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MKTG 361 > MKTG 361 Exam 2 > Flashcards

MKTG 361 Exam 2 Flashcards

1
Q

Consumer Behavior

A

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

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2
Q

Consumer Decision-Making Process

A

a five-step process used by consumers when buying goods or services

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3
Q

Need Recognition

A

result of an imbalance between actual and desired states

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4
Q

Want

A

recognition of an unfulfilled need and a product that will satisfy it

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5
Q

Stimulus

A

any unit of input affecting one or more of the five senses; sight, smell, taste, touch, hearing

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6
Q

Internal Information Search

A

the process of recalling past information stored in the memory

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7
Q

External Information Search

A

the process of seeking information in the outside environment

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8
Q

Nonmarketing-controlled information source

A

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

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9
Q

Marketing-Controlled Information Source

A

a product information source that originates with marketers promoting the product

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10
Q

Evoked Set (consideration set)

A

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

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11
Q

Cognitive Dissonance

A

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

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12
Q

Involvement

A

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

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13
Q

Routine Response Behavior

A

consumers buying frequently purchased, low-cost goods and services; requires little search and decision time

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14
Q

Limited Decision Making

A

requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category

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15
Q

Extensive Decision Making

A

used when buying an unfamiliar, expensive product or an infrequently bought item; requires use of several criteria for evaluation options and much time for seeking information

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16
Q

Culture

A

the set of values, norms, and attitudes that shape human behavior

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17
Q

Value

A

the enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct

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18
Q

Subculture

A

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

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19
Q

Social Class

A

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

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20
Q

Reference Group

A

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

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21
Q

Primary Membership Group

A

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

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22
Q

Secondary Membership Group

A

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

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23
Q

Aspirational Reference Group

A

a group that someone would like to join

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24
Q

Norm

A

a value or attitude deemed acceptable by a group

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25
Q

Nonaspirational Reference Group

A

A group with which an individual does not want to associate

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26
Q

Opinion leader

A

an individual who influences the opinions of others

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27
Q

Socialization Process

A

how cultural values and norms are passed down to children

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28
Q

Personality

A

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

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29
Q

Self-Concept

A

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

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30
Q

Ideal Self-Image

A

the way an individual would like to be perceived

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31
Q

Real Self-Image

A

the way an individual actually perceives himself or herself

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32
Q

Perception

A

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

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33
Q

Selective Exposure

A

the process whereby a consumer notices certain stimuli and ignores others

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34
Q

Selective Distortion

A

a process whereby a consumer changes or distorts information that conflicts with his or her feelings or beliefs

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35
Q

Selective Retention

A

a process whereby a consumer remembers only that information that supports his or her personal beliefs

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36
Q

Motive

A

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

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37
Q

Maslow’s Hierarchy of Needs

A 
Physiological
Safety
Social
Esteem
Self-Actualization
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38
Q

Learning

A

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

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39
Q

Stimulus Generalization

A

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

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40
Q

Stimulus Discrimination

A

a learned ability to differentiate among similar products

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41
Q

Belief

A

an organized pattern of knowledge that an individual holds as true about his or her world

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42
Q

Attitude

A

a learned tendency to respond consistently toward a given object

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43
Q

Business Marketing (industrial marketing)

A

the marketing of goods and services to individuals and organizations for purposes other than personal consumption

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44
Q

B2B Electronic Commerce

A

the use of the internet to facilitate the exchange of goods, services, and information between organizations

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45
Q

Stickiness

A

a measure of a Website’s effectiveness; calculated by multiplying the frequency of visits by the duration of a visit by the number of pages viewed during each visit (site reach)

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46
Q

Disintermediation

A

the elimination of intermediaries such as wholesalers or distributors from a marketing channel

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47
Q

Reintermediation

A

the reintroduction of an intermediary between producers and users

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48
Q

Strategic Alliance (strategic partnership)

A

a cooperative agreement between business firms

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49
Q

Relationship Commitment

A

a firm’s belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely

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50
Q

Trust

A

the condition that exists when on party has confidence in an exchange partner’s reliability and integrity

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51
Q

Keiretsu

A

a network of interlocking corporate affiliates

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52
Q

Original Equipment Manufacturers (OEM)

A

individuals and organizations that buy business goods and incorporate them into the products they produce for eventual sale to other producers or consumers

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53
Q

North American Industry Classification Systems (NAICS)

A

a detailed numbering system developed by the US, Canada, and Mexico to classify North American business establishments by their main production processes

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54
Q

Derived Demand

A

the demand for business products

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55
Q

Joint Demand

A

the demand for two or more items used together in a final product

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56
Q

Multiplier Effect (accelerator principle)

A

phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product

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57
Q

B2B Online Exchange

A

an electronic trading floor that provides companies with integrated links to their customers and suppliers

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58
Q

Reciprocity

A

a practice whereby business purchasers choose to buy from their own customers

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59
Q

Major Equipment (installations)

A

capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings

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60
Q

Accessory Equipment

A

goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment

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61
Q

Raw Materials

A

unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, corn, fruits, vegetables, and fish

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62
Q

Component Parts

A

either finished items ready for assembly or products that need very little processing before becoming part of some other product

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63
Q

Processed Materials

A

products used directly in manufacturing other products

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64
Q

Supplies

A

consumable items that do not become part of the final product

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65
Q

Business Services

A

expense items that do not become part of the final product

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66
Q

Buying Center

A

all those people in an organization who become involved in the purchase decision

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67
Q

New Buy

A

requiring the purchase of a product for the first time

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68
Q

Modified Rebuy

A

the purchaser wants some change in the original good or service

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69
Q

Straight Rebuy

A

the purchaser reorders the same goods or services without looking for new information or investigating other suppliers

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70
Q

Market

A

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

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71
Q

Market Segment

A

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

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72
Q

Market Segmentation

A

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

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73
Q

Segmentation Bias (variables)

A

characteristics of individuals, groups, or organizations

74
Q

Geographic Segmentation

A

segmenting markets by region of a country or the world, market size, market density, or climate

75
Q

Demographic Segmentation

A

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

76
Q

Family Life Cycle (FLC)

A

a series of stages determined by a combination of age, martial status, and the pretense of absence of children

77
Q

Psychographic Segmentation

A

segmenting markets on the basis of personality, motives, lifestyles, and geodemographics

78
Q

Geodemographic Segmentation

A

segmenting potential customers into neighborhood lifestyle categories

79
Q

Benefit Segmentation

A

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

80
Q

Usage-rate segmentation

A

dividing a market by the amount of product bought or consumed

81
Q

80/20 principle

A

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

82
Q

Satisfiers

A

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

83
Q

Optimizers

A

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

84
Q

Target Market

A

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

85
Q

Undifferentiated Targeting Strategy

A

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

86
Q

concentrated targeting strategy

A

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

87
Q

Niche

A

one segment of a market

88
Q

Multisegment Targeting Strategy

A

chooses two or more well-defined market segments and develops a distinct marketing mix for each of them

89
Q

Cannibalization

A

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

90
Q

Positioning

A

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

91
Q

Position

A

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

92
Q

Product Differentiation

A

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

93
Q

Perceptual Mapping

A

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

94
Q

Repositioning

A

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

95
Q

Largest Ethnic markets

A

Hispanic Americans
African Americans
Asian Americans

96
Q

Motives

A

Marketers might appeal to emotional, rational, or status motives, among others

97
Q

Personality

A

Reflects a person’s traits, attitudes and habits

98
Q

Bases for Segmenting Business Markets

A

Producers
Resellers
Government
Institutions

99
Q

Buyer Characteristics

A 
Demographic characteristics
Decision style
Tolerance for risk
Confidence level
Job responsibilities
100
Q

Positioning Bases

A 
Attribute
Price and Quality
Use or Application
Product User
Product Class
Competitor
Emotion
101
Q

Marketing Intelligence

A

publicly available information

102
Q

Marketing Decision Support System

A

an interactive, flexible computerized information system that enables managers to obtain and manipulate information

103
Q

Database Marketing

A

the creation of a large computerized file of customers’ and potential customers’ profiles and purchase patterns

104
Q

Data Mining

A

…

105
Q

The Role of Marketing Research

A

Descriptive
Diagnostic
Predictive

106
Q

Descriptive

A

gathering and presenting factual statements

107
Q

Diagnostic

A

Explaining data

108
Q

Predictive

A

Address “what if” questions

109
Q

Management Uses of marketing Research

A
  • improve the quality of decision making
  • Trace problems
  • focus on keeping existing customers
  • understand the marketplace
  • alert them to marketplace trends
  • gauge the value of goods and services, and level of customer satisfaction
110
Q

The Marketing Research Process

A 
Define Problem
Plan Design/Primary Data
Specify Sampling Procedure
Collect Data
Analyze Data
Prepare/Present Report
Follow Up
111
Q

The Marketing Research Project

A

Problem
Objective
Management Decision Problem

112
Q

Marketing Research Problem

A

determining what info is needed and how that info can be obtained efficiently and effectively

113
Q

Marketing Research Objective

A

the specific info needed to solve a marketing research problem; the objective should be to provide….

114
Q

Primary Data

A

info collected for the specific purpose at hand

115
Q

Secondary Data

A
  • information that already exists somewhere
    positive: obtained more quickly, lower cost
    negative: might not be usable data
116
Q

Sources of Secondary Data

A 
Internal corporate information
government agencies
trade and industry associations
business periodicals
news media
117
Q

Secondary Data Pros

A

cheap
fast
pinpoints people to approach
serves as a basis of comparison for other data

118
Q

Secondary Data Cons

A

may be old
may be different questions
quality and accuracy of data may pose a problem

119
Q

Market Research Aggregators

A

Acquire, catalog, reformat, segment, and resell reports already published by large and small marketing research firm.

120
Q

Planning the Research Design

A

Which research questions must be answered?

How and when will data be gathered?

How will the data be analyzed?

121
Q

Primary Data Advantages

A
  • answers a specific research question
  • data are current
  • source of data is known
  • secrecy can be maintained
122
Q

Primary Data Disadvantages

A

-Primary data can be very expensive.

123
Q

Forms of Survey Research

A
  • In-Home Interviews
  • Mall Intercept Interviews
  • Telephone Interviews
  • Mail Surveys
  • Executive Interviews
  • Focus Groups
124
Q

Questionnaire Design

A
  • Clear and concise
  • No ambiguous language
  • Avoid leading questions
  • Avoid two questions in one
125
Q

Observational Situations

A
  • People watching people
  • People watching phenomena
  • Machines watching people
  • Machines watching phenomena
126
Q

Research Alternatives

A

Observational: mystery shopping & behavioral
Ethnographic
Virtual Shopping:
Experiments

127
Q

Experiments

A

…

128
Q

Types of Samples

A

Probability Samples

Non-Probability Samples

129
Q

Probability Samples

A

..

130
Q

Non-Probability Samples

A

..

131
Q

Types of Errors

A

Measurement
Sampling
Frame
Random

132
Q

Measurement Error

A

error when there is a difference between the information desired and the information provided by the process

133
Q

Sampling Error

A

Error when a sample somehow does not represent the target population

134
Q

Frame Error

A

Error when a sample drawn from a population differs from the target population

135
Q

Random Error

A

Error because the selected sample is an imperfect representation of the overall population

136
Q

Field Service Firms provide

A
  • Focus groups facilities
  • Mall intercept locations
  • Test product storage
  • Kitchen facilities
137
Q

Cross Tabulation

A

A method of analyzing data that lets the analyst look at the responses to one question in relation to the responses to one or more other questions

138
Q

Preparing and Presenting the Report

A
  • Concise statement of the research objectives
  • Explanation of research design
  • Summary of major findings
  • Conclusion with recommendations
139
Q

Text Message-Based Research

A
  • quick follow-up to responders
  • Wide demographic reach
  • High feedback rates
140
Q

Behavior Scan

A

research program that tracks the purchases of 3,000 households through store scanners in each research market

141
Q

InfoScan

A

Sales-tracking service for the consumer packaged-goods industry

142
Q

When should marketing research be conducted

A
  • before launching product
  • during launch
  • after launch
143
Q

Augmented Product

A
  • Delivery and Credit
  • After-Sale Service
  • Installation
  • Warranty
144
Q

Actual Product

A
  • Brand Name
  • Quality Level
  • Packaging
  • Design
  • Features
145
Q

Product

A

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

  • Tangible
  • Service
  • Idea
146
Q

3 Levels of Distribution

A

Intensive
Selective
Exclusive

147
Q

Business Product

A

a product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers

148
Q

Consumer Product

A

A product bought to satisfy an individual’s personal wants

149
Q

Types of Consumer Products

A
  • Convenience Products
  • Shopping Products
  • -more involvement
  • Specialty Products
  • -roses?
  • Unsought Products
  • -nonprofit
150
Q

Product Item

A

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

151
Q

Product Line

A

A group of closely-related product items

152
Q

Product Mix

A

All products that an organization sells

153
Q

Benefits of Product Lines

A 
Advertising Economics
Package Uniformity
Standardized Components
Efficient Sales and Distribution
Equivalent Quality
154
Q

Adjustments to product items, lines, and mixes

A

Product Modification
Product Repositioning
Product Line Extension (addition) or Contraction (discontinue)

155
Q

Planned Obsolescence:

A

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

156
Q

Types of Product Modifications

A

Functional
Style
Quality

157
Q

Product Line Extension

A

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

158
Q

Symptoms of Overextension

A
  • some products have low sales or cannibalize sales of other items
  • resources are disproportionately allocated to slow-moving products
  • items have become obsolete because of new product entries
159
Q

Branding

A

Brand name
Brand Mark
Brand Equity
Global Brand

160
Q

Brand Name

A

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

161
Q

Brand Mark

A

The elements of a brand that cannot be spoken

logo, can be stolen if not used

162
Q

Brand Equity

A

The value of the company and brand names

163
Q

Global Brand

A

A brand where at least a third of the earnings come from outside its home country

164
Q

Benefits of Branding

A

Product Identification
Repeat Sales
New Product Sales

165
Q

Manufacturer’s Brand

A

Brand name of manufacturer

166
Q

Private Brand

A

Brand name owned by a wholesaler or a retailer. Also known as a private label or store brand

167
Q

Captive Brand

A

brand manufactured by a third party for an exclusive retailer with no evidence of retailer’s affiliation

168
Q

Advantages of Manufacturers’ Brands

A
  • Heavy consumer ads by manufacturers
  • Attract new customers
  • Enhance dealer’s prestige
  • Rapid delivery, carry less inventory
  • If dealer carries poor quality brand, customer may simply switch brands and remain loyal to dealer
169
Q

Advantages of Private Brands

A
  • earn higher profits on own brand
  • less pressure to mark down price
  • manufacturer can become a direct competitor or drop a brand/reseller
  • ties customer to wholesaler or retailer
  • wholesalers and retailers have no control over the intensity of distribution of manufacturers’ products
170
Q

Individual Brand

A

using different brand names for different products

171
Q

Family Brand

A

marketing several different products under the same brand name

172
Q

Advantages of Captive Brands

A

.

173
Q

Types of Co-Branding

A

Ingredient Branding
Cooperative Branding
Complementary Branding

174
Q

Trademark

A

exclusive right to use a brand

175
Q

Functions of Packaging

A 
Contain & Protect
Promote
Facilitate Storage, use and convenience
facilitate recycling
Greenwashing
176
Q

Functions of Labeling

A 
persuasive
informational
focuses on promotional theme
consumer information
helps make proper selections
lower cognitive dissonance
177
Q

Universal Product Codes (1974)

A

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

178
Q

Global Issues

A 
Branding
-one brand name everywhere
-adaptations and modifications
-different brand names in different markets
Packaging
-Labeling
-Aesthetics
-Climate Considerations
179
Q

Product Warranties

A

Warranty
Express Warranty
Implied Warranty

180
Q

Warranty

A

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

181
Q

Express Warranty

A

A written guarantee

182
Q

Implied Warranty

A

An unwritten

MKTG 361 (8 decks)

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