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Personal Finance Quiz 7&8 > Marketing > Flashcards

Marketing Flashcards

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1
Q

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

A

Consumer Behavior

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2
Q

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

A

Value

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3
Q

A value derived from a product or service that helps the consumer solve problems and accomplish tasks

A

Utilitarian Value

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4
Q

The value a consumer expects to obtain from a purchase

A

perceived value

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5
Q

A value that acts as an end in itself rather than as a means to an end

A

Hedonic value

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6
Q

A five-step process consumers use when buying goods or services

A

Consumer decisions-making process

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7
Q
  • Step 1 of decision-making process
  • Result of an imbalance between actual and desired states
A

Need recognition

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8
Q
  • Recognition of an unfulfilled need and a product that will satisfy it
  • Apart of Need Recognition
A

Want

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9
Q
  • Any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing
  • Apart of Need Recognition
A

Stimulus

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10
Q
  • Step 2 of decision-making process
  • Can be internal or external
A

Information Search

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11
Q
  • The process of recalling information stored in the memory
  • Apart of Information Search
A

Internal information search

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12
Q
  • The process of seeking information in the outside environment
  • Apart of information search
A

External information search

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13
Q

A product information source that is not associated with advertising or promotion

A

non-marketing-controlled information source

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14
Q
  • A product information source that originates with marketers promoting the product
A

Marketing-controlled information source

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15
Q

The extent to which an individual conducts an external search depends on his or her (4 answers)

A

perceived risk, knowledge, prior experience, level of interest in the good or service

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16
Q

A group of brands resulting from an information search from which a buyer can choose

A

Evoked set

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17
Q

A small intervention that can change a person’s behavior

A

nudge

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18
Q

The type of purchase typically made after the consumer has collected a large amount of information

A

Planned purchase

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19
Q

The type of purchase typically made when the consumer knows the product category but waits until shopping to choose a specific style or brand

A

Partially planned purchase

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20
Q

The type of purchase often low-prices items or items on sale or purchased with a coupon, sometimes triggered by a nudge

A

Impulse or unplanned purchase

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21
Q

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

A

Jilting effect

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22
Q

Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions

A

Cognitive dissonance

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23
Q

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

A

Involvement

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24
Q

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

A

Routine response behavior

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25
Q

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

A

Limited decision making

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26
Q

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

A

Extensive decision making

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27
Q

Factors determining the level of consumer involvement (4)

A

previous experience, interest, perceived risk of negative consequences, social visibility

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28
Q

The practice of examining merchandise in a physical retail location without purchasing it and then shopping online for a better deal on the same item

A

Showrooming

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29
Q

For _____ _____ ____ _____, marketing managers should engage in extensive and informative promotions

A

High-involvement product purchases

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30
Q

For ____ ____ ____ _____, in-store promotion and targeted mobile ads are important tools

A

low-involvement product purchases

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31
Q

Offering products on a _____ _____ basis is one way marketers can increase involvement

A

limited availability

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32
Q

When a significant number of customers are switching brands

A

churning

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33
Q

The set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next

A

Culture

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34
Q

______ is pervasive, functional, learned, and dynamic

A

culture

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35
Q

The most defining element of a culture is its ______

A

values

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36
Q

A homogeneous group of people who share elements of the overall culture as well as unique elements of their own group

A

Subculture

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37
Q

A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms

A

social class

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38
Q

All of the formal and informal groups in society that influence an individual’s purchasing behavior

A

reference group

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39
Q

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

A

Primary membership group

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40
Q

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

A

Secondary membership group

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41
Q

A group that someone would like to join

A

aspirational reference group

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42
Q

A value or attitude deemed acceptable by a group

A

norm

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43
Q

A group with which an individual does
not want to associate

A

nonaspirational reference group

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44
Q

An individual who influences the opinions of others

A

opinion leader

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45
Q

How cultural values and norms are
passed down to children

A

socialization process

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46
Q

A perspective whereby a consumer
perceives themself as distinct and separate from others

A

separated self-schema

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47
Q

A perspective whereby a consumer
perceives themself as an integral part of a group

A

connected self-schema

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48
Q

A way of organizing and grouping the consistencies of an individual’s reactions to situations

A

personality

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49
Q

How consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations

A

self-concept

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50
Q

The way an individual would like to be perceived

A

ideal self-image

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51
Q

The way an individual actually perceives themself

A

real self-image

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52
Q

The process by which people select, organize, and interpret stimuli into a meaningful and coherent picture

A

perception

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53
Q

A process whereby a consumer notices certain stimuli and ignores others

A

selective exposure

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54
Q

A process whereby a consumer changes or distorts information that conflicts with their feelings or beliefs

A

selective distortion

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55
Q

A process whereby a consumer remembers only the information that supports their personal beliefs

A

selective retention

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56
Q

marketers must recognize the importance of _____, or signals, in consumers’ perception of products

A

cues

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57
Q

Marketers must identify the important attributes that the targeted consumers want in a product and then design ______ to communicate these attributes.

A

signals

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58
Q

Marketers must watch their brand _______ closely to maintain strong links between
perceived brand value and customer loyalty.

A

identity

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59
Q

Marketers must take care when changing such ______ as:
price,
package size,
product,
or product position or brand.

A

stimuli

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60
Q

A driving force that causes a person to take action to satisfy specific needs

A

motive

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61
Q

A method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self- actualization

A

Maslow’s hierarchy of needs

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62
Q

A process that creates changes in behavior, immediate
or expected, through experience and practice

A

learning

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63
Q

A form of learning that occurs when one response is extended to a second stimulus similar to the first

A

stimulus generalization

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64
Q

A learned ability to differentiate among
similar products

A

stimulus discrimination

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65
Q

A process whereby a consumer notices certain stimuli and ignores
others

A

selective exposure

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66
Q

People or organizations with needs or wants and the ability and willingness to buy

A

Market

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67
Q

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

A

Market segment

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68
Q

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

A

Market segmentation

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69
Q
  • Helps marketers define customer needs and wants more precisely
  • Helps understand customers’ lifestyles, values, jobs, need states, and buying occasions
A

Market Segmentation

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70
Q

Helps decision makers more accurately define marketing objectives and better allocate resources

A

Market Segmentation

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71
Q

A useful segmentation scheme must produce segments that meet four basic criteria:

A

Substantiality, Identifiability and measurability, accessibility, responsiveness

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72
Q

Which of the following terms refers to the idea that markets can be segmented using any criteria that seem logical?
a. Accessibility
b. Substantiality
c. Responsiveness
d. Identifiability
e. Measurability

A

c. Responsiveness

73
Q

Characteristics of individuals, groups, or organizations

A

segmentation bases

74
Q

Segmenting markets by region of a country or the world, market size, market density, or climates

A

geographic segmentation

75
Q

segmenting markets by age, gender, income, ethnic background, and household life cycle

A

demographic segmentation

76
Q

An individual’s internal perception of their gender and how they label themselves

A

gender identity

77
Q

Shared cultural characteristics such as language, ancestry, practices, and beliefs

A

ethnicity

78
Q

A series of stages determined by a combination of age, marital status, and the presence or absence of children

A

Household life cycle (HLC)

79
Q

Segmenting markets based on personality, motives, lifestyles, and geodemographics

A

Psychographic segmentation

80
Q

Segmenting potential customers into
neighborhood lifestyle categories

A

geodemogrpahic segmentation

81
Q

The process of grouping customers based on the behaviors they exhibit, including what they buy, where they buy, when they buy, and how they buy

A

Behavioral segmentation

82
Q

A principle holding that 20 percent of all customers generate 80 percent of the demand

A

80/20 principle

83
Q

The process of grouping customers into market segments according to the benefits they seek from the product

A

benefit segmentation

84
Q

Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements

A

Satisficers

85
Q

Business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one

A

optimizers

86
Q

A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges

A

Target Market

87
Q

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

A

undifferentiated targeting strategy

88
Q

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

A

concentrated targeting strategy

89
Q

One segment of a market

A

niche

90
Q

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

A

Multi-segment targeting strategy

91
Q

A situation that occurs when sales of a new product cut into sales of a firm’s existing products

A

Cannibalization

92
Q

There are at least four trends that will lead to the continued growth of CRM:

A

Personalization, time saving, loyalty, technology

93
Q

Developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general

A

positioning

94
Q

The place a product, brand, or group of products occupies in consumers’ minds relative to competing offerings

A

position

95
Q

A positioning strategy that some firms use to distinguish their products from those of competitors

A

product differentiation

96
Q

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

A

perceptual mapping

97
Q

Firms use a variety of bases for positioning, including the following:

A

Attribute, price and quality, use or application, product user, product class, competitor, emotion

98
Q

Changing consumers’ perceptions of a brand in relation to competing brands

A

repositioning

99
Q

Everything, both favorable and unfavorable, that a person receives in an exchange

A

product

100
Q

A relatively inexpensive item that merits little shopping effort

A

convenience product

101
Q

A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores

A

shopping product

102
Q

A particular item for which consumers search extensively and are very reluctant to accept substitutes

A

speciality product

103
Q

A product unknown to the potential buyer or a known product that the buyer does not actively seek

A

unsought product

104
Q

A specific version of a product that can be designated as a distinct offering among an organization’s products

A

product item

105
Q

A group of closely related product items

A

product line

106
Q

All products that an organization sells

A

product mix

107
Q

Product lines and even entire product mixes often share some marketing strategy components:

A

Advertising economies, package uniformity, standardized components, efficient sales and distribution, equivalent quality

108
Q

The number of product lines an organization offers

A

product mix width

109
Q

The number of product items in a product line

A

product line depth

110
Q

Changing one or more of a product’s characteristics

A

Product modification

111
Q

a change in a product’s dependability or durability to lower
the price or help the firm compete with rival firms

A

quality modification

112
Q

a change in a product’s versatility, effectiveness,
convenience, or safety

A

functional modification

113
Q

A change in how the product looks

A

style modification

114
Q

The practice of modifying products so those that have already been sold become obsolete before they actually need replacement

A

planned obsolescence

115
Q

Adding additional products to an existing product line to compete more broadly in the industry

A

Product line extension

116
Q

Three major benefits are likely when a firm contracts an overextended product line:

A

− Resources become concentrated on the most important products.
− Managers no longer waste resources trying to improve the sales and profits of poorly performing products.
− New-product items have a greater chance of being successful because more financial and human resources are available to manage them.

117
Q

A name, term, symbol, design, or combination thereof that
identifies a seller’s products and differentiates them from
competitors’ products

A

Brand

118
Q

That part of a brand that can be spoken, including
letters, words, and numbers

A

brand name

119
Q

The elements of a brand that cannot be spoken

A

brand mark

120
Q

The value of a company or brand name

A

brand equity

121
Q

A brand that obtains at least one-third of its earnings
from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data

A

global brand

122
Q

Consistent preference for one brand over all others

A

brand loyalty

123
Q

consumers identify products they wish to buy again and avoid those they do not

A

repeat sales

124
Q

a well-known and respected company and
brand name is extremely useful when introducing new products

A

new product sales

125
Q

The brand name of a manufacturer

A

manufacturers’ brand

126
Q

A brand name owned by a wholesaler or a retailer

A

private brand

127
Q

A brand manufactured by a third party for an exclusive retailer, without evidence of that retailer’s affiliation

A

captive brand

128
Q

Using different brand names for different
products

A

individual branding

129
Q

Marketing several different products under the same brand name

A

family branding

130
Q

Placing two or more
brand names on a product or its
package

A

co-branding

131
Q

The exclusive right to use a brand or part of a brand

A

trademark

132
Q

A trademark for a service

A

service mark

133
Q

Identifies a product by class or type and cannot be trademarked

A

generic product name

134
Q

(Circled R) Provides notice that your trademark is register in a given country

A

registered trademark symbol

135
Q

(Capital TM) used by entities selling goods/services under a given name

A

unregistered trademark

136
Q

(Capital SM) tells the public that you are seeking to protect the services sold under your trademark

A

service mark symbol

137
Q

A type of package labeling that focuses on a promotional theme or logo; consumer information is secondary

A

persuasive labeling

138
Q

A type of package labeling designed to help consumers make proper product selections and lower their
cognitive dissonance after the purchase

A

informational labeling

139
Q

A series of thick and thin vertical lines
(bar codes) readable by computerized optical scanners that represent numbers used to track products

A

universal product codes

140
Q

Which of the following is not one of the three aspects of
packaging that is especially important in international marketing?
A. Labeling
B. Size
C. Aesthetics
D. Climate

A

B. Size

141
Q

Three aspects of packaging that are especially important in
international marketing:

A

labeling, aesthetics, climate

142
Q

A confirmation of the quality or performance of a good or service

A

warranty

143
Q

A written guarantee

A

express warranty

144
Q

An unwritten guarantee that the good or
service is fit for the purpose for which it was sold

A

implied warranty

145
Q

____ _____ are important to sustain growth, increase revenues
and profits, and replace obsolete items.

A

new products

146
Q

Some companies choose to introduce a new product even when it will cannibalize sales of an _______ product.

A

existing

147
Q

A product new to the world, the market, the producer, the seller, or some combination of these

A

new product

148
Q

A plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation

A

new product strategy

149
Q

______ wants and needs should be the springboard for product
ideas.

A

consumers’

150
Q

Many firms have formal and informal processes in place for _______ to propose new-product ideas.

A

employees

151
Q

________ are often more aware of customer needs than
manufacturers, so a well-trained sales force routinely asks distributors about needs that are not being met.

A

distributors

152
Q

One purpose of competitive monitoring is to determine which, if any, of the _________’ products should be copied.

A

competitors

153
Q

A marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products

A

product development

154
Q

______ determine whether a company has a balanced portfolio of
products and, if not, what new product ideas are needed to offset the imbalance.

A

consultants

155
Q

The first filter in the product development process, which eliminates ideas that are inconsistent with the organization’s
new-product strategy or are obviously inappropriate for some other reason

A

screening

156
Q

A test to evaluate a new-product idea, usually before any prototype has been created

A

concept test

157
Q

The second stage of the screening process, where preliminary figures for demand, cost, sales, and profitability
are calculated

A

business analysis

158
Q

The stage in the product development process in which a prototype is developed and a marketing strategy is outlined

A

development

159
Q

A team-oriented approach
to new-product development

A

simultaneous product development

160
Q

The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation

A

test marketing

161
Q

The presentation of advertising and other promotional materials for several products, including a test product, to members of the product’s target market

A

simulated marketing testing

162
Q

The decision to market a product

A

commercialization

163
Q

A product perceived
as new by a potential adopter

A

innovation

164
Q

The process by which
the adoption of an innovation spreads

A

diffusion

165
Q

Five categories of adopters
participate in the diffusion process:

A

Innovators, early adopters, early majority, late majority, laggards

166
Q

% of innovators

A

2.5%

167
Q

% of early adopters

A

13.5%

168
Q

% of early majority

A

34%

169
Q

% of late majority

A

34%

170
Q

% of laggards

A

16%

171
Q

A concept that provides a way to trace the stages of a product’s acceptance, from its introduction (birth) to its decline (death)

It is simply a tool to help marketers forecast future events and suggest appropriate strategies

A

product life cycle (PLC)

172
Q

All brands that satisfy a particular type of need

A

product category

173
Q

Four stages of the product life cycle

A

introductory stage, growth stage, maturity stage, decline stage

174
Q

The full-scale launch of a new product into
the marketplace

A

introductory stage

175
Q

The second stage of the product life cycle, when sales typically grow at an increasing rate; many competitors enter the market; large companies may start to acquire small pioneering firms; and profits are healthy

A

growth stage

176
Q

A period during
which sales increase at a slower rate

A

maturity stage

177
Q

A long-run drop in sales

A

decline stage

178
Q
A

Personal Finance Quiz 7&8 (2 decks)

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