Final

Question 1

Evolutionary Theory

Answer 1

Fitness indicators used to be relevant for our survival, now it’s consumption

Question 2

Tragedy of the Commons

Answer 2

what is easiest for the individual is at odds with what is best for the community

Question 3

Market Research

Answer 3

systematic process of planning, collecting, analyzing and interpreting data on consumer behavior

Question 4

Exploratory Research

Answer 4

Focus Group, In-Depth Interviews, Projective Tests

Question 5

Descriptive Research

Answer 5

Longitudinal Studies, Surveys

Question 6

Causal Research

Answer 6

Experiments that determine causality

Question 7

Aggregation Marketing

Answer 7

single product developed for all groups

Pros: economical
Cons: low customer satisfaction

Question 8

Market Segmentation

Answer 8

divide mass market into subsets of consumers who have common needs/characteristics

Question 9

Segmentation Benefits

Answer 9

To the organization:

• better product design
• increased customer satisfaction
• sustainable profit growth

To the customer:

• Saves time/is convenient
• Personalized experience
• Relevant offers

Question 10

Top-Down Strategy

Answer 10

Identify needs of consumer, then segment the consumers and select the most efficient segment

Question 11

Bottom-Up

Answer 11

select specific group, then identify their needs

Question 12

Useful Segment Qualities

Answer 12

identifiable, substantial, accessible, stable, differentiable, actionable

Question 13

Majority Fallacy

Answer 13

lot’s of people targeting the same segment=more competition=less effective

Question 14

Niche Segmentation

Answer 14

go after smaller segment bc it will be larger than the segment you would have gotten after majority fallacy kicks in

Question 15

Psychographics

Answer 15

lifestyle, personality, activities, interests

Question 16

PRIZM Groupings

Answer 16

Social groupings based on urbanicity (urban, suburban, second city, town and rural)

Question 17

Lifestage Groups

Answer 17

Younger years, Family life, Mature years

Question 18

Individualized/One-to-One Marketing

Answer 18

marketing tailor made for each customer (e.g. fitness trainers, financial advisers)

Question 19

6 Criteria of Brand Elements

Answer 19

Memorable, meaningful, likable, transferable, adaptable, protectable

Question 20

Brand Product Identity

Answer 20

brand name, mark, logo and slogan

Question 21

Brand Culture

Answer 21

the people that create the brand’s “story”

firm/marketers, influencers, pop culture customers

Question 22

Brand Equity

Answer 22

set of assests that the brand brings to the table that adds/subtracts from the value of that product/service

Question 23

Implicit Motivation Test

Answer 23

computer task that tells you whether you have a positive/negative reaction to certain things

Question 24

Standardize

Answer 24

one brand across many different types of products

Question 25

Diversify

Answer 25

one company owning several different brands with their own identity

Question 26

Self-Brand

Answer 26

the way your friends/employers perceive you/your unique skill set

Question 27

Patrician

Answer 27

wealthy, but no need to prove themselves to the average person

Question 28

Parvenu

Answer 28

"nouveaux riches" who want people to recognize wealth

Question 29

Poseur

Answer 29

want status but don't have disposable income

Question 30

Proletarian

Answer 30

lower SES, less status conscious

Question 31

Griffe

Answer 31

special signature that educates consumers about the details of the brand

Question 32

Evolutionary Preference

Answer 32

preference for rounded edges (faces, objects, architecture, etc.)

Question 33

Sensation

Answer 33

process by which out nervous system receives and represents stimuli from the environment

Question 34

Perception

Answer 34

process of retrieving, selecting, and interpreting environmental stimuli with the 5 senses

Question 35

Micro-->Macro Processing

Answer 35

getting individual pieces of sensory info and simultaneously going through pre-existing schemas

Question 36

Macro-->Micro Processing

Answer 36

Brain goes through previous schema to come to a conclusion

Question 37

Visual Capture

Answer 37

a tendency for vision to dominate the other senses

Question 38

Just Noticeable Difference

Answer 38

min. difference a person can detect between any 2 stimuli 50% of the time

Question 39

Adaptation

Answer 39

process of becoming desensitized to sensual stimuli

Question 40

Selective Exposure

Answer 40

consumer exposure is highly selective

Question 41

Voluntary Exposure

Answer 41

consumers sometimes actively seek out certain marketing stimuli

Question 42

Oral Referral

Answer 42

unaware of info conveyed by nose

Question 43

Attitude

Answer 43

evaluation of people, objects or ideas

Question 44

Affective Reactions

Answer 44

based on emotion towards object

Question 45

Behavioral Reactions

Answer 45

based on actions towards object

Question 46

Cognitive Reactions

Answer 46

based on thoughts/beliefs about properties of an object

Question 47

2-Factor Theory

Answer 47

repeated exposure increases perceptual fluency

Question 48

Learning Hierarchy

Answer 48

Think-->Feel-->Act

Question 49

Emotional Hierarchy

Answer 49

Feel-->Act-->Think

Question 50

Low-Involvement Hierarchy

Answer 50

Act-->Feel-->Think

Question 51

Theory of Reasoned Action

Answer 51

behavioral intent is created by our attitudes and subjective norms

Question 52

Types of Brand Loyalty

Answer 52

Habituals- buying b/c you always have Loyals- positive attitude & follow through with purchase Variety Seekers- enjoys category of product but wants brand variety Switchers- decisions governed by price (not brand

Question 53

Compliance

Answer 53

changing one's behavior in response to a direct request

Question 54

Self-Presentational Issues

Answer 54

disguised questioning/conscious projection

Question 55

Word of Mouth

Answer 55

consumers talking to another consumer about the brand

Question 56

Buzz Marketing

Answer 56

induced WOM by making marketing taboo, unusual, outrageous, etc.)

Question 57

Viral Marketing

Answer 57

attempt to make branded message appear unique (e.g. First Kiss)

Question 58

Stealth Marketing

Answer 58

spreading WOM in covert manner

Question 59

Product Pusher

Answer 59

people recruited by the company to get product talked about

Question 60

Imitation Evangelist

Answer 60

actors put on payroll for buzz campagins

Question 61

Attitude Function Theory

Answer 61

1) structure and organize info 2) value-expressive 3) ego-defensive 4) utilitarian

Question 62

Elaboration Likelihood Model

Answer 62

persuasion is a function of elaboration

Question 63

Principles of Compliance

Answer 63

reciprocation, social validation, consistency, scarcity, authority, commitment