Chpt 12: Marketing and Consumer Behavior Flashcards

1
Q

Consumer Behavior

A

Refers to the ways individuals and organizations search for evaluate, purchase, use, and dispose of goods and services

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2
Q

Business-to-consumer (B2C) Markets

A

B2C is a market in which individuals purchase goods and services for their personal consumption

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3
Q

Business-to-business markets (B2B)

A

Markets where businesses purchase goods and services from other businesses

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4
Q

What are the steps for a purchase decision process?

A

1.) need recognition
2.) information search
3.) evaluation of alternatives
4.) purchase or no purchase decision
5.) postpurchase evaluation

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5
Q

How does culture affect a persons buying behavior?

A

Through a set of learned attitudes, beliefs, and ways of life that are unique to a society and handed down from generation to generation

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6
Q

What unique personal influences shape buying behaviors?

A

By being shaped by their age, gender, economic situation, lifestyle, and personality.

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7
Q

How do attitudes(psychological influences) affect buying decisions?

A

Because of the differences in a buyer’s motivation, perception, attitudes, learning and customer loyalty through good experience

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8
Q

Can temporary conditions affect how buyers behave?

A

Yes, the situational influences include the physical surroundings, the physical surroundings, the social surroundings, and the type of product purchased

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9
Q

Direct purchasing

A

Buyers in B2B markets often purchase directly from sellers, as opposed to consumer markets, where products typically go through many wholesales before a product arrives at the end user

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10
Q

Strong customer relationship

A

Because there are only a few sophisticated buyers that purchase large quantities, marketers find it necessary to establish much closer relationships with customers compared to the relationship Ms with buyers in consumer markets. As a result B2B market g is focused more on personal selling g compared to the mass advertising campaigns that typify consumer markets.

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11
Q

A few buyers that purchase in large quantities

A

B2B marketed typically involve a few buyers that purchase large quantities. For example only a few airline companies buy most of Boeings jets

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12
Q

Highly trained buyers

A

Most business-purchasing agents are highly skilled at their jobs. They often weigh the benefits and the costs in a more systematic fashion and are less influenced by emotional factors than are buyers in consumer markets this requires sellers to pitch their products at a much more sophisticated level

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13
Q

Group purchasing decision

A

Teams of individuals within purchasing departments usually collaborate when making purchasing decisions. This means marketers must be patient and mindful of the concerns of all decision makers to deal a deal

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14
Q

Geographically concentrated buyers

A

Most buyers in B2B markets are concentrated in a few of the most industrialized states, where large businesses are located. This reduces the costs of reaching buyers

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15
Q

What is marketing

A

An organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders / bold text marketing can be thought of as identifying and meeting human needs and wants bold text

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16
Q

What was the marketing concept?

A

Refers to an era that changed the focus from finding the right customer for a product to producing the right product for a customer and doing it better than the competition

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17
Q

What is Customer Relationship Management (CRM)?

A

The process of establishing long-term relationships with individual customers to foster loyalty and repeat business

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18
Q

What is Search Engine Optimization (SEO)

A

When a company ensures that their listings are close to the top of a search result as high rankings in search engines are important for garnering more consumers

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19
Q

What is Social Marketing?

A

Aims to change consumer behavior, to benefit society such as recycling or using recycled products, the use of organic products, and the use of locally sourced or manufactured goods

20
Q

Form Utility

A

The satisfaction derived from the shape of a good or presentation of a service (Think how customers would rather the shape of a Jordan rather than the base fabric and plastic it’s made from)

21
Q

Task utility

A

When someone performs a services for someone else (like if someone where to repair your broken Jordan’s)

22
Q

Time utility

A

When a business makes a product available when it is most needed (think about winter time and when clothing lines produce warm clothing rather than shorts)

23
Q

Place utility

A

The satisfaction derived from obtaining a product where it is desired (think of gas stations along the highway)

24
Q

Ownership utility

A

The satisfaction derived from possessing an item (the transferring of ownership from company to customer)

25
Q

Value

A

The value of a product equals the ratio of a products benefits to its costs

26
Q

Misuse of personal information

A

The collection of information from a customer through online activity and surveys to create hyper targeted ads violating our personal information

27
Q

Hidden fees

A

When fees are charged that were not included in the advertised price

28
Q

Consequences of purchase

A

When people are taken advantage of when certain features of a product are not made apparent to them

29
Q

What are Marketing Environments

A

Environmental influences beyond a firms control that constrain the organization’s ability to manipulate its marketing mix

30
Q

Environmental Scanning

A

The process of surveying the marketing environment to assess external threats and opportunities

31
Q

What is Market Research?

A

The process of gathering and analyzing market information for making marketing decisions

32
Q

What are the steps for marketing research?

A
  1. Define the marketing need or opportunity
  2. Develop the research design
  3. Collection the relevant data
  4. Analyze and interpret the data
    5.action conclusions
33
Q

Primary data

A

The raw data collected by a researcher

34
Q

Focus Groups

A

groups of typically 8-10 potential customers who are asked for feedback on a good or a service, an advertisement, an idea, or packaging style

35
Q

Secondary data

A

Data that have already been collected and processed

36
Q

Marketing Plan

A

Is a written document that specifies the marketing activities that will take place to achieve organizational objectives

37
Q

Marketing Objective

A

A clearly stated goal to be achieved through marketing activities

38
Q

What is a Target Market?

A

A specific group of potential customers on which a firm focuses its marketing efforts

39
Q

Market Segmentation

A

The process of separating the broader market into smaller market groups

40
Q

what is a market segment?

A

A subgroup of potential customers who share similar characteristics and, therefore, similar product needs and preferences

41
Q

What is a Niche market?

A

A very narrowly defined set of potential customers

42
Q

Positioning

A

The process of developing a unique marketing mix that best satisfies a target market

43
Q

Geographic Segmentation

A

Market segmentation according to geographic characteristics

44
Q

Demographic Segmentation

A

Market segmentation according to age, race, religion, gender, ethnic background, and other demographics

45
Q

Psychographic Segmentation

A

Market segmentation based on lifestyles personality traits, motives, and values

46
Q

Behavioral Segmentation

A

Market segmentation based on certain consumer behavior characteristics

47
Q

Marketing Mix: The Four P’s are…

A
  1. Product
  2. Price
  3. Place
  4. Promotion
    The chain goes you want to match the bold text product bold text with customer needs and wants at an appropriate bold text price bold text and then bold text promote bold text its sale and bold text place bold text the product in a convenient location for customer purchase