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Consumer buyer behavior
the buying behavior of final consumers- individuals and households that buy goods and services for personal consumption
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Consumer market
all the individuals and households that buy or acquire goods and services for personal consumption
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Culture
the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
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Subculture
a group of people with shared value systems based on common life experiences and situations
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Social class
relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors
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Group
two or more peope who interact to accomplish individual or mutual goals
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Opinion leader
person within a reference groupu who, because of special skills, knowldge, personality, or other characteristics, exerts social influence on others
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Online social networks
online social communitites- blogs, social networking Web sites, or even virtual worlds- where people socialize or exchange information and opinions
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Lifestyle
a person's pattern of living as expressed in his or her activities, interests, and opinions
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Personality
the unique psychological characteristics that distinguish a person or group
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Motive (drive)
a need that is sufficiently pressing to direct the person to seek satisfaction of the need
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Perception
the process by which people select, organize, and interpret information to form a meaningful picture of the world
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Learning
Changes in an individual's behavior arising from experience
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Belief
a descriptive thought that a person holds about something
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Attitude
a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea
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Cognitive dissonance
buyer discomfort caused by postpurchase conflict
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New product
a good, service, or idea that is perceived by some potential customers as new
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Adoption process
the mental process through which an individual passes from first hearing about an innovation to final adoption
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Business buyer behavior
the buying behavior of the organizations that buy goods and services for use in the production of other products and services or to resell or rent them to others at a profit
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Derived demand
business demand that u ltimately comes from (derives from) the demand for consumer goods
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Supplier development
systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others
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Straight rebuy
a business buying situation in which the buyer routinely reorders something without any modifications
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Modified rebuy
a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers
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New task
a business buying situation in which the buyer purchases a product or service for the first time
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Systems selling (or solutions selling)
buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation
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Buying center
all the individuals and units that play a role in the purchase decision-making process
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Value analysis
carefully analyzing a product's or service's components to determine if they can be redesigned and made more effectively and efficiently to provide greater value
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E-procurement
purchasing through electronic connections between buyers and sellers- usually online
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Market segmentation
dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes
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Market targeting (targeting)
the process of evaluating each market segment's attractiveness and selecting one or more segments to enter
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Differentiation
actually differentiating the market offering to create superior customer value
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Positioning
arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
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Geographic segmentation
dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods
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Demographic segmentation
dividing the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality
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Age and life-cycle segmentation
dividing a market into different age and life-cycle groups
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Gender segmentation
dividing a market into different segments based on gender
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Income segmentation
dividing a market into different income segments
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Psychographic segmentation
dividing a market into different segments based on social class, lifestyle, or personality characteristics
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Behavioral segmentation
dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product
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Occasion segmentation
dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item
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Benefit segmentation
dividing the market into segments according to the different benefits that consumers seek from the product
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Intermarket segmentation
forming segments of consumers who have similar needs and buying behavior even though they are located in different countries
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Target market
a set of buyers sharing common needs or characteristics that the company decides to serve
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Undifferentiated (mass) marketing
a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one another
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Differentiated (segmented) marketing
a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
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Concentrated (niche) marketing
a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
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Micromarketing
the practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments- includes local marketing and individual marketing
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Local marketing
tailoring brands and promotions to the needs and wants of local customer segments- cities, neighborhoods, and even specific stores
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Individual marketing
Tailoring products and marketing programs to the needs and preferences of indivicual customers- also labeled "one-to-one marketing," "customized marketing," and "markets-of-one-marketing."
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Product position
the way the product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products
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Competitive advantage
an advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices
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Value proposition
the full positioning of a brand- the full mix of benefits upon which it is positioned
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Positioning statement
a statement that summarizes company or brand positioning- it takes this form: To (target segment and need) our (brand) is (concept) that (point-of-difference).
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