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Busn 201 - Chap 15

Undertanding Market Processes and Consumer Behaviour

What are the four principles of marketing? Product, Price, Promotion and Place.
Which of the following are variables considered when segmenting a market? Product use variables, geographic, psycho-graphic, demographic.
________ choices determine basic design of the product offered to consumers. Product.
The buying process begins when the customer: Identifies a need.
Assume that you went to a shopping mall to determine people's attitudes toward a new peanut butter and pickle flavour ice cream. You would be collecting ________ data. Primary.
When is market research used most frequently? When a new or altered product is being considered.
The information that Statistics Canada provides on the Canadian economy is an example of: Secondary data
The Delivery Company has an extensive distribution network in Canada. They buy products directly from manufacturers and distribute them to small retailers at a nominal mark-up. What market do they belong to? Reseller market.
What is a rational motive for the decision to make a purchase? an evaluation of the attributes of the product, for example, cost, quality, usefulness.
To help you decide which new suit to purchase for your job interview, you ask a trusted friend to give you her opinion on each of the suits you're looking at. You are in the ________ stage. Information.
What is the purpose of a marketing plan? To focus strategy for gearing market activities to meet consumers needs and wants.
What is a marketing mix? Otherwise known as the four P's. Product, price, promotion and place (distribution).
What is market segmentation? Dividing the market into segments... Such as age, consumer attitude, product use, location.
What is the purpose and value of market research? The study of what buyers need and how best to meet those needs. This can greatly improve accuracy and market segmentation.
What is primary data? Information developed through NEW research.
What is secondary data? Information already available to maker researchers as a result of previous research.
What are the key factors that influence the buying process? - Need recognition - Information seeking - Evaluation of alternatives - Purchase decision - Post purchase evaluation
What is the industrial market? It is the market that sells directly for production, either to be converted or used up during the process.
What is the reseller market? Markets like department stores etc that use finished products and sell them.
What is the institutional market? Non govn't orgs such as hospitals and churches.
What is an international marketing mix? A strategy to support global business with international products, international pricing, international promotion and distribution.
What is a small business mix? Using the marketing mix towards small business... Products (new, keep it simple), pricing (guesswork for small biz), promotion (less expensive promotion methods) and distribution (facility location is key).
What is a utility? The ability to satisfy a human want or need.
What is the external environment? Forces that influence the marketing strategy and decision making.
What are the different environments for marketing? External, political/legal (laws and reg), social and cultural (values/beliefs), technological, economic (inflation, recession, interest rates) and competitive (persuading use of their product vs. another).
Created by: armigrrl



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