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MGMT 105- 4-3-13

4/4/13 Notes

QuestionAnswer
The Demographic variables of marketing would be... Age, Education, family life cycle, Ex(family size, income, nationality, race, religion, and sex)
Consumer behavior is the study of the decisions and processes by which people buy and consume products
Influences of consumer behavior are... Psychologiacal Personal Social Cultural
The Stages of consumer buying process are... 1. Problem/Need 2. Info Seeking 3. Evaluation of ALternatives 4. Purchase Decision 5. Post Purchase Evaluation 6. Evoked set
Brand Loyalty is defined as... Pattern of regular consumer purchasing based on satisfaction
Marketing Factors (6 P's) 1. Product 2. Pricing 3. Promotion 4. Place
An Evoked Set is defined as.... The sum total of a group of products a consumer will consider buying as a result of
Industrial Markets are Firms that buy good that are either converted into products or used during production
A Reseller Market is... Intermediaries that buy and resell finished goods
An Institutional Market is... nongovernmental buyers of goods and services, such as hospitals, churches, museums and charitable organizations
Product features are defined as... Tangible and intangible qualities that a company builds into its products
Value Packaging is when.... Products are marketed as a bundle of value-adding attributes, including reasonalbe costs
A Defined Value is.... What A customer is willing to pay for it
A Product Mix is... Products that a firm makes avaliable for sale
A Product Line is... Products closely related because they function in a similar manner or are sold to the same customer group who will use them in similar ways
A Product Life cycle is.... A Series of stages in a product commercial life, Introduction, growth, maturing, decline
Branding is defined as... Symbols to communicate the qualities of a product made by a particular producer
Brand Awareness is the extent to which a brand name come to mind when a consumer considers a particular product category
Product Placement is a.... promotional tactic for brand exposure in shich characters in television, film, music, magazines or video games use a real products with the brand visible to users.
Convenience Goods and Services are... 1. Consumed rapidly 2. Inexpensive 3. Purchased with little effort and input of time Mile, Newspaper, fast food
Shopping Goods and Services are.... 1. Purchased less often 2. More expensive 3. May compare products TV, Tires, Car insurance
Specialty Good and Services are.... 1. Permanent 2. Purchased infrequently 3. High Cost Jewelry, Wedding gown, Catering
Life cycle of a product is.. Introduction (low sales), Growth (Starting to buy, breaking even, Maturity -Sales peak, if it does well it can be a staple like salt Decline - beycoming less wanted
Identifying the need to buy shoes is an example of what stage of the consumer buying process Problem/need
Searching for stores,styles and pricing is what stage of the consumer buying process Information seeking
Determining which product is most confortable, affordable for your budget is what stage of the consumer buying process. Evaluation of Alternatives
Choosing a product based on a rational or irrational feelings is what stage of the consumer buying process. Purchase decision
When you take a product home, evaluate how others react to your product, test the durability of the product and compare with other products in your house, you are in what stage of the consumer buying process. Post purchase evaluation
Identifying where a product would be sold is what marketing factor Place
Determining the willingness of a consumer to pay a set price for a product is which marketing factor Pricing
When you make a purchase based on the fact that your friends own it you are being influenced by what Consumer Behavior Psychological
When you purchase an item (cold medicine) due to an illness you are following what influence of consumer behavior Personal
When you purchase the same peanut butter week after week, you are demonstrating what consumer behavior Brand loyalty
Created by: Bright265
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