Chapter 5 Flashcards
In Maslows Hierarchy of needs
*Safety needs: security, safety
*Physiological needs: food, water, warmth, rest
What level of needs are these?
Basic Needs (ex: Volvo)
If you only remember 3 things…3
Social responsibility has gone from a NICE-TO-HAVE to a MUST-HAVE today as customers expect companies to give back to society
In Maslows Hierarchy of needs
*Self actualization: achieving ones full potential, including creative activities
What level of needs are these?
Self-fulfillment Needs (ex: Mercedes)
What part of the strategic marketing process is this lesson under?
1.Conduct a SWOT-Situation Anylysis (environmental scanning, 5C’s=> SWOT)
1.A.Discovering needs
What are the five Environmental forces?
*Social
*Economic
*Technological
*Competitive
*Regulatory
*Demographic shifts
*Cultural changes
Which of the 5 environmental forces is this?
Social
*Laws protecting competition
*Laws affecting marketing mix actions
*Self -regulation
Which of the 5 environmental forces is this?
Regulatory
What are the 5 C’s of Marketing?
*Company
*Context
*Customers
*Collaborators
*Conpetition
*Macroeconomic conditions
*Consumer income
Which of the 5 environmental forces is this?
Economic
*Changing technology
*Technology’s impact on customer value
*Technology enable data analytics
Which of the 5 environmental forces is this?
Technological
*Alternatice forms of competition
*Small businesses
Which of the 5 types of environmental forces is this?
Competitive
*Who buys the product?
*Who makes the decision and who influences it?
*How is the purchase decision made?
*What does the customer buy it for?
*Where do customers buy the brand?
*When do customers buy the brand?
*What social factors influence the purchase decision?
What answers these questions?
Consumer Behavior
Consumer behavior matters because
For success think like a customer
*Differentiation
*Retention
*More relevant advertising
*More relevant innovation
*More $$
*Product
*Price
*Promotion
*Place
What purchase process influence is this?
Marketing mix influences
*Personal influence
*Reference groups
*Family
*Social class
*Culture and subculture
What purchase process influence is this?
Sociocultural influences
*Purchase task
*Soxial surroundings
*Physical surroundings
*Temporal effects
*Antecedent states
What purchase process influence is this?
Situational influences
*Morivation and personality
*Perception
*Learning
*Values, beliefs, and attitudes
*Lifestyle
What purchase process influence is this?
Psychological influences
What is insight ?
The REALLY, REALLY behind what people do and say
What is this ?
Demand that is DERIVED from a SOURCE OTHER THAN THE PRIMARY BUYER of the product
Derived demand
Who should B2B companies market to ?
Consumers
What is this ?
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called
Environmental scanning
Which environmental forces is this ?
•Demographic shifts
•Cultural changes
Social
Which environmental force is this?
•Maceoeconomix conditions
•Consumer income
Economic
Which environmental force is this ?
•Changing technology
•Technology’s impact on customer value
•Technology enabled data analytics
Technological
Which environmental force is this?
•Alternative forms of competition
•Small businesses
Competitive
Which environmental force is this ?
•Laws protecting competition
•Laws affecting marketing mix actions
•Self regulation
Regulatory
What r the five environmental forces ?
1.Social
2.Economic
3.Technological
4.Competitive
5.Regularory
What is this ?
of the environment include the demographic characteristics of the population and its culture.
changes in these forces can have a dramatic impact on marketing strategy
social forces
What is this ?
Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation
Demographics
What is this ?
one formed by merging two previously separated units into a single household
blended family
What is this ?
Companies are developing ____ programs which are combinations of the marketing mix that reflect the unique attitudes, ancestry, communication, preference, and lifestyle of different races
multicultural marketing
What is this ?
incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group
Culture
What is this ?
the income, expenditures, and resources that affect the cost of running a business and household
economy
What is this ?
The total amount of money made in one year by a person, household, or family unit is referred to as
Gross Profit
What is this ?
is the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation
Disposable income
What is this ?
the money that remains after paying taxes and necessities
discretionary income
What is this ?
an information and communication based electronic exchange environment occupies by sophisticated computer and telecommunication technologies and digital offerings
marketspace
What is this ?
the activities that use electronic communication in the inventory
electronic commerce
What is this?
business practices are r conditions that make it difficult for new firms to enter the market
Barriers to entry
What is this ?
Consists of restrictions stste and federal law place on business with regard to the conduct of its activities
Regulation
What is this?
a grassroots movement stsrted in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions
Consumerism
What is this ?
where an industry attempts to police itsef
self regulation
What is this ?
a learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way
attitude
What is this ?
a consumers subjective perception of how a product or brand performs on difficult attributes based on personal experience, advertising,. and discussions with other people
beliefs
What is this ?
a specialized group of consumers with a structured set of relationships involving a particular brand fellow customers of that brand, and the product in use
brand community
What is this ?
Actions a person takes in purchasing and using products and services, including the mental and social process that come before and after these actions
consumer behavior
What is this?
a visual representation of all the touch points a consumer comes into contact with before, during and after a purchase
Consumer journey map
What is this ?
a marketers product, service, or brand points of contact with a consumer from stsrt to finish in the purchase decision process
Consumer Touchpoints
What is this ?
The distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors
Family life cycle
