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Marketing > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

The buying behavior of all final consumers—individuals & households that buy goods and services for personal consumption

A

Consumer buying behavior

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2
Q

All individuals & households that buy products/services for personal consumption

A

Consumer market

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3
Q

What 4 factors influence customer behavior? (Characteristics that influence their perception & reaction to stimuli)

A

-cultural
-social
-personal
-psychological

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4
Q

Groups within a society whose members share a distinctive set of beliefs, characteristics, or common experience

A

Subcultures

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5
Q

Relatively permanent & ordered divisions in a society whose members share similar values, interests, and behaviors

A

Social class

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6
Q

What are some examples of cultural factors?

A

-values
-language
-myths
-behaviors
-cultural customs
-religion

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7
Q

Direct influence, person belongs to

A

Membership group

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8
Q

A set of people a consumer wants to please or imitate

A

Reference group

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9
Q

Activities people are expected to perform

A

Role

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10
Q

Esteem given to a role

A

Status

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11
Q

What are some examples of social factors?

A

-groups
-family
-roles
-status

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12
Q

Change of goods or services over lifetime (life changing events like marriage, kids, etc.)

A

Age/life cycle

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13
Q

Income, savings, interest rates

A

Economic situation

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14
Q

Pattern of living expressed by activities, interests, opinions

A

Lifestyle

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15
Q

Choose brand with a similar personality

A

Personality/self-concept

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16
Q

Effects goods/services bought

A

Occupation

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17
Q

Need pressing enough to direct a person to seek satisfaction

A

Motive/motivation

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18
Q

Process where people select, organize, interpret, information to form a meaningful picture of the world

A

Perception

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19
Q

What are the three perceptual processes?

A

-selective attention
-selective distortion
-selective retention

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20
Q

The tendency for people to screen out most of the info. To which they’re exposed

A

Selective attention

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21
Q

The tendency of people to interpret info. in a way that supports what they already believe

A

Selective distortion

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22
Q

Consumers are likely to remember good points made about a brand they favor & forget good points made about competing brands

A

Selective retention

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23
Q

Changes in individuals behavior due to experience

A

Learning

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24
Q

A descriptive thought that a person has about something

A

Beliefs

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25
Q

Describes a persons relatively consistent evaluation, feelings, and tendencies toward an object or idea

A

Attitudes

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26
Q

What are the 5 stages of the consumer decision-making process?

A
  1. Need recognition
  2. Information search
  3. Evaluation of alternatives
  4. Purchase decision
  5. Post purchase behavior
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27
Q

What stage of the consumer decision-making process recognizes a problem or need?

A

Stage 1 (need recognition)

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28
Q

What stage of the consumer decision-making process actively searches for info. revolving around that need?

A

Stage 2 (information search)

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29
Q

What stage of the consumer decision-making process processes info. to evaluate brand choices?

A

Stage 3 (evaluation of alternatives)

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30
Q

What stage of the consumer decision-making process is the buyers decision about which brand to purchase?

A

Stage 4 (purchase decision)

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31
Q

What two factors can come in between the purchase intention and purchase decision?

A

-attitudes of others
-unexpected situational factors

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32
Q

What stage of the consumer decision-making process depends on how the consumer is feeling AFTER purchasing a good/service?

A

Stage 5 (postpurchase behavior)
satisfaction is important because it may affect the business

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33
Q

The process of dividing a market into groups of similar consumers and selecting the most appropriate group or groups to serve

A

Market segmentation

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34
Q

Consists of a group of customers who want to share a similar set of needs and wants

A

Market segment

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35
Q

What are the 5 steps in market segmentation?

A
  1. Determine consumer needs and wants
  2. Divide markets on relevant dimensions
  3. Decide target marketing strategy
  4. Develop product positioning
  5. Design marketing mix strategy
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36
Q

What are the 4 types of segmentation?

A
  1. Geographical
  2. Demographic
  3. Psychographic
  4. Behavioral
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37
Q

Geographical factors:

A

World region or country, region of country, city, etc.

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38
Q

Demographic factors (most popular segmentation):

A

Gender, age, cohorts, family size, income, religion, race

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39
Q

Psychographic factors:

A

Lifestyle, social class, personality-based segmentation

40
Q

Behavioral factors:

A

Occasions, benefits, user status, attitude toward product
(Closely related to needs, wants, and usage)

41
Q

What are the 5 requirements for effective segmentation?

A
  1. Measurable
  2. Accessible
  3. Substantial
  4. Differentiable
  5. Actionable
42
Q

Which market segmentation requirement involves size, purchasing power, profile of segment?

A

Measurable

43
Q

Which market segmentation requirement involves the ability to be reached and served?

A

Accessible

44
Q

Which market segmentation requirement involves being large and profitable enough to serve?

A

Substantial

45
Q

Which market segmentation requirement involves the ability to respond differently?

A

Differentiable

46
Q

Which market segmentation requirement involves the ability of effective programs to be developed?

A

Actionable

47
Q

Evaluating each segment’s attractiveness and selecting one (or more than one) of the market segments to enter

A

Target marketing

48
Q

What are market segments evaluated by?

A

-size & growth
-level of competition
-substitute products
-company objectives & resources

49
Q

The place the product occupies in consumers minds relative to competing products (typically defined by consumers on the basis of important benefits and/or attributes)

A

Positioning

50
Q

What is the key to successful positioning?

A

Differentiation

51
Q

To make a unique offering that supports the desired benefit?

A

Differentiation

52
Q

What are 5 ways a company can differentiate itself?

A
  1. Product differentiation
  2. Service differentiation
  3. Channel differentiation
  4. Personnel differentiation
  5. Image differentiation
53
Q

What way of differentiating involves features, performance, style, & design?

A

Product differentiation

54
Q

What way of differentiating involves speed & convenience?

A

Service differentiation

55
Q

What way of differentiating involves channels coverage, expertise, &performance?

A

Channel differentiation

56
Q

What way of differentiating involves selecting customer—contact people carefully, trains well?

A

Personnel differentiation

57
Q

What way of differentiating must be supported by everything the company is, says, & does?

A

Image differentiation

58
Q

What are the three levels of production?

A
  1. Core customer value
  2. Actual product
  3. Augmented product
59
Q

What are the four product types?

A
  1. Convenience product
  2. Shopping product
  3. Specialty product
  4. Unsought product
60
Q

Name, term, sign, symbol, design that identifies the maker/seller of a product/service

A

Brand

61
Q

Something that adds value to a purchase and is part of the product. They also provide identification, quality, and consistency

A

Brand

62
Q

Group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

A

Product line

63
Q

Number of items in the product line

A

Product line length

64
Q

Adding more items within the present price range

A

Product line filling

65
Q

Adding more products that are higher/lower than existing price range

A

Product line stretching

66
Q

Set of all product lines and items that a particular seller offers for sale

A

Product mix (or product portfolio)

67
Q

What are the four product mix decisions?

A
  1. Width
  2. Length
  3. Depth
  4. Consistency
68
Q

Which product mix decision deals with the number of different product lines the company carries?

A

Width

69
Q

Which product mix decision deals with the total number of items a company carries within its product lines?

A

Length

70
Q

Which product mix decision deals with the number of versions offered for each product in the line?

A

Depth

71
Q

Which product mix decision deals with how closely related various product lines in end use, production requirements, distribution channels, or some other aspect?

A

Consistency

72
Q

When a parent brand launches a new product line in a category already familiar with its customers

A

Line extension

73
Q

Using an established brand to sell a new product or new product category

A

Brand extension

74
Q

By having a portfolio of brands, a company can offer products with unique features and purposes, provide customers with a diversity of choices and target particular sections of the market

A

Multibrands

75
Q

Entirely new brand with entirely new product

A

New brands

76
Q

Any activity, benefit, or satisfaction that one party can offer another for sale that is essentially intangible and does not result in the ownership of anything

A

Services

77
Q

What are some service characteristics?

A

-intangibility
-variability
-inseparability
-perishability

78
Q

The positive differential effect that knowing the brand name has on customer response to the product or service

A

Brand equity

79
Q

Strong brand equity has….

A

Higher consumer awareness, strong loyalty, aided with new products, less susceptible to price competition

80
Q

What are four brand sponsorships?

A
  1. National brands
  2. Store brands
  3. Licensing
  4. Co-branding
81
Q

Which brand sponsorship is marketed under the manufactures own name?

A

National brands

82
Q

Which brand sponsorship is created and owned by a reseller of a product or service?

A

Store brands

83
Q

Which brand sponsorship uses names and symbols created by other companies or well-known movie characters or celebrities for a fee?

A

Licensing

84
Q

Which brand sponsorship uses the established brand names of two different companies on the same product?

A

Co-branding

85
Q

What are the 8 stages of new product development?

A
  1. Idea generation
  2. Idea screening
  3. Concept development & testing
  4. Marketing strategy development
  5. Business analysis
  6. Product development
  7. Test marketing
  8. Commercialization
86
Q

What stage of new product development involves the systematic search for new product ideas?

A

Idea generation (stage 1)

87
Q

What stage of new product development involves screening new product ideas to spot good ones and drop poor ones as soon as possible?

A

Idea screening (stage 2)

88
Q

What stage of new product development involves product idea, product concept, & concept testing?

A

Concept development & testing (stage 3)

89
Q

What stage of new product development involves initial marketing strategy for a new product?

A

Marketing strategy development (stage 4)

90
Q

What stage of new product development involves reviewing sales, costs, and profit projections for a new product?

A

Business analysis (stage 5)

91
Q

What stage of new product development involves ensuring a product idea can be turned into a workable market offering?

A

Product development (stage 6)

92
Q

What stage of new product development involves the product and its proposed marketing program introduced into realistic market settings?

A

Test marketing (stage 7)

93
Q

What stage of new product development involves introducing a new product into the market?

A

Commercialization (stage 8)

94
Q

An idea for a possible product that the company can see itself offering to the market

A

Product idea

95
Q

A detailed version of the new product idea stated in meaningful consumer terms

A

Product concept

96
Q

Testing a new-product concepts with groups of target customers to find out if the concepts have strong customer appeal. Would they buy it…?

A

Concept testing

Marketing (9 decks)

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