Exam #2 Flashcards
The term Hyperlocal social marketing refers to:
Location- based targeting to consumers in local communities or neighborhoods using digital and social media
business-to-business marketers
must understand business markets and business buyer behavior
concentrated (niche) marketing
market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
perception
the process by which people select, organize, and interpret info to form a meaningful picture of the world
what stage of the product life cycle would this promotion strategy match? “Increase to encourage brand switching”
maturity
internal search
information retrieval that involves recalling (past experiences, experiential sources examining/using the product)
stages of the business buyer decision process
problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, performance review
________________ products are those products purchased for further processing or for use in conducting a business.
industrial
what stage of the product life cycle would this characteristic match? “peak sales”
maturity
undifferentiated (mass) marketing
market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
what stage of the product life cycle would this characteristic match? “low sales”
introduction
important
the difference delivers a highly valued benefit to target buyers
cobranding
the practice of using the established brand names of two different companies on the same product
business buying processes
longer, more formalized procedures, buyer and seller more dependent on each other
functional consequences
concrete outcomes of product or service usage
adoption process of new products
awareness, interest, evaluation, trial, adoption
What are the parts of the Model of buyers behavior
Environment, Buyer’s black box, Buyers responses
straight rebuy
buyer routinely reorders something without any modifications
industrial product
product bought by individuals and companies for further processing or for use in conducting a business
augmented product
delivery and credit, aftersale service, product support, warranty
communicable
the difference is communicable and visible to buyers
subliminal perception
ability to perceive stimulus that is below the level of conscious awareness
The definition of concentrated marketing is:
A market-coverage strategy in which a firm goes after a large share of one or a few submarkets.
Marketing stimuli
product, pice, place, promotion
superior
the differences is superior to other ways that customers might obtain the same benefit
service
an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything
product
anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need
Firm Software Company has hired Productivity Marketing to analyze and divide their data on consumer groups by brand loyalty (light user/ medium user/ heavy user) to develop profiles of market segments. Productivity Marketing is performing ________ segmentation.
behavioral
what stage of the product life cycle would this characteristic match? “declining sales”
decline
business analysis function includes
forecasting sales
relevant internal psychological processes
motivation, perception, attitude formation, integration, learning
selective distortion
describes the tendency of people to interpret info in a way that will support what they already believe
business buying process
determining which products and services to purhcase
fad
a temporary period of unusually high sales driven by consumer enthisiasm and immediate product or brand popularity
new brands
new product category and new brand name
differentiated (segmented) marketing
market-coverage strategy in which firm targets several market segments and designs separate offers for each
what stage in the product life cycle is “offer product extensions, service, warranty”?
growth
Which of the following is NOT a product attribute?
price
differentiation
differentiate the market offering to create superior customer value
multibrands
existing product category and new brand name
a new product development starts with…
idea generation
What is a motive?
It is is a need or a drive that is sufficiently pressing to direct a person to seek satisfaction.
Consumer markets
All the individuals and households that buy or acquire goods and services for personal consumption
intermaket segmentation is called cross-market segmentation
true
behavioral segmentation
dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product
business market structure and demand
fewer but larger buyers, derived demand, inelastic and fluctuating demand
Buyers responses
buying attitudes and preferences, purchase behavior, brand engagements and relationships
convenience product
consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort
affordable
buyers can afford to pay for the difference
marketing strategy development
designing an initial marketing strategy for a new product based on the product concept
what stage of the product life cycle would this promotion strategy match? “use heavy sales promotion to entice trial”
introduction
Gilbert is dissatisfied with his phone because it has a very short battery life. He realizes that he needs a phone that has a longer battery life. Currently Gilbert is in the ________ stage of the consumer decision-making process.
problem recognition
micromarketing
tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments
alternative evaluation (attitude formation)
comparing brands that have been identified as capable of solving the consumption problem and satisfies the need/want
what stage in the product life cycle is “diversify brand and models”?
maturity
geographical segmentation
dividing a market into different geographical units, such as nations, states, regions, counties, cities or even neighborhoods
business purchases
more complex decisions, large sums of money, complex technical and economic considerations, interactions among people at many levels
In marketing, the definition of market targeting is?
The process of evaluating each market segment’s attractiveness and selecting one of more segments to enter.
Consumer buyer behavior
buying behavior of final consumers
product attributes
design, features, quality
competitive advantage
advantage over competitors gained by offering greater customer value either by having lower prices or providing more benefits that justify higher prices
business analysis
a review of the sales, cost, and profit projections for a new product to find out wether these factors satisfy the companies objectives
purchase intention
predisposition to buy a certain brand by matching purchase motives with attributes of brands considered
factors influencing consumer behavior, personal
age, stage of life, occupation, economic environmental situation, lifestyle, personality
nature of the business market buying unit
more decision participants, more professional purchasing effort
The concept of lifestyle in marketing is defined as?
A person’s pattern of living as expressed in his or her activities, interests, and opinions.
what are the factors that influence consumer behavior
cultural, social, personal, psychological, buyer
age and life-cycle segmentation
dividing a market into different age and lifecycle groups
consumer product
product bought by final consumer for personal consumption
to be useful market segments must be…
measurable, accessible, substantial, differentiable, actionable
Which of these is NOT a way for a firm to obtain a new product?
receive one from the government
In marketing, brand equity is defined as:
The positive differential effect that knowing the brand name has on customer response to the product/service or its marketing.
the selective perception process
selective exposure, selective attention, selective comprehension, selective retention
what stage of the product life cycle would this characteristic match? “rapidly rising sales”
growth
________ simply describes the appearance of a product.
style
demographic segmentation
dividing the market into segments based on variables such as age, life-cycle, gender, income, occupation, education, religion, ethnicity, and generation
In marketing and buyer behavior, the term ‘opinion leader’ refers to?
Person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others
Several companies sponsor times when employees take some time away from their work to develop new ideas. These ________ are legendary at Facebook.
hackatons
things that influence innovation’s rate of adoption
relative advantage, compatibility, complexity, divisibility, communicability
Depth refers to the…
number of variations/versions offered of each product in the line
Attitude
person’s relatively consistent evaluations, feelings, and tendencies toward an object or idea (difficult to change)
Problem recognition (motivation)
consumer perceives a need and gets motivated to solve the problem
factors influencing consumer behavior, cultural
culture, subculture, social class
brand extension
new product category and existing brand name
factors influencing consumer behavior, social
groups, social networks, family, roles, status
preemptive
competitors cannot easily copy the difference
positioning
position the market offering in the minds of target customers
brand value
the total financial value of a brand
information search (perception)
retrieving information from internal and external searches
derived demand
business demand that comes from the demand from consumer goods
A competitive advantage in marketing is defined as:
An advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices.
The concept of learning in marketing is defined as?
Changes in an individual’s behavior arising from experience.
business buyer behavior
purchasing goods and services are used in the production of other products and services
line extension
existing product category and brand name
test marketing
the stage of new-product development in which the product and marketing program are tested in more realistic market settings
Primary
family, friends, neighbors, informal communication
segmentation
divide total market into smaller segments
what stage of the product life cycle would this promotion strategy match? “reduce to minimal level”
decline
profitable
the company can introduce the difference profitably
purchase decision (integration)
using purchase intention and band loyalty to purchase an item
buying center
all the individuals and units that play a role in the purchase decision-making process
targeting
select the segment or segments to enter
The marketing team at Clear Cite Industries is interested in reaching consumers who have various lifestyles, so their marketing approach should use ________ segmentation.
geographic
factors influencing consumer behavior, psychological
motivation, perception, learning, beliefs, attitudes
supplier development
systematic development of networds of supplier-partners to ensure a dependable supply of products and materials
post purchase evaluation (learning)
satisfaction or dissatisfaction felt when expectations are met or not
Environment of the model of buyer behavior
Marketing stimuli and other
reference groups
influence directly (membership groups) or indirectly on attitude or behavior
reasons a new product fails?
they are incorrectly positioned, they are priced too high, they are leached at the wrong time.
Other parts of the environment of buyer behavior
Economic, technological, social, cultural
ways a firm obtain a new product?
purchase another firm with dif products, develop a new brand, modify an existing product
shopping product
consumer good that the customers, in the process of selection and purchase, characteristically on such bases
culture
set of basic values, perceptions, wants, and behaviors learned by an individual from family and other important situations
The concept of target market as it pertains to marketing is defined as:
A set of buyers sharing common needs or characteristics that the company decides to serve.
actual product
brand name, features, quality, design, packaging
evaluation criteria
dimensions or attributes of a product that are used to compare different alternatives
fashion
a currently accepted or popular style in a given field
which of these is usually not a reason that new products fail
they are made overseas
modified rebuy
buyer wants to modify product specifications, prices, terms, or suppliers
In marketing, the concept of problem recognition is defined as?
The stage of the business buying process when someone in the company recognizes a problem or need that can be met by acquiring a specific product or service. Can result from internal or external stimuli
How many stages are in the product life cycle?
4 stages, not considering the product development stage
distinctive
competitors do not offer the difference, or the company can offer it in a more distinctive way
secondary
professional, coworker, formal communication
brand loyalty
preference for a particular brand that results in repeated purchases
motivation
a motive (drive) is a need that is sufficiently pressing to direct a person to seek satisfaction.
how business markets differ from consumer markets
market structure and demand, nature of the buying unit, types of decisions and the decision process
social class
relatively permanent and ordered divisions in a society whose members share similar values, interest, and behaviors
product development
developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering
In marketing, we define a product as:
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
what stage of the product life cycle would this promotion strategy match? “reduce to take advantage of heavy consumer demand”
growth
external search
seeking information from external sources (internet, commercial, personal such as family or friends)
subculture
group of people with shared value systems based on common life experiences and situations
cognitive dissonance
Psychological tension experienced after a difficult purchase choice
stages in the consumer decision-making process
problem recognition, info search, alternative eval, purchase decision, post purchase eval
brand equity
the differential effect that knowing the brand name has on customer response to the product or its marketing
maslow’s hierarchy of needs
self actualization needs, esteem needs, social needs, safety needs, physiological needs
Commercialization focuses on finding new ways to solve customer problems and create more customer satisfying experiences.
false
new task
buyer purchases a product or service for the first time
what stage in the product life cycle is “phase out weak items”?
decline
roles and status
role consists of activities a person is expected to perform, each role in turn connotes a status
A good product ________ contributes to both the product’s appearance but also the product’s usefulness.
design
psychographic segmentation
dividing a market into different segments based on lifestyle or personality characteristics
systems selling (or solutions selling)
buying a packaged solution to a problem from a single seller, avoids the separate decisions involved in a complex buying situation
what stage in the product life cycle is “offer a basic product”?
introduction
commercialization
introducing a new product into the market
Buyer’s black box
buyer’s characteristics, buyer’s decision process
