Marketing Test 2

Question 1

What factors are in social class?

Answer 1

Occupation
Income
Education

Question 2

Why is America becoming more of a “class society”?

Answer 2

• Gap between rich and poor is increasing
• Economic camps divided by education
• Motivation and resources to complete college = stay ahead

Question 3

What are reference groups?

Answer 3

They have a significant impact on individuals:
Attitudes
Aspirations
Behaviors

Question 4

What influences a consumers behavior the most?

Answer 4

Personality

Question 5

What are the 3 lifestyle dimensions?

Answer 5

Activities
Opinions
Interests

Question 6

What are 4 Psychological Factors that affect consumer behavior?

Answer 6

Motivation
Perception
Learning
Attitudes

Question 7

What are is Maslow’s Hierarchy of Needs?

Answer 7

Physiological Needs: hunger
Safety needs: Security
Social Needs: sense of love
Esteem Needs: self-esteem
Self actualization: self-development

Question 8

What is perception?

Answer 8

How people select, organize and interpret information from the environment

Question 9

What are the 3 processes of perception?

Answer 9

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

Question 10

What are 2 types of learning styles?

Answer 10

Behavioral learning
Cognitive Learning

Question 11

What is cognitive learning?

Answer 11

Emphasizes problem-solving and insight, complex and demanding process

Question 12

What is the Component Model of Attitudes?

Answer 12

Affective: feel
Cognitive: do
Conative: think

Question 13

What are the 4 types of buying decisions?

Answer 13

-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

Question 14

What is Cognitive Dissonance?

Answer 14

When a person holds two contradictory beliefs at the same time

Question 15

What are the stages in the adoption process?

Answer 15

Awareness
Interest
Evaluation
Trial
Adoption

Question 16

What are the 3 business buying situations?

Answer 16

New Buying task: Reorder from current supplier
Modified Rebuy: Evaluate alternative suppliers of previous purchased product
Straight rebuy: First time product purchase

Question 17

What 5 people are involved in the buying center?

Answer 17

Gatekeeper: Secretaries
Users
Influencers
Deciders: decide what to buy
Buyers

Question 18

What are the 4 methods in organizational buying?

Answer 18

Inspection
Sampling
Description
Negotiated Contracts

Question 19

What’s Derived Demand?

Answer 19

Business-to-business product’s demand depends on demand for consumer products (demand for tires can be predicted from demand of cars)

Question 20

What is Inelastic Demand?

Answer 20

Certain products are essential to production process that small price changes do not affect quantity demanded. (price x quantity demanded = revenue)

Question 21

What is a product?

Answer 21

Anything that can be offered to a market for attention, acquisition, use or consumption

Question 22

What are 3 product classifications for industrial products?

Answer 22

Component Parts and Materials: windshields->car->customer
Capital Items: Heavy equipment, real estate
Supplies and Services: Inexpensive items bought frequently

Question 23

What are the levels of products?

Answer 23

Augmented Product: after sale service - warranty
Actual Product: Packaging, design
Core Product: Main benefit of product or service

Question 24

What is product mix?

Answer 24

All products that a company markets

Question 25

What is a product line width?

Answer 25

Number of different product lines

Question 26

What is a Product line length?

Answer 26

Total number of items within the lines

Question 27

What is product line depth?

Answer 27

Number of versions of each individual product

Question 28

What are the 4 product classifications

Answer 28

Convenience - buy freq, low price (staple items)
Shopping - less freq, few options (airline ticket)
Specialty - effort, unique, drive far
Unsought - new innovations, much advert

Question 29

What are 4 characterisitcs of services?

Answer 29

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

Question 30

What is brand equity?

Answer 30

A brand’s value to its organization and provides:
High loyalty
Name awareness
Perceived Awareness

Question 31

What are the levels of brand familiarity?

Answer 31

Rejection (change position)

Non-recognition (increased awareness)

Recognition (continue education)

Preference (maintain availability)

Insistence (develop high brand equity)

Question 32

What are 4 brand sponsors?

Answer 32

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)

Question 33

What is a line extension?

Answer 33

existing product category in which you’re using your existing name. (Pepsi-all soft drinks, each has Pepsi logo)

Question 34

What is brand extension?

Answer 34

(family branding) - using your existing brand name for different product (honda, same brand, diff car models

Question 35

What are multibrands?

Answer 35

(individual branding) - same product category, new names for each product. (Detergents – tide, gain – all in same category but different name)

Question 36

What is a new brand

Answer 36

different name, different products (secret deodorants, dove body wash)