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Consumer Behavior > Exam 1 > Flashcards

Exam 1 Flashcards

0
Q

The Marketing Concept

A
  • focusing on consumer needs
  • integrating all activities of the organization
  • achieving long run profitability through consumer satisfaction
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1
Q

AMA definition of marketing

A 
Process of planning and executing:
-conception
-pricing
-promotion
-distribution
of goods to create exchange values to satisfy objectives
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2
Q

Positioning

A

Psychological concept of:

The place a brand occupies in the mind of the consumer

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3
Q

Current AMA Definition of Marketing

A

The activity, set of institutions, and process for creating, communicating, delivering and exchanging offerings that have value

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4
Q

Consumer Sovereignty

A

The individual consumer is the ultimate authority on what is best

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5
Q

Societal Marketing Concept

A
  • societal consequences of satisfying consumer needs for private for profit businesses
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6
Q

Societal Marketing Concept purpose

A

Achieve long run objectives of the organization by balancing consumer satisfaction and needs of society

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7
Q

Social Marketing

A

Programs by government and nonprofits to discourage bad consumer behavior (cigaret smoking)

OR

Encourage beneficial consumption (exercise)

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8
Q

Strategic Marketing Planning

A

1) business definition - the consumer needs that the organization satisfies
2) business objectives - what is to be accomplished, quantitative level to be achieved, and time frame
3) determine marketing strategy - what is the marketing mix

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9
Q

Marketing Mix

A

Product
Price
Promotion
Place

Also known as the 4P’s

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10
Q

What is a consumer product?

A

Every want-satisfying attribute a consumer thinks in making a purchase both psychological and physical

Defines a product from consumers viewpoint

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11
Q

Perception

A

To see, hear, touch, taste, smell, or sense internally, something and to derive meaning from it

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12
Q

Perception depends on….

A

Previous experience, motivation, and information

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13
Q

Positioning depends on…

A

Individual consumers perception of the benefits of the product

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14
Q

Product life cycle

A

Development

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15
Q

Consumer goods classification

A

Convenience

Shopping

Specialty

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16
Q

Convenience goods

A

Goods consumer buys frequently and with little effort

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17
Q

Consumer purchasing decision process of convenience goods

A

Routine buying behavior

Low involvement and brand loyalty

Price has inelastic demand

Promotion is by manufacturer

Intensive distribution

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18
Q

Consumer purchase decision process

A

Problem recognition

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19
Q

Shopping goods

A

Goods purchased less frequently that consumers make comparisons

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20
Q

Consumer purchasing decisions of shopping goods

A

High involvement

Minimal brand loyalty

Attributes are important for heterogeneous goods

Price is important for homogenous goods

Promotion by retailer

Selective distribution

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21
Q

Limited or extensive problem solving decision process

A

Problem recognition

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22
Q

Specialty goods

A

Goods that have unique characteristics or brand identification

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23
Q

Specialty goods buying process

A

High involvement and brand loyalty

Price has inelastic demand

Promotion shared by manufacture and retailer

Exclusive distribution

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24
Q

Promotion

A

Advertising

Sales promotions

Publicity

Public relations

Personal selling

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25
Q

External environmental factors

A 
Economic
Political
Competitive
Legal
Cultural
Ecological 
Social
Technological
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26
Q

Market segmentation

A

Process of dividing large heterogeneous markets into smaller homogeneous subsets of people with similar needs and differing responsiveness to market mix offerings

27
Q

Target market

A

Homogenous segment of market that marketer directs a specific program

28
Q

Target audience

A

Group of people other than typical prospects who influence the purchase of the product

29
Q

Segmentation approaches

A

Mass marketing/undifferentiated marketing/market aggression/total market approach

Segmented marketing

Direct marketing

Niche marketing

30
Q

Segmentation tools

A

Demographics

Geographic

Psychographic

Behavioral

31
Q

Demographic variables

A 
Age
Gender
Income
Occupation
Education
Family size
Stage of family cycle 
Religion race and ethnicity
32
Q

Geographic variables

A

Global/local

Urban/rural

Country-region-state-SMSA-census

Climate

33
Q

Psychographic variables

A

Lifestyle

Social class

Personality

34
Q

Behavioral variables

A 
Desired benefit
User status
User rate
Brand loyalty
Occasions or critical event
Readiness to buy
Attitude towards product
35
Q

Consumer responses approach to segmentation

A 
Benefit desired
User status
User rate
Loyalty
Occasions
Readiness to buy
Attitude toward product
36
Q

Consumer characteristic approach to segmentation

A

Demographic

Geographic

Psychographic

37
Q

Perfect competition market

A

Many small firms

Homogenous product

38
Q

Monopolistic competition market

A

Many small firms

Differentiated product

39
Q

Oligopoly

A

Few large firms

Homogenous or differentiated product

40
Q

Monopoly market

A

One large firm

Only product

41
Q

Elements of economics

A

Scarcity

Choice

Market price

Opportunity cost

efficiency

42
Q

Economic analysis

A

Positive: what is
Neutral, value free

Normative: what ought to be
Policy

43
Q

Market demand

A

The various quantities of a good that consumers are willing and able to buy at given prices

44
Q

What determines demand

A

Price
Income
Preferences
Prices of substitutes

45
Q

Transitive preference ordering

A

Mathematical property of the consumers preference

If a > b, and b > c, then a > c

46
Q

Behavioral Postualte

A

Consumer who makes consistent choices

47
Q

Market supply

A

Quantities of a good that a firm is willing and able to produce at given prices

48
Q

What determines supply

A

Price of product

Cost of production

Technology

Short run vs long run

49
Q

Price elasticity of demand

A

Elasticity =

Relative change in price

50
Q

What determines elasticity

A

Number and closeness of substitutes

Importance in consumers budget

51
Q

Price elasticity of demand

A

E = 0 Perfectly elastic

E < 1 Inelastic

E = 1 Unity

E > 1 Elastic

E = infinity Infinitely elastic

52
Q

Arc elasticity

A

P1 - P2/ 0.5(P1-P2)

53
Q

Cereus Paribus

A

Holding all other things equal

54
Q

Externalities in economics

A

A divergence between private and social costs and benefits results in market failure

55
Q

Marketing market demand

A

Total volume that would be bought by a defined customer group in a defined geographical are in a defined time period in a defined marketing environment under a defined marketing program

56
Q

Pareto optimality

A

When economy is in equilibrium, no consumer can be made better off without making another consumer worse off

57
Q

Social class

A

Division of society into a hierarchy of groups so that members of each class have the same status

An individuals relative position in society

58
Q

Social STATUS

A

Relative rankings of members within each social class in terms of wealth, income, occupation, home ownership, and education

An individual’s relative position within a social class

59
Q

Subjective measure of social class

A

Subjective - self perception

Reputational - perception of others

Objective - single variable: occupation

60
Q

Feudalism

A

Born into position of society

Nobility, clergy, serf

61
Q

Primary labor market

A

Steady, stable, and riding source of income with opportunity for social mobility

62
Q

Secondary labor market

A

Inferior social status, insecure employment, bad working conditions, but not always low paying (seasonal construction job)

63
Q

Marketing definition of culture

A

Sum of learned beliefs, values, and customs that serve to direct consumer behavior of a particular society

64
Q

What defines a value

A

Few in number

Enduring

Guide for appropriate behavior

Not tied to object or situation

Widely accepte

Consumer Behavior (1 decks)

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