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Consumer Behavior > Exam 1 > Flashcards

Exam 1 Flashcards

(65 cards)

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0
Q

The Marketing Concept

A
  • focusing on consumer needs
  • integrating all activities of the organization
  • achieving long run profitability through consumer satisfaction
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1
Q

AMA definition of marketing

A 
Process of planning and executing:
-conception
-pricing
-promotion
-distribution
of goods to create exchange values to satisfy objectives
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2
Q

Positioning

A

Psychological concept of:

The place a brand occupies in the mind of the consumer

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3
Q

Current AMA Definition of Marketing

A

The activity, set of institutions, and process for creating, communicating, delivering and exchanging offerings that have value

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4
Q

Consumer Sovereignty

A

The individual consumer is the ultimate authority on what is best

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5
Q

Societal Marketing Concept

A
  • societal consequences of satisfying consumer needs for private for profit businesses
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6
Q

Societal Marketing Concept purpose

A

Achieve long run objectives of the organization by balancing consumer satisfaction and needs of society

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7
Q

Social Marketing

A

Programs by government and nonprofits to discourage bad consumer behavior (cigaret smoking)

OR

Encourage beneficial consumption (exercise)

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8
Q

Strategic Marketing Planning

A

1) business definition - the consumer needs that the organization satisfies
2) business objectives - what is to be accomplished, quantitative level to be achieved, and time frame
3) determine marketing strategy - what is the marketing mix

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9
Q

Marketing Mix

A

Product
Price
Promotion
Place

Also known as the 4P’s

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10
Q

What is a consumer product?

A

Every want-satisfying attribute a consumer thinks in making a purchase both psychological and physical

Defines a product from consumers viewpoint

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11
Q

Perception

A

To see, hear, touch, taste, smell, or sense internally, something and to derive meaning from it

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12
Q

Perception depends on….

A

Previous experience, motivation, and information

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13
Q

Positioning depends on…

A

Individual consumers perception of the benefits of the product

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14
Q

Product life cycle

A

Development

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15
Q

Consumer goods classification

A

Convenience

Shopping

Specialty

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16
Q

Convenience goods

A

Goods consumer buys frequently and with little effort

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17
Q

Consumer purchasing decision process of convenience goods

A

Routine buying behavior

Low involvement and brand loyalty

Price has inelastic demand

Promotion is by manufacturer

Intensive distribution

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18
Q

Consumer purchase decision process

A

Problem recognition

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19
Q

Shopping goods

A

Goods purchased less frequently that consumers make comparisons

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20
Q

Consumer purchasing decisions of shopping goods

A

High involvement

Minimal brand loyalty

Attributes are important for heterogeneous goods

Price is important for homogenous goods

Promotion by retailer

Selective distribution

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21
Q

Limited or extensive problem solving decision process

A

Problem recognition

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22
Q

Specialty goods

A

Goods that have unique characteristics or brand identification

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23
Q

Specialty goods buying process

A

High involvement and brand loyalty

Price has inelastic demand

Promotion shared by manufacture and retailer

Exclusive distribution

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24
Promotion
Advertising Sales promotions Publicity Public relations Personal selling
25
External environmental factors
``` Economic Political Competitive Legal Cultural Ecological Social Technological ```
26
Market segmentation
Process of dividing large heterogeneous markets into smaller homogeneous subsets of people with similar needs and differing responsiveness to market mix offerings
27
Target market
Homogenous segment of market that marketer directs a specific program
28
Target audience
Group of people other than typical prospects who influence the purchase of the product
29
Segmentation approaches
Mass marketing/undifferentiated marketing/market aggression/total market approach Segmented marketing Direct marketing Niche marketing
30
Segmentation tools
Demographics Geographic Psychographic Behavioral
31
Demographic variables
``` Age Gender Income Occupation Education Family size Stage of family cycle Religion race and ethnicity ```
32
Geographic variables
Global/local Urban/rural Country-region-state-SMSA-census Climate
33
Psychographic variables
Lifestyle Social class Personality
34
Behavioral variables
``` Desired benefit User status User rate Brand loyalty Occasions or critical event Readiness to buy Attitude towards product ```
35
Consumer responses approach to segmentation
``` Benefit desired User status User rate Loyalty Occasions Readiness to buy Attitude toward product ```
36
Consumer characteristic approach to segmentation
Demographic Geographic Psychographic
37
Perfect competition market
Many small firms Homogenous product
38
Monopolistic competition market
Many small firms Differentiated product
39
Oligopoly
Few large firms Homogenous or differentiated product
40
Monopoly market
One large firm Only product
41
Elements of economics
Scarcity Choice Market price Opportunity cost efficiency
42
Economic analysis
Positive: what is Neutral, value free Normative: what ought to be Policy
43
Market demand
The various quantities of a good that consumers are willing and able to buy at given prices
44
What determines demand
Price Income Preferences Prices of substitutes
45
Transitive preference ordering
Mathematical property of the consumers preference If a > b, and b > c, then a > c
46
Behavioral Postualte
Consumer who makes consistent choices
47
Market supply
Quantities of a good that a firm is willing and able to produce at given prices
48
What determines supply
Price of product Cost of production Technology Short run vs long run
49
Price elasticity of demand
Elasticity = relative change in quantity ------------------------------- Relative change in price
50
What determines elasticity
Number and closeness of substitutes Importance in consumers budget
51
Price elasticity of demand
E = 0 Perfectly elastic E < 1 Inelastic E = 1 Unity E > 1 Elastic E = infinity Infinitely elastic
52
Arc elasticity
Q1 - Q2/ 0.5(Q1-Q2) ------------------------ P1 - P2/ 0.5(P1-P2)
53
Cereus Paribus
Holding all other things equal
54
Externalities in economics
A divergence between private and social costs and benefits results in market failure
55
Marketing market demand
Total volume that would be bought by a defined customer group in a defined geographical are in a defined time period in a defined marketing environment under a defined marketing program
56
Pareto optimality
When economy is in equilibrium, no consumer can be made better off without making another consumer worse off
57
Social class
Division of society into a hierarchy of groups so that members of each class have the same status An individuals relative position in society
58
Social STATUS
Relative rankings of members within each social class in terms of wealth, income, occupation, home ownership, and education An individual's relative position within a social class
59
Subjective measure of social class
Subjective - self perception Reputational - perception of others Objective - single variable: occupation
60
Feudalism
Born into position of society Nobility, clergy, serf
61
Primary labor market
Steady, stable, and riding source of income with opportunity for social mobility
62
Secondary labor market
Inferior social status, insecure employment, bad working conditions, but not always low paying (seasonal construction job)
63
Marketing definition of culture
Sum of learned beliefs, values, and customs that serve to direct consumer behavior of a particular society
64
What defines a value
Few in number Enduring Guide for appropriate behavior Not tied to object or situation Widely accepte

Consumer Behavior (1 decks)

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