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Marketing
Principles of Marketing - Quiz 2 - Gina Sarnelli
| Term | Definition |
|---|---|
| steps in the consumer decision process | 1. head recognition 2. information search 3. alternative evaluation 4. purchase and consumption 5. post-purchase |
| functional needs | pertain to the performance of the product or service |
| psychological needs | pertain to the personal gratification consumers associate with a product or service |
| performance risk | the perceived danger inherent in a poorly performing product or service |
| financial risk | risk associated with a monetary outlay; includes the initial cost of the purchase as well as the costs of using the item or service |
| social risk | the fears that consumers suffer when they worry others might not regard their purchases positively |
| physiological risk | the fear of an actual harm should a product not perform properly |
| safety risk | a physiological risk |
| psychological risk | associated with the way people will feel if the product or service does not convey the right image |
| universal set | all possible choices for a product category |
| retrieval set | those brands or stores that consumers can readily bring forth from memory |
| evoked set | comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision |
| consumer decision rules | are the set criteria that consumers use consciously or subconsciously to quickly select from among several alternatives |
| marketing mix | product, price, place, promotion |
| psychological factors | motives, attitudes perceptions, learning, lifestyle |
| social factors | family, reference groups, culture |
| situational factors | purchase and shopping situation, temporal state |
| types of B2B markets | manufacturers/service providers, resellers, institutions, government |
| key players in the buying center | influencer, decider, buyer, user, gatekeeper, initiator |
| assessing global market | economic analysis, infrastructure, and technological analysis |
| demographics | groups according to easily measured, objective characteristics such as age, gender, income, and education |
| psychographics | behavior, and what underlying psychological reasons determine those choices |
| segmentation, targeting, positioning: evaluating segment attractiveness | identifiable, sustainable, reachable, responsive, profitable |
| STP - segmentation strategies | differentiated, concentrated, micro marketing (one to one), undifferentiated (mass marketing) |
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ginaxsarnelli
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