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BUS 343 > Exam 2 > Flashcards

Exam 2 Flashcards

(59 cards)

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1
Q

What question does consumer behaviour solve

A

Why?

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2
Q

What is the consumer decision process

A

Need recognition
Information search
Alternative evaluation
Purchase decision
Post purchase

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3
Q

What are the two types of needs for need recognition

A

Functional needs
Psychological needs

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4
Q

What are the two types of information searching and what affects how hard or how long you are willing to search

A

Internal vs external search for information

What affects how hard
or how long you’re
willing to search?

Benefits vs. costs of search
Locus of control
Actual or perceived risk

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5
Q

What are the ways we evaluate alternatives

A

Attribute sets

Compensatory decision rule

Noncompensatory decision rule

Decision heuristics

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6
Q

What is post purchase dissonance

A

Buyers resource

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7
Q

What are the three factors that contribue to consumer decision process

A

Psychological
Social
Situational

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8
Q

What are physcological factors affecting consumer decision process

A

Motives
Attitudes
Perception
Learning
Lifestyle

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9
Q

Maslow hierarchy of needs

A

Physiological
Safety
Love and belonging
Esteem
Self Actualization

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10
Q

What are the three types of attitudes

A

Think (cognitive)
Feel (affective)
Do (behavioural)

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11
Q

What is the perceptual process

A
  1. Exposure: Initial stage – part of your sensory system notices a stimulus
  2. Attention: Devoting mental activity to a stimulus
  3. Interpretation: What we see (or think we see)
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12
Q

What is lifestyle based on

A

Consumer’s AIO:
Activities Interests Opinions

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13
Q

What falls into social factors

A

Social: Family, Reference Groups, Culture

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14
Q

What are the two types of reference groups

A

Direct (member)
Indirect (non-member) - Aspirational or dissociative

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15
Q

Explain situational when it comes to consumer decisions

A

Purchase situation
Shopping situation
Temporal state

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16
Q

What are the common segmentation bases

A

Geographic
Demographic
Psychographic
Behavioural

The further you go down the list the more practical powerful and meaningful they are

Each segmentation base has many segmentation variables

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17
Q

What is geographic segmentation

A

Continent, Country, Region, Province, City, Urban, Suburban, Rural, Climate

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18
Q

What is demographic segmentation

A

Age Gender Income Religion Ethnicity
Education Occupation Family Stage Marital Status Household Size…

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19
Q

What is psychographic segmentation base

A

Self-Values Self-Concept Lifestyles

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20
Q

What are the big 5 personality traits

A

Openness
Conscientiousness
Extraversion
Agreeableness
Neuroticism

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21
Q

What is behavioural segmentation base

A

Benefit sought
Usage
Loyalty

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22
Q

What is occasion segmentation

A

Christmas, Halloween, segmentening around a holiday or time of year

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23
Q

What is loyalty and usage rate segmentation

A

People devoted to one brand
Reward miles or reward system

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24
Q

What are the 4 things to base segmentation attractiveness on

Study These Flashcards
A

Identifiable
Reachable
Responsive
Substantial and profitable

25
What is a target market
Set of buyers who share common needs or characteristics that the company decides to serve
26
What are the two types pf targeting strategies
Undifferentiated Targeting Strategy (Mass Marketing) Differentiated Targeting Strategy
27
What are the types of concentrated (Niche) marketing strategies
Micromarketing (One-to-One) - tailoring products or services to needs and preferences of individual consumers Socially Responsible Target Marketing- Marketing towards children or other vulnerable groups
28
What is positioning
= Target Market + Differentiation
29
What are the types of positioning
Types of Positioning: Value Product attributes Benefits & symbolism Competition Market leadership
30
What is the key goal
Key goal: to have competitive advantage Competitive advantage: advantage over competitors gained by offering greater customer value
31
What is positioning statement
“To (target segment and need) our (brand) is (a concept) that (point of difference).”
32
How do we build a marketing strategy
Target market +Marketing mix
33
What is a product
Anything in the marketplace that can satisfy a need or want
34
What are the factors that seperate products from services
Intangible Variable Inseparable Perishable
35
What are the product and service classifications
Consumer products Convenience Products Shopping Products Specialty Products Unsought Products Business products Materials and Parts Capital Items Supplies and Services
36
What are the product attributes
QUALITY FEATURES STYLE AND DESIGN
37
What is the product mix
company’s complete assortment of goods and services
38
What is a product line
group of associated items either considered similar or used together
39
What are the product mix dimensions
Breadth Depth Consistency
40
Explain product mix breadth and product line depth
Product Mix Breadth: Number of product Lines (variety) offered by the firm Product Line Depth: number of products within a product line
41
Branding comes from what? Brand comes from what
“Branding is the promises you make... Your brand comes from the promises you keep.”
42
What is brand equity
•Brand awareness (Familiarity with the brand) •Perceived value (Perceived benefits vs. costs) •Associations (Mental links) • Loyalty (Likelihood to repeat purchase)
43
What are the two types of brand positioning
Product attribute Desirable benifit
44
Explain how price is different from other elements of mix
Price: the only mix element that generates revenue
45
What is price in abscence if other info
Price: an indicator of quality, in the absence of other information
46
What are the 5 C’s of pricing
1. Company Objectives 2. Customers 3. Costs 4. Competition 5. Channel Members
47
Explain customers with respect to price
Price elasticity of demand How do consumers respond to price increases or decreases? Price elasticity of demand
48
Explain competition with respect to price
How does the firm’s offering compare (in terms of value)? How strong are competitors? What are their pricing strategies?
49
What are the two major pricing strategies
Cost based Value based
50
explain cost based pricing
Set the floor for the price the company can charge Important element in Pricing Strategy Add markup
51
What are the types of value based pricing
Good value perceptions- Everyday low pricing and HIGH-LOW
52
What are the new product pricing techniques
Market skimming (price-skimming pricing): setting a relatively high price for new products (may be reduced as competition increases) Market-penetration pricing: setting low price to attract new customers, grow market share
53
What is price lining
Same product with slight changes and as a result slight alterations to price
54
What is price bundling
When multiple items are sold together at a lower cost than individual
55
What is optional product pricing
Add ons to a car
56
What is captive product pricing
Espresso with the machine or video games with console
57
What are the consumer price reductions
• Markdowns Quantity discounts Coupons and rebates
58
What are the types of segmented pricing
– Customer-Segment • Ex: Museum Pricing – Product-Form • Ex: Evian (not based on cost) – Location-Based • Ex: Theaters/Stadiums – Time-Based • Ex: Resorts, Seasons
59
What is psychological pricing
Price as indicator of quality Reference prices Symbolic and visual qualities associated with numbers The pain of paying

BUS 343 (2 decks)

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