation based on the idea that companies can make money by selling small amounts of items that only a few people want, provided they dell enough different items
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long tail
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an indicator used in one type or market segmentation based on when consumers use a product most
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usage occasions
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a strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources in to turn them into customers
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targeting
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the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts
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target market
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a description of the "typical" customer in a segment
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segment profile
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appealing to a broad spectrum of people
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undifferentiated targeting strategy
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developing one or more products for each of several distinct customer groups and making sure these offering are kept separate in the marketplace
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differentiated targeting strategy
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focusing a firms efforts on offering one or more products to a single segment
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concentrated marketing strategy
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an approach that tailors to specific products and the messages about them to individual customers
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custom marketing strategy
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an approach that modifies a basic good or service to meet the needs of an individual
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mass customization
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developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition
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positioning
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redoing a products position to respond to a marketplace changes
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repositioning
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a distinctive image that captures a goods or services character and benefits
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brand personality
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a vivid way to construct a picture of where products or brands are located in consumers minds
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perceptual map
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the percentage of an individual customers purchase of a product that is a single brand
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share of customer
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the potential profit generated by a single customers purchase of a firms products over the customers lifetime
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lifetime value of customer
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the financial value of a customer relationship throughout the lifetime of the relationship
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customer equity
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a tangible product that we can see, touch, smell, hear, or taste
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good
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all of the benefits the product will provide for the customers or business customers
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core product
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the physical good or the delivered service that supplies the desired benefit
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actual product
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the actual product plus other supporting features such as warranty, credit, delivery, installation, and repair service after the sale
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augmented product
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consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances
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durable goods
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consumer products that provide benefits for a short time because they are consumed (food) or are no longer useful (newspapers)
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nondurable goods
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a consumer good or service that is usually low priced, widely available, and purchased frequently with a minimum or comparison and effort
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convenience product
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basic or necessary items that are available almost everywhere
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staples
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a product people often buy on the spur of the moment
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impulse product
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products we purchase when were in dire need
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emergency products
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products that exhibit consistently high velocity of sales in the consumer market place
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fast moving consumer goods
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a good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
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shopping product
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computer programs that find sites selling a particular product
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shopbots
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a good or service that has unique characteristics and is important to the buyer and for which the buyer will devote significant effort to acquire
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specialty product
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goods or services for which a consumer has little awareness or interest until the product or need for the product is brought to his or her attention
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unsought products
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expensive products that an org uses in its daily operations that last for a long time
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equipment
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goods that a business customer consumes in a relatively short time
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maintenance, repair, and operating products
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products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products
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raw materials
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products created when firms transform raw materials from their original state
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processed materials
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manufactured goods or subassemblies of finished items that organizations need to complete their own products
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component parts
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a product that consumers perceive to be new and different from existing products
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innovation
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a modification of an existing product that sets one brand apart from its competitors
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continuous innovation
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a new product that copies, with slight modification, the design of an original product
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knockoff
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a change in existing product that requires a moderate amount of learning or behavior change
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dynamically continuous innovation
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the coming together of two or more technologies to create a new system with greater benefits than its parts
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convergence
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a totally new product that creates major changes in the way we live
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discontinuous innovation
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the first step of product development in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission
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idea generation
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the second step of product development in which marketers test product ideas for technical and commercial success
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product concept development and screening
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the step in the product development process in which marketers assess a products commercial viability
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business analysis
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test versions of a proposed product
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prototype
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testing the complete marketing plan in a small geographic area that is similar to the larger market firm hopes to enter
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test marketing
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the step in the product development process in which a new product is refined and perfected by company engineers
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technical development
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the final step in the product development process in which a new product is launched into the market
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commercialization
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the process by which a consumer or business customer begins to buy and use a new good, service, or idea
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product adoption
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the process by which the use of a product spreads throughout a population
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diffusion
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in the context of product diffusion, the point when a products sales spike from a slow climb to an unprecedented new level, often accompanied by a steep price decline
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tipping point
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a massive advertising campaign that occurs over a relatively short time frame
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media blitz
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a purchase made without any planning or search effort
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impulse purchase
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the first segment of a population to adopt a new product
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innovators
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those who adopt an innovation early in the diffusion processes but after the innovators
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early adopters
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those whose adoption of a new product signals a general acceptance of the innovation
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early majority
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the adoptors who are willing to try new products when there is little or no risk associated with the purchase, when the purchase becomes an economic necessity, or when there is social pressure to purchase
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late majority
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the last consumers to adopt an innovation
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laggards
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the degree to which a consumer perceives that a new product provides superior benefits
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relative advantage
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the extent to which a new product is consistent with existing cultural values, customs, and practices
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compatibility
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the degree to which consumers find a new product or its use difficult to understand
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complexity
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the ease of sampling a new product and its benefits
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trialibilaity
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how visible a new product and its benefits are to other who might adopt it
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observability
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the last consumers to adopt an innovation
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laggards
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the degree to which a consumer perceives that a new product provides superior benefits
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relative advantage
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the extent to which a new product is consistent with existing cultural values, customs, and practices
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compatibility
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the degree to which consumers find a new product or its use difficult to understand
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complexity
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the ease of sampling a new product and its benefits
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trialibilaity
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how visible a new product and its benefits are to other who might adopt it
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observability
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