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According to Maslow's hierarchy of needs, which of the following needs do people seek to meet first before meeting any other need? Financial Physiological* Safety Love Esteem

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Phsiological

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Consumer decision process model

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The consumer decision process model represents the steps that consumers go through before, during, and after making purchases. Because Marketers often find it difficult to determine how consumers make their purchasing decisions, it is useful for us to break down the process into a series of steps and examine each individually

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The consumer decision process begins when consumers recognize they have an unsatisfied need, and they would like to go from their actual, needy state to a different, desired state. The greater the discrepency between these two states, the greater the _________ ______________ will be.

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NEED RECOGNITION

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FUNCTIONAL NEEDS

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pertain to the performance of a product or service.

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PSYCHOLOGICAL NEEDS

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pertain to the personal gratification consumers associate with a product and/or service.

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The second step, after a consumer recognizes a need, is to search for information about the various options that exist to satisfy that need. The length and intensity of the search are based on the degree of perceived risk associated with purchasing the product or service.

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perceived risk

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There are two key types of information search:

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internal and external

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________ __________ ____________, the buyer examines his or her own memory and knowledge about the product or service, gathered through past experiences.

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internal search for information

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external search for information

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external search for information, the buyers seeks information outside his or her personal knowledge base to help make the buying decision.

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The perceived benefits versus perceived costs of search.

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The Locus of control.

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People who have an internal locus of control

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believe they have some control over the outcomes of their actions, in which case they generally engage in more search activities.

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External locus of control,

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consumers believe that fate or other external factors control all outcomes.

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Actual or Perceived risk, five types of risk associated with purchase decisions can delay or discourage a purchase:

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purchase, financial, social, physiological, or psychological. The higher the risk, the more likely the consumer is to engage in an extended search.

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Performance risk:

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involves the perceived danger inherent in a poorly performing product or service

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Financial risk,

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is risk associated with a monetary outlay and includes the initial cost of the purchase, as well as the costs of using the item or service.

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Social risk

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involves the fears that consumers suffer when they worry others might not regard their purchases positively.

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Physiological risk could also be called

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safety risk.

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Whereas performance risk involves what might happen if a product does not perform as expected, ____________ ______ refers to the fear of an actual harm should the product not perform properly.

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physicological (or safety) risk

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Physiological needs

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deal with the basic biological necessities of life - food, drink, rest and shelter.

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Psychological risks

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are those risks associated with the way people will feel if the product or service does not convey the right image.

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Evaluations of alternatives -

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once a consumers has recognized a problem and explored the possible options, they sift through the choices available and evaluate the alternatives.

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Universal sets include

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Universal sets include all possible choices for a product category, but because it would be unwieldy for a person to recall all possible alternative for every purchase decision, marketers tend to focus on only a subset of choices.

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Retrieval sets,

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which are those brands or stores that can be readily brought forth from memory

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Evoked set,

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which comprises the alternative brands or stores that the consumer states they would consider when making a purchase decision.

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Evaluative criteria

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consist of salient, or important attributes about a particular product.

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Determinant attributes

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are product or service features that are important to the buyer and on which competing brands or stores are perceived to differ.

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Consumer decision rules

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are the set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives. these rules are typically either compensatory or non-compensatory.

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Compensatory decision rule

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Compensatory decision rule assumes that the consumer, when evaluating alternative, trades off on characteristic against another, such that good characteristics compensate for bad characteristics.

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Motive

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Motive is a need or want that is strong enough to cause the person to seek satisf

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Safety needs

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pertain to protection and physical well-being. The marketplace is full of products and services that are designed to make you safer.

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Love

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Love needs relate to our interactions with others.

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Esteem

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Esteem needs allow people to satisfy their inner desires.

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self-actualization

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occurs when you feel completely satisfied with your life and how you live.

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Attitude

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is a person's enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea.

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cognitive component

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reflects a person's belieft system or what we believe to be true

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affective component

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involves emotions, or what we feel about the issue at hand, including our like or dislike of something

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behavioral component

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pertains to the actions we undertake based on what we know and feel

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perception

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is the process by which we select, organize and interpret information to form a meaningful picture of the world.

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Learning

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Learning refers to a change in a person's though process or behavior that arises from experience and takes place throughout the consumer decision process.

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Lifestyle

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refers to the way consumers spend their time and money to live

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Reference group

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Reference group is one or more persons whom an individual uses as a basis for comparison regarding beliefs, feeling, and behaviors.

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Business-to-business (B2B) marketing

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Business-to-business (B2B) marketing refers to the process of buying and selling goods or services to be used in the production of other goods and services for consumption by the buying organization and/or resale by wholesalers and retailers.

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Manufacturers

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Manufacturers buy raw materials, components and parts that allow them to make and market their own goods and ancillary services.

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Resellers

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are marking intermediaries that resell manufactured products without significantly altering their form

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Wholesalers and distributors

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buy products and sell them to retailers (B2B) then retailers resell those products to the ultimate consumer (B2C)

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Business-to-Business Buying Process

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Need recognition --> Product specification --> RFP process --> Proposal analysis and supplier selection --> order specification --> Vendor/performance assessment using metrics

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organizational culture

answer

can have a profound influence on purchasing decision.

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Corporate buying center culture can be divided into four general types:

answer

Corporate buying center culture can be divided into four general types: autocratic, democrateic, consultative, and consensus

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Most B2B buying situations can be categorized into three types:

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new buys, modified re-buys, and straight rebuys

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Six buying roles within a typical buying center 1) initiator, 2) influence, 3) decider, 4) buyer, 5) user, 6) gatekeeper

answer

Six buying roles within a typical buying center 1) initiator, the person who first suggest buying the particular product or service 2) influence, the person whose views influence other members of the buying center in making the final decision 3) decider, the person who ultimately determines any part of or the entire buying decision- whether to buy, what to buy, how to buy, or where to buy, 4) buyer, the person who handles the paperwork of the actual purchase 5) user, the person who consumes or uses the product or service 6) gatekeeper, the person who controls information or access, or both, to decision makers and influences

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1) initiator, the person who first suggest buying the particular product or service

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1) the person who first suggest buying the particular product or service

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2) influence,

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2) the person whose views influence other members of the buying center in making the final decision

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3) decider,

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the person who ultimately determines any part of or the entire buying decision- whether to buy, what to buy, how to buy, or where to buy,

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4) buyer,

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4) buyer, the person who handles the paperwork of the actual purchase

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5) user,

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5) user, the person who consumes or uses the product or service

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6) gatekeeper,

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6) gatekeeper, the person who controls information or access, or both, to decision makers and influences

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Jean is very reluctant to spend $32,000 on a formal dining room table. She is worried her family will only use this table twice a year. She can be described as experiencing __________ risk Potential Psychological Social Financial Performance

answer

Financial

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Situational factors often include ________ factors that might alter the buyer's state of mind and significantly change his predictable choice and behavior. For example, it may be very near to closing time for the store or the shopper may have spilled a cup of coffee in the car immediately before entering the store. shopping purchase atmosphere temporal social

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temporal

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situational factors

answer

such as the specific purchase situation, a particular shopping situation, or temporal state (time of day), that affect the decision process

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Two consumers both earn $47,000 annually. One owns four motorcycles and enjoys hunting and fishing. The second plays gold weekly and drives an SUV. The marketing manager might target these two consumers as part of two different segments based on their _______ attitudes perception buying behavior lifestyles

answer

lifestyles

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Lifestyles

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Lifestyles refers to the way consumers spend their time and money to live

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A consumer will often turn to one of their formal or informal ____ groups for advice and guidance on acceptable beliefs, attitudes and consumer behaviors. This social influence might be colleagues at work, team members on some sports team, or a club in which they are a member. family reference work cultural

answer

reference

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Which of the following is NOT defined distinctly as a reference group that might influence the buyer's choice and behaviors? culture friends classmates coworkers family

answer

culture

question

Reference group

answer

is one or more persons whom an individual uses as a basis for comparison regarding beliefs, feelings, and behaviors

question

Consumers might have various reference groups, including

answer

family, friends, co-workers, or famous people the consumer would like to emulate. These reference groups affect buying decisions by 1) offering information 2) providing rewards for specific purchasing behaviors, 3) enhancing a consumer's self-image

question

These reference groups affect buying decisions by

answer

1) offering information 2) providing rewards for specific purchasing behaviors, 3) enhancing a consumer's self-image

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A(n) _____ consists of three components. It is learned, long lasting, and might develop over a long period of time. For instance, you might like your instructor for much of the semester until s/he returns your first exam

answer

attitude

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attitude

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attitude is a person's enduring evaluation of his or her feeling about and behavioral tendencies toward an object or idea.

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Attitudes are learned and long lasting, and they might develop over a long period of time, though they can also abruptly change.

answer

learned and long lasting,

question

Identify which of the following are categories of information search.

answer

Internal; External

question

List the correct sequence of the consumer decision process, starting from the beginning (top to bottom)

answer

Need recognition - information search - alternative evaluation - purchase - post-purchase

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Jim considers the purchase of a six-pack of beer rather indifferently, as he will drink any brand that is fairly inexpensive. His low degree of interest in beer classifies him as a low- _____ beer buyer.

answer

improvement

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Involvement

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Involvement is the consumer's degree of interest in the product or service. Consumers may have different levels of involvement for the same type of product.

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High involvement

answer

greater attentioin, deeper processing -> develops strong attributes and purchase intentions.

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Low involvement

answer

less attention, peripheral processing -> generates weak attitudes and increased use of cues.

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Which of the following exemplifies steps that may occur during the postpurchase behavior stage?

answer

Having cognitive dissonance, feeling satisfied or dissatisfied, comparing a product to one's expectations

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Postpurchase

answer

it entails actual rather than potential customer. Satisfied customers, whom marketers hope to create, become loyal, purchase again, and spread positive word of mouth, so they are quite important.

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Upon the purchase of a car, the consumer might experience postpurchase or cognitive _________, customer loyalty or customer satisfaction.

answer

dissonance

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There are three possible postpurchase outcomes:

answer

customer satisfaction, postpurchase cognitive dissonance, and customer loyalty (disloyalty)

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When a consumer's choice is altered by members of his family, his reference group, or his culture, he is being influenced by _____ factors

answer

social

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Upon the purchase of a car, the consumer might experience postpurchase or cognitive ____, customer loyalty or customer satisfaction.

answer

dissonance

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The consumer's decision process is

answer

all the steps consumers experience when trying to decide on whether or not to make a purchase

question

The discrepancy between a consumer's actual state and desired state is associated with which of the following steps in the consumer decision process? Need recognition Information search Alternative evaluation Purchase Postpurchase

answer

Need recognition

question

_____ pertain(s) to the personal gratification consumers associate with the product or service. Needs recognition Functional needs Demographic needs Psychological needs

answer

Psychological needs

question

According to the consumer decision process, after consumers recognize the need for a product, they then engage in psychological need recognition. an information search. an evaluation of alternatives. the purchase of the product. postpurchase behavior.

answer

an information search

question

The fact that a family would spend a lot more time researching the market before buying a new car than it would in the decision to purchase an inexpensive kitchen appliance, like a coffeemaker can best be explained by which of the following concepts? Locus of control Performance risk Psychological risk Social risk aversion Perceived benefits versus perceived costs of search

answer

Performance risk

question

When a manufacturer offers a money-back guarantee on the purchase of its products to show that the products will perform as expected, it is most likely attempting to alleviate which risk? Psychological Social Financial Safety Physiological

answer

Physiological

question

When consumers are engaged in the consumer decision process, the specific brands or stores they readily recall in a product category are referred to as their _____ set. universal retrieval memory evoked brand

answer

retrieval

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Because not all purchase intentions result in an actual purchase, marketers calculate the _____ to measure how effectively a decision to purchase a specific product results in a completed purchase. performance risk compensatory decision rate noncompensatory decision rate decision heuristic conversion rate

answer

performance risk

question

Sometimes called buyer's remorse, _______ is the internal conflict that arises from an inconsistency between two beliefs, or between beliefs and behavior. an internal locus of control postpurchase cognitive dissonance self-actualization an external locus of control psychological risk

answer

postpurchase cognitive dissonance

question

According to the elaboration likelihood model, which of the following variables determines whether limited or extended problem solving will operate in a particular purchase decision? Purchase readiness Attentional capacity Likelihood of purchase The level of involvement The level of elaborate thinking

answer

The level of involvement

question

In B2B markets, _____ are firms that buy and reprocess products and services before selling them again to the next buyer. manufacturers producers resellers institutions governments

answer

producers

question

With its estimated outlay of over $500 billion for fiscal year 2014, the Pentagon represents which type of B2B organization? Manufacturer Distributor Reseller Institution Government

answer

Government

question

The business-to-business buying process is initiated by which of the following steps? The RFP process Need recognition Proposal analysis Product specification Vendor performance assessment

answer

Need recognition

question

In this stage of the business-to-business buying process, firms are likely to narrow their selection to a few suppliers, often those with which they have existing relationships, and discuss key terms of the sale. The RFP process Vendor specification Product specification Vendor performance assessment Proposal analysis, vendor negotiation, selection

answer

Proposal analysis, vendor negotiation, selection

question

Which of the following is not one of the six buying center roles? Initiator Advisor Decider Buyer Gatekeeper

answer

Advisor

question

Although she wasn't told this when hired, at her new job Dana noticed that the employees eat lunch at their desks while continuing to work and that on Fridays most everyone dresses casually. These behaviors are most likely part of the organizational culture. business plan. corporate values. organizational demographics. code of ethical conduct.

answer

organizational culture

question

A firm's _____ reflects the set of values, traditions, and customs that guide its employees' behavior. marketing strategy marketing plan ethical climate demographics organizational culture

answer

organizational culture

question

Autocratic buying centers are characterized by a single decision maker.* collective agreement. majority rule. the solicitation of many opinions. many decision makers.

answer

single decision maker.

question

Most B2B buying situations can be categorized into three types: new buys, straight rebuys, and standard rebuys. capital buys. modified rebuys. repeat buys. strategic buys.

answer

modified rebuys.

question

In _____, the buyer is often the only member of the buying center involved in the process. new buys standard rebuys modified rebuys straight rebuys material buys

answer

straight rebuys

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