CLEP PRINCIPLES OF MARKETING CH 3
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| personal demographics | identifiable characteristics of individuals and groups of people
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| geographic demographics | identifiable characteristics of towns, cities, states, regions, and countries
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| name some personal demographic variables | age, sex, family size, income, occupation, education
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| name geographic demographic variables | county size, city size, population density, climate
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| what are behavioral dimensions & how are they used? | sources of influence that can be used to describe and identify target markets
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| name some behavioral dimensions | purchase occasion, user status, user rate, and brand loyalty
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| psycho-graphics | those factors that influence consumers' patterns of living or lifestyle
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| name psychographics | activities, interests, opinions, as well as social class, personality and values
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| market segmentation | the process by which the total potential market for a product is divided into smaller parts or segments
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| market segmenting | dividing the market along chosen segmentation variables then profiling the resulting segments
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| market targeting | choosing the firm's target mkt(s) based on evaluation of mkt segmentation
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| 3 conditions to identify market segments that will respond homogeneously | *measurable mkt segment bases *reachable thru existing channels *large enough to be profitable
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| what are the best variables or bases for segmenting a market? | these will vary by product. the best are those that will identify meaningful differences between groups of customers.
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| single-variable segmentation | one segmentation variable for buyer behavior
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| multi-variable segmentation | two or more segmentation bases for buyer behavior
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| what is the difference between single & multi-variable segmentation? | multi-variable segmentation recognizes the interrelationships between variables such as age, income and education.
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| single segment or concentration strategy | focus on one segment as a target market
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| multiple segmentation strategy or differentiated marketing | the choice to pursue more than one target market with corresponding mktg mixes
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| undifferentiated or mass mktg | treating the total potential mkt as a whole
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| why is understanding of consumer behavior important? | to create an effective mktg mix requires understanding consumer preferences, decision-making processes, and how to influence those decisions.
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| involvement | refers to the importance that consumers attach to the purchase of a particular product
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| characteristics of high involvement decision making | *personally important product perception *relatively expensive product *lack of info on product *bad decision making risk high *potentially great benefits from product
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| characteristics of low involvement decision making | frequently purchased, low-priced goods
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| five stages of high involvement decision making | *need recognition *search for information *identification of alternatives *purchase decision *post purchase behavior
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| cognitive dissonance | post-purchase mental anxiety by uncertainty about a purchase making the buyer less than fully satisfied with the final selection
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| 3 stages of low involvement decision-making | *need recognition *purchase decision *post-purchase behavior
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| Is high & low involvement decision-making absolute? | no, each represents an endpoint of a continuum
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| what forces affect consumer wants and perceptions? | *social *psychological *informational forces
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| name the social factors affecting consumer behavior: | *culture *social class *reference groups *family members
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| name psychological factors affecting consumer behavior: | *consumer's motivations & personality
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| name the informational forces affecting the consumer's behavior | *advertisers *product rating sources *sovial environment
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| how do organizational & consumer mkts vary? | *consumers usually purchase finished goods for final consumption; organizational buyers purchase materials for resale, operational needs or for use in further production *organizational consumers are fewer in # & less geographically dispersed
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| derived demand | the anticipated demand by consumers for finished goods that drives organizational buyer's demand for materials
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| characteristics used exclusively in segmenting non-consumer mkts | *customer type *customer size *buying situation
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| name the customer types in non-consumer mkts | *manufacturers *wholesalers *retailers *government agencies *non-profit institutions
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| definecustomer size in non-consumer mkts | the purchaseing power of buyers rather than the number of buyers
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| name the buying situations in non consumer mkts | *new-task buying *straight rebuy *modified rebuy
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| new-task buying | non-consumer mkt buying of high-cost products that requires research and multiple decision makers
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| straight rebuy | non-consumer mkt buying of inexpensive, low-risk products where previous purchases are re-ordered & requires little research
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| modified rebuy | non-consumer mkt buying where some research is required & a few alternatives may be evaluated
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| non-consumer mkt buyers | individuals who identify suppliers, arrange terms of sale, and carry out the purchasing procedure
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| non-consumer mkt users | people within the firm who will use the product
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| non-consumer mkt influencers | those individuals who establish product requirements & specs based on their technical expertise
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| non-consumer mkt gatekeepers | people within the organization who control the flow of relevant purchase-related information
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| non-consumer mkt deciders | the individuals who makes the final purchase decision
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| non-consumer mkt buying center | all the people who participate in or influence the decision-making process
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| non-consumer mkt buying committee | a formal committee sometimes established by large firms to evaluate purchasing policies and product line modifications
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