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MKTG Exam 2
| Question | Answer |
|---|---|
| consumer behavior | the dynamic interaction of affect and cognition, behavior, and the environment in which human beings conduct their exchange aspects of their lives |
| social psychology | the process to understand social phenomena and their influence on social behavior |
| consumer decision making process | the steps that consumers take to identify and evaluate choice options. Involvement can be low or high |
| attitude | is a state of readiness that influences how we respond to a stimuli. Attitude is developed from one’s experience and is comprised of three components: feelings, actions, and knowledge |
| belief | a sense of truth about something - it is what individuals know, and can influence their attitudes. |
| cognitive age | also referred to as subjective age, is the age that a person feels |
| cue | an environmental stimulus that influences a particular action |
| culture | refers to the shared values, beliefs, and preferences of a particular society |
| Drive | an internal stimulus that encourages action |
| learning | knowledge that is acquired through experiences |
| life stages | are similar life events experience by groups of individuals of varying chronological and cognitive ages |
| lifestyle | The way that we choose to spend our time and personal resources (money). Lifestyle influences our choice in the products we buy and media we consume. |
| motivation | is what drives people to take action to fulfill a want or need. |
| norms | are standards of behaviors imparted to members of a particular group that define membership |
| opinion leaders | those individuals who have the greatest influence on the attitudes and behaviors of a particular group |
| perception | is a person’s cognitive sense of received stimuli that can influence behaviors. Many people can recall scents or sounds from their childhood that remind them of a brand. Often the stimuli will be processed subliminally |
| personality | Most of us have our own personality that helps to shape and guide us in our lives and in the products we purchase. Personality is expressed by our behaviors. |
| reference group | consists of people who directly or indirectly influence how an individual feels about a particular topic |
| reinforcement | is a reduction in drive resulting from a positive response experience |
| response | a consumer's reaction to his or her drive and cues |
| role | are specific actions expected from someone in a group as a member or from a particular position held |
| Self-identity | The concept of your ideal self and what you wish to be can influence the types of product that you buy. (Use fashion or technology as an example) |
| Social classes | are characteristics that distinguish certain members of a society from others, based on a variety of factors, including wealth, vocation, education, power, place of residence, and ancestry |
| Status | the position of one individual relative to others |
| subcultures | are groups of people within a broader society who share similar behaviors and values |
| subliminal perception | the processing of stimuli by a recipient who is not aware of the stimuli being received |
| consumer problem solving | how someone comes to a conclusion about a situation. This is determined by what kind of a decision a consumer is facing |
| limited problem solving | occurs when a consumer is prepared to exert a certain amount of effort to make a purchase decision. Ex. consumer has experience with a product category but, some event then occurs, such as their preferred brand being “out of stock” |
| routine response problem solving | when a consumer has a well developed process for making a decision regarding the purchase of a specific product type. For example, many consumers require very little time in selecting a toothpaste because they know what they want and are brand loyal. |
| significant problem solving | occurs when a consumer is prepared to commit considerable effort to make a purchase decision – especially for a high-priced product. |
| high involvement consumer decision making process | High involvement requires additional processing and information, such as when one is considering purchasing a new car |
| low involvement consumer decision making process | Low involvement requires little thinking and a decision can be made almost instantaneously. For example, when one wishes to buy a soft drink from a vending machine. |
| problem recognition phase | begins when a need or want is determined. This can come from internal or external signals. |
| problem recognition phase - internal signal | An internal signal can be one’s stomach growling from hunger. |
| problem recognition phase - external signal | an external signal can be seeing an ad for a restaurant, which serves to remind someone that they haven’t eaten lunch. Marketers bring needs to your attention, like food commercials around lunchtime |
| needs | unsatisfactory conditions that prompt you to take action that will make the condition better |
| wants | desire to obtain more satisfaction than is absolutely necessary to improve an unsatisfactory condition |
| Information Search | The length of time that the information search phase takes will depend on the type of product and knowledge of the product category. For many products, especially those the buyer may hold a strong loyalty toward, the process is quick. |
| awareness set | consists of brands of which a consumer is aware of |
| evoked set | consists of the brands in a product category that the consumer remembers at the time of the decision making. Of the brands of the evoked set, those considered unfit are eliminated right away. The remaining brands are termed the consideration set |
| purchase decision | Unexpected aspects that can alter the decision include gaining new information such as: the price being higher when reaching the store (or at check-out), an item that is out of stock, or a lower price on an acceptable but not chosen brand. |
| cognitive dissonance | -are you happy with your choice? -regret of buying something -buyer's remorse |
| Age | A person’s age alters their product selections (not just the types of product, but also the brands). |
| Life Stage | Life stage, involves the events experienced by individuals. Couples that waited until late in life to have children will be purchasing the same types of product that younger couples will purchase (cribs,etc.), but they may look at the options differently. |
| vocation | A person’s occupation impacts the types of product purchased. Doctors buy different types of product than mechanics or clergy do. The reason is not solely due to differences in income, but is due primarily to experiences. |
| Affluence | A person’s financial means alters what products can be considered. A person with a $35,000 income may want a Ferrari, but in most cases, they cannot afford to purchase one. |
| market segment | -homogeneous group within -heterogeneous between ex. sport segments |
| target market | people you are going after in a given market. Market = Sports, Segments = different types of sports, target audience = specific groups within a sport (ie football players) |
| consumer insight | is perceived meanings of data collected from the study of consumer behavior. |
| consumer market insight | an in-depth understanding of customer behavior that is more qualitative than quantitative |
| insight | the act or result of apprehending the inner nature of things, or of seeing intuitively |
| marketing research | the acquisition and analysis of information used to identify and define marketing opportunities that connect consumers to marketers |
| applied research | attempts to answer questions related to practical problems |
| census | a survey that collects responses for each member of the population |
| closed-ended question | a question that has specific survey answer choices available to respondents |
| coding | the numbering of the answer choices for each survey question |
| Data mining | the statistical analysis of large databases seeking to discover hidden pieces of information. This technique can be used with both primary and secondary data |
| Descriptive Research | is a marketing research design that is used to describe marketing variables by answering who, what, when, where and how questions |
| Ethnographic Research | a type of observational research where trained researchers immerse themselves in a specific consumer environment. pop-up baby wipes was discovered by researchers while watching mothers change their baby’s soiled diapers in their homes. |
| explanatory research | a marketing research design used to understand the relationship between independent and dependent variables |
| exploratory research | a marketing research design used to generate ideas in a new are of inquiry |
| focus groups | collections of a small number of individuals recruited by specific criteria with the purpose to discuss predetermined topics with qualified moderators |
| internet research panel | a collection of individuals who agree, for some predetermined incentive to participate in questionnaires on a variety of topics as determined by the owner and manager of the panel |
| interval scale | Temperature Is 80o twice as hot as 40o? |
| measurement | the process of quantifying how much of a variable's set of features or characteristics is possessed in another variable's set of features. Can it be measured directly (age or income of respondent) or must it be measured indirectly? |
| nominal scale | Yes-No; Male-Female |
| service goods | 75% of the US economy is based on service type goods. Intangibles |
| garbology | studying consumer behavior based on what is in their garbage. garbage is public property |
| how do companies use the information they get from consumer interactions | you give it to them, sometimes you don't even know it. Kroger plus card |
| marketing research | the acquisition and analysis of information used to identify and define marketing opportunities that connect consumers to markets |
| Research falls into two categories | pure and applied. Marketing research is applied because it seeks to find answers to practical problems. |
| Market Research Process | 1. Define the Problem 2. Design the Research 3. Conduct the Research 4. Analyze the Dat 5. Address the Problem |
| Define the problem | The primary objective of the problem definition stage is to develop the research question. -what is the problem, not the symptoms |
| Primary data | – Information that is collected to address a current research question. |
| Secondary data | Information that has previously been collected for another purpose. -use this before you consider conducting a all new research for the primary data |
| Exploratory Research | is used to identify new areas for study and is useful in narrowing broad research questions into smaller areas for future research. |
| Descriptive Research | used to describe marketing variables such as who, what, when, etc. |
| Explanatory Research | seeks to understand the relationship between independent and dependent variables. Experiments are often used in this type of research design. |
| Qualitative Research | are those techniques which gain information by observing people and can be used in concert with quantitative research. Qualitative research includes focus groups, interviews, and ethnographic studies. |
| Focus Groups | involve bringing members of the population of interest together in small groups to openly discuss a predetermined topic. A skillful moderator is needed to keep the discussion on track. |
| ordinal scale | Indicate level of education: high school, some college, bachelor’s, graduate degree |
| ratio scale | Number of hot dogs purchased, time spent reading textbook, etc. |
| probability sampling | all members have an equal chance of being selected |
| non-probability sampling | don't have an equal chance of being selected. Could entail stopping “n” number of students as they walk across campus (convenience sample); or assigning students in your class to administer a survey to 10 other students (snowball sample) |
| non-sampling error | the difference between the results that your findings show and the actual results (if a census (everyone) was taken). Any error not attributed to sampling is classified as non-sampling errors. |
| Reliability | the level of consistency of the measurement (if the study was conducted again would the same results occur?) |
| Validity | strength of the conclusion…did we measure what we were supposed to measure ….such that it is applicable to others in the same state / population. |
| Marketing Information System | is a series of steps that include collection, analysis, and presentation of information for use in making marketing decisions. |
| Market Intelligence System | the means to gather, process, and analyze market information in a way that gives managers the ability to quickly make sense of the data efficiently and effectively. They key here is to identify the major areas that need to be monitored. |
| market decision-support system | the software used to connect marketing activities to the company’s databases. This system provides the critical data that allows a manager to analyze and model different scenarios or “what if” statements. |
| market research system | is the collection of all the information conducted through marketing research; the information is more specific than the market intelligence system. |
| Internal Company Data | Includes information on: status of orders, stock available, production status, financial resources, etc. Taken together, this information gives a picture of the effectiveness of marketing decisions such as pricing, promotion, etc. |
| CRM | Customer Relationship Management |
| competitive intelligence | involves the synthetic tracking of competitive actions and plans and is a significant activity within a business |
| Cookies | small files containing certain personal information that are sent from Web servers to a consumer's computer to be accessed the next time a consumer visits a particular website |
| Market Segmentation | is the division of consumer markets into meaningful and distinct groups. |
| Segmentation Criteria | -Homogenous -Heterogeneous -Substantial -Identifiable -Responsive |
| Homogenous | Members of a particular segment must be similar in their attitudes, behaviors, financial status, etc. |
| Heterogeneous | Groups must be different from other groups. |
| Substantial | Groups must be of sufficient size to warrant special marketing efforts. This does not mean that there has to be a large number of consumers, as a small group in sheer numbers can be profitable |
| Identifiable | Marketers must be able to identify group members and non-group members. Marketers must also be able to measure how many members of a group there are. |
| Responsive | React in a similar manner to market offerings. |
| SMART ACRONYM | Specific Goals Measureable Goals Actionable Goals Realistic Goals TIme-Bound Goals |
| Subliminal messages | do not work. After testing the idea of subliminal messages by flashing quick advertisements of coke and popcorn at the movie theater, one test did work but multiple tests showed there was no correlation. |
| Unique Selling Proposition | the uniqueness of our product over others. Sets its brand apart from others and competitors |
| Selecting a Position | 1. **MOST IMPORTANT** Be able to differentiate your product to consumers. 2. Need to be easily communicated 3. Profitable 4. Value Benefit for target (there needs to be a benefit for consumers) 5. Difficult to copy |
| New Product Generation | 1. Idea Generation 2. Idea Screening 3. Concept Development 4. Business Analysis 5. Market Testing 6. Commercialization |
| Idea Generation | Come up with an idea. Example in class was inventing the idea of degradable fishing lures. |
| Idea Screening | - This was would be asking the fisherman if they would actually buy them to see if the product was desirable |
| Concept Development | - Actually developing the product. This step is when they had to do hundreds of variations of the degradable lures to discover the perfect combination of ingredients for their product. |
| Business Analysis | This is the “reality” of business markets. Have to consider how big the market is and how it should be segmented |
| product | items consumed for personal/business use. These are physical and tangible |
| service | – activities that deliver benefits to customers/businesses. They are intangible, inseparable, perishable, and variability |
| intangible | A service that cannot be perceived through the five senses. |
| Inseparable | The service and the service provider are one and the same. |
| Perishable | A service that cannot be stored for later use. An example can be an airline – once a plane departs, an empty seat cannot be saved and sold for a later flight. |
| Variability | Differences exist in the quality of the service being provided. This is true not only for differences between service providers, but also among the same service providers. Each time a service is performed, it is different from the previous performance. |
| Three levels of Product | 1. Core Benefits- The benefits of what you’re actually buying 2. Actual Product- Brand name, style, design, packaging, attributes, etc 3. Augmented Product– The perceived risk is the uncertainty involved with a product. |
| Segmentation Base | is a group of characteristics that is used to assign segment members. |
| Targeting | is the process of evaluating and selecting the most viable market segment to enter. |
| Undifferentiated segment | Where the market is treated as a whole. |
| differentiated segment | Where segments are separated and a unique product is tailored to each segment. |
| Niche segment | Where a small but well-defined segment is the focus of a company’s marketing efforts. |
| micro segment | Where each individual is offered a customized solution, or product. |
| Positioning | is the placement of a product or service offering in the minds of a selected target market. |
| functional positioning | is based on the attributes and benefits that set one product apart from another. For example, Domino’s took over the pizza delivery market by positioning themselves: fresh, hot, and fast (delivered in 30 minutes or less). |
| symbolic positioning | relates to how a brand can enhance a customer’s self-esteem, ego, and social belonging. Many personal care products use this type of positioning. |
| Experiential positioning | involves connecting with customers through emotional and sensory stimulation. Personal experiences allow consumers to connect with a brand in ways stronger than merely informing the consumer about the features of a product. |
| pure good | Buying the raw materials to make and bake your own pizza at home. |
| pure hybrid | The establishment where you make, bake, and eat pizza at store front location. |
| pure service | – Watching a cooking show where the hosts explains how to make a pizza. |
| convenience products | such as potato chips or gum, are bought frequently with little or no advanced planning. They are usually low priced goods and are widely distributed. |
| shopping products | Consumers spend more time comparing features between brands. Consumers are also willing to make great efforts to find shopping products and thus are distributed to fewer locations. |
| specialty products | have unique characteristics such as highly prized brand names (think Rolex watches and Waterford crystal) or one-of-a-kind features. These products are purchased infrequently and consumers expend great effort and search more location |
| unsought products | are those products which buyers do not like to think about. There is limited knowledge regarding brand names due to purchase infrequency. Examples include caskets, life insurance, etc. |
| MRO | (maintenance, repair, and operation) products are purchased frequently and as such, prices are kept affordable. Examples are fuel, oil, and other parts needed to keep farm equipment operating. |
| product portfolio | is the collection of all products and services offered by a company. |
| Product Life cycle | is a model describing the evolution of a product’s sales and profit throughout its lifetime |
Created by:
asculpepper
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