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Marketing 301 - Exam 2
Terms in this set (92)
Consumer Buying Behavior
Refers to the buying behavior of individuals and households that buy goods and services for personal consumption.
Buyer's Black Box
The Why's of Buyer's behavior that marketers don't exactly understand.
Factors of Influencing Consumer Behavior
Set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
Each larger part contains a smaller group of people with shared value systems based on common life experiences and situations - Hispanic, Afr/Asian-American.
Relatively permanent and ordered divisions in society whose members share similar values, interests, and behaviors.
A person's pattern of living as expressed in his or her activities, interests, and opinions.
A need that is sufficiently pressing to direct the person to seek satisfaction of the need.
The process by which people select, organize, and interpret information to form a meaningful picture of the world.
A descriptive thought that a person holds about something.
A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.
The people to whom an individual looks when forming an attitude about an object.
Reference Group including Primary (co-workers) and Secondary (Religious Group).
Reference Group Including Aspirational, and Dissociative.
Buyer Decision Process
-Evaluation of Alternatives
Product Adoption Process
Adopter class that's venturesome, they try new ideas at some risk.
Adopter Class that are opinion leaders in their communities and adopt new ideas early but carefully.
Adopter class that's deliberate, and although they are rarely leaders, they adopt new ideas before the average person.
Adopter class that's skeptical, they adopt an innovation only after a majority of people have tried it.
Adopter class that's tradition bound, they are suspicious of changes and adopt the innovation only when it's become something of tradition.
The degree to which an innovation appears superior to existing products.
The degree to which an innovation fits the values and experiences of potential customers.
The degree to which an innovation is difficult to understand or use.
The degree to which an innovation may be tried on a limited basis.
The degree to which the results of using the innovation can be observed or described to others.
Dividing the market into smaller parts with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes.
Process of evaluating each market segment's attractiveness and selecting one or more to enter.
Differentiating the market offering to create superior customer value.
Arranging for the market offering to occupy a clear, distinctive, and desirable place relative to competing products in minds of target consumers.
Dividing market into different geographic units such as nations, states, regions, counties, cities, or neighborhoods.
Dividing market into segments based on age, gender, family size, family life cycle, income, occupation etc.
Dividing market into segments based on consumer knowledge, attitudes, uses or responses to a product.
Dividing market into segments based on social class, lifestyle or personal characteristics.
Dividing market into segments according to occasions when buyers get idea to buy.
Successful, sophisticated, take charge people with high self-esteem
Mature, satisfied, and reflective people who are motivated by ideals and value order, knowledge and responsibility.
Successful, goal-oriented people who focus on career and family. Favor premium products that demonstrate success to peers.
Young enthusiastic impulsive people who seek variety and excitement. Spend a comparatively high proportion of income on fashion, entertainment, and socializing.
Conservative, conventional, and traditional people with concrete beliefs.
Trendy and fun-loving people who are resource-constrained. Favor stylish products that emulate purchases of those with greater wealth.
Practical, down to earth, self-sufficient people who like to work with their hands.
Elderly, passive people who are concerned about change. Loyal to their favorite brands.
Market can be broken into non-users, ex-users, potential, first-time, and regular users.
Requirements for Effective Segmentation
Set of buyers sharing common needs or characteristics that the company decides to serve.
Market coverage strategy of mass marketing in which firm decides to ignore market segment differences and go after whole market.
Market coverage strategy of segmented marketing in which firm decides to target several market segments and design separate offers for each.
Market coverage strategy of niche marketing in which firm goes after a large share of one or a few segments.
Market coverages strategy of local/individual marketing in which firm tailors products to the needs of specific individuals and local customer segments.
The way the product is defined by consumers on important attributes - the place the product occupies in consumers' minds relative to competition.
The full positioning of a brand - full mix of benefits upon which it is positioned.
More for More
Involves providing the most upscale product or service and charging a higher price to cover higher costs.
More for the Same
Involves introducing a brand offering comparable quality but at a lower price.
Same for Less
Offer many of the same brands as department stores but at deep discounts.
Less for Much Less
Involves settling for less than optimal performance in exchange for a lower price.
To (target segment and need) our (brand) is (concept) that (point-of-difference).
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
Any activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything.
Brand Name, Quality Level, Packaging, Design, Features - Physical entity in terms of form, functional characteristics around the benefit.
Delivery and Credit, After-Sale Service, Warranty, Product Support - Value added services and experiences obtained with the product.
Consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort - Paper Towels.
Consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price, and style - NorthFace.
Consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort - Rolex, Ferrari.
Consumer product that the consumer either doesn't know about or knows about but does not normally think of buying - Life Insurance.
Individual Product Decisions
-Product Support Services
Group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
Name, term, design, or symbol that identifies one seller's goods/services to another.
Positive effect that knowing the brand name has on customer response to the product.
Brand Strategy Decisions
-Brand Name Selection
Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.
Extending an existing brand name to new product categories.
Extending a new brand name into an existing product category.
Extending a new brand name into a completely new product category.
New Product Development
Development of original products, product improvements, product modifications, and new brands through the firm's own efforts.
Systematic search for new-product ideas.
Screening new-product ideas in order to spot good ideas and drop poor ones.
Detailed version of the new-product idea stated in meaningful consumer terms.
Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
Marketing Strategy Development
Designing an initial marketing strategy for a new product based on the concept.
Review of the sales/profit, and cost projections for new product to find out whether these factors satisfy the company's objectives.
Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering.
Stage of new-product development in which the product and marketing program are tested in realistic market settings.
Introducing new product into the market - final stage of new-product development.
New-product development that focuses on finding new ways to solve customers problems and create more satisfying experiences.
Life-Cycle stage where company finds and develops new product idea, sales are zero, and investment costs mount.
Life-Cycle stage of sales growth as product is introduced, no profits because of heavy expenses - Innovators (Question Marks)
Life-Cycle stage of rapid market acceptance and increasing profits - Early Adopters (Stars).
Life-Cycle stage of slowdown in sales growth because of product acceptance, profits level off and begin decline - Middle Majority (Cash Cows).
Life-Cycle stage of sales and profit drop - Laggards (Dogs).
Maturity Stage Strategies
-Modifying Market: new users, reposition
-Modifying Product: change charactersitics
-Modifying Marketing Mix: change four P's
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