Marketing Concepts and Factors Influencing Consumer Behavior, Quizzes of Principles of Marketing

Download Marketing Concepts and Factors Influencing Consumer Behavior and more Quizzes Principles of Marketing in PDF only on Docsity! TERM 1 Consumer behavior DEFINITION 1 the process a consumer used to make purchase decisions, as well as to use and dispose of purchased goods or services. also inclldes factors that influence purchase decisions and product use. TERM 2 Consumer Decision-Making Process: 1) Need recognition DEFINITION 2 Result of an imbalance between actual and desired state TERM 3 2) Information search DEFINITION 3 a) internal- recall infob) external- search from an outside environment either nonmarketing or marketing controlled TERM 4 3) Evaluate alternative choices DEFINITION 4 evoked set- a group of brands resulting fro an info search from which a buyer can choose TERM 5 4) Purchase DEFINITION 5 Whether to buy, when , what, where, and how to pay TERM 6 5) post- purchase behavior DEFINITION 6 cognitive dissonance- inner tension that a consumer experiences after recognizing an inconsistent between behavior and values or opinions (marketers can reduce this through effective communication) TERM 7 Routine responsive behavior DEFINITION 7 buying frequently low cost goods; requires little search and decision time. ex: toilet paper TERM 8 Limited decision making DEFINITION 8 consumer has previous product experience, but is unfamiliar with the available brands; low involvement; ex: buying textbooks TERM 9 Extensive decision making DEFINITION 9 most complex, used when buying unfamiliar expensive product or an infrequently bought item; requires use of several criteria for evaluating options and time for seeking info; ex: buying a car TERM 10 Factors that affect consumer involvement DEFINITION 10 previous experience interest risk of negative consequences cost time social risk # of alternatives TERM 21 social factors DEFINITION 21 occupation, income, wealth, education TERM 22 reference groups DEFINITION 22 all formal and informal groups that influence an individuals buying behavior; direct- face to face membership; indirect- nonmembership (aspirational and nonaspirational) TERM 23 Opinion leader DEFINITION 23 an individual who influences the opinions of others (celeb endorsement); are usually the first to try new products out of curiosity TERM 24 Family life cycle stages DEFINITION 24 orderly series of stages through which each consumers' attitudes and behavioral tendencies evolve through maturity, experiences, and changing income TERM 25 Perception DEFINITION 25 process by which people select, organize and interpret stimuli into meaningful and coherent pictures; how we see the world around us and recognize that we need some help in making a purchase TERM 26 motivation DEFINITION 26 needs become motives when aroused significantly; ex: you were motivated by hunger to stop at subway TERM 27 stimulus generation DEFINITION 27 when one response is extended to a second stimulus similar to the first TERM 28 stimulus discrimination DEFINITION 28 ability to differentiate among similar products TERM 29 selective exposure DEFINITION 29 consumer notices some stimuli and ignores others TERM 30 selective distortion DEFINITION 30 consumer changes information that conflicts with feelings or beliefs TERM 31 selective retention DEFINITION 31 consumer remembers only info that supports beliefs TERM 32 Maslow's hierarchy of needs DEFINITION 32 1. physiological- hunger2. safety- security/protection3. social needs- sense of belonging/love4. esteem needs- self esteem, recognition, status5. self- actualization needs- self development and realization TERM 33 Business marketing DEFINITION 33 marketing of goods and services to individuals and organizations for purposes OTHER than personal consumption TERM 34 intended use DEFINITION 34 the DIFFERENCE BETWEEN business products and consumer products TERM 35 Business to business electronic commerce (b to b) DEFINITION 35 use of the internet to facilitate the exchange of goods, services, or info between organizations TERM 46 supplies DEFINITION 46 consumable items not part of the final product; lubricants, detergents, paper towels, pencils and paper TERM 47 business services DEFINITION 47 expense items not part of final product; perform janitorial, advertising, legal, management consulting, marketing research, maintenance TERM 48 derived demand DEFINITION 48 demand for business products TERM 49 inelastic demand DEFINITION 49 price doesn't effect demand TERM 50 Buying Centers DEFINITION 50 all people in an organization who are in the purchase decision TERM 51 initiator DEFINITION 51 person who suggest making a purchase TERM 52 Influencers/evaluators DEFINITION 52 mostly tech personnel are important influencers TERM 53 gatekeepers DEFINITION 53 regulate the flow of info TERM 54 decider DEFINITION 54 person who has formal or informal power to choose or approve decision. can be difficult to decide TERM 55 purchasers DEFINITION 55 person who negotiates the purchase TERM 56 Users DEFINITION 56 people who will be using the product TERM 57 Evaluative criteria DEFINITION 57 quality "customer" service price TERM 58 Buying situations DEFINITION 58 new buy- for the 1st timemodified rebuy- less critical and time consuming; purchaser wants some change in the original good; ex: colorstraight rebuy- preferred situation when the purchaser reorders the same goods or services without looking for new info or investigating other suppliers TERM 59 business ethics DEFINITION 59 code of ethics; standard of behavior by which conduct is judged TERM 60 customer service DEFINITION 60 tracking if customers are satisfied, determining which are most valuable TERM 71 benefit segmentation DEFINITION 71 grouped based on the benefits they seek from products TERM 72 usage rate segmentation DEFINITION 72 dividing a market by the amount of product bought or consumed groups; include formers users, potential users, first time users, light or irregular users, medium and heavy users TERM 73 80/20 principle DEFINITION 73 20 percent of customers generate 80 percent of DEMAND TERM 74 basis for segmenting business markets DEFINITION 74 1. company characteristics2. Buying processesa) satisficers- place an order with first familiar supplier to satisfy product and delivery requirementb) optimizers- consider numerous suppliers, solicit bids, and study all proposals carefully before selection TERM 75 Steps in segmenting a market DEFINITION 75 Purpose is to identify marketing opportunities TERM 76 Step 1) DEFINITION 76 select market or product category for study TERM 77 step 2) DEFINITION 77 choose a basis for segmenting TERM 78 step 3) DEFINITION 78 select segmentation descriptors TERM 79 step 4) DEFINITION 79 profile and analyze segments TERM 80 step 5) DEFINITION 80 select markets TERM 81 step 6) DEFINITION 81 design, implement and maintain appropriate marketing mixes TERM 82 Target market DEFINITION 82 group of people or organizations for which an organization designs, implements and maintains a marketing mix intended to meet the needs of that group, resulting in a mutually satisfying exchange TERM 83 Undifferentiated targeting DEFINITION 83 views as one big market with no segments; no advertising costs, unimaginative and more susceptible to competition TERM 84 Concentrated targeting (niche) DEFINITION 84 select one segment for targeting; meets needs of narrowly defined segments; allows small firms to better compete against large firms; large competitors may more effectively market to niche segment TERM 85 Multisegment targeting DEFINITION 85 chooses 2 or more well-defined market segments and develops distinct marketing mix for each; greater financial success but has high costs and cannibalization (competing with yourself) TERM 96 Marketing research 3 roles: DEFINITION 96 descriptive- gathering and presenting facts diagnostic- explaining data predictive- answering "what if" TERM 97 Steps in market research project DEFINITION 97 define problem plan research design and gather secondary data specify the sampling procedure collect primary data analyze the data prepare and present the report follow up TERM 98 All firms do market research because... DEFINITION 98 it has many benefits TERM 99 marketing research problem DEFINITION 99 information oriented; how information can be obtain effectively TERM 100 marketing research objective DEFINITION 100 provide insightful decision making info TERM 101 management decision problem DEFINITION 101 action oriented; broad based problem that uses marketing research in order for managers to take proper action TERM 102 Secondary data DEFINITION 102 already been collected; saves time and money, but doesn't always answer the unique question and sometimes not as good quality as primary. TERM 103 Sources of Secondary data DEFINITION 103 internal corporate info government agencies trade and industry associations business periodicals news media TERM 104 Primary data DEFINITION 104 collected for the first time; used for solving particular problem under investigation; advantages: answers specific research question, current, source of data is known, maintained secrecy TERM 105 Survey research DEFINITION 105 most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes TERM 106 advantages of internet surveys DEFINITION 106 rapid development, real-time reporting, reduced cost, personalized questions and data, improved respondent participation, contact with hard to reach ppl TERM 107 advantages of online focus groups DEFINITION 107 easy to use, better participation rates, cost effective, broad geographic scope, accessibility, honesty TERM 108 behavioral targeting DEFINITION 108 form of observation marketing research that combines a consumer's online activity with a psychographic and demographic profile compiled in a database TERM 109 experiment DEFINITION 109 when a researcher changes one variable to see how it affects other variables TERM 110 Role of Customer-generated media in MKT research DEFINITION 110 comes from various sources: blogs, sites, message boards, podcasts; more trusted than traditional advertising; can be influence but not controlled by marketers TERM 121 Product DEFINITION 121 the STARTING POINT in creating a marketing mix; everything both favorable and unfavorable that a person receives in exchange TERM 122 Business product DEFINITION 122 used to manufacture other goods and services to facilitate an organizations operations, or to resell to other customers; can be tangible goods, services or an idea (don't litter) or combination of the 3 ex: oil TERM 123 consumer product DEFINITION 123 bought to satisfy an individual's wants and needs ex: car TERM 124 The difference of consumer and business products... DEFINITION 124 depends on INTENDED USE** TERM 125 Convenience products DEFINITION 125 inexpensive item; little shopping effort; widely available; ex: toothpaste TERM 126 Shopping products DEFINITION 126 more expensive and is found in fewer stores; ex: washer and dryer TERM 127 Specialty products DEFINITION 127 when consumers search extensively for a particular item and are reluctant to accept substitutes; ex: rolls- royce TERM 128 Unsought products DEFINITION 128 product unknown to the buyer or a known product that the buyer doesn't actively seek; ex: coffin TERM 129 Product item DEFINITION 129 specific version of a product that can be designated as a distinct offering among an organizations products; ex: chicken noodle soup TERM 130 product line (depth) DEFINITION 130 group of closely related items; ex: campbell's soup TERM 131 product mix (width) DEFINITION 131 all products a company sells; ex: Campbell's soups, sauces, frozen entrees TERM 132 Benefits of product lines: DEFINITION 132 advertising economies- product lines offer economies of scan in advertising; ex: soup is mm mm good package uniformity standard components (soup cans) efficient sales and distribution equal quality TERM 133 product modification DEFINITION 133 changes 1 or more product characteristic:quality, functional, style TERM 134 planned obsolescence DEFINITION 134 newer technology comes out and you want something newer TERM 135 product repositioning DEFINITION 135 changing consumers perception of brand, motivated by changing demographics, declining sales, or changes in social environment TERM 146 Co-Branding DEFINITION 146 placing 2 or more brand names on a product and its package TERM 147 trademark DEFINITION 147 exclusive right to use a brand; a service mark performs the same function for services TERM 148 A generic product.. DEFINITION 148 identifies a product by class or type and cannot be trademarked TERM 149 Packaging 3 main functions: DEFINITION 149 contain and protect product promote product facilitate the storage, use, and convenience of products TERM 150 Global issues in branding DEFINITION 150 One brand name everywhere; adaptations and modifications; different brand names in different markets- local brand names are often used if translation or pronunciation problems occur TERM 151 Persuasive labeling DEFINITION 151 focuses on a promotional theme or logo and consumer info is secondary TERM 152 Informational labeling DEFINITION 152 designed to help customers make proper product selections and lower cognitive dissonance TERM 153 UPC DEFINITION 153 universal product codes- bar codes TERM 154 Product warranties DEFINITION 154 protects the buyer and gives essential info about the product; confirms quality or performance TERM 155 express warranty DEFINITION 155 a written guarantee TERM 156 implied warranty DEFINITION 156 an unwritten guarantee that the good or service is fit for the purpose for which it was sold