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Marketing 310 > Mfinal-overall > Flashcards

Mfinal-overall Flashcards

(89 cards)

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1
Q

Decision-Making Process

A

Problem Recognition -> Information Search -> Evaluation of Alternatives -> Product Choice - > Outcomes

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2
Q

Continuum of Buying Decision Behavior

A

Routine Response Behavior -> Limited Problem Solving -> Extensive Problem solving

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3
Q

Information Search

A

consumer surveys the environment for appropriate data to make reasonable decision

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4
Q

Brand Switching

A

select familiar brands when decision situation is ambiguous

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5
Q

Variety Seeking

A

Desire to choose new alternatives over more familiar ones

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6
Q

Relationship between Amount of Information Search and Product Knowledge

A

Low Product Knowledge = Low amount of search
Medium Product Knowledge = High amount of search
High Product Knowledge = Low amount of search

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7
Q

Five Types of Perceived Risk

A
  1. Monetary
  2. Functional
  3. Physical
  4. Social
  5. Psychological
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8
Q

Buyers/Purchases most Sensitive - Monetary Risk

A

Buyers - Those with little income

Purchases - High ticket items

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9
Q

Buyers/Purchases most Sensitive - Functional Risk

A

Buyers - Practical consumers

Purchases - Products that require the buyers exclusive commitment

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10
Q

Buyers/Purchases most Sensitive - Physical Risk

A

Buyers - elderly, frail, or ill health

Purchases - Mechanical, drugs and medical treatments, and food and beverages

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11
Q

Buyers/Purchases most Sensitive - Social Risk

A

Buyers - Insecure and uncertain people

Purchases - socially visible goods (clothes, cars, jewellery)

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12
Q

Buyers/Purchases most Sensitive - Psychological Risk

A

Buyers - lacking self-respect or attractiveness

Purchases - Expensive personal luxuries, services that demand self-discipline

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13
Q

Levels of Categorization

A

Superordinate Level (dessert) -> Basic Level (fattening vs nonfattening) -> Subordinate Level (type of dessert)

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14
Q

Heuristics: Mental Shortcuts

A

Mental rule of thum that lead to speedy decisions (higher price = higher quality)

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15
Q

Zipf’s Law

A

Our tendency to prefer a number one brand to the competition

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16
Q

Consumer inertia

A

Tendency to buy a brand out of habit merely because it requires less effort

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17
Q

Noncompensatory (decision rules)

A

Lexicographic rule
Elimination-by-aspects rule
Conjunctive rule

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18
Q

Lexicographic rule

A

brands are evaluated on the consumers most important attribute

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19
Q

Elimination-by-aspects rule

A

brands are evaluated on the most important attribute under the elimination-by-aspects rule. In this case, though, specific cut-offs are imposed.

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20
Q

Conjunctive Rule

A

entails processing by brand

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21
Q

Purchase and Postpurchase Activities

A

Antecedent States -> Purchase Environment -> Postpurchase Processes

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22
Q

Shopping Orientation

A 
Economic consumer
Personalized consumer
Ethical consumer 
Apathetic consumer
Recreational shopper
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23
Q

Atmospherics

A

Conscious designing of space and dimensions to evoke certain effects in buyers

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24
Q

Expectancy disconfirmation mode

A

consumers form beliefs of product quality based on prior performance

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25
Acting on Dissatisfaction - Threee ways consumers act on dissatisfaction
Voice response: Appeal to retailer directly Private response: Express dissatisfaction to friends or boycott store Third-party response: legal action
26
Gemba
One true source of information
27
Total Quality Management
How people actually interact with their environment in order to identify potential problems
28
Reference group
Actual or imaginary individual/group conceived of having significant relevance upon an individual’s evaluations, aspirations, or behaviour
29
Types of Reference Groups
Normative influence Helps to set and enforce fundamental standards of conduct Comparative influence Decisions about specific brands or activities are affected
30
Brand Communities and Tribes
A group of consumers who share a set of social relationships based upon usage or interest in a product
31
Types of Social Power
1. Referent power 2. Legitimate power 3. Reward power 4. Information power 5. Expert power 6. Coercive power
32
Foot in the door technique
Ask for a small request then hit them up for something bigger
33
Low-ball technique
Asked for small favour that becomes costly
34
Door in the face technique
First ask to do something extreme, and when they refuse the person will then ask for a smaller request
35
Deindividuation
individual identities become submerged within a group
36
Social loafing
People don’t devote as much to a task when their contribution is part of a larger group
37
Risky shift
Group members show a greater willingness to consider riskier alternatives following group discussion than if members decide alone
38
Market Maven
Actively involved in transmitting marketplace information of all types
39
Family life cycle (FLC)
concept combines trends in income and family composition with change in demands placed on income
40
Roles and Modes Decisions
``` Initiator Information gathering Gatekeeper Influencer Decision-maker Buyer Preparer User Maintainer Disposer ```
41
Initiator, Information gathering, Gatekeeper
Initiator—the person who brings up the idea or need. • Information gatherer—the person who gathers information on a product or service. • Gatekeeper—the person who conducts the information search and controls the flow of information available to the group.
42
Influencer, Decision-maker, Buyer
Influencer—the person who tries to sway the outcome of the decision. • Decision maker—the person who holds the singular or joint power to deter-mine whether or not to buy a product or service. • Buyer—the person who actually makes the purchase.
43
Preparer, User, Maintainer , Disposer
Preparer—the person who processes the product or directs the service into a form that can be consumed by others. * User—the person who ultimately uses the product or service. * Maintainer—the person who is responsible for the maintenance and upkeep of a product or service. * Disposer—the person who discards or discontinues the use of a product or service
44
Consensual purchase decision
Members agree on the desired purchase, differing only in terms of how it will be achieved
45
Accommodative purchase decision
Members have different preferences or priorities and cannot agree on a purchase to satisfy the minimum expectations of all involved
46
Autonomic decision
one family member chooses a product
47
Syncratic decision
involve both partners
48
Four factors in joint versus sole decision making
Gender-role stereotypes Spousal resources Experience Socioeconomic status
49
Five Stages of Consumer Development
``` Stage 1: Observing Stage 2: Making Requests Stage 3: Making Selections Stage 4: Making assisted purchases Stage 5: Making independent purchases ```
50
Discretionary income
the money available to a household over and above that required for a comfortable standard of living.
51
Individual Attitudes Toward Money
Brand aspirationals: people with low incomes who are obsessed with names like KitchenAid; Price-sensitive affluents: wealthier shoppers who love deals; and Value-price shoppers: like low prices and cannot afford more.
52
Consumer confidence
Extent to which people are optimistic or pessimistic about the future health of the economy
53
Social mobility
passage of individuals from one social class to another
54
How Do We Measure Social Class?
Individual characteristics as well as occupation and type of housing represent class standing
55
Invidious distinction
We buy things to inspire envy in others through our display of wealth or power
56
Conspicuous consumption
People’s desire to provide prominent visible evidence of their ability to afford luxury goods
57
Age cohort
a group of consumers of the same approximate age who have similar experiences
58
Consumer identity renaissance
redefinition process people undergo when they retire
59
Acculturation
``` Five phases of adjustment: Honeymoon Culture shock Superficial adjustment Stress and depression Integration ```
60
Aspects of Culture
1. Power Distance 2. Uncertainty Avoidance 3. Masculine versus Feminine 4. Individualism versus Collectivism
61
Power Distance
Way members perceive differences in power when they form interpersonal relationships
62
Uncertainty Avoidance
Degreee to which people feel threatened by ambiguous situations
63
Masculine versus Feminine
Degree to which sex roles are clearly delineated
64
Individualism versus Collectivism
Extent to which culture values the welfare of the individual versus that of the group
65
Norms
Rules dictating what is right or wrong
66
Enacted norms
Explicitly decided on (e.g., green light equals “go”)
67
Crescive norms
Embedded in a culture and include: Customs: Norms handed down from the past that control basic behavior Mores: Custom with a strong moral overtone Conventions: Norms regarding the conduct of everyday life
68
Functions and Structure of Myths
1. Metaphysical 2. Cosmological 3. Sociological 4. Physchological
69
Metaphysical and Cosmological
Metaphysical - Help explain origins of existence | Cosmological - Emphasize that all components of the universe are part of a single picture
70
Sociological and Psychological
Sociological - Maintain social order by authorizing a social code to be followed by members of a culture Psychological - provide models for personal conduct
71
Sacred consumption
Involves objects and events that are set apart from normal activities that are treated with respect or awe
72
Profane consumption
Involves consumer objects and events that are ordinary and not special
73
Cultivation hypothesis
Media’s ability to distort consumers’ perceptions of reality
74
Advergaming
Gamers are more sophisticated and represent the general population 1. gain viewers attention for much longer time 2. Tailor games to specific products 3. Flexibiltiy 4. track usage
75
Types of Adopters
1. Innovators (early adopters) 2. Early majority 3. Late majority 4. Laggards
76
Types of Innovations
``` Continuous innovation Evolutionary rather than revolutionary Dynamically continuous innovation More pronounced change to existing product Discontinuous innovation Creates major changes in the way we live ```
77
Prerequisites for Successful Adoption
1. Compatibility 2. Trialability 3. Complexity 4. Observability 5. Relative Advantage
78
Compatibility
Innovation should be compatible with consumers’ lifestyles
79
Trialability
People are more likely to adopt an innovation if they can experiment with it prior to purchase
80
Complexity
A product that is easy to understand will be chosen over competitors
81
Observability
Innovations that are easily observable are more likely to spread
82
Relative | Advantage
Product should offer relative advantage over other alternatives
83
Meme theory
an idea or product that enters the consciousness of people over time, such as tunes, phrases; “is that your final answer
84
Normal Fashion Cycle
1. Innovation 2. Rise 3. Acceleration 4. General Acceptance 5. Decline 6. Obsolescence
85
Three dimensions of global brands
Quality signal Global myth Social responsibility
86
Quality signal
Many assume that if a company has global reach it must excel on quality.
87
Global myth
Consumers look to global brands as symbols of cultural ideals, buying these brands to help them “bond” with like-minded people around the world.
88
Social responsibility
People recognize that global companies wield extraordi- nary influence—both positive and negative—on society’s well-being.
89
Creolization
Foreign influences integrate with local meanings

Marketing 310 (5 decks)

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