Final Study Guide Winter 2011

Final Study Guide Winter 2011 - Consumer price index: a...

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Consumer price index : a measure of the overall cost of the goods and services bought by a typical consumer. Real income : refers to the flow of money during a defined period of time (i.e. weekly, monthly, annually) Nominal dollars : income that has not been adjusted for inflation Business to business marketers : specialist in meeting the needs of org such as corporations, gov agencies, hospitals and retailers Organizational buyers : people who purchase goods and services on behalf of companies for use in the process or manufacturing, distribution, or resale Collective decision making : situations where more than one person chooses the product or services that multiple consumer use Extended Family : traditional family structure in which several generations live together FLC models :   a classification scheme that segments consumers in terms of changes in income and family composition and the changes in demands placed on this income; Useful models take into account the following variables in describing longitudinal changes in priorities and demand for product categories: Age, Marital Status, Presence and ages of children in home, and Employment Consumer Socialization : the process by which people acquire skills that enable them to function in the marketplace Culture : the values, ethics, rituals, traditions, material objects, and services produced or valued by the members of a society Myth : a story containing symbolic elements that express the shared emotions and ideals of a culture Norms : the informal rules that govern what is right or wrong Enacted norms : explicitly decided Crescive norms : embedded in a culture and included the three below Customs : norms handed down that controls basic behaviors, such as a division of labor in a household Mores : custom with a strong moral overtone ex incest cannibalism Conventions : the norms regarding the conduct of every day life Product placement : the process`s by obtaining exposure for a product by arranging for it to be inserted into a movie, television show or other medium Profane consumption : the process of consuming objects and events that are ordinary or of the every day world Reality engineering : the process whereby popular culture are appropriated by marketers and become integrated into marketing strategies Rite of passage : sacred times marked by change in social statue, (sweet 16, quiencera)
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Final Study Guide Winter 2011 - Consumer price index: a...

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