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MAR ELECTIVE > LESSON 3 > Flashcards

LESSON 3 Flashcards

1
Q

Given characteristics affecting consumer behavior, design marketing efforts to reach consumers

A

CONSUMER BEHAVIOR

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2
Q

Consumer purchases are
influenced strongly by cultural,
social, personal, and psychological
characteristic

A

Factors affecting consumer behavior

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3
Q

Are under cultural factors

A

Culture, Sub culture, and Social Class

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4
Q

Set of basic values, perceptions, wants, and behaviors learned by a member of society from family and
other important institutions.

A

CULTURE

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5
Q

A group of people with shared value systems based on common life experiences and situations.

A

Sub culture

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6
Q

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

A

Social Class

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7
Q

Are under social factors

A

Groups and social network
Membership groups
Reference groups
Word-of-mouth influence and buzz marketing
Buzz marketing
Online social communities
Family
Role and Status
Age and Life0cycle stage

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8
Q

Two or more people who interact to accomplish individual or mutual goals

A

Groups & Social networks

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9
Q

Membership Groups

A

Direct influence where a person belongs

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10
Q

Reference Groups

A

Direct or indirect points of comparison or reference

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11
Q

Personal words and recommendations tend to be more credible than commercial sources

A

Word-of Mouth influence and Buzz marketing

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12
Q

Enlisting or creating opinion leaders to serve as brand ambassadors to spread word about
company products

A

Buzz Marketing

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13
Q

Blogs, social networking websites, and even virtual worlds – where people socialize or exchange information and opinions

A

Online Social Communities

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14
Q

Most important consumer buying organization in society – role of husband, wife, and children

A

Family

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15
Q

A person belongs to many groups – their position in the group can be defined as a role or status.

A

Role & Status

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16
Q

People change goods/services
bought over lifetime – tastes are often age related.

A

Age & life cycle stage

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17
Q

Are under personal factors

A

Occupation, Economic Situation,
Lifestyle, Personality

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18
Q

this affects the products and services bought.

A

Occupation

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19
Q

Trends in personal income, savings,
and interest rates affect marketing decisions

A

Economic Situation

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20
Q

A person’s pattern of living as expressed in his/her activities, interests, and opinions.

A

Lifestyle

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21
Q

refers to the unique psychological
characteristics that distinguish a person or group

A

Personality

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22
Q

are under Psychological factors

A

Perception, Belief, Attitudes

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23
Q

Process by which people select,
organize, and interpret info to form a meaningful picture of the word.

A

Perception

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24
Q

A descriptive thought that a person has about something

A

Belief

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25
Q

Relatively consistent favorable or
unfavorable evaluations, feelings, and tendencies toward an object or idea

A

Attitudes

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26
Q

is one who tries new
products before most other consumers.

A

Early Adoptors

27
Q

They provide feedback to the vendor and help them to refine the product features, design, distribution, and support.

A

Early Adoptors

28
Q

can also be viewed as a
form of testing in the early stages of the product’s life cycle.

A

Early Adoption

29
Q

Year the iPhone was launched

A

2007

30
Q

First pricing of iPhone

A

$600

31
Q

The importance of ___________ is crucial to the diffusion of innovation because they can discover and address issues with novel goods and services before their widespread adoption.

A

Early Adopters

32
Q

Pillars of Early Adopters

A
  1. Risk Tolerance
  2. Innovativeness
  3. Social Influence
33
Q

Why do early adopters matter in businesses or startup?

A
  1. Faster feedback
  2. Help to create buzz
  3. Validation
34
Q

They can offer insightful criticism on
how it might be enhanced. This
feedback is invaluable for
businesses, aiding them in
addressing issues with their
offerings before public release

A

Valuable Feedback

35
Q

Early adopters often share their
firsthand experiences with novel
products and services within their
circles, fostering organic growth for
your business or startup by
generating interest and awareness.

A

Help to create buzz

36
Q

Their readiness to commit time and
money shows prospective investors,
business

A

Validation

37
Q

People frequently spread their
enthusiasm for a good product or
service when they have used it
successfully.

A

Word-of-mouth marketing

38
Q

Strategies for creating a community of early adopters

A
  1. Identify the target audience
  2. Set up a sense of urgency
  3. Make the experience your own
  4. Provide Value
39
Q

Marketing and outreach
activities is customized to the
target demographic

A

Identify the target audience

40
Q

Being ahead of the curve is a
common driving force for
early adopters.

A

Set up a sense of urgency

41
Q

offer time-limited discounts,
priority access, or other
special advantages to elicit a
sense of urgency.

A

Set up a sense of urgency

42
Q
  • Early adopters seek
    exclusivity.
  • Offer them special material,
    discounts, or invitations to
    events to personalize their
    experience.
A

Make the experience your own

43
Q

Early adopters are open to
taking chances with
innovative products, but they
also hope for something in
return.

A

Provide Value

44
Q

For the scope of product development,
____ can either be the risk of not
meeting performance requirements or
not being able to deliver a certain
product

A

Risk

45
Q

can be described as “the possibility
of suffering harm or loss due to an
undesirable even

A

Risk

46
Q

generally has the aim
of identifying and managing risk in
order to be able to deal with it when it
occurs through for example
eliminating, minimizing or controlling
the risk

A

Risk Management

47
Q

Risk categories in the NPD process

A

Technical risk
Market risk
Commercial Risk
Organizational Risk

48
Q

an intrinsic risk and can entail a number of sub-sections such as the design of the product, manufacturing technology and intellectual property

A

Technical Risk/ Technological risk

49
Q

One of the main risk here for example lies with the product not meeting safety and performance requirements in the end after the development process

A

Technical Risk

50
Q

can include factors such as
consumer acceptance and marketing risks, competitor risks and the risks of substitution in the market the firm is competing in.

A

Market risk

51
Q

Main risks include low acceptance or even rejection of the product in the market or being outperformed by a competitor

A

Market risk

52
Q

is concerned with
the extent to which a product, or
rather a product idea, would be
financially feasible for the firm
developing the product.

A

Commercial risk

53
Q

It includes factors such as the
communication within the firm while
striving for the realization of the product as well as the idea acceptance of the new product of different parties of the com

A

Organizational risk

54
Q

TRUE OR FALSE

Launching a new product
is an exciting but
challenging process that
involves many risks and
uncertainties

A

True

55
Q

Ways to managing the risks and uncertainties

A
  1. Identify and prioritize the risks
  2. Validate your value proposition and differentiation
  3. Plan and execute a lean launch
  4. Monitor and measure the results
  5. Anticipate and respond the changes
56
Q
  • Identify and prioritize the potential risks that could affect your product
    development, launch, and performance.
  • Assess the impact of each risk and rank
    them accordingly.
  • Then, focus on the most critical and
    probable risks and devise strategies to
    mitigate or avoid them.
A

Identify and prioritize the risks

57
Q

provides a very
simple answer to the question: Why should someone buy what you are offering?

A

Value proposition

58
Q

Use feedback and data to refine your
product and marketing messages and
align them with your customer segments and personas.

A

Validate you value proposition and differentiation

59
Q

a launch that minimizes
the resources and time spent on
launching a new product and maximizes the learning and validation from the market.

A

A Lean Launch

60
Q

There is a need to monitor and measure the results to evaluate the performance and outcomes of your launch.

A

Monitor and measure the results

61
Q

By doing this, you can identify the strengths and weaknesses of your launch, learn from your
mistakes and successes, and make
informed decisions and actions to optimize your product and marketing strategies.

A

Monitor and measure the results

62
Q

These changes could include customer
feedback, market trends, competitor
actions, regulatory updates, or technological innovations.

A

Anticipate and respond to changes

63
Q

By doing this, you can enhance your product’s value and
relevance and maintain your competitive edge in the market.

A

Anticipate and respond the changes

MAR ELECTIVE (5 decks)

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