Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business - Marketing > Anticapting Customer Needs > Flashcards

Anticapting Customer Needs Flashcards

1
Q

What are the two types of purchases or buyer/consumer behaviour ?

A

Impulse and planned purchases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is impulse purchasing?

A

Purchasing without forethought usually irrationally or emotionally

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is planned purchasing?

A

Making an arrangement to purchase in advance usually rational

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is niche marketing?

A

Where a business targets smaller segments of a large market, where customers have specific needs and wants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is mass marketing?

A

Business sells into the largest part (majority) of the market where there are many similar products on offer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Two advantages of niche marketing

A

Less competition
Able to charge a higher price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Two disadvantages of niche marketing?

A

Lack of EOS
Over dependence on a single market or product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

2 features of mass marketing?

A

Customers form majority
Customers needs and wants are less specific

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the three marketing models?

A

AIDA
DAGMAR
ATR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What does AIDA stand for?

A

Attention
Interest
Desire
Action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What does action mean in Aida ?

A

Buying the product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a crucial feature of AIDA?

A

Each stage must be passed through to achieve a sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Is AIDA a promotional model for advertising or a promotional campaign?

A

Promotional model for advertising

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What does DAGMAR stand for ?

A

Defining advertising goals
Measured advertising results

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The purpose of DAGMAR is to formulate a strategy for ?

A

A promotional campaign

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the 3 main steps of DAGMAR?

A

-Define the goals (what is the purpose of campaign)
-Plan campaign with goals in mind
-measure success against previous set criteria e.g. increase in market share

17
Q

What does ATR stand for ?

A

Awareness
Trial
Repurchase

18
Q

What is the strategy behind ATR?

A

A- Make customers aware of the product
T- get customers to buy product
R- ensuring the trial was so good they purchase again

19
Q

One advantage of AIDA?

A

+Simple to understand

20
Q

2 disadvantages of AIDA?

A

-May stimulate interest but not action
-Customers may be unable to act in desire ( too expensive) therefore the business may need to carefully segment the market

21
Q

Advantage of DAGMAR?

A

+Allows for assessment of whole campaign

22
Q

Disadvantages of DAGMAR?

A

-too simple for a campaign
-only applies to campaign

23
Q

One advantage and disadvantage of ATR?

A

-can’t guarantee the first purchase is made
-no repurchase may be for a reason outside there control
+it considers the value of post sale support

24
Q

what are the two types of orientation ?

A

Customer/ market
Product

25
Q

What is customer/ market orientation?

A

Business responding to customer needs and wants or needs and wants of the market

26
Q

Product orientation?

A

Business develops products based on what it is good at doing

27
Q

Advantage and disadvantage of customer orientation?

A

+will match needs and wants do lead to likely success in market
- market research is time consuming and costly

28
Q

+ & - of product orientation?

A

+great innovation, a need the customer might not be aware of
- business will need to find a customer to sell to

29
Q

What is market segmentation?

A

The process where the market is split into different groups which have different characteristics and needs.

30
Q

What are some types of market segmentation?

A

Age
Gender
Location
Income
Occupation
Religion
Interest/taste

31
Q

Advantages of market segmentation?

A

+Can take advantage of new opportunities to grow
+target advertising is cost effective
+advertising can be better matched to specific needs
+can maximise profits on some cases by matching pricing strategies to different consumers

32
Q

Limitations of market segmentation?

A

-risk of over segmentation (excluding possible customers)
- lack of information on market will lead to poor excursions
-difficultly messing and predictingconsumer behaviour of different groups
-not easy to reach target segment even once identified

Business - Marketing (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions