Exam 2

Question 1

value

Answer 1

a personal assessment of the net worth one obtains from making a purchase, or the enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct.

Question 2

need recognition

Answer 2

result of an imbalance between actual and desired states.

Question 3

want

Answer 3

recognition of an unfulfilled need and a product that will satisfy it.

Question 4

stimulus

Answer 4

any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing.

Question 5

jilting effect

Answer 5

anticipation of receiving a highly desirable option only to have it become inaccessible.

Question 6

cognitive dissonance

Answer 6

inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions. (post purchase regret)

Question 7

involvement

Answer 7

the amount of time and effort a buyer invests in the search, evaluation, and description processes of consumer behavior.

Question 8

routine response behavior

Answer 8

the type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search decision time.

Question 9

limited decision making

Answer 9

the type of decision making that requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category.

Question 10

extensive decision making

Answer 10

the most complex type of consumer decision making, used when buying an unfamiliar, expensive product or an infrequently bought item; requires use of several criteria for evaluating options and much time for seeking information.

Question 11

reference group

Answer 11

all the formal and informal groups in society that influence an individual’s purchasing behavior.

Question 12

primary membership group

Answer 12

a reference group with which people interact regularly in an informal face-to-face manner, such as family, friends, and coworkers.

Question 13

secondary membership group

Answer 13

a reference group with which people associate less consistently and more formally than a primary membership group, such as a club, professional group, or religious group.

Question 14

aspirational reference group

Answer 14

a group someone would like to join.

Question 15

non-aspirational reference group

Answer 15

a group which an individual does not want to associate with.

Question 16

opinion leader

Answer 16

an individual who influences the opinions of other people.

Question 17

consumer behavior

Answer 17

processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use.

Question 18

B2B marketing

Answer 18

the marketing of goods and services to individuals and organizations for purposes other than personal consumption.

Question 18

business product

Answer 18

a product used to manufacture goods or services to facilitate an organizations operation, or to resell to other customers.

Question 18

consumer product

Answer 18

a product bought to satisfy an individual’s personal wants or needs.

Question 18

business services

Answer 18

expense items that do not become part of a final product

Question 19

How do B2B and B2C differ from each other (state in terms of B2B)

Answer 19

B2B is a business selling to a business not to a customer

In a B2B transaction there has to be a good relationship and trust

B2B faces way less customers

B2B transactions also usually happen in bulk

Question 19

How do B2B and B2C differ from each other (state in terms of B2C)

Answer 19

B2C is selling to singular customers

B2C there is not as much of a need for a really good relationship because that one singular customer leaving wont sink your business.

Question 19

market segmentation

Answer 19

the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups.

Question 19

undifferentiated targeting strategy

Answer 19

a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix.

Question 20

market segment

Answer 20

a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.

Question 21

concentrated targeting strategy

Answer 21

a strategy used to select one segment of a market for targeting marketing efforts.

Question 22

multisegmented targeting strategy

Answer 22

a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each.

Question 23

perceptual mapping

Answer 23

a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers minds.

Question 24

marketing research

Answer 24

the process of planning, collecting, and analyzing data relevant to marketing decision.

Question 25

secondary data

Answer 25

data previously collected for any purpose other than the one at hand.

Question 26

big data

Answer 26

the exponential growth in the volume, variety, and velocity of information and the development of complex, new tools to analyze and create meaning from such data.

Question 27

primary data

Answer 27

information that is collected for the first time; used for solving the problem under investigation.

Question 28

open-ended question

Answer 28

an interview question that encourages an answer phrased in the respondents’ own words.

Question 29

closed-ended question

Answer 29

an interview question that asks the respondent to make a selection from a limited list of responses.

Question 30

scaled response question

Answer 30

a closed-ended question designed to measure the intensity of a respondent’s answer.