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CLEP EXAM 2
Principles of Marketing
| Question | Answer |
|---|---|
| atmospherics | Physical factors that firms can control, such as the layout of a store, music played at stores, the lighting, temperature, and even the smells you experience |
| The “Big Five” personality traits | openness, conscientiousness, extraversion, agreeableness, neuroticism |
| cognitive age | how old you perceive yourself to be, is another |
| Psychographics | combines the lifestyle traits of consumers and their personality styles with an analysis of their attitudes, activities, and values to determine groups of consumers with similar characteristics. |
| VALS (Values, Attitudes, and Lifestyles) | framework. Using VALS to combine psychographics with demographic information such as marital status, education level, and income provide a better understanding of consumers. |
| Motivation | is the inward drive we have to get what we need. In the mid-1900s, Abraham Maslow, an American psychologist, developed the hierarchy of needs |
| Perception | is how you interpret the world around you and make sense of it in your brain. You do so via stimuli that affect your different senses—sight, hearing, touch, smell, and taste. |
| Selective attention | is the process of filtering out information based on how relevant it is to you. |
| selective retention | At other times, people forget information, even if it’s quite relevant to them |
| selective distortion | another potential problem that advertisers (or your friends) may experience is misinterpretation of the intended message |
| shock advertising | One study found that shocking content increased attention, benefited memory, and positively influenced behavior among a group of university students |
| Subliminal advertising | is the opposite of shock advertising and involves exposing consumers to marketing stimuli such as photos, ads, and messages by stealthily embedding them in movies, ads, and other media. |
| Learning | refers to the process by which consumers change their behavior after they gain information or experience |
| operant or instrumental conditioning | words or learning occurs through repetitive behavior that has positive or negative consequences. |
| Attitudes | mental positions or emotional feelings, favorable or unfavorable evaluations, and action tendencies people have about products, services, companies, ideas, issues, or institutions |
| Planned obsolescence | is a deliberate effort by companies to make their products obsolete, or unusable, after a period of time. |
| post purchase dissonance | dissonance occurs when a product or service does not meet your expectations |
| Evaluative criteria | are certain characteristics that are important to you such as the price of the backpack, the size, the number of compartments, and color. |
| limited problem solving | when they already have some information about a good or service but continue to search for a little more information. |
| extended problem solving | where they spend lot of time comparing different aspects such as the features of the products, prices, and warranties. |
| high-involvement decisions | carry a higher risk to buyers if they fail, are complex, and/or have high price tags |
| Low-involvement decisions | aren’t necessarily products purchased on impulse, although they can be |
| impulse buying | Some low-involvement purchases are made with no planning or previous thought. |
| low-involvement decisions | make automatic purchase decisions based on limited information or information they have gathered in the past |
| Opinion leaders | are people with expertise in certain areas. |
| dissociative groups | groups where a consumer does not want to be associated. |
| Reference groups | are groups (social groups, work groups, family, or close friends) a consumer identifies with and may want to join |
| social class | is a group of people who have the same social, economic, or educational status in society |
| subculture is a group | of people within a culture who are different from the dominant culture but have something in common with one another such as common interests, vocations or jobs, religions, ethnic backgrounds, and geographic locations. |
| Culture | refers to the shared beliefs, customs, behaviors, and attitudes that characterize a society |
| target market | The segment or group of people and organizations you decide to sell |
| Mass marketing, | undifferentiated marketing, came first. It evolved along with mass production and involves selling the same product to everybody. |
| one-to-one marketing | Steps companies take to target their best customers, form close, personal relationships with them, and give them what they want |
| segmentation bases | criteria to classify buyers, to get a fuller picture of its customers and create real value for them. Each variable adds a layer of information. |
| Behavioral segmentation | divides people and organization into groups according to how they behave with or act toward products. |
| Segmenting buyers | personal characteristics such as age, income, ethnicity and nationality, education, occupation, religion, social class, and family size is called demographic segmentation |
| Retro brands | old brands or products that companies “bring back” for a period of time were aimed at baby boomers during the recent economic downturn. |
| Family life cycle | refers to the stages families go through over time and how it affects people’s buying behavior |
| Geographic segmentation | divides the market into areas based on location and explains why the checkout clerks at stores sometimes ask for your zip code. |
| Geocoding | is a process that takes data such as this and plots it on a map. Geocoding can help businesses see where prospective customers might be clustered and target them with various ad campaigns, including direct mail |
| Proximity marketing | is an interesting new technology firms are using to segment and target buyers geographically within a few hundred feet of their businesses using wireless technology |
| Psychographic segmentation | can help fill in some of the blanks. Psychographic information is frequently gathered via extensive surveys that ask people about their activities, interests, opinion, attitudes, values, and lifestyles |
| multi-segment marketing | strategy can allow firms to respond to demographic changes and other trends in markets. |
| Concentrated marketing | involves targeting a very select group of customers. |
| Niche marketing | involves targeting an even more select group of consumers. |
| Microtargeting | narrowcasting, is a new effort to isolate markets and target them |
| Positioning | is how consumers perceive a product relative to the competition. |
| perceptual map | is a two-dimensional graph that visually shows where your product stands, or should stand, relative to your competitors, based on criteria important to buyers |
| tagline | is a catchphrase designed to sum up the essence of a product. |
| Repositioning | is an effort to “move” a product to a different place in the minds of consumers. |
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