Marketing Test 2 Flashcards
What factors are in social class?
Occupation
Income
Education
Why is America becoming more of a “class society”?
- Gap between rich and poor is increasing
- Economic camps divided by education
- Motivation and resources to complete college = stay ahead
What are reference groups?
They have a significant impact on individuals:
Attitudes
Aspirations
Behaviors
What influences a consumers behavior the most?
Personality
What are the 3 lifestyle dimensions?
Activities
Opinions
Interests
What are 4 Psychological Factors that affect consumer behavior?
Motivation
Perception
Learning
Attitudes
What are is Maslow’s Hierarchy of Needs?
Physiological Needs: hunger
Safety needs: Security
Social Needs: sense of love
Esteem Needs: self-esteem
Self actualization: self-development
What is perception?
How people select, organize and interpret information from the environment
What are the 3 processes of perception?
Selective Exposure: relevance at that point in time
Selective Distortion: tendency to interrupt info that supports our prior beliefs
Selective Retention: limited storage capacity of short-term memory
What are 2 types of learning styles?
Behavioral learning
Cognitive Learning
What is cognitive learning?
Emphasizes problem-solving and insight, complex and demanding process
What is the Component Model of Attitudes?
Affective: feel
Cognitive: do
Conative: think
What are the 4 types of buying decisions?
-Complex buying behavior: high involvement, sig diff between brands
-Dissonance-reducing buying behavior: high involve, few diff
-Variety-seeking behavior: low involve, sig diff
-Habitual buying behavior: low involve, few diff
What is Cognitive Dissonance?
When a person holds two contradictory beliefs at the same time
What are the stages in the adoption process?
Awareness
Interest
Evaluation
Trial
Adoption
What are the 3 business buying situations?
New Buying task: Reorder from current supplier
Modified Rebuy: Evaluate alternative suppliers of previous purchased product
Straight rebuy: First time product purchase
What 5 people are involved in the buying center?
Gatekeeper: Secretaries
Users
Influencers
Deciders: decide what to buy
Buyers
What are the 4 methods in organizational buying?
Inspection
Sampling
Description
Negotiated Contracts
What’s Derived Demand?
Business-to-business product’s demand depends on demand for consumer products (demand for tires can be predicted from demand of cars)
What is Inelastic Demand?
Certain products are essential to production process that small price changes do not affect quantity demanded. (price x quantity demanded = revenue)
What is a product?
Anything that can be offered to a market for attention, acquisition, use or consumption
What are 3 product classifications for industrial products?
Component Parts and Materials: windshields->car->customer
Capital Items: Heavy equipment, real estate
Supplies and Services: Inexpensive items bought frequently
What are the levels of products?
Augmented Product: after sale service - warranty
Actual Product: Packaging, design
Core Product: Main benefit of product or service
What is product mix?
All products that a company markets
What is a product line width?
Number of different product lines
What is a Product line length?
Total number of items within the lines
What is product line depth?
Number of versions of each individual product
What are the 4 product classifications
Convenience - buy freq, low price (staple items)
Shopping - less freq, few options (airline ticket)
Specialty - effort, unique, drive far
Unsought - new innovations, much advert
What are 4 characterisitcs of services?
Intangibility - cant be seen (gym member)
Inseparability - cant be separated from service provider
Variability - quality of service can change
Perishability - can’t be stored for a later use
What is brand equity?
A brand’s value to its organization and provides:
High loyalty
Name awareness
Perceived Awareness
What are the levels of brand familiarity?
Rejection (change position)
Non-recognition (increased awareness)
Recognition (continue education)
Preference (maintain availability)
Insistence (develop high brand equity)
What are 4 brand sponsors?
Manufacturer’s (national) brand - brands that are owned by the manufacturer (apple)
Private (store) brand – brands that are owned by a specific retail store (great value)
Licensed brand – Legal relationship between two companies (SRU gives permission to use logo on fruit of the looms)
CO-branding – Joint teamwork between brands (American airlines and Mastercard)
What is a line extension?
existing product category in which you’re using your existing name. (Pepsi-all soft drinks, each has Pepsi logo)
What is brand extension?
(family branding) - using your existing brand name for different product (honda, same brand, diff car models
What are multibrands?
(individual branding) - same product category, new names for each product. (Detergents – tide, gain – all in same category but different name)
What is a new brand
different name, different products (secret deodorants, dove body wash)
