What do we mean when we say demand for industrial goods is derived?
Consumers buy industrial goods indirectly when they purchase consumer goods that use industrial goods as components
The acceleration principle
Small changes in demand for the end product can make large changes in demand for component products
A situation in which the purchaser reorders the same goods or services without looking for other suppliers
What is an attitude?
A learned predisposition to respond to an object or a class of objects in a consistently favorable or unfavorable way
Marketing of goods and services to companies, gov'ts, or not-for-profit organizations other than consumption
Why did your instructor make the point that you can't just have "attitude"?
Because an attitude always has to be about something
What is the essence of the loss aversion principle discussed in class?
People will work harder to avoid a loss than they will to achieve an equivalent gain.
What is an influencer?
People who influence the buying decision. They often help define specifications and provide information for evaluating options.
Subcultures can be powerful segmentation variables because people have more choice about the subcultures they choose to identify with. This means?
They are more likely to seek out products that affirm their membership in the subculture
What is the difference between a business customer and an individual consumer?
Mass marketing techniques are usually less cost effective in business marketing than in consumer marketing because there are fewer business customers than individual consumers
What is a Gatekeeper?
Group members who regulate the flow of information. The purchasing agent views the gatekeeping role as a source of his or her power. i.e. secretary who chooses which clients get to have appointments with someone
A person's food preferences, rituals, and even a sense of what is right and what is wrong can be strongly influenced by his/her..
Why is an understanding of attitudes important to understanding consumer brands?
A brand is essentially an attitude about a product.
What is a social class?
consists of the relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped.
To negotiate a price so low that the supplier actually loses money on each transaction is a motive for a business customer to purchase a product. True or false?
Members of the organization who will actually use the product. They often initiate the buying process and help define product specifications.
What is a reference group?
An actual or imaginary group that has a significant impact on a person's evaluations, aspirations or behavior.
Current Price Data is information that is available to be categorized by NAICS codes. True or False?
True or False: People will choose the first acceptable solution to a problem rather than choosing the best solution to a problem, according to the idea of cognitive miserliness.
ISO 1900 certification
Evidence that a company's quality management and assurance meets international standards
Basic needs such as Physiological and safety have to be satisfied before higher-level needs become motivators. True or False.
Enduring Characteristics such as innovative-ness, self-confidence, sociability, which will vary from person to person