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Bus 347 > Week 10 > Flashcards

Week 10 Flashcards

1
Q

What are antecedent states

A
  1. Situational factors
  2. Usage contexts
  3. Time pressure
  4. Mood
  5. Shopping orientation
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2
Q

How are consumers are affected?

A

Personal factors

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3
Q

What are situational effects on consumer behaviour?

A
  1. This can be behavioral or perceptual
  2. Specific occasions
  3. The way we feel at particular time affects what we buy or do
  4. Day reconstruction method
  5. Situational self image
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4
Q

What are the physical and social surroundings on consumer behaviour

A

Affects a consumers motives for product usage and product evaluation

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5
Q

What are temporal factor

A
  1. Economic time
  2. Time Factors
  3. Psychological time
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6
Q

Why is time categories relevant to marketers

A
  1. Good times for ads: Occasion/leisure times and time to kill
  2. Bad time for ads: Flow and deadline times
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7
Q

What is repeat buying

A

Buying things over and over again based on habits and needs

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8
Q

What is consumer panel data

A

Records people purchasing over extended periods so that we can see what brands are brought repeatedly by the same consumer and how often the consumer chooses alternative brands

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9
Q

How are panelists selected

A

Are selected to be large representative samples of a target group or the general population

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10
Q

Who are the largest research companies that collect, analyze and sell consumer panel data

A

Nielsen, Kantar Group, Ipsos, and GfK

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11
Q

What is purchasing data combined with

A

Attitudinal, demographic and detailed usage information collected by surveys

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12
Q

What are repertoire of brands

A

Brands in a product category that a consumer buys over a period of time

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13
Q

What do repertoire brands resemble

A

Consumer consideration set with a difference while a consideration set a mental list of brands that a consumer feels would be acceptable to satisfy their current needs from which a final choice is made a repertoire of brands reflect actual past purchasing behaviour

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14
Q

Why are most brands not bought that often

A
  1. Most brands are bought infrequently
  2. Intervals may vary as customers may run out or may stock pile or buy a product at a tim
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15
Q

What is a stockpile

A

To buy a product at a time when it is not immediately needed

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16
Q

What do repeat purchasing behaviour variables

A
  1. Market penetration
  2. Purchase frequency
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17
Q

What is market penetration

A

Percent of consumers who buy an item at least once in a given perod

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18
Q

What is purchase frequency

A

The average number of times they buy in the time period

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19
Q

How do we calculate sales for a brand

A

Penetration(# of buyers) times purchase frequency (how often they buy the brand)

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20
Q

Why is this data important

A

Important for companies because pitmans that they can see how their customer base is made up

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21
Q

What has been found from the analysis of many product categories in many market

A

The penetration of brands in the same product category may differ a lot, but the average purchase frequency of any brands tends to be similar

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22
Q

What is market share

A

Percent of total sales in a category or industry earned by a particular company or brand

23
Q

What is a near stationary market

A

An established market that appears stable over several months or a year

24
Q

What does double jeopardy mean

A

The phenomenon where brands with smaller market share have a fewer buyers who buy the brand less often

25
Q

What is the significance of market share to marketers

A
  1. Differ in market share tells marketers that they are a brand or a small brand
  2. Double jeopardy can act as a warning signal to brand owners
  3. Discrepancies can be diagnosed and explained
  4. This can give the brand owners the opportunity to find out if there isa problem and what the cause might
26
Q

What is the Dirichlet theoretical model

A

Evaluates how a new brand is faring in the market place and used to see what kind of consumer loyalty could be realistically expected based on a brands size

27
Q

Why is fast moving consumer goods (FMCG) sector significant

A
  1. Has a wide range of product types under the same brand name is a worldwide phenomenon
  2. Customer involvement or the relative importance of FMCG purchases
28
Q

What does low risk purchases

A

Consumer subsequently finds things they don’t like will not have a significant economic impact on most buyers

29
Q

How do customer exhibit inertia

A

They will randomly choose brands or engage in a variety seeking behaviour

30
Q

What does Ehrenberg’s brand loyalty?

A

This is a tendency for people to buy brands all over again

31
Q

What are consumers described as

A

Polygamous or having split loyalties

32
Q

What are polygamous consumers

A

Shops from a repertoire of brands, all of which are acceptable to them and from these they choose different brands at different times

33
Q

Why are alternative considerations for brand loyalty important

A

Tells how companies manage their brands

34
Q

Should a company try to improve brand loyalty or follow a different strategy to try to increase the penetration of the brand?

A

It could be argued that if companies tried to make customers more satisfied and retain more and increase their market share

35
Q

What did Sharp and Romaniuk argue

A

Brand loyalty is a waste of time because of double jeopardy

36
Q

What does double jeopardy imply

A

It is not possible to change the defection rates without first significantly increasing your market share

37
Q

What is market saturation

A

A situation when there is no new demand in current market as most of the potential buyers already use a product or service

38
Q

What are light buyers

A
  1. Buyers who buy the brand occasionally
  2. Light users of the product category and when they do they like to vary the brands they buy
39
Q

What are heavy buyers

A
  1. Often by few brands
  2. They have a brand they like and they stick to
40
Q

What is an alternative strategy for marketing efforts

A

Market to infrequent buyers who, while they do not buy often in absolute terms account for the brands total customers

41
Q

What is Pareto Law

A
  1. An observation that 80% of sales come from 20% of customers
  2. Company’s heaviest customers may actually account for about 50% of sales in a year
42
Q

What is the law of buyer moderation

A

Tendency for the light buyer become heavier and heavy buyers become lighter

43
Q

What did anaschuetz do to analyze customers

A
  1. Looked at the ketchup in the USA and the brand had both high brand name recognition and large market share
  2. He found that non buyers of the brand were the largest group buying nothing, while light buyers who bought only once contributed about 14% of the brands volume
44
Q

What were the conclusions of Anascheutz analysis

A
  1. Non buyers do not buy in one time period, it does not mean they will not buy in the next, even if the period is as long as a year
  2. Moderate, light and even non buyers in a particular year should not be ignored
  3. Individual units they deliver less profit for the brand, they deliver overall a large number of units sold which contributes to the revenue and profit of a brand selling to a mass market
45
Q

What is the duplication of purchase

A

Explains the phenomenon and describes as the degree where brands within a category share their buyers with each of the other brands

46
Q

What did sharp and their colleagues consider

A

A number of product categories and sound that in most cases a brand will share its customers with others in that category which implies on segmenting consumers

47
Q

What can the duplication of purchases analysis help marketing managers

A

Looks at what are brought by their consumers and close competitors

48
Q

How does duplication of purchase impact segmentation

A

Consumer panel data shows where there are real perceived differences in brands leading to different market segments

49
Q

What are the consistent patterns surrounding differentiation of brands

A
  1. Buyers of a brand perceive very weak differentiation but doesn’t stop them loyally buying a particular brand
  2. Brand’s level of perceived differentiation is similar to their rivals
50
Q

What is reach

A

The number of people in a given period who are exposed to a marketing message

51
Q

What matters to consumers

A

Helps consumers remain loyal, advertising reminds them about new and different brands

52
Q

Does brands need to be distinctive

A

Yes

53
Q

What are distinctive elements of a brand

A

Colours,logos, taglines or celebrities

54
Q

What are loyalty programs and price promotions

A

Creates an incentive for consumers to be loyal to a company

Bus 347 (6 decks)

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