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Mktg 181
quiz 2
| Question | Answer |
|---|---|
| everything going on inside your brain | intrapersonal |
| everything going on outside of you impacting you, your culture | interpersonal |
| economy of purchases, convenience, efficiency, dependability | economic needs |
| motivation, perception, learning, attitude, trust, lifestlye | psychological variables |
| family, social class, reference groups | social influence |
| ethnicity, culture, international | culture & ethnicity |
| purchase reason, time, surroundings | purchase situation |
| Person making decisions involve: | economic needs, psychological variables, social influence, culture & ethnicity, purchase situation |
| the PSSP hierarchy of needs | 1. physiological needs 2. safety needs 3. social needs 4. personal needs |
| the process by which people select, organize, and interpret information to form a meaningful picture of the world | perception |
| how your brain selects to pay more attention to certain things compared to others | selective attention |
| how your brain interprets things in a way that is consistent with your own perception | selective distortion |
| how to get the consumer to remember what you have shown them | selective retention |
| ex. scenario cold | learning to take Advil social pressure from friends trust friends selective attention perception |
| ex. scenario sushi | trust host family attitude does not think raw fish will taste good socially wants to be accepted and a need for belonging wants to be respectful of others culture since it is a delicacy learning that sushi is actually good |
| ex. scenario RV | Faith attitude Lifestyle Carlos vacation ? |
| Case study (quiet night) | - business people/truckers look for something cheap, one-night, do not care much abt facilities - tourist: looking for more facilities - Tristan is production oriented - revenue is less than others - marketing info was experience, survey |
| the change in an individual's behavior arising from experience and occurs through the interplay of life | cues responses reinforcement |
| How can you add value to the consumer by using habits? | the environment adds value changing environment to try and get you in the loop |
| What are the steps in the consumer decision making process? | 1. need recognition 2. information search 3. evaluation of alternatives 4. purchase situation 5. post purchase information |
| sources of marketing information | internal data marketing (competitive) intelligence market research: sys design, collection, analysis, reporting of data relevant to specific marketing situation facing an organization |
| Information that already exists somewhere, having been collected for another purpose | secondary data |
| information collected for the specific purpose at hand | primary data |
| qualitative vs. quantitative research method | qualitative is more descriptive |
| involves descriptive information, text based, usually small sample sizes; seek in depth, open-ended responses, not yes or no answers | qualitative method |
| involves use of measurement instruments that capture data and involves numerical statistical | quantitative method |
| ex. of observation | kids with cookies, turned out more successful and Nobel peace prize winning study |
| invite 6 to 8 respondents to hold a moderated question-answer discussion session to generate insights; qualitative research | focus group |
| the researcher observes the respondent one on one in their own setting | ethnographic |
| best suited for gathering casual information; only one thing has to change, everything else stays the same, disperse randomly, related with causation | experiment |
| ex of experiment | you want to know if adding blue is better than yellow |
| best suited for descriptive information | survey |
| Marketing research process | 1. defining the problem 2. analyzing the situation 3. getting problem-specific information 4. interpreting the data 5. solving the problem |
| what was Tristan's (quiet night) business problem? | Low occupancy rates, low profits |
| The scientific method/ marketing research: AIDS in Kenya | 1 in 7 (~14%) Kenyans HIV+ age grp: 15-24 68 diff languages/ mix the two popular Product → condoms Associated w immortality Place → available everywhere Promotion → ads through sex education, impossible to know and let’s talk about trust |
| Analyzing the situation: what would you like to know before coming up with a marketing strategy?/ AIDS in Kenya | Why is this happening? Who are these people? What is being done? Resource: Website/health eg. CDC |
| Getting problem-specific data/ AIDS in Kenya | quantitative data in the form of surveys focus group qualitative data in the form of personal interviews |
| Survey questions/ AIDS in Kenya | Have you been diagnosed with it? Do you know anyone who has contracted the virus? How did you think you contracted the virus? How have you been affected by the virus? |
| anything that can be offered to a market for attention, acquisition, use, or consumption, and that might satisfy a want or need. includes physical objects(good), services, events, persons, ideas, places, companies | product |
| Most customers think of a product in the terms of total customer satisfaction it provides | true |
| ex. products of a bicycle shop | bicycle repair service bikes bike parts bike clothing knowledge |
| ex. products of a travel agent | saves time knowledge about places/recommendation/expertise better deals offered no worries/ ease of mind |
| ex. products of a supermarket | loyalty rewards carrying many daily use products large selection volume self service |
| ex. products of windows maker store | repair/replacement custom windows knowledge warranty |
| Consumer product classes are based on ? | how consumers think about and shop for products |
| What are the benefits offered through the entire customer experience? | |
| Case study(PPI case) | business center sales = walk in customers at its 150 retail stores regional stationary suppliers sales = sell to large corps & own retail stores if yes, they could lose market share and lose gross margin if no, they will take a financial hit less 30% |
| The most considered to least considered products | 1. unsought products 2. convenience/emergency products 8. speciality products |
| products meant for use in producing other products | business products |
| products a consumer needs but isn't willing to spend much time or effort shopping for | convenience products |
| products that are bought often, routinely, and without much thought | staples |
| products that are bought quickly -as unplanned purchases- because of a strong felt need | impulse products |
| products that a customer feels are worth the time and effort to compare with competing products; divided into homogeneous or heterogeneous | shopping products |
| items the customer sees as basically the same and wants at the lowest price | homogeneous shopping products |
| items the customer sees as different and wants to inspect for quality and suitability; branding is less important than homogeneous | heterogeneous shopping products |
| ex of heterogeneous shopping products | furniture, clothing, and membership in a spa |
| consumer products that the customer really wants and makes a special effort to find ; doesn't mean comparing -- the buyer wants that special product and is willing to search for it | specialty product |
| any branded product that consumers insist on by name is a | specialty product |
| products that potential customers don't yet want or know they can buy, so they don't search for them at all | unsought products |
| products offering really new ideas that potential customers don't know about yet | new unsought products |
| products, such as gravestones, life insurance, and nursing homes, that stay unsought but not unbought forever; may be a need, but potential customers aren't motivated to satisfy it | regularly unsought products |
| ex. scenario A: College student looking for hats for quality and style | heterogeneous shopping product |
| ex. scenario B: Bought least expensive hat | homogeneous shopping product |
| ex. scenario C: Looking for a specific Green Bay Packers Hat | Specialty product |
| ex. scenario D: Bought hats for her niece looking for a nice gift because it would be sunny | Impulse product |
| ex. scenario E: Collect university merchandise, there is an art gallery selling a hat she would have bought but she didn't know about it | newly unsought product |
| products that are purchases immediately when the need is great | emergency products |
| a product that consists of activities, benefits or satisfactions offered for sale that are intangible and do not result in the ownership of anything. Perishable, cannot be stores | product vs. services |
| What are the decisions companies make regarding groups of products? | design appearance packaging |
| a group of products that are closely related because they may.. | function in a similar manner are sold to the same customer groups market through same types of outlets fall within given price ranges |
| Product line stretching | adding products that are higher or lower prices than the existing line |
| Product line filling | adding more items within the present price range |
| ex. Coca Cola product line | Classic Diet Zero Cherry Fanta Sprite |
| a set of individual products that are closely related usually differentiated by brand, level of service offered, price, or etc. | product line |
| means the use of a name, term, symbol, or design – or a combination of these – to identify a product | branding |
| Types of brands | wordmark pictorial abstract the logo system = change it based on trend but recognizable |
| Service quality isn’t consistent | true |
| Services are perishable -- makes it difficult to balance supply and demand | true |
| When competitors focus only on physical goods, a firm may differentiate its offering by adding a service valued by the target market | true |
| includes only those words, symbols, or marks that are legally registered for use by a single company | trademark |
| the same as a trademark except that it refers to a service offering | service mark |
| means how well customers recognize and accept a company’s brand | brand familiarity |
| means that potential customers won’t buy a brand unless its image is changes – or if the customers have no other choice | brand rejection |
| means final customers don’t recognize a brand at all – even though intermediaries may use the brand name for identification and inventory control | brand nonrecognition |
| means that customers remember the brand | brand recognition |
| which means that target customers usually choose the brand over other brands, perhaps because of habit or favorable past experience | brand preference |
| means customers insist on a firm’s branded product and are willing to search for it | brand insistence |
| the value of a brand to its current owner or to a firm that wants to buy it; likely to be higher if many satisfied customers insist on buying the brand | brand equity |
| the same brand name for several products – or individual brands for each product | family brand |
| main benefits of family brand | the goodwill attached to one or two products may help the others cuts promotion costs for each product |
| a well-known brand that sellers pay a fee to use | licensed brand |
| products that have no brand at all other than identification of their contents and the manufacturer or intermediary | generic products |
| separate brand names for each product – when it’s important for the products to each have a separate identity, as when products vary in quality or type | individual products |
| brands created by producers; sometimes called national brands because it is across the nation | manufacturer brands |
| also called private brands, are brands created by intermediaries, costly to establish and promote, higher profit margins | dealer brands |
| the competition between brands and manufacturer brands – is just a question of which brand will be more popular and who will be in control | battle of the brands |
| battle of the brands cont. | at a time, manufacturer brands were more popular than dealer recently, dealer brands have gained the upper hand |
| involves promoting, protecting, and enhancing the product; can make a product more convenient to use or store, can prevent spoiling/damage, easy to identify and promotes brand | packaging |
| Case study (Wise Water) | benefits of Wise water: taste, cheaper long term, health, safety other options: ion exchange, distilled -- trace elements, target market = single family homes/apt, product - requires installation, promotion - website, personal selling, channel: direct |
| Case study (Wise Water) cont. | makes about $18,000 profit different segments he can expand: geographically -- same segment promotion |
| products meant for final consumer | consumer products |
| consumer product categories: | Convenience Shopping Specialty Unsought |
| a product whose total cost is treated as a business expense in the year it’s purchased | expense item |
| a long-lasting product that can be used and depreciated for many years | capital item |
| concerned with making the best use of a consumer’s time and money – as the consumer judges it | economic needs |
| people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money | economic buyer |
| states that consumers decide what to buy based on economic needs | economic-buyer theory |
| the basic forces that motivate a person to do something | needs |
| “needs” that are learned during a person’s life | wants |
| a strong stimulus that encourages action to reduce a need; internal there are reasons behind certain behavior patterns | drive |
| concerned with biological needs – food, liquid, rest, and sex | physiological needs |
| concerned with protection and physical well-being (perhaps involving health, financial security, medicine, and exercise) | safety needs |
| concerned with love, friendship, status, and esteem – things that involve a person’s interaction with others | social needs |
| concerned with an individual’s need for personal satisfaction – unrelated to what others think or do | personal needs |
| products, signs, ads, and other stimuli in the environment– an individual chooses some specific response | cues |
| an effort to satisfy a drive | response |
| occurs when the response is followed by satisfaction, reduction in the drive; strengthen relation btwn cue/response, may lead to habits | reinforcement |
| making the individual’s decision process routine | habit |
| a person’s point of view toward something | attitude |
| a person’s opinion that is not necessarily action-oriented; help shape a consumer's attitudes but don't involve liking or disliking | belief |
| an outcome or event that a person anticipates or looks forward to | expectation |
| the confidence a person has in the promises or actions of another person, brand, or company | trust |
| the analysis of a person’s day-to-day pattern of living as expressed in that person’s Activities, Interests, and Opinions – sometimes referred to as AIOs | psychographics/lifestyle analysis |
| a group of people who have approximately equal social position as viewed by others in the society | social class |
| refers to the people to whom an individual looks when forming attitudes about a particular topic | reference group |
| takes into account the purpose, time available, and location where a purchase is made | purchase situation |
| when they put much effort into deciding how to satisfy a need – as is likely for a completely new purchase or to satisfy an important need | extensive problem solving |
| used by consumers when some effort is required in deciding the best way to satisfy a need | limited problem solving |
| when he or she regularly selects a particular way of satisfying a need when it occurs; consumer has considerable experience | routinized response behavior |
| purchases that have little importance or relevance for the customer | low-involvement purchases |
| a feeling of uncertainty about whether the correct decision was made | dissonance |
| a process to analyze data to make predictions about unknown future events | predictive analytics |
| the steps individuals go through on the way to accepting or rejecting a new idea | adoption process |
| adoption process: | 1. awareness 2. interest 3. evaluation 4. trial 5. decision 6. confirmation |
| procedures that develop and analyze new information about a market | market research |
| an organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions | marketing information sys |
| Marketing managers may need marketing research, an MIS, or a combination of both to get to the information they need to make decisions during any step in the marketing strategy process – or to improve implementation and control | true |
| data sets too large and complex to work with typical database management tools; collected and stored with the idea of learning more about customers and better | big data |
| Dimensions of Big data | Volume Variety Velocity Veracity |
| reflect the challenges for information system managers and opportunities for marketing managers who must decide what information can be stored, how quickly it can be analyzed, and how it can be utilized in marketing strategy planning | the four Vs |
| a place where databases are stored so that they are available when needed | data warehouse |
| a computer program that makes it easy for a marketing manager to obtain and use information; helps marketing managers convert data inro information and knowledge that allow them to make informed choices | decision support system (DSS) |
| which displays up-to-the-minute marketing information in an easy-to-read format – much like a car’s dashboard shows the speedometer and fuel gauge | marketing dashboard |
| a statement of relationships among marketing variables | marketing model |
| information that can be used by itself or in combination w other information to identify someone, raises questions about privacy | personal data |
| a decision making approach that focuses on being objective and orderly in testing ideas before accepting them | scientific method |
| The most difficult step in the marketing research process | Defining the problem |
| an informal study of what information is already available in the problem area; can help define and specify what additional info is needed | situational analysis |
| an automated amount of positive, negative, and neutral online comments a brand receives | sentiment analysis |
| a group of consumers who provide information on a continuing basis | consumer panels |
| a plan that specifies what information will be obtained and how – to be sure no misunderstandings occur later | research proposal |
| involves simultaneously interviewing 6 - 10 people in an informal group setting, low cost, can be conducted in person or online, uses open-ended questions | focus group interview |
| Problem with qualitative data | it's hard to measure the results objectively |
| the percentage of people contacted who complete the questionnaire | response rate |
| surveys | - provide fixed responses - distributed by mail/online, complete at convenience, more willing to give info bc of anonymity - phone are not trustworthy |
| Personal interview surveys can be in depth and commonly used for research on business customers | true |
| Problem with surveys | low response rate respondents may not be representative takes awhile to compile data online are faster |
| Information becomes knowledge when it helps marketing managers answer “how” and “why” questions | true |
| concerns the extent to which data measure what they are intended to measure | validity |
| the last step involves | managers use the research results to make marketing decisions |
| Why do market strategists need to know a lot about their customers? (Check all that apply.) | It aids in developing a marketing mix. It aids in adapting an existing marketing mix. It helps them precisely target their market. |
| Ethnic groups in the United States are experiencing which of the following? | Growth in population Growth in buying power |
| enables a manager to look at the sales (and costs) expected with different types of promotion and select the marketing mix that is best for a particular target market | marketing model |
Created by:
fikott1
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