BU352 - CH 3,4,5

Question 1

Steps in Scenerio Planning?

Answer 1

1. Assess Strengths and Weaknesses
2. Assess Opportunities and Threats
3. Identify Alternative Scenarios
4. Apply Marketing Mix to the Scenarios
5. Assess Profitability of Each Scenario

Question 2

Macroenvironmental Factors (CDSTEP)?

Answer 2

1. Competitors
2. Demographics
3. Social/Cultural
4. Technological
5. Economic
6. Political/Legal

Question 3

What are three factors in a firm’s microenvironment?

Answer 3

• Capabilities
• Corporate Partners
• Competition

Question 4

Identify today’s important social trends?

Answer 4

• price sensitivity
• health and wellness
• green marketing
• privacy issues
• time-poor society

Question 5

compare the different generations?

Answer 5

Baby Boomers – feel they can always take care of themselves, have an obsession with maintaining their youth
Generation X - higher debt loads, more likely to be unemployed and live with their parents longer
- less interested in shopping than boomers but demand convenience, less likely to believe marketers
Generation Y – biggest cohort since the original postwar baby boom
- sceptical about what they hear in the media, media-intensive, brand conscious

Question 6

What is Marketing Research?

Answer 6

a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas.

Question 7

What is the Market Research Process?

Answer 7

1. Define the Problem and Objectives
2. Design the Research Process
3. Data Collection - Exploratory or Conclusive
4. Analyze Data
5. Present Results

Question 8

What are the 2 types of data?

Answer 8

1) Primary Data– data collected to address specific research needs
2) Secondary Data– pieces of information that have already been collected from other sources and usually are readily available
- Syndicated Data – data available for a fee from commercial research firms

Question 9

Types of Exploratory Research Methods?

Answer 9

a) Observation
b) Ethnography
c) In-Depth Interview
d) Focus Group Interview
e) Projective Technique

Question 10

Types of Conclusive Research Methods?

Answer 10

a) Survey
b) Experimental Research
c) Scanner Research
d) Panel Research

Question 11

Identify various internal and external secondary data sources?

Answer 11

• External secondary data are pieces of information that have been collected from other sources such as Statistics Canada, the internet, books, articles or syndicated data services.
• Internal secondary data are derived from internal company records such as sales, customer lists, and other company reports

Question 12

Describe various primary data collection techniques?

Answer 12

• Exploratory Research Methods
• Conclusive Research Methods
  many use Exploratory methods in the first phase of the research process in order to get a deeper insight into the situation

Question 13

What is The Consumer Decision Process

Answer 13

1. Need Recognition
2. Information Search
3. Alternative Evaluation
4. Purchase
5. Post Purchase

Question 14

For Need Recognition compare the two types of needs?

Answer 14

a) Functional Needs – pertain to the performance of a product or service
b) Psychological Needs – pertain to the personal gratification consumers associate with a product/service

Question 15

What are the two key types of information that Consumers rely on?

Answer 15

a) Internal Search for Information – occurs when the buyer examines his or her own memory and knowledge about the product or service, fathered through past experiences
b) External Search for Information – occurs when the buyer seeks information outside his or her personal knowledge base to help make the buying decision

Question 16

What are the factor’s affecting Consumers search process?

Answer 16

a) The perceived benefits vs. perceived costs of search
b) The locus of control (internal vs external)
c)Actual or perceived risk
(Performance,Financial ,Psychological)
d) Type of product or service (Specialty,Shopping,Convenience )

Question 17

What are Consumer Decision Rules?

Answer 17

a) Compensatory Decision Rule
b) Non compensatory Decision Rule
c) Decision Heuristics

Question 18

What is Post purchase Dissonance?

Answer 18

• the psychologically uncomfortable state produced by an inconsistency between beliefs and behaviours that evokes a motivation to reduce the dissonance; buyer’s remorse
• typically occurs when a consumer questions the appropriateness of a purchase after the purchase has been made

Question 19

What are the different types of Consumer Buying Decisions?

Answer 19

a) Complex Buying Behaviour
b) Dissonance Reducing Buying Behaviour
c) Habitual Buying Behaviour
d) Variety-Seeking Behaviour

Question 20

What are the Levels of Maslow’s Hierarchy of Needs?

Answer 20

1) Self-actualization
2) Esteem
3) Love
4) Safety
5) Physiological

Question 21

What are the different Factors Influencing Consumer Buying Decisions?

Answer 21

1. Psychological Factors
2. Social Factors
3. Culture
4. Situational Factors

Question 22

Three components of a person’s attitude?

Answer 22

Cognitive Component – reflects what a person believes to be true
Affective Component – reflects what a person feels about the issue at hand
- their like or dislike or something
Behavioural Component – comprises the actions a person takes with regard to the issue at hand

Question 23

What are the different situational Factors?

Answer 23

• purchase situation – a thrifty shopper may buy an expensive wedding present for a special occasion
• shopping situation – store atmosphere, salespeople, crowding, in store demonstration, packaging and promotions can be used to influence consumers at this stage
• temporal state – different times of day may affect the appeal products have on different people