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MKT Exam1
Consumer Behavior exam 1
| Question | Answer |
|---|---|
| 3 latest developments that are affecting Marketing | 1. influence of the web 2. mass customization 3. technologies are converged |
| 3 greatest areas of influence of web marketing | B to B, Advertising, Retailing |
| What is the marketing Concept | the idea that we copy ideas from successful people |
| 4 points of the marketing concept | 1. focus on meeting customer needs 2. mkt must be integrated with other elements of the firm 3. long term profitability through customer satisfaction 4. focus on markets |
| Key assumption of the marketing concept | managers must determine the needs and wants of the target market. |
| to achieve full profit potential from each customer--- | every customer must be viewed as a relationship rather than a transaction. some potential customers are undesirable |
| Busines Concepts (4) | product concept, production concept, mkt concept, selling concept |
| product concept (ex) | focuses on better products with better features (apple) |
| production concept (ex) | focuses on producing products at lowest possible prices (walmart) |
| marketing concept (ex) | focusing on meeting customer needs (microsoft) |
| selling concept (ex) | focuses on seeling customers regardless of their needs (insurance agencies) |
| 5 perspectives for studying consumer behavior | Pshychological, Economic, Sociological, Situational, Anthropological |
| Fundamental idea of consumer behavior | consumers do not buy products, consumers really buy the benefits of products |
| the total product concept | Basic core of functional benefits, Accesory benefits, pshycological benefits, time cost or time benefits |
| 4 areas of consumer behavior related to public policy | Fairness, Equity, Safety, Economic and social welfare |
| Consumer Behavior research | the special function that links an organization to its consumers through the gathering of information |
| Qualitative and quantitative research are _________________ | Complimentary |
| Quantitative Research | findings can be generalized to larger populations |
| Qualitative Research | primarily used to genereate new ideas for products or promotional campaigns |
| 3 kinds of research | exploratory, descriptive, casual |
| Exploratory Research | (qualitative) used when not sure what questions to ask (focus groups) |
| Descriptive research | (quantitative) used to generalie to a larger population (customer satisfaction studies/ surveys) |
| Casual research | (Quantitative) used when managers have a good understanding of the problem and how to solve the problem |
| the most common typer of mkt research is __________ _______ | Customer satisfaction |
| Semantic differential scales | have bipolar adjectives (i.e. hot/cold high/low) |
| likert scales | most popular attitude scales (strongly agree----strongly disagree) |
| Validity issues | study gathers the appropriate information |
| reliability issues | consistency in measurment |
| primary research | sample must be representative to generalize to population |
| secondary research | used from research for a different problem |
| open ended vs. close ended scales | q and a given as choices vs. q given with no choices- people say what they want |
| marketing segmentation | the process of dividing a heterogeneous market into more homogeneous segments |
| segments should be: | accessible, identifiable, sufficient size, stable or growing |
| Methods of Segmenting markets (7) | Demographic, Geographic, Benefits Desired, Psychographics, Hybrid, Behavioral Segmentation, Inter-market Segmentation |
| 4 types of segmenting strategies | Concentrated Marketing, Differentiated Marketing, Mass Marketing, Custom Marketing |
| Concentrated marketing | focus on only one market segment |
| Differentiated marketing | select two or more market segments...develop marketing for each segment |
| mass marketing | offer one product to everyone |
| custom marketing | create a product for each customer |
| localized segmentation | treat each country as a separate market and identify segments within each country |
| inter-market segmentation | assume that there are like minded individuals in all countries and focus only on those customers |
| Motivation | the driving force within individuals that impels them to action |
| 6 motives that stimulate purchase | Optimize satisfaction, Prevent future problems, Escape a problem, Resolve a conflict, Maintain satisfaction, Bring variety into their life |
| Two models of motivation | Maslow's heiarchy of needs (lowest level of unmet needs motivates behavior), mcClellands theory of learned needs |
| Maslows heiarchy of needs | Psychological needs. Safety needs. Social needs. Ego needs. Self actualization. |
| McClellands theory of learned needs | Needs for achievement. Needs for affiliation. Needs for power. |
| Perception | select, organize, and interpret information. (selective perception) |
| influences on perception | culture, family, demographics, psychographics |
| we perceive through... | hearing, vision, touch, taste and smell |
| perception of risk | perception that there could be negative consequences from purchasing the product |
| perception of quality theories (2) | Category theory. Gestalt theory. |
| Types of Perceived Risk | Financial risk. Performance risk. Social risk. Physical risk. Psychological risk. |
| Risk reduction strategies of consumers | repurchase the smae brand. seek information. purchase national brands with a rep of high quality. purchase from stores that offer a money back gurantee. purchase the highest price brand |
| perception of physical goods cues | intrinsic cues. extrinsic cues. |
| Intrinsic Cues | Characteristics of the product (size, flavor, color, speed of a computer) |
| Extrinsic Cues | Characteristics that are associated with the product but are not physically part of the product |
| Services have 5 dimensions of quality | tangibles. reliability. responsiveness. assurance. empathy (ex. people skills) |
| Webers Law of perception | the stronger the initial stimulus the greater the second stimulus must be to exceed the jnd (just noticeable difference) |
| Pesonality | personality is a consistent, enduring element of an individual, but personality can change |
| Pesonality develops very early in life. between the ages of ___ and ___ | 2 and 5 |
| self concept theory (4 points) | Actual Self Image, Ideal Self image, Social self image, Ideal social self image |
| actual self image | what you really think of yourself |
| ideal social self image | life of the party or quiet |
| 3 elements of an individuals sub consious (FREUD) | ID, Super ego, Ego |
| ID | Focuses on immediate gratification (pleasure) |
| Super ego | focuses on what is moral as defined by the family and culture (concerned with others) |
| Ego | mediates the desires of the id and superego |
| Karen Horneys 3 types of personalities | Compliant, Aggressive, Detatched |
| Compliant | individual that buys things to make other people happy |
| Aggressive | tries to control purchase behavior of those around them |
| detatched | doesn't care what other people think. (not influenced by aggressive people |
| PERSONALITY is ____________________________ | a combination of traits |
| ethnocentrism | affects consumers wilingness to purchase foreign made products |
| need for cognition | some consumers have a craving for or enjoy thinking |
| dogmatism | continuing to believe in something that facts have proved wrong |
| Q: when a firm uses 2 methods of segmenting a market | A. Hybrid segmentation |
| Q: the image of the product in the mind of the consumer, known as | A. positioning |
| Q. Professional observers, pose as customers in order to evaluate the quality of a firms services, known as | A. mystery shoppers |
| Q. any marketing strategy, 3 step process includes | A. market segmentation, targeting, and positioning |
| Q. consumer ethoncentrims will affect.. | A. the consumers liklihood to accept or reject foreign made products. |
Created by:
garrettcline
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