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CIM Level 4 > Lesson 2 > Flashcards

Lesson 2 Flashcards

1
Q

What is the term for the habits & patterns of consumers when buying and using products/services?

A

Consumer behaviour

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2
Q

What is the phrase for the process of purchasing decisions

A

Consumer buying decision-making process

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3
Q

What is the phrase for the team of people (I.e organisation/family) making buying decisions?

A

Decision-making unit

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4
Q

What is the phrase for the division of the marketplace (shared tastes & requiring different marketing mix)

A

Market segmentation

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5
Q

What is relationship marketing?

A
  • customer focus
  • encourages loyalty
  • databases of customer information
  • 1 to 1 relationship w/ profitable customers
  • target customer groups
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6
Q

What is the difference between Customer Buyers, Consumer Buyers and Organisational?

A

Customer ➡️ customers buy products/services - they are interested in an organisations offer

Consumer ➡️ consumers use products/services - they may or may not be interested

Organisational ➡️ individuals who represent a business

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7
Q

Who is in the decision making unit (DMU)?

A

Initiators, User, Buyer, Influencers, Decision makers, Gatekeepers (BUDIGI)

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8
Q

What is market segmentation?

A
  • Dividing market into distinct groups of buyers with different needs, characteristics of behaviours
  • Determine important characteristics of each market segment (I.e geographic, demographic, psychographic, behavioural)
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9
Q

What is market targeting?

A
  • Evaluate potential and commercial attractiveness of each segment
  • Select one or more regiments
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10
Q

What is product positioning?

A
  • Product’s place relative to competing products in minds of target consumers
  • Develop detailed product postponing for selected segments
  • Develop a marketing mix for each selected segment
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11
Q

What is STP?

A

Segmentation, targeting and positioning

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12
Q

What is the ‘Undifferentiated (Mass) Marketing’ target market strategy?

A

Whole market with one offer (ignore segments)

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13
Q

What is the ‘Differentiated (Segmented) Marketing’ target market strategy?

A

Decide to target several different market segments, separate offers for each

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14
Q

What is the ‘Concentrated (Niche) Marketing’ target market strategy?

A

Concentrate on one or few segments or niches

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15
Q

What is micro marketing?

A

Local marketing vs individual marketing.

I.e Locations vs 1 person

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16
Q

What should someone consider to evaluate the attractiveness of a segment?

A
  • homogenous (customers have similar needs?)
  • measurable (data available to measure segment?)
  • substantial (segment big enough for sales/profitably?)
  • accessible (segment reachable through com/distribution channels?)
  • actionable (marketing mix together that targets specific group?
    HASAM
17
Q

What are the different bases for consumer market segmentation?

A
  • geographic segmentation
  • demographic segmentation
  • behaviours or segmentation
  • psychographic segmentation
  • geodemographic segmentation
18
Q

What are the different bases for business market segmentation?

A
  • industry type
  • benefits sought
  • purchase potential
  • company demographics
  • purchasing approach
  • situational factors
  • operating variables
  • personal characteristics
19
Q

What are the 5 key steps to influence customers in the consumer decision making process?

A
  1. Recognising the need
  2. Information search
  3. Evaluation of alternatives
  4. Purchase decision
  5. Post purchase evaluation
20
Q

What are the 5 customer behaviours of the adoption of innovations?

A
  • innovators
  • early adopters
  • early majority
  • late majority
  • laggards
21
Q

What are the two main groups that influences the buying process?

A
  • Individual (personality, motivation, beliefs & value)

- Social influences (culture, social class, reference groups)

22
Q

What are the steps in the organisational purchase decision-making process?

A
  • recognition of problem/need
  • diagnosis or description of need
  • product specification
  • search for suppliers
  • evaluation of suppliers
  • selection of supplier
  • contract
  • review

CIM Level 4 (9 decks)

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