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Marketing Final
| Question | Answer |
|---|---|
| What is consumer buying behavior | how consumers make purchasing decisions |
| What are the different types of consumer buying behavior | variety-seeking, complex, habitual, dissonance-reducing |
| What is variety-seeking buying behavior | Low involvement, brand switching for fun or variety |
| What is complex buying behavior | High involvement, significant differences between brands |
| What is habitual buying behavior | Low involvement, routine purchases |
| What is dissonance-reducing behavior | High involvement, few brand differences (not emphasized in questions) |
| What is the strategic planning process | a process of steps to follow to plan and evaluate success |
| What are the steps of the strategic planning process | define the mission, establish goals, develop strategies and budget, measure progress, gap analysis |
| What is the first step of the strategic planning process | define the mission (Purpose of the organization) |
| What is the second step of the strategic planning process | establish goals (What the organization wants to achieve) |
| What is the third step of the strategic planning process | develop strategies and budget |
| What is the fourth step of the strategic planning process | measure progress (Comparing actual performance to goals) |
| What is the fifth step of the strategic planning process | gap analysis (Identifying difference between projected and actual results) |
| Definition of intangibility | Cannot be touched or experienced before purchase |
| Definition of inseparability | Produced and consumed at the same time |
| Definition of variability | Service quality can vary |
| Definition of perishability | Cannot be stored |
| What is the service classification | People-Based Services Provided by Skilled Labor |
| What is service exchange | Services provide experiences or expertise, not tangible goods |
| What is market segmentation | ways to divide a market |
| What are the ways to divide a market | demographic, geographic, psychographic, and behavioral |
| What is the market segmentation demographic | Age, income, family status |
| What is the market segmentation geographic | Location-based |
| What is the market segmentation psychographic | Lifestyle, values |
| What is the market segmentation behavioral | Usage rate, brand loyalty |
| What are the benefits of segmentation | Enables targeted marketing and customized offerings and improves customer satisfaction and effectiveness |
| What is a product item | a single product |
| What is a product line | a group of related products |
| What is a product mix | all products sold by a company |
| What is product improvement | upgraded features |
| What is repositioned product | new image or target market |
| What is new-to-the-world products | completely new innovation |
| What is a innovation strategy | crowdsourcing |
| What is crowdsourcing | collecting ideas from the public via social media |
| What are the four P's | product, price, place, and promotion |
| What is the product of the four P's | features, design, quality (EV with self-driving tech) |
| What is the price of the four P's | discounts and promotions (Happy hour, BOGO) |
| What is the place of the four P's | distribution channels (online retailer opening physical stores) |
| What is the promotion of the four P's | advertising, awareness campaigns |
| What is primary data | data collected firsthand (conducting taste tests) |
| What is secondary data | previously collected data (reports, past sales) |
| What are focus groups | gather customer opinions and perceptions, useful for evaluation new product ideas |
| What are advantages of international trade | Less competition in new markets |
| What are key factors in global expansion | economic infrastructure, exchange rate, and discretionary income |
| What is economic infrastructure | transportation, communication |
| What is exchange rate | currency differences affecting prices |
| What is discretionary income | money left after necessities |
| What does multicultural marketing do | builds strong connections with diverse audiences |
| What are non-inclusive advertising risks | can harm brand reputation and customer loyalty and may negatively impact self-esteem and identity recognition |
| What is a customer-oriented mission | focuses on customer needs |
| What is a a product-oriented mission | focuses on what the company sells |
| What is a copyright | protects written works, books, and music |
| What is a trademark | protects logos and brand names |
| What is a patent | protects inventions |
| What is the service quality framework | RATER Framework |
| What does RATER stand for | Reliability, assurance, tangibles, empathy, and responsiveness |
| What does reliability mean in RATER | performing the service correctly |
| What does assurance mean in RATER | trust and confidence |
| What does tangibles mean in RATER | physical appearance |
| What does empathy mean in RATER | caring, individualized attnetion |
| What does responsiveness mean in RATER | prompt service |
| What are the three stages of a product life cycle | Introduction, growth, maturity, and decline |
| What is the introduction stage of a product life cycle | awareness building, promotions, early adopters |
| What is the growth stage of a product life cycle | increasing sales, when copycat brands may enter the market |
| What is the maturity stage of a product life cycle | when sales growth slows and profitability levels off |
| What is the decline stage of a product life cycle | a significant decrease in sales and profitability |
Created by:
lauren.brodsky16