Brainscape's Knowledge GenomeTM

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


See full index

Marketing (MKC1200) > Chapter 4 & Chapter 5 - Done > Flashcards

Chapter 4 & Chapter 5 - Done Flashcards

1
Q

What is consumer behaviour?

A

It is the term used to describe the analysis of the behaviour of individuals and households who buy goods and services for personal consumption

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

What are the categories of influences on the consumer?

A

Situational, Group and Individual factors

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

What are some situational factors?

A
  • Physical: The characteristics of the location in which the purchase was made
  • Social: The interactions with others made at the time of the purchase (not to be confused with social influences on consumer behavior)
  • Time: The time that is available for a purchase decision
  • Motivational: The reasons for which an individual wants to make the purchase in the first place
  • Mood: The mood of the person at the time that they make the purchase
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the group influences on consumer behaviour?

A

Cultural factors

Social factors

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

What is culture?

A

A system of knowledge or beliefs, values, rituals and artifacts

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

What can national cultures be separated by?

A
  • Power distance: The degree of inequality accepted within a culture. Western societies tend to score low on power distance, whereas Asian societies score high in power inequalities
  • Uncertainty avoidance: The extent to which people in a culture feel threatened by uncertainty and rely on a mechanism to reduce it
  • Individualism: The extent to which people focus on their own goals over those of the group. Western societies are more individualistic whereas Asian societies are more collectivist
  • Masculinity: The extent to which traditionally masculine values are valued over traditionally feminine values
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is a subculture?

A

A group of individuals who differ on some influential dimensions from the broader culture in which they are immersed

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

What is a social class?

A

Comprises of individuals of similar social rank within the hierarchy

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

What does social factors do?

A

Looks as to how the group influences the behavior of its individual characters typically through group pressure

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

What is a reference group?

A

Is any group to which an individual looks for guidance as to what are appropriate values, attitudes or behaviors

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

What is a membership reference group?

A

Groups to which an individual belongs

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

Aspirational reference group

A

Groups to which the individual would want to be part of

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

Dissociative reference group

A

Groups which the individual does not want to be considered a part of and/or a group that an individual may want to leave

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

What is an opinion leader?

A

Reference group members who provide relevant and influential advice about a specific topic of interest

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

What is the family cycle?

A

It states that a traditional family goes through different stages and relates those stages as part of the decision making process for an individual

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

What are the different types of family decisions?

A
  • Autonomic decisions: Most household products are typically purchased by either spouse including clothing, furniture, cosmetics, household items etc
  • Wife dominant decisions: Although this has changed, women still majoritively make the purchase decisions for food, health care, laundry and bathroom products, children’s clothing and kitchen products
  • Husband dominant decisions: A small range of products such as hardware and garage tools
  • Syncratic decisions: Some decisions are made by both husband and wife. Such decisions would be major household purchasing decisions such as purchasing a home, a mortgage and/or a superannuation fund
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are individual factors?

A

Personal characteristics usually constitute an individual’s identity and in this sense are objective and relatively stable in the short term

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are the individual demographic factors?

A

Describe the general makeup of the population in terms of existing objective, measurable characteristics that are either assumed or demonstrated to be related to the purchase or consumption of products
NOTE: They do not directly cause shopping or choice behavior but rather they vary systematically and predictably with the observed behavior

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are the individual lifestyle factors?

A

This is defined by how an individual spends their time and how they interact with each other
It also considers the Personal Aspiration Lifestyle Segments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are the individual personal factors?

A
  • A set of unique psychological characteristics and
    behavioral tendencies that characterize an individual
  • It is formed through a complex mix of genetics and experiences and as a result, there is not real way of providing any form of solid, empirical data
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What are psychological factors?

A

Describe the internal factors that shape thinking, aspirations, expectations and behaviors of the individual

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is motivation?

A

Refers to an individual’s internal drive to act to satisfy unfulfilled needs or achieve unmet goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is perception?

A
  • It is the psychological process that filters, organizes and attributes meaning to external stimuli
  • Perception is also individual
    “Perception is reality” - If people believe it is true, then it is true
24
Q

What is selective exposure?

A

The tendency to actively seek out messages with which the audience already agree or those that are pleasant

25
Q

What is selective attention?

A

The process by which an individual chooses to take in only those messages which are relevant to their needs

26
Q

What is selective distortion?

A

An individual’s tendency to perceive messages that are inconsistent with existing beliefs or attitudes (altered in comparison to reality) in such a way as to reduce inconsistency

27
Q

What is selective retention?

A

The tendency to only remember information which is consistent with other beliefs and which is relevant to an individual’s needs

28
Q

What are beliefs values and what do they do?

A
  • Beliefs comprise descriptive or evaluative thought that an individual holds regarding their knowledge or assessment of a person, idea, product etc
  • An attitude describes an individual’s relatively stable and consistent thoughts and feelings and behavioral intentions towards an object or idea
  • They make up the mental map that customer relies on when making judgments about problems that require solutions and products for which there is no general need
29
Q

What are the components that make an attitude?

A
  • The cognitive component: comprises the person’s awareness of and knowledge about the object or issue
  • The effective component: refers to feelings towards or approval of the object or issue
  • The behavioral component: reflects the individual’s actions or intentions towards the object or issue
30
Q

What is learning?

A

The process by which individuals acquire new knowledge and experience that they can apply to future problems, opportunities and behaviors

31
Q

What are behavioural learning theories?

A
  • They stress the role of experience and repetition of behavior
  • At its most simplest level, conditioning, as described by Pavlov is a form of learning whereby the individual repeats the same process because of a pleasant experience
32
Q

What are cognitive learning theories?

A
  • Describe learning that takes place through rational problem solving and that emphasizes the acquisition of new knowledge and its synthesis
  • Generally given when the consumer needs to make complex thought processes in order to come to a decision
33
Q

What are the steps in the consumer decision making process?

A

Need want recognition
Information search
Evaluation of options
Purchase - (For the purchase, it is the when, where and how (Cash, card etc) of the purchase)
Post-purchase evaluation - (Cognitive dissonance occurs when an individual has second thoughts or doubts about the wisdom of their purchase)

34
Q

What are the different types of decision making?

A

Habitual, limited and extended

35
Q

What is habitual decision making?

A

Involves little involvement with the purchase and there is little cognitive dissonance

36
Q

What is limited decision making?

A

Involves seeking limited information to evaluate options for infrequent purchases within familiar product categories such as clothing, books, music, inexpensive appliances and restaurants

37
Q

What is extended decision making?

A
  • Involves a high involvement with the purchase in a protracted, detailed manner
  • In such purchases, consumers will go about to obtain information concerning their need or want and will try to find out everything about the product
38
Q

What is a business market made of?

A

Are made up of individuals or organisations that purchase products for one or more of the following three purposes

  • To resell the product
  • To use the product in the production of other products
  • To use the product in their daily business operations
39
Q

What are the different types of markets in the business market?

A

Reseller, Producer, Government and Institutional

40
Q

What are reseller markets?

A

They comprise of intermediaries, primarily wholesalers and retailers who buy products in order to sell or lease them to other parties for profit

41
Q

What are producer markets?

A

Are also known as industrial markets and are those in which business organisations and professionals purchase products for use in the production of other products or for use in their daily operations

42
Q

What are government markets?

A
  • In order for governments of different levels to provide these services, governments purchase an enormous amount of products in that part of the business markets known as the government market
  • Government forms a large part of the market and therefore, marketers also target the government
43
Q

What are institutional markets?

A
  • There are many organisations that are neither public nor for-profit
  • Such organisations include schools, hospitals, religious organisations and charities
44
Q

What are the differences between marketing to consumers and marketing to businesses?

A

High Value and High Volume Purchases
Negotiation and price competition
Small number of sellers and buyers
Formal assessment of purchase alternatives - (Business customers often demand extensive and detailed information about product features and specifications so that the product meets the organisation’s needs)
Ongoing relationships - (Many buyers and sellers in the B2B market work very close)

45
Q

What are the characteristics of business demand?

A

Derived demand

Joint demand

46
Q

What is derived demand?

A

Refers to the snowball effect that is present when a consumer wants something, which then makes the business need it, and this continues up the chain up to the producer

47
Q

What is joint demand?

A

Most business products use numerous components, even hundreds and/or thousands

48
Q

How is demand in business markets?

A

In many parts of the business market, demand is inelastic
Generally speaking, industry demand tends to be price inelastic in business markets whereas company demand can be highly elastic

49
Q

What are the different business buying behaviours?

A

Straight rebuy
Modified rebuy
New task purchase

50
Q

What is a straight rebuy?

A

Is typical of the majority of business purchases and occurs when buyers purchase the same products routinely from established vendors under already established terms of sale, often through an automated or semi-automated ordering system

51
Q

What is a modified rebuy?

A

Change triggered by development of new product features or need for different performance characteristics from the product which causes the business to choose a similar, but not identical product to the one it has purchased previously

52
Q

What is a new task purchase?

A

When a business identifies a new problem and makes a new purchase or introduces a new process which requires a process, it will need to make a purchase in a product category for the first time

53
Q

What are the steps taken in making a purchase?

A

Negotiation, Description, Inspection and Sampling

54
Q

Who are the bodies in an organisation buyer?

A

Initiators - (Those who recognize the need for the purchase)
Users - (Those for whom the product is being purchased)
Influencers - (Those who develop the product specifications and who are responsible for formally evaluating alternatives)
Deciders - (Those with the authority to make the final decision to purchase)
Buyers - (Those who actual make the purchase and have the power to do so)
Gatekeepers - (Those who control information with regards to a purchasing decision)

55
Q

What is the business decision making process?

A

Has the same stages as the consumer decision making process but for business purchases, most stages are more protracted and formalized

56
Q

What are some internal environmental factors affecting buying behaviour of a business?

A

Nature of organisation
Structure of the organisation and its buying centers
Individuals within the organisation and its buying centers

57
Q

What are some external environmental factors affecting buying behaviour of a business?

A 
Economic uncertainty
Global macro‐economic forces
Contentious political environment
Competitor's actions
PESTEL

Marketing (MKC1200) (13 decks)

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