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Marketing > Test 2 > Flashcards

Test 2 Flashcards

1
Q

Social Influences to decisions

A

Family members, opinion leaders, reference groups

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2
Q

Types Reference groups

A

Primary
Secondary
Aspirational reference group
nonaspirational reference group

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3
Q

Why are reference groups important to marketers?

A

Serves as information sources
influence perceptions
Affect individual’s aspiration levels

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4
Q

Opinion leaders

A

First to try new products and services out of pure curiosity.

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5
Q

Family Process Roles

A 
Initiators
Influences (children)
Decision makers
purchasers
consumers
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6
Q

Individual Influences to decisions

A 
gender
age 
life cycle
personality
self concept
lifestyle
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7
Q

Self-concept

A

Ideal self-image and real self-image

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8
Q

Psychological Influences to decisions

A

perception
motivation
learning
Beliefs and attitudes

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9
Q

Perception

A

Selective Exposure
Selective Distortion
Retention

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10
Q

Selective Exposure

A

Consumer notices certain stimuli and ignores others

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11
Q

Selective distortion

A

consumer changes or distorts info that conflicts with feelings/beliefs

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12
Q

Selective retention

A

conssumer remembers only info that supports personal beliefs

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13
Q

Marketing implications of perception

A 
Important attributes
Price
Brand names
quality and reliability
subliminal perception
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14
Q

5 Trends in B2B internet Marketing

A

Content Marketing
Social Media
Online communities - show thought leadership and build brand image
Disintermediation - elimination of wholesalers or distributors
Reintermediation - new intermediaries being added (middle men)

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15
Q

Disintermediation

A

elimination of wholesalers or distributors

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16
Q

Reintermediation

A

new intermediaries being added (middle men)

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17
Q

Use of online communities

A

show thought leadership and build brand image

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18
Q

What is needed for success with alliances

A

commitment and trust

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19
Q

forms of strategic alliances

A

licensing or dist agreements
joint venture
partnerships
research and development consorita

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20
Q

4 major categories of business customers

A

producers
resellers
governments
insititutions

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21
Q

North American Industry Classification Systems (NAICS)

A

Classifies North American businesses

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22
Q

Uses of NAICS

A

To determine consumer….

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23
Q

Experiential Learning

A

Experience that changes behavior

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24
Q

Conceptual Learning

A

Not learned through direct experience

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25
Q

Factors for level of consumer involvement

A 
previous experience
interest
perceived risk of neg. consequences
situation
social visibility
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26
Q

Types of Demand

A

Derived
Inelastic
Joint
Fluctuating

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27
Q

Derived demand

A

demand for business products results from demand for consumer products

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28
Q

Inelastic Demand

A

a change in price will not affect change in demand

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29
Q

Joint Demand

A

Demand for one item will be affected since multiple items are used to make final product

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30
Q

Fluctuating demand

A

demand for business products is more unstable than consumer products.

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31
Q

Multiplier Effect (Accelerator

A

A small change in consumer demand will greatly affect need for business products.

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32
Q

Business buying behavior aspects

A

Buying centers

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33
Q

Buying centers

A

People in organization involved with purchasing

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34
Q

Buying center roles

A 
Initiators
Influencers
Gatekeepers
decider
purchaser
user
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35
Q

Gatekeepers

A

Control the flow of information

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36
Q

Buying center evaluating criteria

A

Quality
service
price

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37
Q

3 buying situations

A

new buy
modified rebuy
straight rebuy

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38
Q

Modified rebuy

A

purchaser wants some change to oirginal good

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39
Q

Straight rebuy

A

purchaser reorders the same good without looking for new information or info on other suppliers

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40
Q

Need recognition

A

Result of an imbalance between actual and desired states

40
Q

Need recognition

A

Result of an imbalance between actual and desired states

41
Q

Consumer Decision Making-Process

A
  1. Need recognition
  2. Information Search
  3. Evaluation of alternatives
  4. Purchase
  5. Postpurchase behavior
42
Q

Internal information search

A

Recollecting information stored in memory

43
Q

External Information Search

A

Seeks information in the outside environment.

44
Q

What are the types of external information search?

A

Nonmarketing-controlled

Marketing-controlled

45
Q

Nonmarketing-controlled information sources

A

A product information source not associated with marketers promoting a product. ie. Experiences, people, public reviews

46
Q

Marketing-controlled information search

A

Bias towards a product because of marketers promoting that product

47
Q

What influences a consumer to conduct external research?

A

Perceived risk
Knowledge/confidence
Prior experience
level of interest

48
Q

Evoked set/consideration set

A

Consumer’s most preferred alternatives

49
Q

Brand extension

A

A well-known brand name goes into another product category

50
Q

Low-involvement products

A

Frequently purchased products associated with with a routine response behavior

51
Q

Limited Decision Making

A

Consumer has product experience but unfamiliar with the current brands. Low-involvement but higher than routine decision.

52
Q

When do consumers use extensive decision making?

A

When the product is unfamiliar, expensive or infrequently bought. High involvement.

54
Q

Types of risk

A

Financial Risk
Social risk - peer opinions
Psychological risk - wrong decision will create concern or anxiety

55
Q

Types of high involvement

A 
Product
Situational
Involvement
Shopping
Enduring
Emotional
56
Q

Product Involvement

A

The product has high personal relevance

57
Q

Situational involvement

A

A situation that causes a low-involvement decision to become a high-involvement decision.

58
Q

Shopping Involvement

A

When shopping is a mission not a leisure activity

59
Q

Enduring involvement

A

Ongoing interest in some product or activity

60
Q

Emotional involvement

A

How emotional a consumer gets during a specific consumption

61
Q

How do you market low-involvement pruchases?

A 
In-store promotions
Package design
Good display
Coupons
Linking to a higher-inlvolvment issue
62
Q

Reference Group

A

Groups that influence the buying behavior of an individual

63
Q

Primary membership group

A

The groups that interact with the person regularly ie. friends, family

64
Q

Secondary membership group

A

People associate with the group less consistently and more formally. ie clubs

65
Q

Aspirational reference group

A

A group a person would like to join

66
Q

Strategic Alliance

A

a cooperative agreement between business firms

67
Q

Market segment

A

a subgroup of people or organiations sharing one or more characteristics that make them have similar product needs

68
Q

market segmentation

A

dividing the market into similar identifiable groupsfffffffffffffffffffffffffff

69
Q

What is a market

A
  1. group of people or organizations
  2. Has needs or wants
  3. has the ability and willingness to buy.
70
Q

Why do marketers segment markets?

A
  1. Identify groups of customers w/ familiar needs and analyze the characteristcs and buyer behavior
  2. Provides info to make marketing mixes
  3. consistent w/ marketing concept of satisfying customer wants and needs while meeting org.’s objectives.
71
Q

4 criteria for market segments

A
  1. substantality - segment must be large enough
  2. Identifiability and measurability
  3. Accessibility - how easy to communicate w/
  4. Responsiveness
72
Q

Types of segmentation

A 
Geographic
Demographic
Benefit
Usage-Rate
Psychographic
73
Q

Psychographic segmentation variables

A

Personality
Motives
Lifestyles
Geodemographics

74
Q

Benefit segmentation

A

Grouping based on benefits customers seek from product

75
Q

Usage-rate segmentation

A

Divides according to amount of product bought or consumed

76
Q

80/20 principle

A

20% of all customers generates 80% of all the demand

77
Q

satisficers

A

Places the order with the first familiar supplier that satisfies prodcut and delivery requirements

78
Q

Optimizers

A

Considers numerous suppliers, solicit bids, and studies all proposals carefully before selecting one.

79
Q

Steps to segment market

A
  1. Select a market
  2. Choose a base or basis for segmenting
  3. Select segmenting descriptors
  4. Profile and analyze segments
  5. Select target markets
  6. Design, implement and maitain marketing mixes
80
Q

Target marketing strategies

A

Undifferentiated targeting
Concentrated targeting
Multisegment targeting

81
Q

Undifferentiated targeting strategy

Advantages/disadvantages

A

Market has no segments. Usually works when no competitors or so basic like flour
Advantages: Saving on production and marketing
Disadvantages: Unimaginative products, susceptible to competition

82
Q

Concentrate targeting

Advantages/disadvantages

A

Selects a market niche
Advantages: Concentration of resources, better meet needs, allows small firms to compete w/ large, strong positioning
Disadvantages: segments are too small or changing, large firms may become better at marketing to the niche

83
Q

Multisegment targeting

Ad./dis

A

Developing a distinct marketing mix to serve different market segments
Benefits: greaters sales, volume, profits and economies of scale
Dis: Higher costs, cannibalization

84
Q

Repositioning

A

Changing consumer perceptions of a brand in relation to competing brands

85
Q

Secondary Data

A

Data Previously collected for purposes other than the one at hand

86
Q

Types of errors

A

Measurement
Sampling
Frame
Random error

87
Q

Convenience Product

A

Inexpensive item that doesn’t require much shopping effort

88
Q

Shopping products

A

more expensive product found in fewer stores. Lots of comparing is inovlved to make sure its good

89
Q

Specialty Products

A

Products that have very few substitutes that the consumer is willing to use.

90
Q

Unsought product

A

A product that the buyer doesn’t actively seek

91
Q

Product item

A

a specific version of a product in a product line

92
Q

product line

A

a category of products

93
Q

Benefits of organizing related items into product lines

A 
Advertising economies
Package uniformity
Standardized components
Efficient sales and distribution
Equivalent quality
94
Q

Product mix width

A

number of product lines

95
Q

product line depth

A

Number of items in product line

96
Q

Types of modification

A

Quality
Functional
Style

97
Q

Brand equity

A

Value of the company and brand names

98
Q

global brand

A

Brand that obtains at least a third of its earnings from abroad

99
Q

Brand Loyalty

A

A consistent preference for one brand over all others

Marketing (4 decks)

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