chapter 11 vocab

the organization of an individual’s distinguishing character traits, attitudes, or habits.

a value placed on an object exchanged between a buyer and a seller.

a customer’s subjective assessment of benefits relative to costs in determining the worth of a product.

groups with whom buyers identify and whose values or attitudes they adopt.

a market segmentation approach whereby the marketer aims its efforts at two or more segments

idea that an organization should try to satisfy customers’ needs through coordinated activities

a systematic, objective process of getting information about potential customers to guide marketing decisions.

a group of people who have a need, purchasing power, and the desire and authority to spend money on goods

a ranking of people into higher or lower positions of respect.

a specific group of consumers on whose needs and wants a company focuses its marketing efforts.

groups, or organizations who share one or more characteristics and thus have relatively similar product needs a

marketing information that is observed, recorded, or collected directly from respondents.

changes in a person’s behavior based on information and experience.

a market segmentation approach whereby a company develops one marketing strategy for a single market segment.

a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods services

the decision processes and actions of people who purchase and use products.

the integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts.

information that is compiled inside or outside an organization for some purpose other than changing the current situatio

an inner drive that directs a person’s behavior toward goals.

an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs.

an approach requiring organizations to gather information about customer needs, share that information throuh the firm

a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers

the process by which a person selects, organizes, and interprets information received from his or her senses.

a set of expectations for individuals based on some position they occupy.

the four marketing activities—product, price, promotion, and distribution

knowledge and positive or negative feelings about something.

a persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals

the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas).

a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs.

making products available to customers in the quantities desired.