Exam 1

Question 1

What is marketing?

Answer 1

Its selling, advertising, making a profit, increasing market shares, etc.
Understanding consumers and managing profitable consumer relationships

Question 2

3 signs of a positive relationship

Answer 2

Attract new customers
Retain current consumers
Grow current consumers

Question 3

How to attract, retain, and grow? (Consumer relationships)

Answer 3

deliver value to your consumers. (what consumer determines valuable) value has to be perceived by the consumer
Then> understand/identify the needs and wants of consumers.
Then meet, and satisfy their wants BETTER THAN YOUR COMPETITION

Question 4

Collaboration service

Answer 4

a new trend where consumers want to participate and collaborate with companies to create a product or experience that fits their lifestyle. (consumer world)
Becomes more about relationships rather than a business transaction

Question 5

Consumer

Answer 5

a person who has a need or want, purchases, consumes a product and disposes of it.

Question 6

Purchaser, user, influencer

Answer 6

Purchaser > pay for it
User > uses it
Influencer > influence someone to get it

Question 7

What is consumer behavior

Answer 7

reflects the totality of consumers’ decisions with respect to the acquisition, consumption, and disposition of goods, services, time, and ideas by decision-making units.
Also. The study of human responses to products and services and to the marketing of those products and services.

Question 8

Define consumer behavior

Answer 8

the study of human responses to products and services and to the marketing of those products and services

Question 9

Consumer response

Answer 9

ABC affect feelings, behavior actions, cognitions thoughts. where is it coming from why do they respond like this?
The mind of the consumer is a mystery. Big black box. Hard to figure out.

Question 10

System 1. Reflex.

Answer 10

brain is fundamental. Always on as you are awake. Automatic, quick. Non conscious responding. Gut response. Tied to emotions. Can’t turn off. Soon as u see it you think.

Question 11

System 2. Rational

Answer 11

slower system. Conscious speaking. Pay attention more. Mental energy to process it.

Question 12

Social desirability bias.

Answer 12

Gives an answer that seems reasonable, socially acceptable/desirable.

Question 13

Observation research

Answer 13

making observations of behavior and recording those observations in an objective manner.
In controlled setting

Question 14

Qualitative research

Answer 14

unstructured, open Enders, interpretation
Researcher is heavily involved in this process. Tends to be smaller in sample size. Subjective results.

Question 15

Quantitative research

Answer 15

Measure and test. structured, specific questions, measuring, numbers, statistics. Objective results. Large sample size, uninvolved researcher.

Question 16

Focus group

Answer 16

in depth interview with a moderator. 6-12 people. Participants then will discuss a product, concept, or other marketing stimulus.

Question 17

Pros of focus groups

Answer 17

in depth. Follow ups/clarification, sparks new ideas, diverse backgrounds/perspectives

Question 18

Cons of focus groups

Answer 18

social desirability. Moderator bias. Groupthink; occurs when we’ll intentioned groups make suboptimal decisions because of desire to conform to or believe they can’t disagree with them

Question 19

Survey definition

Answer 19

A research method that uses questionnaires and self report by participants to measure un/ observable variables
Cross sections= single point in time
Longitudes= track across time