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MKT 302 > Exam 1 > Flashcards

Exam 1 Flashcards

(52 cards)

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1
Q

Define Consumer Behavior

A

Examines consumer choices and processes during searching, evaluation, purchasing, and using products/services to satisfy wants and needs

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2
Q

What are the elements of consumer behavior?

A

-Marketing
-Psychology
-Sociology
-Anthropology
-Economics

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3
Q

Define Economics

A

Production and consumption of goods and allocation of resources

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4
Q

Define Anthropology

A

Human Societies culture and development over time

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5
Q

Define Sociology

A

Development, structure, functioning, and problems of human society

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6
Q

Define Marketing

A

Customer needs and flow of goods and services to satisfy needs

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7
Q

Define Psychology

A

Human mind and mental factors affecting behavior

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8
Q

What is the independent variable?

A

Cause of an effect

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9
Q

What is the dependent variable?

A

Effect of the cause

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10
Q

What is the product life cycle?

A

The life cycle of a product is broken into four stages: introduction, growth, maturity, and decline.

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11
Q

How is the product life cycle related to technology?

A

Replacing products every 2 years is the new norm, improves tech with speed

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12
Q

Why is studying CB important?

A
  1. The marketing concept
  2. Increased competition
  3. Increase expense for new products
  4. New tech with speed
  5. Smarter/demanding consumers
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13
Q

What is the marketing concept?

A

Achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction.

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14
Q

What are the 4 conditions of a market?

A
  1. People/Organization
  2. Wants/Needs
  3. Ability to buy
  4. Willingness to Pay
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15
Q

What are the 4 marketing philosophies?

A
  1. Production Concept
  2. Product Concept
  3. Marketing Myopia
  4. Selling Concept
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16
Q

What is the production concept?

A

Inexpensive products, uniformly, at the lowest cost

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17
Q

What is the product concept?

A

Provides the most features, ignores buyers wanting simple/easy-to-use

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18
Q

What is the marketing myopia concept?

A

Focuses on product itself rather than the purpose

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19
Q

What is the selling concept?

A

Sells products on hand rather than creating a new one

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20
Q

Define the marketing mix

A

Blend of the 4P’s to produce mutually satisfying exchanges w/ target market

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21
Q

What is the promotional mix?

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A

Combination of marketing tools and strategies used to communicate messages

Ex: Advertising, PR, Personal Selling, Sales promotion, Direct Marketing

22
Q

What is the supply chain?

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A

Chain of business entities (internal & external) to company in support of logistics

23
Q

What does the concept of STP consist of?

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A

Segmentation, Positioning, Targeting

24
Q

Define Segmentation

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A

Dividing the market into subsets of consumers with common needs
-Positioning
-Repositioning
-Usage-Occasion

25
Define Positioning
Specific Marketing Mix to influence Potential Customers' Perception of Product/Brand
26
Define Targeting
Selects company views as prospective customers and providing distinct offerings
27
What is the principle of homogeneity/heterogeneity?
Products are similar/different between groups
28
What are the 4 criteria for segmentation?
1. Sustainability 2. Identifiability & Measurability 3. Reachability 4. Profitability
29
What are the categories for segmentation bases?
1. Demographics - Age, gender 2. Psychographics - Lifestyle, hobbies, beliefs 3. Benefits: Convenience, social acceptance, economy, value for $ 4. Usage: Special occasions, holidays, life-events
30
What are the Matrix Classifying Bases?
1. Consumer-rooted: Empirical personal features, Personality, lifestyles, and sociocultural values 2. Consumption-specific: Usage, purchase behavior, attitudes, preferences with products
31
What are 3 factors affecting the success of brand extension?
1. Reference groups 2. Word of mouth 3. Diffusion of innovations
32
Define Customer Value
Ratio between customers' perceived benefits and resources
33
Define Customer Satisfaction
Customers' perceptions of the performance of the product/service in relation to expectations
34
Define Customer Retention
Turning individual transactions into long-term relationships -Retention rates -Customer valuation -Analyzing defections
35
What is the VALS model?
A segmentation method that classifies America's adult population into 8 distinctive subgroups
36
What do the thinkers have?
Ideals motivation, high resources
37
What do the believers have?
Ideals motivation, low resources
38
What do the strivers have?
Achievement, motivation, high resources
39
What do the innovators have?
High resources
40
What do the achievers have?
Achievement, motivation, high resources
41
What do the experiencers have?
Self-expression, motivation, low resources
42
What do the survivors have?
Low resources
43
What do the makers have?
Self-expression, motivation, low resources
44
What are the three targeting strategies?
1. Undifferentiated Targeting (Full Market) 2. Concentrated Targeting (Single Segment) 3. Multisegment Targeting (Multiple Segment Specialization)
45
What is undifferentiated targeting?
One big market, one marketing mix, mass market philosophy
46
What is concentrated targeting?
Target niche, specialized marketing mix
47
What is multisegment targeting?
Well-defined segments, big firms
48
What are the elements of consumer decision making?
Inputs, process, outputs
49
What are the inputs?
Segmentation/targeting, communications, sociocultural dimensions, communications among consumers
50
What is the process element?
Psychological factors; motivation, perceptions, learning
51
What are the outputs?
Purchase behavior, post-purchase evaluation
52
What is the 80/20 rule?
Market by purchase frequency/quantity, majority of effects come from the minority of the causes

MKT 302 (1 decks)

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