Page 227 - Marketing the Basics 2nd

glossary 219
Business cycle The period of time consisting of alternating periods of growth and decline in terms of gross domestic product (GDP).
Buying centre A word describing the complex system that emerges from decentralizing the authority to buy an expensive product from one person to many people.
Buyer decision process A five stage process that a buyer passes through when making a purchase.
Buyer’s remorse The negative feeling experienced when the promised benefit of the product failed to satisfy customer need.
Buzz marketing A promotion technique that relies on influencers to speak highly of a product.
Catalogue marketing A form of direct marketing where the seller sends a marketing offer to an interested buyer.
Category killers Vendors that sell so much and so many different products they eliminate niche players that reside within tradi- tional product boundaries.
Channel power The amount of leverage a channel member wields over their partners to elicit cooperation according to their terms.
Click-to-call A technology which calls a user’s telephone connecting the individual to a customer service representative.
Click-to-chat A technology used online which enables a user to chat directly with a customer service representative via an instant message window.
Click-through rate The number of clicks an advertisement generates divided by the number of impressions.
Closing The step in the selling process where the salesperson requests the prospect places an order.
Co-creation The act of building a product or service through interactions between stakeholders and producers.
Cognitive dissonance The discomfort felt by a person when faced with choices that contradict the individual’s personal values, beliefs, or attitudes. This conflict drives the individual to select the option that minimizes the tension.