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Marketing Exam
Question | Answer |
---|---|
Consumer Behavior. | The processes individuals use when making a purchase decision |
What are the steps in the consumer decision process? | need recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation |
Which step in the consumer decision-making process is a result of an imbalance between actual and desired states? | need recognition |
What is a want? | A unit of input affecting one or more of the five senses: sight, smell, taste, touch, and hearing? A want is a way a consumer goes about addressing a need. |
What is the “evoked set” and why is it important? | A buyer’s evoked set is the set of alternatives from which a buyer can choose; also called consideration set. (a group of brands). You need a new cell phone, you narrow are considering 3 brands – the 3 brands represent your evoked set. |
What is cognitive dissonance? | Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions is referred to as: Smoking – Postpurchase tension or anxiety. So you buy an expensive gift for someone, and then you feel anxious because |
What is involvement? | is the amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior. Products that require a substantial financial investment typically have high involvement and require extensive decision making. Routin |
Internal Search | the process of recalling past information stored in the memory. Usually from previous experience with a product or service.. frequently purchased, low-cost items |
External search | seeks information from outside the environment. Two basic types of external information sources – marketing controlled and non marketing controlled. |
Nonmarketing | controlled information sources do not originate with marketers promoting the product (trial, family, friends, acquaintances, blogs). A product information source that originates with marketers promoting the product is referred to as a |
marketing controlled information source | such as advertising, sales people, product labels, packaging. |
Culture | is the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and is transmitted from one generation to the next. |
4 Main characteristics of Culture | culture is pervasive – ingrained in daily habits – its everywhere. Everyone single person on the earth has a culture. culture is learned – you are not born with it culture is functional – it serves a purpose culture is dynamic – it changes over time |
reference group | . A group in society, such as family, friends, or a professional organization, that influences an individual’s purchasing behavior |
Direct reference groups | are face-to-face membership groups that touch people’s lives directly, such as family, friends, coworkers, clubs, professional groups, and religious groups. |
Indirect reference groups | are groups a consumer does not belong to, but they might aspire to belong to one (aspirational group) or not want to be associated with one (nonaspirational group). Reference groups serve as information sources and influence perceptions. |
Personality | a composite of psychological makeup and environmental forces. It provides consistency to an individual's reactions to situations. |
Self Concept | is how consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations. |
Real self image | the way a person sees themselves, |
Ideal self image | the way a person would like to be. |
Lifestyle | is the way people spent their time, the importance of things around them, their beliefs and their socioeconomic characteristics. (health conscious) |
Attitude | is a learned tendency to respond consistently toward a given object. It’s a person’s point of view about a product. If you cringe when you hear the word Walmart, then this reflects your attitude about Walmart. |
Belief | is an organized pattern of knowledge that an individual holds as true about his or her world. For instance, if you think a Trek bicycle is fast, high quality, and looks good, these are your beliefs about the Trek bike. |
Business Marketing | is the marketing of goods and services to individuals and organizations for purposes other than personal consumption. The demand for business products tends to be more unstable than the demand for consumer products. Personal selling is the primary promoti |
Current trends in B2B internet marketing | reduce costs build partnerships and alliances build and support branding integrate online and traditional media |
A product is defined as a business product rather than a consumer good on the basis of its what? | The key characteristic distinguishing business products from consumer products is intended use, not physical characteristics. Intended use is the key factor in the classification of a business versus a personal good. Use for personal consumption classifie |
Stickiness - | calculated by multiplying the frequency of visits times the duration of a visit times the number of pages viewed during each visit. |
A product is defined as a business product rather than a consumer good on the basis of its what? | The key characteristic distinguishing business products from consumer products is intended use, not physical characteristics. Intended use is the key factor in the classification of a business versus a personal good. Use for personal consumption classifie |
Stickiness - | calculated by multiplying the frequency of visits times the duration of a visit times the number of pages viewed during each visit. |
Reintermediation - | The reintroduction of an intermediary between producers and users is called: |
disintermediation. | The elimination of intermediaries such as wholesalers or distributors from a marketing channel |
strategic alliance | is a cooperative agreement between business firms. IBM and Cisco work together to provide banks with the products and services they need to manage their multiple locations. In other words, the two companies have joined |
What is NAICS and what is it used for? | The government uses a system called NAICS to classify North American business establishments. NAICS stands for: North American Industry Classification System. The more digits in a code, the more homogeneous the group will be. Marketers can use NIACS to id |
OEM | Original Equipment Manufacturer or Producer. Cirrus, Loll Design are 2 examples. |
What are the major categories of business customers? | Institution Reseller Wholesaler Producer (OEM) Government |
Who is the world’s largest single customer? | Government |
Market | a group of people or organizations that has wants and needs that can be satisfied by particular product categories, has the ability to purchase these products, and is willing to exchange resources for the products. Babies are not a market |
Market segment | is a subgroup of individuals or organizations sharing one or more characteristics that cause them to have relatively similar product needs. |
Marget segmentation | is the process of dividing a market into meaningful groups that are relatively similar and identifiable |
Target Market | is a group of people for which an organization designs, implements, and maintains a marketing mix. |
What is market segmentation, why is it so important? | The purpose of segmentation is to group similar consumers and to serve their needs with a specialized marketing mix. Market segmentation itself does not signal which base should be used, but it defines needs and wants, and help marketers define marketing |
criteria for market segmentation. | The four criteria are substantiality 5 people could be substantial), identifiability and measurability, accessibility, and responsiveness. Useful segments should be substantial, identifiable and measurable, accessible, and responsive to different marketin |
What are the “Bases for Segmenting Consumer Markets?” | Segmentation bases are characteristics of individuals, groups, or organizations that marketers use to divide a total market into segments. Demographics, Psychographic, Geographic Usage rates, benefits saught. |
The steps in segmenting a market are | (1) select a market or product category for study, (2) choose a basis or bases for segmenting the market, (3) select segmentation descriptors, (4) profile and analyze segments, (5) select target markets, and (6) design, implement, and maintain appropriate |
What is “psychographic segmentation” and its components? | segmentation is based on personality, motives, and lifestyle and geodemographics. |
Product differentiation | is a positioning strategy that some firms use to distinguish their products from those of competitors. |
Positioning | is the development of a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general, and is related to the place a product occupies in consumers' minds relative to competing offerings. T |
Perceptual Mapping | displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers’ minds? Price vs Quality. Perceptual mapping displays, in two or more dimensions (like healthy and tasty), the location of products in |
Outline and define the “positioning bases.” | Typical bases for positioning include attributes, price and quality, use or application, product user, product class, competitor, and emotion. |
Repositioning | Changing consumers’ perceptions of a brand in relation to competing brands. |
Define and outline the characteristics of Decision Support Systems. | is an interactive, flexible computerized information system that enables managers to obtain and manipulate information as they are making decisions. Characteristics of a true DSS include: |
interactive | Managers give instructions and see immediate results. The manager does not rely on a computer programmer, an information processing specialist, or a scheduled report. |
Flexible | The system can sort, regroup, total, average, and otherwise manipulate data in many ways according to the varied needs of each user. |
discovery-oriented | The system helps managers probe for trends, isolate problems, and ask new questions. |
Accessabile | The system is easy to learn and should be immediately usable by computer novices. |
Data-Base marketing | is the creation of a large computerized file of customers' and potential customers' names, profiles, and purchase patterns. |