Quiz 2 Flashcards
(52 cards)
model of buyer behaviour
environment (marketing stimuli, 4 P’s), buyer’s black box (characteristics, decision process), buyer responses (attitudes, preferences, purchase behavior)
brand personality
mix of human traits that may be attributed to a particular brand
4 types of buying decision behaviour
complex, variety-seeking, dissonance-reducing, habitual
complex buying behaviour (and example)
high involvement, significant differences between brands; characterized by high consumer involvement in purchases and significant perceived differences among brands; ex. buying long-term investment goods like a car; marketers must inform consumers, differentiate products, and motivate salespeople
dissonance-reducing buying behaviour (and example)
low consumer involvement, few significant perceived brand differences; buying expensive, infrequent, or risky purchases with few brand differences (ex. carpeting), marketers must counter postpurchase dissonance with after=sale communications to support consumers
habitual buying behaviour(and example)
low consumer involvement, few brand differences;
ex. table salt
marketers can use price and promotions, product enhancements
variety seeking behaviour (and example)
low consumer involvement, many significant brand differences; brand switching occurs for sake of variety rather than dissatisfaction, ex. buying cookies, marketers for leading brand will encourage habitual buying behaviour (with better shelf space, etc) while challenger firms will encourage variety by offering deals, samples, etc.
(5 step) buyer decision process
need recognition, information search, evaluation of alternatives, purchase decision, postpurchase behaviour
(3 levels) levels of products and services
- core customer value
- actual product (brand name, quality level, features, design, packaging)
- augmented product (delivery and credit, product support, warranty, after-sale service)
product line
group of products that share similar functions, customer groups, marketing outlets, and/or prices
product line filling/stretching
adding to the product line or taking it a different direction
product mix/portfolio
set of all product lines and items that a particular seller offers
(4) nature and characteristics of a service
intangibility, variability, inseparability, perishability
intangibility (one nature and characteristic of a service)
services cannot be seen, tasted, felt, heard, smelled before purchase
variability (one nature and characteristic of a service)
quality of service depends on who provides it and when, where, how
inseparability (one nature and characteristic of a service)
services cannot be separated from their providers
perishability (one nature and characteristic of a service)
services cannot be stored for later sale or use
brand equity
the differential effect that knowing the brand name has on customer response to the product or its marketing;
a measure of the brand’s ability to capture customer preference and loyalty;
brand strength can be measured along 4 consumer perception dimensions (differentiation, relevance, knowledge, and esteem)
brand value
total financial value of a brand
8 stages in new product development
idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, commercialization
product concept
detailed version of the new product idea stated in ‘meaningful consumer terms’
3 parts of a marketing strategy statement
- describe target market, planned value proposition, sales, market-share, and profit goals for first few years
- outline product’s planned price, distribution, and marketing budget for first year
- describe planned long-run sales, profit goals, marketing mix strategy
things to include in business analysis
sales history of similar products
min and max sales (range of risk)
costs and profits, product’s financial attractiveness
test marketing
literally testing the product in its proposed market god dammit;
can be simulated
