MKT 321 final review (125 ?'s)

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Creating true customers who believe that they are receiving value from your firm and are valued as individuals by your firm is

Relationship Marketing

A critical component that makes it possible for people to fully share values, experiences, and customs is

Common Language

________ are genetically programmed to quickly learn a spoken language. _________ find it very difficult to learn a new language.

Young children and Older people

Cultural beliefs and values continue to exist as long as they result in

Satisfaction

Understanding your own culture is

Enculturation

Understanding a different culture

Acculturation

We are taught the values of our culture through

Socialization

The most important influences of socialization are

Family, Educational system, Religion,In developed societies through the mass media. (Web, television, radio, newspapers, magazines.)

Four components of our culture are

Myths, Customs, Rituals, Material Artifacts

An example of a Myth is

Santa Claus, tooth fairy

An example of a custom is

thanksgiving dinner (biggest travel day on airlines), phoning mom on mothers day (more calls than any other day)

An example of a Ritual is

weddings (6th largest industry), graduation

An example of a Material Artifact is

element of culture is what is most important to marketing (engagement ring, turkey dinner, roses.)

Four paths taken by those who reject cultures values are

activism, search for community, hendonism, Etherealization

An example of activism by those who reject cultures values are

change cultural values

An example of Search for Community by those who reject cultures values are

find and live in same area with other people who have similar values

An example of Hedonism by those who reject cultures values are

Focus on personal pleasure

An example of etherealization by those who reject cultures values are

back to nature

What characteristics make up a subculture

nationality, religion, race, and age

An individual can be part of how many subcultures

no limit

A segment of a larger culture whose members share distinguishing patterns of purchase behavior is a

subculture

This possess beliefs, values, and custom's that set them apart from other members of the same society

subculture

How many people in the United States are foreign born

10%

What is the largest subculture

Hispanics

Three categories of Hispanics subculture are

Strong Hispanic Identification
Moderate Hispanic Identification
Limited Hispanic ID

An example of Strong Hispanic Identification is

mostly only the members speak spanish

An example of Moderate Hispanic Identification is

members speak spanish and english, but are more comfortable speaking spanish

An example of Limited Hispanic ID is

equally comfortable with other languages

Four categories or African American subculture are

Contented Consumers (37% of largest segment)
Upwardly Mobile Consumers (24%)
Living For The Moment Consumers (21%)
Living Day-To-Day Consumers (18%)

What % makes up contended consumers in the African American subculture

37%

What % makes up upwardly mobile consumers African American subculture (going to college)

24%

What % makes up living for the moment consumers African American subculture (life can be short , enjoy while you can)

21%

What % makes up living day to day consumers African American subculture (no job skills)

18%

What is the fastest growing subculture in America

Asian Subculture

Which is the most affluent subculture and and have a higher average income than Caucasians

Asian Subculture

What are the Four age subcultures

Generation "Y
Generation "X": (born 1965 to 1976)
Baby boomers
Seniors: (before 1945) remember the great depression and WWII.

The Gen "Y" subculture is

born 1977 to 1994. least likely to read the newspaper and do not trust the stores their parents shop. (Some are calling this generation "D" for debt.)

The Gen "X" subculture is

born 1965 to 1976

The Baby Boomers subculture is

born 1945 to 1964. Largest age subculture. Optimistic group, but paying their benefits will be a real problem. Many are uncomfortable with new technology. Have approximately 50% of the United States discretionary income- do not have to support children, and are no longer working, homes paid off

The Seniors subculture is

(before 1945) remember the great depression and WWII.

What is the maximum number of characteristics of a product that a consumer considers before purchase

Six

Two of characteristics that are always considered of a product are

price and brand reputation.

The Types of decisions that consumers make when selecting a product are

Routine decision-making
Limited decision-making
Extensive decision-making

Knowing what you want and what people have to offer is

Routine decision-making

Knowing what you want but unsure what firms have to offer. (where to get product) is

Limited Decision Making

When you don't know anything about the product, often used when buying expensive products.

Extensive decision-making

Two types of (importance) involvement

Enduring involvement (important) car, computer
Situational involvement (typically not important)

The procedures used by consumers to reduce the burden of making complex decisions by providing routines for making the decision making process less taxing.

Heuristics

Buying highest priced product at a store, or only shop at Wal-Mart because it has the lowest prices.

Heuristics

The four steps of Low involvement decision-making are

Problem recognition, Search of long-term memory for information, Decision on which product to purchase, Post-purchase evaluation of the decision

The 6 steps of High involvement decision-making are

Problem recognition, Search of long term memory for information, Search for other sources of information about the product, Evaluation of alternatives, Decision on which product to purchase, Post-purchase evaluation of the decision

An example of searching for other sources of information about the product would be using the

Web, salespersons, friends, family, newspapers, magazines

Seeking brands through evaluation of other brands and brands that will not be seriously considered for purchase is an example of

Evaluation of alternatives

Awareness, Interest, Evaluation,Trial, Adoption/rejection are steps to which process

the adoption decision-making process

Marketing begins with

Internal Marketing

Marketing to employees so that they become customer conscious and sales minded. Every member of the firm must recognize that they are involved with marketing the firm's products to consumers is

Internal Marketing

Family and friends are an example of

Internal Marketing

A macro process concerned with the spread of a new product from its source to the consuming public is

Diffusion of innovation

Three Types of innovation are

Continuous innovation, Dynamically continuous innovation, Discontinuous innovation

Adding a new flavor or new color is an example of

Continuous innovation

No new technology and no real change in customer behavior needed. a modified product rather than a new product is

Continuous innovation

New technology, but no real change needed in consumer behavior is

Dynamically continuous innovation

An example of Dynamically continuous innovation is

blu - ray player

New technology and requires change in consumer behavior is

Discontinuous innovation

An example of Discontinuous innovation is

cell phones - texting, access to email

Marketing innovations commercially successful when

a social system is modern in its orientation, the acceptances of high innovations is likely to be high.

A plan that most technical innovators use that sets some time mark when you'll bring out product and the price, and then gradually reduce the price over time is

skimming pricing strategy

1.Make the benefits that your product offers significantly superior to existing products offered by competitors 2. Search the globe for new product ideas. 3. Form strategic alliances with other firms that can help your products succeed. 4. Uncover latent consumer insights (consumers may not realize that they want/need your new product until they are exposed to prototype/picture/description of the product. 5. Market readiness drives customer loyalty (firms need a readily available system to bring new products to the market, timing is very important) 6 .Market the product globally ASAP are the 6 principles for

making an innovation successful in the market place

Generally, on average a dissatisfied customer will tell how many people about the bad experience?

Nine

An example of Innovators and early adopters of new technologies are

Techno-phones

People who get excited about new technologies; generally innovators and early adopters of technical products are included in this group. New technologies must be adopted by this group for a new technology product to become successful. (approx. 20% of the population) are

Techno-phones

An example of Late adopters and laggards of new technologies

Technophobes

People who are uncomfortable with new technologies. Generally, laggards of technical products come from this group. They are the last group to accept a new technical product. This group is often older, poorer, and less educated. (25% of the population)

Technophobes

North American Free Trade Agreement creating a free market between America, Canada, and Mexico - 440 million consumers - is

NAFTA

Consumers makes their purchase decision based on an association between the country in which the product is made and the quality of the products is

Country of origin effects

Buying French wine, Japanese electronics/automobiles, Kentucky bourbon are examples of what

Country of origin effects

Export Department, International Division, Global Organization or (multinational organization) are examples of

Three levels of international marketing

Markets primarily to importers and exporters through offices in the United States. All of their products are produced in the United States work in the

Export Department

The firm has sales offices in many countries but produces/ assembles their products primarily in the United States work in the

International Division

Produces in the lowest cost countries (e.g., China, Mexico) and sells where their products bring the highest prices (e.g., America, Western Europe)

Global Organization or (multinational organization)

Standardized product and standardized communication program (Also know as a global strategy), Standardized product and customized message, Customized product and standardized message, Customized product and customized message (labeled as a local strategy) are examples of

Four global marketing strategies

Products that are manufactured, packaged, and positioned in exactly the same way regardless of the country in which they are sold. (Coke) are

World brands

Economic advantage, Time advantage, Learning advantage, Quality control advantage, Advantage of consistency of image and positioning are examples of

Advantages of world brands

Less than best fit in some countries, Low morale among local marketing personnel, Not invented here excuse are examples of

disadvantages of world brands

KFC tries to adapt its advertising messages to specific values of specific cultures. Therefore it is a _________ company

Global

Marketers that use coupons and/or free samples understand the importance _____________ of in the development of attitudes.

direct experience

Product standardization works best with

high tech products

good communication skills- oral and written, teamwork, leadership skills, and motivation/ initiative are all examples of _________ employers are looking for in a job interview of college graduates are

Characteristics

Strong work ethic and interpersonal skills are examples of

Characteristics employers are looking for in a job interview of college graduates are

The sum total of learned beliefs, values, and customs that serve to direct the consumer behavior of members of a particular society is

culture

These consists of the very large number of mental or verbal statements that reflect a person's particular knowledge and assessment of something

Beliefs

These are overt modes of behavior that constitute culturally approved or acceptable ways of behaving in specific situations/ usual and acceptable ways of behaving

Customs

Supranational, National, Group

levels of subjective culture

subjective cultural differences is an example of

Supranational

shared cultural characters is an example of

National

Cultural divisions or grouping is an example of

group

adults and older siblings teach young family members "how to behave" is known as _______

formal learning

A child learns primarily by imitating the behavior of selected others, such as family, friends, or tv heros is known as ______

informal learning

teachers instruct the child in an educational environment about what should be done, how it should be done, and why it should be done is known as ________

technical learning

The usage ________ used to communicate effectively with their audiences

Symbols

Content analysis focuses on the ___________

content of verbal, written, and pictorial communications

when examining a specific society, anthropologists frequently immerse themselves in the environment under study using

consumer fieldwork

Examples of field observation are that they

take place within a natural environment, are performed sometimes without the subject's awareness, and focus on observation of behavior

_______ become active members of the environment that they are studying

participant observers

The 3 criteria for selecting specific ________ must be that the values must are pervasive, enduring, and consumer related

core values

Another watchword for American society. americans respond favorably to the promise of progress because its linked to achievement, success, efficiency, and practicality is

Progress

self-reliance, self-interest, self-confidence, self-esteem, and self- fulfillment are examples of ______

Individualism

__________ is the necessary process by which the individual adapts to society

external conformity

Achievement and success
activity
efficiency and practicality
Progress
material comfort
Individualism
freedom
external conformity
humanitarianism
Youthfulness
fitness and health are all examples of ________

American Core Values

_________ is a parallel perspective to the commonly held view that america's culture is a consumer culture

Shopping culture

consumer ethnocentrism may help offset _____ in the automobile industry

country of origin

Standardized product and standardized communication program also know as a

global strategy

_____ are innovators and early adopters of technical products and have higher personal and family income and can afford the risks of buying new products

technophones

Late adopters and laggards and are uncomfortable with new technology, usually older, poorer and less educated are

Technophobes

The most widespread concern of consumer innovators when it comes to high tech products is

complexity

People can easily see the benefits

observability

To pay someone to find out is an example of

key informant method

Every member of the firm must recognize that they are ________ with marketing the firms products to customers

involved

________ is useful to both marketers and public policy makers interested in comparing the advertising claims of competitors within a specific industry

content analysis

______ are likely to select a small sample of people from a particular society and observe their behavior

consumer fieldworkers

When a social system is modern in its orientation, and the acceptance of innovations is likely to be high, the makes the innovators commercially is ________

successful

Standardized product and standardized communication program are known as ______

global marketing strategies

Customized product and standardized message is an example of

global marketing strategies

How many paths taken by those who reject cultures values are

Four

Family, Educational system, Religion,In developed societies through the mass media. (Web, television, radio, newspapers, magazines.) are the most important influences of

Socialization

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