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MKT Quiz Two
| Question | Answer |
|---|---|
| Values | your personal assessment |
| Consumer behavior process of buying/liking something | factors that involve purchasing things |
| Utilitarian value | we value it for its use (e.g., a hot water heater) |
| Hedonic value | buying something for how it makes you feel (style) |
| An item can have both | utilitarian and hedonic value (e.g., Dr. Massey wanting a nice working washer) |
| Decision making process | Need recognition, Look for options/start information search, Evaluation of your alternatives, Purchase/exchange |
| Consideration set | what are the things important to you and how do we stay in consideration (brands) |
| Post-purchase behavior | anything that changes about your behavior |
| Involvement | the degree to which I care; time and effort you put into it (e.g., buying a toothbrush, you're not going to look at reviews) |
| Previous experiences influences involvement | e.g., when you order from Nike you'll probably keep buying from them |
| Your specific interests influences involvement | e.g., hobbies (hobby rooms) purchasing things that work for interests |
| Perceived risk of negative consequence influences involvement | - e.g., financial risk, social risk (buying knock off make me get laughed at), psychological risk (eat healthy should I eat candy or get granola?) |
| Decision making: Routine response | something that requires very little response and little decision time - e.g., buying something you don't have to make a huge decision about - bananas, water, batteries |
| Decision making: Limited decision making | requires a little time to gather information and deliberate but your familiar with is - e.g., buying crest all the time, but a store doesn’t have it, so you just find a different brand because you’re not going to go to a whole different store for it |
| Decision making: Extensive | big purchases that require the decision making process; doing research, complex in nature - e.g., buying a house, streaming service |
| Culture influences... | how you market; within GA there are subcultures |
| Reference groups | formal or informal groups within society that influence purchasing behavior |
| Reference groups: Primary | family, who you live with, roommates, suitemates, friends; handful of people - who has the most influence on your purchasing |
| Reference groups: Secondary | people you associate with less consistently and more formally: clubs, church, organization, or frat you belong to |
| Reference groups: Aspirational | groups you want to be a part of or want to join: wanting to join a sorority |
| Reference groups: Non- aspirational | groups you do not want to be associated with: terrorists, gangs, |
| Business Marketing | regular marketing but is used for the purposes of a business |
| Business to Business (B2B) | marketing other businesses on their website - marketing cloud services |
| B2B Massey's Definition | It is a piece of marketing that is more about the content itself and how it attracts you and engages with you in a way that sucks you in and makes you want to click. Read it, spend time learning about it, etc. |
| Thought leader | you think of them as the experts in their field(e.g., thought leader in home decor: Joanna Gaines) |
| Awareness | I have made you aware that my company does this |
| Engagement | I have piqued your interest enough to engage in my content - read it, click it |
| Conversion You have become a customer; prospect to customer/client | you have bought |
| Strategic alliances | when 2 companies, who have very different businesses, buy from each other |
| Reciprocity | in a free market it is not a problem - as long as you don't force - coercion (you have to buy it from me) and collusion (let's get together and set a price at this so everybody has to buy it from us) |
| Business markets have fewer customers | they know by name who they are targeting, buying is more formal - comes with a contract and has a negotiation |
| Leasing | in business you can lease anything e.g., land, computers, equipment |
| Market Segmentation | how you find your target market; when you look at population and potential area and divide them up (review) Effective only if sizes are substantial, something you can identify, something that is accessible, ad something that can be responsive |
| Ways you can segment | Segment by geography, demographics (age,gender,marital status), psychographics (personality, motive), benefit (elements of the product itself: lightweight, dries fast), usage rate (how often the consumer will use the product) |
| Cannibalization | when one new product or offering replaces profitability from another product or offering (e.g., Disney+ getting rid of rental options) |
| Value position/product differentiation | what makes you different |
| Positioning | how you start |
| Reposition | moving your position from where you are to somewhere else (e.g., Dunkin' Donuts switching their name to DD or Dunkin') |
| The brands that reposition are successful... | but ones that don't fail (e.g., Blockbuster) |
| Marketing research | process of planning, collecting, and analyzing data relevant to making a marketing decision or solving a problem for the business |
| Steps in market research project: Identify and formulate... | what it is you're trying to answer. What are you trying to solve for. |
| Steps in market research project: Design... | how you're going to go about collecting and gathering data |
| Steps in market research project: Specify... | what procedures you're going to use before you collect data, and how you're going to ensure that the information is accurately reported, and error-free |
| Steps in market research project: Collect... | data |
| Steps in market research project: Analyze... | the data (takes the longest) this will tell you what the solution is |
| Steps in market research project: Present... | information (analytics) to business and hopefully it gets implemented to solve problem or create a new marketing plan |
| Market research gets done by... | web based activities, telephone interviews, focus groups |
| How you structure your questions: Open ended questions | you ask the question in a way that allows the respondent to answer however they wish |
| How you structure your questions: Close ended questions | you give them a list to respond to |
| How you structure your questions: Scaled Questions | (e.g., which of these would you definitely buy with 1 being definitely would not buy, and 5 being definitely would buy?) |
| Best way to use focused groups... | is through a third party agency that way if you're trying to conduct research data about designing a product, the respondents don't know who they're answering questions for |
| Research is great but the research is only as good as... | the story it can tell |
| Biggest challenge: | data is focused on data and not the analytics |
| Research on your competitors (competitive analysis) | you need to be aware of what they are doing, but you also have to be careful that you think about your competitive set in a way that is broad enough to see potential threats that you don't recognize as threats today |
| Competitive intelligence: | information that helps managers assess their competition and vendors in order to become more efficient and effective |
| What helps you win in the marketplace? | Good competitive research + intelligence |
Created by:
zoeyvanolinda
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