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marketing 5,8,9,10
test review rphillips
| Question | Answer |
|---|---|
| What is consumer behavior? | The process for which buyers makes purchase decisions. |
| What are the three main interpersonal influences on consumer behavior? | Cultural Social Family |
| What is cultural interpersonal influences | values beliefs and preferences and tastes handed down from one generation to the next. |
| What is social interpersonal influences | the values developed because of the groups or friends you have and you accept the norm for them how it affects the status and the roles of your group. |
| What is family interpersonal influences | these are the families you are born into and their cultural background influences. |
| What is sub culture | groups that are different in ethnicity, nationality, age, rural versus urban location as well as geographic distribution. |
| What is an opinion leader? | a. The trendsetters who purchase new products before others in a group and then influence others in their purchase Oprah is an opinion leader. |
| What is need | need is the imbalance between a consumer and actual and desired states physical need safety needs |
| What is motive | inner state that directs a person toward the goal of satisfying a need.-when a person takes action to reduce the state of tension |
| Physical needs | the most basic level concerns essential requirement for survival food water |
| Belonging | second level includes security protection from physical harm |
| Esteem need | the dire for a sense of accomplishment and achievement |
| Self-actualization | which is the desire to realize their potential and find fulfillment by expressing their unique talents and capabilities. |
| How do consumer attitudes affect buying behavior? | Our attitudes are affected by how we perceive something maybe the way approached by a sales person, or a marketing promotion. In short our we purchase based on |
| cognitive purchase power | to the individual information and knowledge about the object you are purchasing |
| affective purchase power | is dealing with the emotions or feeling of the object example pulling your heart strings for things like donations to ASPCA |
| behavioral purchase power | our tendencies to act in a certain manor example would be if we felt we were ripped off by the car sales man we probably will not go back and buy another car from them. |
| What steps are involved in the consumer decision process? | a. Problem or opportunity recognition b. Search c. Alternative evaluation d. Purchase decision e. Purchase act f. Post-purchase evaluation |
| When can cognitive dissonance occur? | Imbalance among knowledge beliefs and attitudes that occurs after an action or decision such as a purchase like if you are worried about spending too much money or if you discover that the one you chase doesn’t have all the features you thought it had. |
| What is primary research | Primary research is gathering the information originally example the research your company gathered like survey, statics collected , and the information gathered by a organization like global. |
| What is secondary research? | a. Information that has been gathered and published for all to see such as the census information. This information may be out of date. |
| What are the six steps in the marketing research process? | a. Defining the problem b. Conduction of exploratory research c. Formulating hypotheses d. Creating a research design e. Collecting the data f. Interpretation and presenting the research information |
| What is test marketing? | Market research techniques that involves introducing a new product in a specific area and then measuring its success. Example was the banana from McDonald's. |
| Define the term target market. | Segmentation on a group of people to whom a firm decides to market its goods and services. |
| What is the difference between consumer products and business products? | Consumer products bought for personal use cell phone, shampoo b. Business are products and goods and services purchased for either directly or indirectly in production of a product |
| what is consumer based products | personal products bout for personal use |
| what is business base products | products and goods and services purchased for either directly or indirectly in production of a product |
| What is market segmentation and why is it important to a company’s marketing strategy? | Is process of dividing a total market into several homogeneous groups. It is important because it identifies the factors of purchasing decisions and group consumers according to the presence or absence of these factors. |
| What are the three main approaches to segmenting consumer markets | a. Demographic b. Geographic c. Physic-graphic |
| sample of geographic segmenting is | information marketed to the people of a certain area of the country. |
| sample of demographic segmenting is | marketing a product aimed at focusing on age gender household size |
| sample of physic-graphic | marketing towards the characteristic values and lifestyle |
| What are the three forms of product-related segmentation? | dividing consumer groups based on their relationship to a product/service Benefits usage brand loyalty |
| Benefits related product segmentation is | people seek when buying the product |
| Usage related product segmentation | how much they use it |
| brand loyalty product related segmentation | the loyalty to a product of a customer |
| What are the four strategies for reaching target markets? | undifferentiated differentiated concentrated micro-marketing |
| what is differentiate marketing | producing numerous products with in its market mix |
| what is undifferentiated marketing | using a single marketing mix to produce promote and sell to consumers |
| what is concentrated marketing | niche marketing focusing market efforts on a single segment |
| what is micro-marketing | targeting a very specific narrow customer or small customer base |
| Why is positioning important to a company? | Positioning is important because helps distinguish a firm’s product from those of competitors and provides bases for marketing communication. |
| What are the types of positioning strategies a company can use? | i. Attributes how it can be applies in your life ii. Price and quality iii. Competitors iv. Application Appling the product in your life style v. Product user vi. Product class status quo in life |
| What is V.A.L.S.? | a. Segmentation system that divides consumers into 8 physiographic categories innovators, thinkers, achievers, Experiences, believers, strivers , makers and survivals |
| what is transactional based marketing | is buyer seller exchanges characterized by limited communication and little or no ongoing relationship between the parties |
| what is relationship based marketing | marketing develop growth and maintenance of long term cost effective relationships with individual Customers supplier, employees other partners for mutual benefit |
| What are the four elements of relationship-based marketing? | Data base technology data base analyze monitoring relationships customer relationship |
| what is data base technology | identifies current and potential customers (gather information about their customers used to identify current and potential customers) |
| what is data base analyze | looking at information provided by data base(analyze the information that has been gathered and customizing marketing programs to individual consumers |
| what is monitoring relationships | (looking at the interactions of the customers assessing level of satisfaction or dissatisfaction) |
| what is customer relationship management | (this is the software they use intimate knowledge of customers and customer preferences to orient every part of he organization) |
| What are the three levels of the marketing relationship continuum | focus social interdependent |
| what is focus relationship continuum | financial incentives to attract the customer (fast foods dollar menu value meal) |
| what is social relationship continuum | interaction marketers engage socially with the buyer ( when store employee chats with consumer or when wine producer hosts a wine tasting party |
| Interdependent relationship continuum | true partnership between buyer and seller ( southwest airlines offering service changes and upgrade packages to the customer |
| Why is internal marketing important in a customer-focused organization? | a. It enables all members of the organization to understand except and fulfill their respective rolls and implementing a market strategy. |
| What is customer satisfaction? | Customer satisfaction is their internal overview of the organization and helping them to decide whether or not they will return or how they will view your product or service |
| How to measure customer satisfaction | You measure by monitoring customer satisfaction through various marketing research such as survey. |
| What is frequency marketing | frequent buyer or user marketing programs that reward customers with cash rebates merchandise or other premiums |
| Example of frequency marketing | cash rewards like discover offer |
| What is affinity marketing? | Marketing effort sponsored by an organization that solicits responses from individuals who share common interests and activities |
| example of affinity marketing | super market adds to existing customers offering bank accounts or insurance policies bearing the supermarket brand.for the supermarket build on existing relationships between the customer and supermarket |
| What is customer relationship management (CRM)? | Combination of strategies and tools that drives relationship programs, reorienting the entire organization to concentrated focus on satisfying customers |
| How is technology used for CRM? | This is done through a computer program often that manages a vast amount of the data of a single customer the primary focus is the complete business strategy in which the business strategy is organized around delivering superior value to the customer |
| What factors are used to determine the lifetime value of a customer? | In the lifetime value of a customer the revenues and intangible benefits a customer brings to the seller over an average lifetime less the amount the company must spend to acquire , market to, and service the customer |
| Explain co-branding | Two organization join to sell their products in an allied marketing campaign (Geico Insurance and Mrs. Butterworth pancake syrup fame) |
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rphillips3937
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