Fundamentals of Marketing & Consumer Behaviour Flashcards
(28 cards)
What elements does Marketing study?
Marketing study: Market targets (B2B, Buyers etc) and the Market reference objects (other competitors)
How is the dynamic between the marketier and the market?
The Market shapes and influences the Marketier, while the marketier also has the possibility to be disruptive. It’s a MUTUAL relationship.
What is an interesting fact about Governmental Institutions within Markets?
They are more dense and less maleable buyers and can influence heavily the market and the marketier. In summary, they can SHAPE THE FRAMEWORK.
Which types of market are there?
1) by internationality (local or not)
2) by power (excess of demand/supply > who has the biggest influence)
3) by types of goods (consumer, b2b, services)
According to which criteria can I define a relevant market for my company and what are the implications?
1) needs (the need for having more hapinees in one’s life)
2) products
2) buyers
4) companies
examples: railway system considered only its competition (focused on products) disregarding the local competition outside of the product (airplanes).
Give me an example of market targeting by product vs market targeting by need
We sell pesticides > we sell more agricultural productivity
What is the goal of marketing?
The shared goal of marketing is creating value which does NOT imply necessarily focusing on PROFITABILITY but also raising awareness and building STRONG RELATIONSHIPS.
How did markets historically evolve?
The market orientation changes throughout the years from advertising and focusing on the products to the costumers (how to make it more profitable). Today the market is human centric and accounts also for NON PROFITABLE activities.
What is the marketing mix composed of?
Product - Price - Promotion - Place
What is Social Responsability in Marketing?
Social Responsibility is both accounting for the profit needs of the company, the needs of the society and of its buyers.
What is responsible or irresponsible marketing?
Businesses that use deceiving techniques, the purpose of exclusion and portrayal of unrealistic standards.
What is the SOR framework?
Stimulus (Observable) - Organism ( Processing so not directly observable) - Response (Consumer Behavior)
Which determinants influence the Organism in the SOR framework?
Psychological, cultural (how they respond), social (reference group) and individual determinants (values and beliefs).
What is Homburg’s definition of Consumer Behavior?
Consumer Behavior according to Homburg is composed of all the actions that lead to the purchase from the buyers’ side.
What are the main components (or constructs) studied in Consumer Behaviour?
Some examples are Motivation, Activation, Emotion, Involvement and Attitude.
What is Activation in Consumer Behavior?
It is a non linear parameter identified as a strong emotion that gives energy (energizer) the individual bringin it to a state of AWAKE ATTENTION preparing it to make a purchase.
What are Cognitive Stimulus?
Cognitive Stimulus are linked to details that bring conflict to our brain, including surprises. It can also include humor.
In the Activation field of the Consumer Behavior studies, what is the emotional activation connected to?
In the Activation matter, the emotional activation is connected to BIOLOGICAL REACTIONS such as looking at a baby usually PREPROGRAMMED REACTIONS.
What is a Physic Intensive stimulus?
A Physic intensive stimulus is usually related to their physical presence (dimensions) in a location or colors attracting our eye to it.
What is Motivation in the Marketing sphere?
Motivation is the energy or impulse to act (driving force) that leads the buyer to an action or a final goal. They depend on the Marslow pyramid.
What is the Marslow pyramid (1970)?
The Marslow pyramid indicates different levels of satisfaction/fullfillment. This is composed primarily of physiological needs, safety, social needs, esteem needs and later on self-fulfilment needs. The layers are only unlocked once the previous layer has been supplied and curated for. This is how motivations and consumer needs change.
What is emotion in Consumer behavior and why is it necessary?
Emotion is defined as a STATE OF BEING that might be connected to physical reactions and that serves the purpose of creating a POSITIVE ATMOSPHERE as well as PRODUCT DIFFERENTIATION.
What are some criteria necessary to promote emotional connection?
To have emotional connection, it is important that the NEUTRAL STIMULUS (brand) is connected to the EMOTIONAL STIMULUS so that they become a trigger.
What is Involvement?
Involvement indicates how willinging a buyer is to making a purchase and this can move from low to high involvement depending on the product. Accordingly, the quantity of decision making will be more present in high involvement purchases. + Might be influenced by the personal and individual characteristics.
