Chapter 1 Flashcards
Thomas wants to gain a usable understanding of consumer behavior in order to help him become an effective mktg manager?
Marketing strategy
__ represents how one lives, including the products one buys, how one uses them, what 1 thinks about them, how 1 feels about them?
Lifestyle
Which of the following is an internal influence on CB?
Attitudes
An image of the product in the consumer’s mind relative to competing product is?
Position
John purchases & is satisfied with his SUV cuz it provides crash safety:
Actual need fulfillment & perceived need fulfillment
Tacoda systems track consumers’ & deliver banners based on activity?
Behavioral targeting
J&J produce distributor of fresh produce?
Target market
To be successful a product must?
Meet needs of the target market better than competition
Karen was at checkout & was out of gum and grabbed 2 more packs?
Low involvement
What is the study of individuals, groups, or orgs & the processes they use to select, secure, use, & dispose of products, services, experiences, or ideas to satisfy needs/impacts that these processes have on the consumer/society?
Consumer Behavior
Consumer behavior can be applied in 4 areas?
Marketing strategy, regulatory policy, social marketing, & creating informed individuals
What involves setting levels of the mktg mix based on an understanding of the market & segments involved to create desirable outcomes?
Developing mktg strategy
What is the application of mktg strategies & tactics to alter/create behaviors that have a positive effect on the targeted individuals as a whole?
Social mktg
The interplay between consumer behavior & mktg strategy involve what 5 stages:
Market analysis, market segmentation, mktg strategy, consumer decision process, & outcomes at individual & firm level
Which involves gathering data & tracking trends related to the company, competitors, conditions, & consumers?
Market analysis
What is a portion of a larger market whose needs differ somewhat from the larger market?
Market segment
Which involves setting appropriate levels for the mktg mix as a function of the segments being targeted & the market conditions that exist?
Mktg strategy
Which is a series of steps starting with problem recognition & moving through info search, alternative evaluation, purchase, use, & post purchase evaluation?
Consumer decision process
What are the 4 parts that the model of consumer behavior is broken into?
External & internal influences, self concept, lifestyle
Which influences include culture, reference groups, demographics, and marketing activities?
External influences
Which influences include perception, emotions, attitudes, and personality?
Internal influences
What is the totality of an individual’s thoughts & feelings about him or herself?
Self concept
What is how one lives, including the products one buys, how one uses them, what one thinks about them, & how one feels about them?
Lifestyle
What is an aspect of consumer behavior that permeates marketer actions relating to all parts of our model & it warrants special attention as well?
Regulation
What is the study of individuals, groups, or organizations and the processes they use to search, select, purchase, use, evaluate, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society?
Field of consumer behavior
What are the four major uses or applications of an understanding of consumer behavior?
(1) Developing marketing strategy, (2) Developing regulatory policy for marketing actions, (3) Social marketing, and (4) Understanding how societies function
What is the application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individual and/or society as a whole?
Social mktg
What is the difference between all of the benefits derived from a total product and all the costs of acquiring those benefits?
Customer value
Why is customer value important?
It is important because consumers choose those options that they believe will provide them the most value
What is all aspects of the product including its price, package, distribution system, image, and so forth?
A total product
What is involved in the consumer analysis phase of market analysis?
The organization must be able to anticipate evolving consumer needs which requires a complete understanding of the product related behaviors of the market segments under consideration
What is involved in the company analysis phase of market analysis?
The firm must understand its ability to meet evolving customer needs better than the competition
What is involved in the conditions analysis phase of market analysis?
This is an analysis of the state of the relevant economies, government regulations, the physical environment, and technological developments
What are the 4 steps of the market segmentation?
(1) identify product-related need sets, (2) group consumers with similar need sets, (3) describe each group (in terms of demographics, media preferences, and lifestyles), and (4) select attractive segments to serve
What is the product, price, communications, distribution, and services provided to the target market?
Marketing mix
What is anything a consumer acquires or could acquire to meet a perceived need. It is useful to think of a product in terms of the benefits it provides
A product
How does price differ from cost?
The price is the amount of money one must pay to obtain the right to use the product. The cost of the product to the consumer includes the price plus other costs such as time and effort
What are the major outcomes for society of the marketing process and consumers’ responses to it?
(1) Economic impacts, (2) environmental impacts, and (3) social impacts
What is what consumers think of and feel about a brand in relation to competing brands?
product position
What is a consumption that has negative consequences for the long run well being of the consumer.
Injurious consumption
Consumer behavior is related to?
economics, anthropology, mktg, psychology, social psychology
What are the 4 P’s?
price, place, promotion, product
What are the 5 P’s?
Price, place, promotion, product, packaging
What are the 4 components of GDP?
consumer expenditures, business investments, gov spending, & net exports of goods
What are the 5 determinants of consumer spending?
disposable income, household debt, per capita income, consumer confidence, & income inequality
How do companies try to monopolize?
by implementing long term contracts & by implementing a subscription model
What are reasons why consumers are not treated well?
how competitive a company is, how dependent is the marker on repeat business, inability to understand the value of consumer services
What is affecting consumer behavior now?
Internationalization/globalization (given us a larger selection of products & better prices); changing demographics (people living longer, less people being born); cultural changes (same gender couples); economic changes (inflation); tech changes
What are some newer technological changes?
everyone pretty much has internet & many things are now able to connect to the internet; customer/data analytics; cloud computing (most info is kept in the cloud); virtual reality & augmented reality; machine learning; artificial intelligence
What is consumer cost?
everything the consumer must surrender in order to receive the benefits of owning/using the product
What is it called when most products in developed economies satisfy more than 1 need?
Need set
