Mrkting3 Flashcards
The study of how people’s thoughts, feelings, and actions are influenced by marketing is best described as
Consumer Behavior.
is not considered a part of the psychological influences on consumer behavior, which typically include factors like motivation, personality, perception, and learning.
Income Level
The process by which individuals select, organize, and interpret information to form a meaningful picture of the world is called
Perception.
Maslow’s hierarchy of needs is a framework that categorizes consumer needs into a__
five-level hierarchy.
A consumer’s enduring evaluation of, feelings about, and behavioral tendencies toward an object or idea is known as ____
Attitude
___occurs when there is a discrepancy between a consumer’s beliefs and behaviors.
Cognitive dissonance
The influence of family, friends, and society on consumer behavior is known as ____
Social Influence.
The theory that suggests consumers will learn and adopt behaviors that lead to positive outcomes is ____
Operant Conditioning.
The “foot-in-the-door” technique is a strategy used in ____ where a small request is followed by a larger request.
Persuasion and Influence,
consumer’s decision-making process typically does not include _____ as a step; this phenomenon may occur after the purchase.
Post-purchase dissonance
___ refers to the consistent preference for one brand over all others.
Brand loyalty
Generation Z consumers are characterized by a ____
strong focus on ethical and sustainable consumption.
____ is best described as the consumer’s overall assessment of the utility of a product based on perceptions of what is received and what is given.
Perceived value
The ___component of the marketing mix refers to the distribution channels through which a product reaches the consumer.
“place”
____involves dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.
Market segmentation
” is a research method used to collect detailed information about consumer attitudes and behaviors through group discussions.
“focus group
The promotional mix includes all of the following except____ The promotional mix consists of advertising, sales promotion, personal selling, and public relations.
Pricing.
____refers to the tendency to prefer products from one’s own country
Consumer ethnocentrism
An ____is a consumer who is quick to try new products after the innovators.
“early adopter”
____of demand measures how demand for a product is affected by changes in its price.
Price elasticity
___ is associated with promoting products using environmentally friendly practices.
Green marketing
____ are not a typical characteristic of B2B markets, which are more rational and based on business value.
Emotional purchasing decisions
The product life cycle concept suggests that all products go through stages of ____.___.__ and ____
introduction, growth, maturity, and decline.
_____ is particularly effective because it is perceived as more trustworthy by consumers.
Word-of-mouth communication
Four types of consumer buying behavior:
Observed when consumers are purchasing expensive, infrequent, or high-risk items that are significantly different from each other. This behavior involves a considerable amount of pre-purchase information gathering and evaluation of alternatives.
Complex Buying Behavior:
Four types of consumer buying behavior:
This occurs when consumers are highly involved in the purchase process due to the high price or personal significance of the item, but they see little difference between brands. After purchase, they may experience post-purchase dissonance and seek reassurance about their choice.
Dissonance-Reducing Buying Behavior:
Four types of consumer buying behavior:
: In this scenario, consumers have low involvement and see little significant difference between brands. Their purchase decision is often based on habit, brand familiarity, or price, with minimal post-purchase evaluation.
Habitual Buying Behavior
Four types of consumer buying behavior:
This behavior is characterized by low consumer involvement but significant perceived differences between brands. Consumers often switch brands for the sake of variety or novelty rather than dissatisfaction.
Variety-Seeking Buying Behavior:
Three benefits of consumer segmentation:
By identifying and targeting specific groups of consumers, businesses can allocate their marketing resources more effectively, tailoring their strategies to meet the unique needs and preferences of each segment.
Enhanced Efficiency:
Three benefits of consumer segmentation:
Segmentation allows companies to design and offer products or services that closely match the desires and requirements of different market segments, leading to higher customer satisfaction and loyalty.
Improved Product Fit:
Three benefits of consumer segmentation:
Understanding the nuances of various market segments can help businesses differentiate their offerings from competitors, addressing unmet needs or serving niche markets more effectively.
Competitive Advantage:
The three types of product decisions companies must make
Decisions regarding the product’s quality, features, and design, which contribute to the product’s overall appeal and effectiveness in meeting consumer needs.
Product Attributes:
The three types of product decisions companies must make
Decisions related to the additional services provided to enhance the product’s value, such as customer service, warranties, and after-sales support, which can be crucial for maintaining customer satisfaction and loyalty.
Product Support Services:
The three types of product decisions companies must make
- Developing a unique name, symbol, or design that identifies and differentiates a product from its competitors. Effective branding can build significant brand equity and loyalty.
Branding:
The four stages of the Product Life Cycle (PLC):
: The product is launched into the market. Sales growth is slow at this stage, and profits are non-existent due to the high costs of product development and marketing efforts to build awareness.
Introduction Stage
The four stages of the Product Life Cycle (PLC):
The product gains acceptance, sales start to increase significantly, and profitability begins to rise. This stage may also see the entry of competitors drawn by the opportunities for profit.
Growth Stage:
The four stages of the Product Life Cycle (PLC):
The product’s sales growth slows down and stabilizes. The market becomes saturated, competition is intense, and companies may need to invest in differentiation strategies to maintain their market share.
Maturity Stage:
The four stages of the Product Life Cycle (PLC):
Sales and profits begin to fall due to market saturation, technological advancements, changes in consumer preferences, or increased competition. Companies may decide to discontinue the product, rejuvenate it, or find new markets.
Decline Stage:
