chapter 3

Question 1

consumer decision making process

Answer 1

1. need recognition
2. info search
3. evaluation of alternative
4. purchase
5. post purchase behaviour

Question 2

want vs need

Answer 2

need: desire something that we dont posses but yearn to acquire
want: particular product or service that will satisfy a need

Question 3

what is market segmentation

Answer 3

division of the market into meaningful, similar, and identifiable segments, groups - forms the basis of mktg mix - identify customers with similar needs, constient mktg concept, find info to desing proper mktg concept

Question 4

what is a successful segmentation (4)

Answer 4

1. sustainability
2. identifiability
3. accessibility
4. responsiveness

Question 5

what is cannibalization

Answer 5

when sales of a new product cut into sales of a firm’s existing products

Question 6

what are the main types of consumer buying decisions (5)

Answer 6

1. level of consumer involvement
2. length of time to make decisions
3. $ of good to produce
4. degree of info search
5. num of alternatives considered

Question 7

what is positioning

Answer 7

infulence customers overall perception of a brand product line or organization
* perceptual map: display location of product, brands… of products in customer’s mind

Question 8

what is undifferentiated targeting

Answer 8

view as 1 big market - 1 mktg mix

Question 9

what is concentrated targeting

Answer 9

select 1 segment of a market to target mktg effors

Question 10

what is cognitive dissonance

Answer 10

tension from customer after realizing inconsistence between behaviour and values or opinions - purchasing even if its is not perfect as u wished

Question 11

evoked set

Answer 11

group most preferres alternatives from info search which buyer can evaluate to make final choice