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MK 303 exam 2
| Question | Answer |
|---|---|
| Differentiation- | actually differentiating the market offering to create superior customer value |
| Positioning– | Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers |
| secondary data- | information that already exists somewhere, having been collected for another purpose |
| primary data- | information collected for the specific purpose at hand |
| extensive behavior - | when consumers put much effort into deciding how to satisfy a need |
| Limited behavior - | when a consumer is willing to put some effort into deciding the best way to satisfy a need |
| habitual (or routinized) buyer Behavior.- | A consumer decision-making process used when buying frequently purchased, low-cost items that require very little search-and-decision effort |
| How is “product” defined?- | a bundle of attributes, including features, functions, benefits and uses, as well as its brand and packaging |
| what types of products do we require the use of reference groups?- | Publicly visible products and services |
| What’s the purchase (or not) situation and where does it occur in the consumer decision-making process?- | a critical stage in the consumer decision-making process as it represents the culmination of the consumer's evaluation and deliberation. |
| How is social class measured?-it is measured by: | -occupation -income -education -wealth |
| What is culture and why is it important in business?- | a whole set of beliefs, attitudes, and ways of doing things with a reasonably homogenous set of people |
| components of culture: | values language myths rituals customs laws |
| what are the five steps of the consumer decision-making process | Need Recognition Information Search Alternative Evaluation Purchase Post Purchase behavior |
| Need Recognition step | result of an imbalance between actual and desired sales |
| information search step | recall information in memory, seek information in outside environment |
| alternate evaluation step | analyze product attributes, use cutoff criteria, and rank attributes by importance |
| purchase step | individuals are affected |
| post purchase behavior step | allows consumers to reduce dissonance |
| what are the Four factors that impact the five steps: | cultural factor social factor personal factor Psychological Factors |
| cultural factor | values, beliefs, and customs can influence how consumers perceive products and make purchasing decisions. |
| social factor | family, friends, and social media can influence consumer decision-making |
| personal factor | age, income, lifestyle, and personality can also impact consumer decision-making |
| psychological factor | motivation, perception, and attitudes can influence how consumers make purchasing decisions. |
| AOI (activities, interest and opinions) are also known as | “psychographics” |
| AOI | an analysis of a person’s day to day patterns of living. the psychographic variables researchers use to group consumers |
| what are the stages of the product life cycle | introduction, growth, maturity, decline |
| Introduction: | High failure rates (30,000 95%) Limited Profitability Frequent pIncreasing rate of sales Entrance of competitors Market consolidation Initial healthy profits |
| 2. Growth: | Increasing rate of sales Entrance of competitors Market consolidation Initial healthy profits Aggressive advertising of the differences between brands |
| 3. Maturity: | Sales increase at a decreasing rate Saturated markets Lengthened product lines Service and repair assume important roles Heavy promotions to consumers and dealers Marginal competitors drop out Niche marketers emerge |
| 4. Decline: | Long-run drop in sales Large inventories of unsold items Elimination of all nonessential marketing expenses “Organized abandonment” |
| New Product Development process. | Phase 1 : Idea Generation Phase 2: Product concept development and screening Phase 3: Marketing strategy development Phase 4: Business analysis Phase 5: Technical development Phase 6: Test marketing Phase 7: Commercialization |
| search mode - | data is collected by actively seeking out specific information or patterns. |
| surveillance mode - | data is collected passively without a specific question or hypothesis in mind. |
| 17. What are generic products? | products that have no brand at all other than identification of their contents and the manufacturer or intermediary |
| “battle of the brands” | occurs when there is competition between manufacturers and retailers or intermediaries. |
| Product quality | is always in the eyes of the beholder, so the customer’s perceived quality is what brands should be interested in. |
| package design | can raise/lower costs associated with distribution, can make products more convenient to use, it can enhance the product by making it easier or safer to use, and offer product information that helps consumers buy. |
| Classification of products | Business product Consumer product: |
| Consumer product: | convenience, shopping, specialty, and unsought |
| What makes a good brand name? | -maintains relationships with customers -easy to say, spell, read, remember -fits the target market |
| 24. Marketers stimulate consumers with their senses in terms of getting consumers to | recognize that a problem exists. |
| 25. What is cognitive dissonance? | a feeling of uncertainty about whether the correct decision was made buyers remorse |
| What are the steps in the formal research process? | 1. Identifying the Research Problem 2. Reviewing the Literature 3. Formulating a Hypothesis 4. Designing the Research Methodology 5. Collecting Data 6. Analyzing Data 7. Interpreting Results 8. Drawing Conclusions 9. Communicating Findings |
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