Marketing Flashcards
(51 cards)
Consumer buyer behaviour
The buying behaviour of final consumers- individuals and households that buy goods and services for personal consumption
Consumer market
All the individuals and households that buy or acquire good and services for personal consumption
What questions do companies ask when researching consumer buying decisions?
What they buy
Where they buy
How and how much they buy
When they buy
Why they buy
which pricing approach works on the basis that the most important element in pricing offering is cost of productions?
cost oriented approach
what is the strategic advantage of market segmentation?
it enables organizations to allocate limited resources efficiently by tailoring the marketing mix to specific customer needs
what describes the fundamental goal of market segmentation?
to identify segments with clear differences between them while maintaining similarities within each segment
which of the following best describes behavioural criteria in market segmentation?
it examines when, where and how consumers behave in the market , including shopping habits and media consumption
what is relevant to psychological criteria in market segmentation?
why do consumers have certain attitudes towards a product or brand
how do profile criteria help in market segmentation?
they provide insights into who the consumers are, including demographic and geographic location
what are the three main criteria for segmenting business markets?
firmographic criteria
geographic criteria
economic criteria
what is the main goal of targeting in market segmentation?
to evaluate segment attractiveness and select the most suitable target segments for the company
in the context of the concentrated approach, what does the strategy focus on?
focusing on one or more segments of the market, offering seperate marketing mixes for each
what best describes the balanced approach in market segmentation?
it combines elements of both effectiveness and efficiency by identifying segments with similar needs and serving them with a reasonable level of customization
what is the primary objective of positioning in market segmentation?
to create a unique perception of the product for eahc target segment and develop a tailored marketing offering
what is a key characteristic of shopping goods?
consumers compare them based on quality , price and style
which type of goods require consumers to make a special purchasing effort due to unique characteristics or brand identification
speciality goods
what does the core proposition of a product refer to?
the primary benefit a product or service provides, whether functional - what it does or emotional - how it makes people feel
what does the embodied proposition refer to?
the physical product or service that provides the expected benefit, including design, features and packaging
what does the augmented proposition include?
extra features that enhance perceived value
during which stage of the product lifecycle does a company typically invest heavily in research and development?
development stage
in the growth stage of a product lifecycle, what is usually true?
slaes grow enough to cover expenses, and advertising efforts decrease
what is a common strategy during the maturity stage to combat increased competition?
increase advertising efforts or lower prices
in which stage of the product lifecyle do advertising efforts become minimal
decline stage
true or false? One of the reasons why companies increasingly rely on emotional or hedonic benefits to differentiate themselves from competitors is that technological advances have made it easier to replicate functional benefits.
true
