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BUS 343 > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

What question does consumer behaviour solve

A

Why?

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2
Q

What is the consumer decision process

A

Need recognition
Information search
Alternative evaluation
Purchase decision
Post purchase

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3
Q

What are the two types of needs for need recognition

A

Functional needs
Psychological needs

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4
Q

What are the two types of information searching and what affects how hard or how long you are willing to search

A

Internal vs external search for information

What affects how hard
or how long you’re
willing to search?

Benefits vs. costs of search
Locus of control
Actual or perceived risk

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5
Q

What are the ways we evaluate alternatives

A

Attribute sets

Compensatory decision rule

Noncompensatory decision rule

Decision heuristics

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6
Q

What is post purchase dissonance

A

Buyers resource

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7
Q

What are the three factors that contribue to consumer decision process

A

Psychological
Social
Situational

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8
Q

What are physcological factors affecting consumer decision process

A

Motives
Attitudes
Perception
Learning
Lifestyle

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9
Q

Maslow hierarchy of needs

A

Physiological
Safety
Love and belonging
Esteem
Self Actualization

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10
Q

What are the three types of attitudes

A

Think (cognitive)
Feel (affective)
Do (behavioural)

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11
Q

What is the perceptual process

A
  1. Exposure: Initial stage – part of your sensory system notices a stimulus
  2. Attention: Devoting mental activity to a stimulus
  3. Interpretation: What we see (or think we see)
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12
Q

What is lifestyle based on

A

Consumer’s AIO:
Activities Interests Opinions

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13
Q

What falls into social factors

A

Social: Family, Reference Groups, Culture

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14
Q

What are the two types of reference groups

A

Direct (member)
Indirect (non-member) - Aspirational or dissociative

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15
Q

Explain situational when it comes to consumer decisions

A

Purchase situation
Shopping situation
Temporal state

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16
Q

What are the common segmentation bases

A

Geographic
Demographic
Psychographic
Behavioural

The further you go down the list the more practical powerful and meaningful they are

Each segmentation base has many segmentation variables

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17
Q

What is geographic segmentation

A

Continent, Country, Region, Province, City, Urban, Suburban, Rural, Climate

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18
Q

What is demographic segmentation

A

Age Gender Income Religion Ethnicity
Education Occupation Family Stage Marital Status Household Size…

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19
Q

What is psychographic segmentation base

A

Self-Values Self-Concept Lifestyles

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20
Q

What are the big 5 personality traits

A

Openness
Conscientiousness
Extraversion
Agreeableness
Neuroticism

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21
Q

What is behavioural segmentation base

A

Benefit sought
Usage
Loyalty

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22
Q

What is occasion segmentation

A

Christmas, Halloween, segmentening around a holiday or time of year

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23
Q

What is loyalty and usage rate segmentation

A

People devoted to one brand
Reward miles or reward system

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24
Q

What are the 4 things to base segmentation attractiveness on

A

Identifiable
Reachable
Responsive
Substantial and profitable

25
Q

What is a target market

A

Set of buyers who share common needs or characteristics that the company decides to serve

26
Q

What are the two types pf targeting strategies

A

Undifferentiated Targeting Strategy (Mass Marketing)

Differentiated Targeting Strategy

27
Q

What are the types of concentrated (Niche) marketing strategies

A

Micromarketing (One-to-One) - tailoring products or services to needs and preferences of individual consumers

Socially Responsible Target Marketing- Marketing towards children or other vulnerable groups

28
Q

What is positioning

A

= Target Market + Differentiation

29
Q

What are the types of positioning

A

Types of Positioning:
Value
Product attributes
Benefits & symbolism
Competition
Market leadership

30
Q

What is the key goal

A

Key goal: to have competitive advantage

Competitive advantage: advantage over competitors gained by offering greater customer value

31
Q

What is positioning statement

A

“To (target segment and need) our (brand) is (a concept) that (point of difference).”

32
Q

How do we build a marketing strategy

A

Target market +Marketing mix

33
Q

What is a product

A

Anything in the marketplace that can satisfy a need or want

34
Q

What are the factors that seperate products from services

A

Intangible Variable Inseparable Perishable

35
Q

What are the product and service classifications

A

Consumer products

Convenience Products
Shopping Products
Specialty Products
Unsought Products

Business products

Materials and Parts
Capital Items
Supplies and Services

36
Q

What are the product attributes

A

QUALITY
FEATURES
STYLE AND DESIGN

37
Q

What is the product mix

A

company’s complete assortment of goods and services

38
Q

What is a product line

A

group of associated items

either considered similar or used together

39
Q

What are the product mix dimensions

A

Breadth
Depth
Consistency

40
Q

Explain product mix breadth and product line depth

A

Product Mix Breadth: Number of product
Lines (variety) offered by the firm

Product Line Depth:
number of products within a product line

41
Q

Branding comes from what? Brand comes from what

A

“Branding is the promises you make…
Your brand comes from
the promises you keep.”

42
Q

What is brand equity

A

•Brand awareness
(Familiarity with the brand)

•Perceived value
(Perceived benefits vs. costs)

•Associations
(Mental links)

• Loyalty
(Likelihood to repeat purchase)

43
Q

What are the two types of brand positioning

A

Product attribute
Desirable benifit

44
Q

Explain how price is different from other elements of mix

A

Price: the only mix element that generates revenue

45
Q

What is price in abscence if other info

A

Price: an indicator
of quality, in the absence of other information

46
Q

What are the 5 C’s of pricing

A
  1. Company Objectives
  2. Customers
  3. Costs
  4. Competition
  5. Channel Members
47
Q

Explain customers with respect to price

A

Price elasticity of demand
How do consumers respond to price increases or decreases?
Price elasticity of demand

48
Q

Explain competition with respect to price

A

How does the firm’s offering compare (in terms of value)?
How strong are competitors?
What are their pricing strategies?

49
Q

What are the two major pricing strategies

A

Cost based
Value based

50
Q

explain cost based pricing

A

Set the floor for the price the company can charge

Important element in Pricing Strategy

Add markup

51
Q

What are the types of value based pricing

A

Good value perceptions- Everyday low pricing and HIGH-LOW

52
Q

What are the new product pricing techniques

A

Market skimming (price-skimming pricing):
setting a relatively high price for new products (may be reduced as competition increases)

Market-penetration pricing:
setting low price to attract new customers, grow market share

53
Q

What is price lining

A

Same product with slight changes and as a result slight alterations to price

54
Q

What is price bundling

A

When multiple items are sold together at a lower cost than individual

55
Q

What is optional product pricing

A

Add ons to a car

56
Q

What is captive product pricing

A

Espresso with the machine or video games with console

57
Q

What are the consumer price reductions

A

•
Markdowns
Quantity discounts
Coupons and rebates

58
Q

What are the types of segmented pricing

A

– Customer-Segment
• Ex: Museum Pricing
– Product-Form
• Ex: Evian (not based on cost)
– Location-Based
• Ex: Theaters/Stadiums
– Time-Based
• Ex: Resorts, Seasons

59
Q

What is psychological pricing

A

Price as indicator of quality
Reference prices
Symbolic and visual qualities associated with numbers
The pain of paying

BUS 343 (2 decks)

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