Quiz 2 Study Guide Flashcards
(25 cards)
The actions a person takes in purchasing and using products and services, including mental and social pressures that come before and after these actions
consumer behavior
Define psychological and sociocultural influences affecting consumer behavior and list some examples of each.*
Psychological influences refer to factors related to an individual’s mental and emotional state, which drive their decision-making process when it comes to purchasing goods or services. Examples - motivation and personality; perception; learning; values, beliefs, and attitudes; and lifestyle are useful for interpreting buying processes and directing marketing efforts.
Sociocultural Sociocultural influences refer to the social and cultural factors that shape consumers’ behavior, including social class, family, culture, and peer groups. These influences are often external and stem from the individual’s social environment.
Examples - personal influence, reference groups, family influence, social class, culture, and subculture
the group of brands or products that a consumer actively evaluates when making a purchasing decision. It includes the options that are perceived as viable choices based on the consumer’s criteria, preferences, and needs. These are the alternatives a person seriously considers before making a final selection.
consideration set
The attributes or features that consumers use to compare and assess different products or brands when making a purchasing decision. These criteria are the standards or benchmarks that help consumers evaluate the options within their consideration set.
evaluative criteria
The characteristics of high-involvement purchases.
a. Expensive
b. Can have serious personal consequences
c. Could reflect on one’s social image
All the stages of the consumer purchase decision process
- Number of brands examined
- Number of sellers considered
- Number of product attributes evaluated
- Number of external information sources used
- Time spent searching
feeling of post purchase psychological tension or anxiety, sometimes “buyer’s remorse.”
cognitive dissonance
the marketing of products and services to companies, governments, and not-for-profit organizations for use in the creation of products and services that they can produce and market to others.
business-to-business marketing
those manufacturers, wholesalers, retailers, service companies, and not-for-profit organizations, and government agencies that buy products and services for their own use or for resale. (ex: these organizations buy computers and telephone services for their own use)
organizational buying
characteristics of organization buying behavior
Market Characteristics - Demand for industrial products and services is derived / Few customers typically exist, and their orders are larger
Product or service characteristics - products or services are technical in nature and purchased on the basis of specifications / goods are raw and semi unfinished / heavy emphasis on delivery time, technical assistance, and postsale service
Buying process characteristics - technically qualified and professional buyers follow established purchasing policies and procedures / buying objectives and criteria are spelled out / multiple buying influences, multiple parties for purchase decisions / online buying over the internet
Marketing mix characteristics - direct selling to organizational buyers is the rule / advertising and other forms of promotion are technical / price is often negotiated
3 types of organizational markets
Industrial - reprocess a product or service they buy before selling it to the next buyer
Reseller - wholesalers and retailers, buy physical products and resell them without any reprocessing
Government - buy goods and services for the constituents they serve
Describe the key characteristics that make organizational buying different from consumer buying.
1) The size of order purchase, 2) number of potential buyers, 3) buying objectives, 4) buying criteria, 5) buyer–seller relationship and 6) supply partnerships, and 7) multiple buying influences within organizations
Process is more formalized, more individuals involved, supplier capability is more important, and the post purchase evaluation behavior includes performance
Why does an organization engage in marketing research? What is its goal and purpose and what are examples?*
Marketing Research - the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. They conduct it to reduce the risk of–and thereby improve–marketing decisions.
Define the problem → develop the research plan → collect relevant information → develop findings → take marketing actions
Observing people and asking them questions are the two principal ways to collect primary data for a marketing study. Facts and figures obtained by watching how people actually behave is the way marketing researchers collect observational data.
marketing research
What is the definition of primary and secondary research? What are the pros and cons of each? What are examples of each?
Primary data - the facts and figures that are newly collected for the project
Secondary data - the facts and figures that have already been collected prior to the project at hand
What does a questionnaire focus on?
Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
What are the five steps in the market research process?
Define the problem
Develop the research plan
Collect relevant information
Develop findings
Take marketing actions
(DP –> DRP –> C –> DF –> TA)
components of developing a research plan
Specify constraints
Identify the data needed for marketing actions
Determine how to collect the data
List and describe the four general bases of market segmentation - describe each and give examples of each.
Geographic - where prospective customers live or work
Demographic - some objective physical (gender/race), measurable (age/income), or other classification attribute (birth era, occupation) or prospective customers
Psychographic - some subjective mental or emotional attributes (personality), aspirations (lifestyle), or needs of prospective customers
Behavioral - some observable actions or attitudes by prospective customers (where they buy, what they seek, how often, etc.)
A means of displaying in two dimensions the location of products or brands in the minds of consumers
perceptual map
Be able to list and describe the four common segmentation bases and give examples of all of them.*
Geographic - people from Oregon vs. Florida
Demographic - how do 80 year olds buy
Psychographic - people who workout and their buying habits
Behavioral - how much are our customers buying and how often
the relatively homogeneous groups of buyers that result from the market segmentation process. Each segment consists of people who are relatively similar to each other in terms of their consumption behavior.
market segments
Refers to the place a product occupies in consumers’ minds based on the important attributes relative to competitive products.
product positioning
