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Marketing 310 > Mfinal-overall > Flashcards

Mfinal-overall Flashcards

1
Q

Decision-Making Process

A

Problem Recognition -> Information Search -> Evaluation of Alternatives -> Product Choice - > Outcomes

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2
Q

Continuum of Buying Decision Behavior

A

Routine Response Behavior -> Limited Problem Solving -> Extensive Problem solving

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3
Q

Information Search

A

consumer surveys the environment for appropriate data to make reasonable decision

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4
Q

Brand Switching

A

select familiar brands when decision situation is ambiguous

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5
Q

Variety Seeking

A

Desire to choose new alternatives over more familiar ones

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6
Q

Relationship between Amount of Information Search and Product Knowledge

A

Low Product Knowledge = Low amount of search
Medium Product Knowledge = High amount of search
High Product Knowledge = Low amount of search

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7
Q

Five Types of Perceived Risk

A
  1. Monetary
  2. Functional
  3. Physical
  4. Social
  5. Psychological
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8
Q

Buyers/Purchases most Sensitive - Monetary Risk

A

Buyers - Those with little income

Purchases - High ticket items

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9
Q

Buyers/Purchases most Sensitive - Functional Risk

A

Buyers - Practical consumers

Purchases - Products that require the buyers exclusive commitment

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10
Q

Buyers/Purchases most Sensitive - Physical Risk

A

Buyers - elderly, frail, or ill health

Purchases - Mechanical, drugs and medical treatments, and food and beverages

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11
Q

Buyers/Purchases most Sensitive - Social Risk

A

Buyers - Insecure and uncertain people

Purchases - socially visible goods (clothes, cars, jewellery)

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12
Q

Buyers/Purchases most Sensitive - Psychological Risk

A

Buyers - lacking self-respect or attractiveness

Purchases - Expensive personal luxuries, services that demand self-discipline

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13
Q

Levels of Categorization

A

Superordinate Level (dessert) -> Basic Level (fattening vs nonfattening) -> Subordinate Level (type of dessert)

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14
Q

Heuristics: Mental Shortcuts

A

Mental rule of thum that lead to speedy decisions (higher price = higher quality)

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15
Q

Zipf’s Law

A

Our tendency to prefer a number one brand to the competition

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16
Q

Consumer inertia

A

Tendency to buy a brand out of habit merely because it requires less effort

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17
Q

Noncompensatory (decision rules)

A

Lexicographic rule
Elimination-by-aspects rule
Conjunctive rule

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18
Q

Lexicographic rule

A

brands are evaluated on the consumers most important attribute

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19
Q

Elimination-by-aspects rule

A

brands are evaluated on the most important attribute under the elimination-by-aspects rule. In this case, though, specific cut-offs are imposed.

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20
Q

Conjunctive Rule

A

entails processing by brand

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21
Q

Purchase and Postpurchase Activities

A

Antecedent States -> Purchase Environment -> Postpurchase Processes

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22
Q

Shopping Orientation

A 
Economic consumer
Personalized consumer
Ethical consumer 
Apathetic consumer
Recreational shopper
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23
Q

Atmospherics

A

Conscious designing of space and dimensions to evoke certain effects in buyers

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24
Q

Expectancy disconfirmation mode

A

consumers form beliefs of product quality based on prior performance

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25
Q

Acting on Dissatisfaction - Threee ways consumers act on dissatisfaction

A

Voice response: Appeal to retailer directly
Private response: Express dissatisfaction to friends or boycott store
Third-party response: legal action

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26
Q

Gemba

A

One true source of information

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27
Q

Total Quality Management

A

How people actually interact with their environment in order to identify potential problems

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28
Q

Reference group

A

Actual or imaginary individual/group conceived of having significant relevance upon an individual’s evaluations, aspirations, or behaviour

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29
Q

Types of Reference Groups

A

Normative influence
Helps to set and enforce fundamental standards of conduct
Comparative influence
Decisions about specific brands or activities are affected

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30
Q

Brand Communities and Tribes

A

A group of consumers who share a set of social relationships based upon usage or interest in a product

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31
Q

Types of Social Power

A
  1. Referent power
  2. Legitimate power
  3. Reward power
  4. Information power
  5. Expert power
  6. Coercive power
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32
Q

Foot in the door technique

A

Ask for a small request then hit them up for something bigger

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33
Q

Low-ball technique

A

Asked for small favour that becomes costly

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34
Q

Door in the face technique

A

First ask to do something extreme, and when they refuse the person will then ask for a smaller request

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35
Q

Deindividuation

A

individual identities become submerged within a group

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36
Q

Social loafing

A

People don’t devote as much to a task when their contribution is part of a larger group

37
Q

Risky shift

A

Group members show a greater willingness to consider riskier alternatives following group discussion than if members decide alone

38
Q

Market Maven

A

Actively involved in transmitting marketplace information of all types

39
Q

Family life cycle (FLC)

A

concept combines trends in income and family composition with change in demands placed on income

40
Q

Roles and Modes Decisions

A 
Initiator
Information gathering
Gatekeeper
Influencer
Decision-maker
Buyer
Preparer
User
Maintainer 
Disposer
41
Q

Initiator, Information gathering, Gatekeeper

A

Initiator—the person who brings up the idea or need.
• Information gatherer—the person who gathers information on a product or service.
• Gatekeeper—the person who conducts the information search and controls the flow of information available to the group.

42
Q

Influencer, Decision-maker, Buyer

A

Influencer—the person who tries to sway the outcome of the decision.
• Decision maker—the person who holds the singular or joint power to deter-mine whether or not to buy a product or service.
• Buyer—the person who actually makes the purchase.

43
Q

Preparer, User, Maintainer , Disposer

A

Preparer—the person who processes the product or directs the service into a

form that can be consumed by others.

  • User—the person who ultimately uses the product or service.
  • Maintainer—the person who is responsible for the maintenance and upkeep of a product or service.
  • Disposer—the person who discards or discontinues the use of a product or

service

44
Q

Consensual purchase decision

A

Members agree on the desired purchase, differing only in terms of how it will be achieved

45
Q

Accommodative purchase decision

A

Members have different preferences or priorities and cannot agree on a purchase to satisfy the minimum expectations of all involved

46
Q

Autonomic decision

A

one family member chooses a product

47
Q

Syncratic decision

A

involve both partners

48
Q

Four factors in joint versus sole decision making

A

Gender-role stereotypes
Spousal resources
Experience
Socioeconomic status

49
Q

Five Stages of Consumer Development

A 
Stage 1: Observing
Stage 2: Making Requests
Stage 3: Making Selections
Stage 4: Making assisted purchases
Stage 5: Making independent purchases
50
Q

Discretionary income

A

the money available to a household over and above that required for a comfortable standard of living.

51
Q

Individual Attitudes Toward Money

A

Brand aspirationals: people with low incomes who are obsessed with names like KitchenAid;
Price-sensitive affluents: wealthier shoppers who love deals; and
Value-price shoppers: like low prices and cannot afford more.

52
Q

Consumer confidence

A

Extent to which people are optimistic or pessimistic about the future health of the economy

53
Q

Social mobility

A

passage of individuals from one social class to another

54
Q

How Do We Measure Social Class?

A

Individual characteristics as well as occupation and type of housing represent class standing

55
Q

Invidious distinction

A

We buy things to inspire envy in others through our display of wealth or power

56
Q

Conspicuous consumption

A

People’s desire to provide prominent visible evidence of their ability to afford luxury goods

57
Q

Age cohort

A

a group of consumers of the same approximate age who have similar experiences

58
Q

Consumer identity renaissance

A

redefinition process people undergo when they retire

59
Q

Acculturation

A 
Five phases of adjustment:
Honeymoon
Culture shock
Superficial adjustment
Stress and depression
Integration
60
Q

Aspects of Culture

A
  1. Power Distance
  2. Uncertainty Avoidance
  3. Masculine versus Feminine
  4. Individualism versus Collectivism
61
Q

Power Distance

A

Way members perceive differences in power when they form interpersonal relationships

62
Q

Uncertainty Avoidance

A

Degreee to which people feel threatened by ambiguous situations

63
Q

Masculine versus Feminine

A

Degree to which sex roles are clearly delineated

64
Q

Individualism versus Collectivism

A

Extent to which culture values the welfare of the individual versus that of the group

65
Q

Norms

A

Rules dictating what is right or wrong

66
Q

Enacted norms

A

Explicitly decided on (e.g., green light equals “go”)

67
Q

Crescive norms

A

Embedded in a culture and include:
Customs: Norms handed down from the past that control basic behavior
Mores: Custom with a strong moral overtone
Conventions: Norms regarding the conduct of everyday life

68
Q

Functions and Structure of Myths

A
  1. Metaphysical
  2. Cosmological
  3. Sociological
  4. Physchological
69
Q

Metaphysical and Cosmological

A

Metaphysical - Help explain origins of existence

Cosmological - Emphasize that all components of the universe are part of a single picture

70
Q

Sociological and Psychological

A

Sociological - Maintain social order by authorizing a social code to be followed by members of a culture
Psychological - provide models for personal conduct

71
Q

Sacred consumption

A

Involves objects and events that are set apart from normal activities that are treated with respect or awe

72
Q

Profane consumption

A

Involves consumer objects and events that are ordinary and not special

73
Q

Cultivation hypothesis

A

Media’s ability to distort consumers’ perceptions of reality

74
Q

Advergaming

A

Gamers are more sophisticated and represent the general population

  1. gain viewers attention for much longer time
  2. Tailor games to specific products
  3. Flexibiltiy
  4. track usage
75
Q

Types of Adopters

A
  1. Innovators (early adopters)
  2. Early majority
  3. Late majority
  4. Laggards
76
Q

Types of Innovations

A 
Continuous innovation
Evolutionary rather than revolutionary
Dynamically continuous innovation
More pronounced change to existing product
Discontinuous innovation
Creates major changes in the way we live
77
Q

Prerequisites for Successful Adoption

A
  1. Compatibility
  2. Trialability
  3. Complexity
  4. Observability
  5. Relative Advantage
78
Q

Compatibility

A

Innovation should be compatible with consumers’ lifestyles

79
Q

Trialability

A

People are more likely to adopt an innovation if they can experiment with it prior to purchase

80
Q

Complexity

A

A product that is easy to understand will be chosen over competitors

81
Q

Observability

A

Innovations that are easily observable are more likely to spread

82
Q

Relative

Advantage

A

Product should offer relative advantage over other alternatives

83
Q

Meme theory

A

an idea or product that enters the consciousness of people over time, such as tunes, phrases; “is that your final answer

84
Q

Normal Fashion Cycle

A
  1. Innovation
  2. Rise
  3. Acceleration
  4. General Acceptance
  5. Decline
  6. Obsolescence
85
Q

Three dimensions of global brands

A

Quality signal
Global myth
Social responsibility

86
Q

Quality signal

A

Many assume that if a company has global reach it must excel

on quality.

87
Q

Global myth

A

Consumers look to global brands as symbols of cultural ideals,

buying these brands to help them “bond” with like-minded people around the

world.

88
Q

Social responsibility

A

People recognize that global companies wield extraordi-

nary influence—both positive and negative—on society’s well-being.

89
Q

Creolization

A

Foreign influences integrate with local meanings

Marketing 310 (5 decks)

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