Chapter 5 Flashcards by Trey Leatherman

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In Maslows Hierarchy of needs
*Safety needs: security, safety
*Physiological needs: food, water, warmth, rest
What level of needs are these?

Basic Needs (ex: Volvo)

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If you only remember 3 things…3

Social responsibility has gone from a NICE-TO-HAVE to a MUST-HAVE today as customers expect companies to give back to society

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In Maslows Hierarchy of needs
*Self actualization: achieving ones full potential, including creative activities
What level of needs are these?

Self-fulfillment Needs (ex: Mercedes)

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What part of the strategic marketing process is this lesson under?

1.Conduct a SWOT-Situation Anylysis (environmental scanning, 5C’s=> SWOT)
1.A.Discovering needs

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What are the five Environmental forces?

*Social
*Economic
*Technological
*Competitive
*Regulatory

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*Demographic shifts
*Cultural changes
Which of the 5 environmental forces is this?

Social

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*Laws protecting competition
*Laws affecting marketing mix actions
*Self -regulation
Which of the 5 environmental forces is this?

Regulatory

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What are the 5 C’s of Marketing?

*Company
*Context
*Customers
*Collaborators
*Conpetition

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*Macroeconomic conditions
*Consumer income
Which of the 5 environmental forces is this?

Economic

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*Changing technology
*Technology’s impact on customer value
*Technology enable data analytics
Which of the 5 environmental forces is this?

Technological

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*Alternatice forms of competition
*Small businesses
Which of the 5 types of environmental forces is this?

Competitive

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*Who buys the product?
*Who makes the decision and who influences it?
*How is the purchase decision made?
*What does the customer buy it for?
*Where do customers buy the brand?
*When do customers buy the brand?
*What social factors influence the purchase decision?
What answers these questions?

Consumer Behavior

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Consumer behavior matters because

For success think like a customer
*Differentiation
*Retention
*More relevant advertising
*More relevant innovation
*More $$

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*Product
*Price
*Promotion
*Place
What purchase process influence is this?

Marketing mix influences

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*Personal influence
*Reference groups
*Family
*Social class
*Culture and subculture
What purchase process influence is this?

Sociocultural influences

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*Purchase task
*Soxial surroundings
*Physical surroundings
*Temporal effects
*Antecedent states
What purchase process influence is this?

Situational influences

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*Morivation and personality
*Perception
*Learning
*Values, beliefs, and attitudes
*Lifestyle
What purchase process influence is this?

Psychological influences

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What is insight ?

The REALLY, REALLY behind what people do and say

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What is this ?
Demand that is DERIVED from a SOURCE OTHER THAN THE PRIMARY BUYER of the product

Derived demand

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Who should B2B companies market to ?

Consumers

What is this ?
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called

Environmental scanning

Which environmental forces is this ?
•Demographic shifts
•Cultural changes

Social

Which environmental force is this?
•Maceoeconomix conditions
•Consumer income

Economic

Which environmental force is this ? •Changing technology •Technology’s impact on customer value •Technology enabled data analytics

Technological

Which environmental force is this? •Alternative forms of competition •Small businesses

Competitive

Which environmental force is this ? •Laws protecting competition •Laws affecting marketing mix actions •Self regulation

Regulatory

What r the five environmental forces ?

1.Social 2.Economic 3.Technological 4.Competitive 5.Regularory

What is this ? of the environment include the demographic characteristics of the population and its culture. changes in these forces can have a dramatic impact on marketing strategy

social forces

What is this ? Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation

Demographics

What is this ? one formed by merging two previously separated units into a single household

blended family

What is this ? Companies are developing ____ programs which are combinations of the marketing mix that reflect the unique attitudes, ancestry, communication, preference, and lifestyle of different races

multicultural marketing

What is this ? incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group

Culture

What is this ? the income, expenditures, and resources that affect the cost of running a business and household

economy

What is this ? The total amount of money made in one year by a person, household, or family unit is referred to as

Gross Profit

What is this ? is the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation

Disposable income

What is this ? the money that remains after paying taxes and necessities

discretionary income

What is this ? an information and communication based electronic exchange environment occupies by sophisticated computer and telecommunication technologies and digital offerings

marketspace

What is this ? the activities that use electronic communication in the inventory

electronic commerce

What is this? business practices are r conditions that make it difficult for new firms to enter the market

Barriers to entry

What is this ? Consists of restrictions stste and federal law place on business with regard to the conduct of its activities

Regulation

What is this? a grassroots movement stsrted in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions

Consumerism

What is this ? where an industry attempts to police itsef

self regulation

What is this ? a learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way

attitude

What is this ? a consumers subjective perception of how a product or brand performs on difficult attributes based on personal experience, advertising,. and discussions with other people

beliefs

What is this ? a specialized group of consumers with a structured set of relationships involving a particular brand fellow customers of that brand, and the product in use

brand community

What is this ? Actions a person takes in purchasing and using products and services, including the mental and social process that come before and after these actions

consumer behavior

What is this? a visual representation of all the touch points a consumer comes into contact with before, during and after a purchase

Consumer journey map

What is this ? a marketers product, service, or brand points of contact with a consumer from stsrt to finish in the purchase decision process

Consumer Touchpoints

What is this ? The distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors

Family life cycle