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the actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after the purchase.

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consumer behavior

question

the maximum of 5 stages a buyer passes through in making choices about which products and services to buy

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purchase decision process

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problem recognition, information research, alternative evaluation, purchase decision, post purchase behavior

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the 5 stages of the purchase decision process

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first step in the purchase process. difference between a persons ideal and actual situation big enough to trigger a decision.

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problem recognition

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second step of purchase process. search for information

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information research

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a kind of information research. scanning your memory for previous experiences with products or brands

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internal search

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when internal search is insufficient, the risk of making a wrong purchase decision is high, and the cost of gathering info is low

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external search

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personal sources, public sources like consumer reports, and marketer-dominated sources like private information from sellers

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sources of external information

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the group of brands that a consumer would consider acceptable from among all the brands he is aware of

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consideration set

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a post-purchase psychological tension, which results in convincing yourself that you made the right purchase decision

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cognitive dissonance

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personal, social and economic significance of the purchase to the consumer, which affects the extent of purchase decision process

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involvement

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each of the 5 steps of the consumer purchase decision process is used. (i.e. cars)

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extended problem solving

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consumers will seek some info or rely on a friend to help evaluate alternatives. (i.e. toaster)

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limited problem solving

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consumers recognize a problem and solve it with little effort. (i.e. table salt)

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routine problem solving

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quality, avoiding stockouts, repetitive advertising

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in low involvement products, companies place attention on:

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the purchase situation that affects the purchase decision process

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situational influences

question

the purchase task, social surroundings, physical surroundings, temporal effects and antecedent states

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what are the 5 situational influences?

question

the reason for engaging in the decision

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purchase task

question

the other people present when a purchase decision is made

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social surroundings

question

decor, music, crowding

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physical surroundings

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time of day and time available

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temporal effects

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the consumers mood or amount of cash in hand

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antecedent states

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the energizing force that stimulates behavior to satisfy a need

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motivation

question

need

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motivation comes from

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physiological needs, safety needs, social needs, personal needs, self-actualization needs

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what are the 5 need classes (Mazlovs)

question

assertiveness, extroversion, compliance, dominance and aggression

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what are some key traits?

question

the way a person sees himself and the way he believes others see him

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self-concept

question

the way people actually see themselves and the way they would like to see themselves

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ideal vs. actual self-concept

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the process by which an individual selects, organizes, and interprets information to create a meaningful picture in the world.

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perception

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when people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent

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selective perception

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when people see advertisements for the brand they just bought

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selective exposure

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interpreting information so that its consistent with your attitudes and beliefs

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selective comprehension

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consumers don't remember all the information they learn

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selective retention

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seeing or hearing messages without being aware of them

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subliminal perception

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anxiety felt because the consumer cannot anticipate the outcome of a purchase, but believes there maybe negative consequences

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perceived risk

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the greater the perceived risk the more extensive the external search stage will be

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how does perceived risk influence information search?

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obtaining seals of approvals, securing endorsements from influential people, providing free samples, giving extensive usage instructions, providing warranties and guarantees

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how do companies limit perceived risk?

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behaviors that result from repeated experience and resigning

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learning

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the process of developing automatic responses of a situation built up through repeated exposure to it

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behavioral learning

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drive, cure, response and reinforcement

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what are the 4 variables to behavioral learning?

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a need that moves an individual to action

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drive

question

a symbol perceived by consumers

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cue

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the action to satisfy the drive

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response

question

reward for the response

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reinforcement

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learning through thinking, reasoning and mental problem solving

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cognitive learning

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consistent purchase of a single brand over time that results from positive reinforcement of previous actions

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brand loyalty

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shaped by our values and beliefs, the consistent way we respond to products

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attitude

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based on experience and advertising, the subjective perception of how a product performs on different attributes

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beliefs

question

changing beliefs of the products, changing perceived importance of attributes, and adding new attributes to a product

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what are 3 ways marketers change attitudes toward products?

question

a mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them

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lifestyle

question

the practice of combining psychology, lifestyle and demographics to uncover consumer motivations, provides insights into customers; needs and wants

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psychographics

question

a prominent psychographic system. identifies 8 consumer segments based on their primary motivation for buying and product and their resources

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VALS

question

ideals, achievement, self-expression

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consumers are inspired by three primary motivations:

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guided by knowledge and principle. thinkers and believers

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ideals-motivated group

question

looks for produce that reflect success. achievers and strivers

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achievement-motivated groups

question

desire social or physical activity, variety and risk. experiences and makers

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self expression-motvated groups

question

a consumer's forma and informal relationships with other people

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sociocultural influence

question

opinion leadership and word-of-mouth activity

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what 2 aspects of personal influence are important to marketing?

question

individuals who direct direct or indirect influence over others

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opinion leaders

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influencing other people during conversations

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word of mouth

question

popularity created by consumer words of mouth

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buzz

question

people to whom people look as a basis of self-appraisal or as a source of personal standards

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reference groups

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a group to which a person belongs

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membership group

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a group that a person wants to become a part of

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aspiration group

question

a group that a person wants to maintain distance from because of opposing values

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dissociative group

question

consumer socialization, family life cycle, and decision making within the family

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family influences on consumer behavior result from 3 sources:

question

the process by which a person a quires the skills and knowledge necessary to function as a consumer

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consumer socialization

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the distinct phases that family goes through from formation to retirement

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family life cycle

question

spouse dominant and joint decision-making

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family decision-making

question

education of the spouses

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joint decision-making increases with:

question

information gatherer, influencer, decision maker, purchaser, user.

answer

what are the 5 roles of individual family members?

question

divisions in a society into which people sharing similar values, interest and behavior can be grouped

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social class

question

occupation, source of income, and education

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what affects social class?

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subgroups within the larger culture that share unique, values, ideas and attitudes

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subcultures

question

Price, Promotion, place, product.

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4 P's

question

the activity for creating and delivering offerings that benefit the organization, its stakeholders, and society. To see the need and meet it.

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Role of Marketing

question

An important part of marketing that relies heavily on interpersonal interactions between buyers and sellers to initiate, develop, and enhance customer relationships

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Personal selling

question

High customer attention, custom message, interactivity, persuasiveness, relationship development, adaptable, opportunity to close the sale

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Benefits of Personal Selling

question

expensive, labor intensive, limited customers reached

answer

Disadvantages of Personal Selling

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cost effective, persuasive

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Pros of word of mouth

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negativity amplified, persuasive

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Cons of word of mouth

question

The unique combination of benefits received by targeted buyers that include quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.

answer

Customer Value

question

A cluster of benefits that an organization promises customers to satisfy their needs.

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Customer Value Proposition

question

The people who use the products and services purchased for a household. Also called consumers, buyers, or customers.

answer

Ultimate Consumers

question

The idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals.

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Marketing Concept

question

manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale.

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Organizational Buyers

question

The view that organizations should discover and satisfy the needs of consumers in a way that provides for society's well-being.

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Societal Marketing Concept

question

An organization that focuses its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value.

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Market Orientation

question

The benefits or customer value received by users of the product.

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Utility

question

Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.

answer

Relationship Marketing

question

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

answer

Marketing Program

question

Strengths, Weaknesses, Opportunities, and Threats of an organization

answer

SWOT Analysis

question

Detailed day-to-day operational decisions essential to the overall success of marketing strategies.

answer

Marketing Tactics

question

The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.

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Market Share

question

A statement of the organization's function in society that often identifies its customers, markets, products, and technologies. Often used interchangeably with vision.

answer

Mission

question

Product, cost

answer

Two types of differentiation

question

Those characteristics of a product that make it superior to competitive substitutes.

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Points of Difference

question

Fear, sex, humor

answer

Three appeals used in advertising

question

Continuous Innovation, Dynamically Continuous Innovation, Discontinuous Innovation

answer

the three different types of innovations

question

-modify existing product to set it apart -no new learning or behavior modification needed (knockoff product & copies existing product with a few changes) Ex. Ipod

answer

Continuous Innovation

question

Pronounced modification to an existing product. Moderate learning or behavior modification needed. Convergence products (when teo technology come together to create more than sum of it's part) ex. Blackberry cell phone

answer

Dynamically Continuous Innovation

question

New product that changes the way we live. Major learning or behavior modification needed. Ex: computer

answer

Discontinuous Innovation

question

1. Idea generation 2. Product development 3. Develop Marketing Strategy 4. Business Analysis 5. Technical Development 6. Test Market the product in Limited Market 7. Commercialization

answer

Steps of product development

question

Revenue-Cost of Goods (COGS)

answer

Gross Profit

question

Gross Profit/sales price x 100

answer

Gross Margin

question

COGS/(1-Gross Margin)

answer

Price

question

(Cost of ad/audience size) x 1000

answer

CPM

question

engages in trade and marketing in different countries as an extension of the marketing strategy in its home country

answer

International Firm

question

views the world as consisting of unique parts and markets to each part differently.

answer

Multinational firm

question

views the world as one market and emphasizes cultural similarities across countries or universal needs and wants rather than differences

answer

transnational firm

question

A brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs

answer

Global Brand

question

identifying a mission; analyzing the situation; setting objectives; developing a marketing strategy; and planning for evaluation.

answer

The five steps in strategic marketing

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