Download MAR3023 Exam 2 Massiah- Graded A and more Exams Advanced Education in PDF only on Docsity!
MAR3023 Exam 2 Massiah- Graded A
Need Recognition - ANS-The beginning of the consumer decision process; occurs when consumers recognize they have an unsatisfied need and want to go from their actual, needy state to a different, desired state. Functional Needs - ANS-Pertain to the performance of a product or service. Psychological Needs - ANS-Pertain to the personal gratification consumers associate with a product or service. Search for Information - ANS-the second step of consumer decision-making process Internal Locus of Control - ANS-People who believe they have some control over the outcomes of their actions. External Locus of Control - ANS-Consumers believe that fate or other external control all outcomes. Performance Risk - ANS-Involves the perceived danger inherent in a poorly performing product or service. Financial Risk - ANS-risk associated with a monetary outlay; includes the initial cost of the purchase, as well as the costs of using the item or service Psychological risks - ANS-risks associated with the way people feel if a product/service doesn't convey the right image Specialty goods/services - ANS-Products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers. Shopping goods/services - ANS-Those for which consumers will spend time comparing alternatives, such as apparel, fragrances, and appliances. Convenience goods/services - ANS-Those for which the consumer is not willing to spend any effort to evaluate prior to purchase. Evaluation of Alternatives - ANS-third step of consumer decision-making process Universal Sets - ANS-Includes all possible choices for a product category. Retrieval Sets - ANS-Includes those brands or stores that the consumer can readily bring forth from memory.
Evoked Sets - ANS-Compromises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision. Evaluative Criteria - ANS-Consist of a set of salient, or important, attributes about a particular product. Determinant Attributes - ANS-Product or service features that are important to the buyer and on which competing brands or stores are perceived to differ. Consumer Decision Rules - ANS-The set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives. Compensatory decision rule - ANS-assumes that the consumer, when evaluating alternatives, trades off one characteristic against another, such that good characteristics compensate for bad characteristics noncompensatory decision rule - ANS-When consumers choose a prduct or service on the basis of a subset of characteristics regardless of the values of other attributes Decision Heuristics - ANS-Mental shortcuts that help consumers narrow down choices; Examples include price, product, and brand presentation. Ritual consumption - ANS-refers to a pattern of behaviors tied to life events that affect what and how people consume The Consumer Decision Process - ANS-1. Need recognition
- Search for information
- Evaluation of Alternatives 4., Purchase and consumption
- Postpurchase Factors Influencing The Consumer Decision Process - ANS-Marketing Mix Psychological Social Situational Marketing Mix - ANS-Product, Price, Place, Promotion Psychological factors - ANS-Perception, Motivation, Learning, Lifestyle and Attitudes Social factors - ANS-family, reference groups, culture Situational Factors - ANS-Purchase Situation, shopping situation and temporal state involvement - ANS-Consumer's interest in a product or service.
The Buying Center - ANS-The buying center is the decision-making unit of a buying organization. it consists of initiators, users, influencers, deciders, approvers, buyers, and gatekeepers. Initiator - ANS-The person who first suggests buying the particular product or service. Influencer - ANS-The person whose views influence other members of the buying center in making the final decision. Decider - ANS-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. Buyer - ANS-The person who handles the paperwork of the actual purchase. User - ANS-The person who consumes or uses the product or service. Gatekeeper - ANS-The person who controls information or access, or both, to decision makers and influencers. Organizational Culture - ANS-Reflects the set of values, traditions, and customs that guide a firm's employees' behavior. Autocratic Buying Center - ANS-One person makes the decision alone, though there may be multiple participants. Democratic Buying Center - ANS-A buying center in which the majority rules in making decisions. Consultative Buying Centers - ANS-A buying center in which one person makes the decision but he or she solicits input from others before doing so. Consensus Buying Center - ANS-All members of the team must reach a collective agreement that they can support a particular purchase. New Buys - ANS-A customer purchases a good or service for the first time, which means the buying decision is likely to be quite involved because the buyer or the buying organization does not have any experience with the item. Modified Rebuy - ANS-Buyer has purchased a similar product in the past but has decided to change some specifications, such as desired price, quality level, customer service level, options, etc. Straight Rebuys - ANS-Refers to when the buyer or buying organization simply buys additional units of products that have previously been purchased.
4 Components of Country Market Assessment - ANS-Economic Analysis Using Metrics, Infrastructure and Technology, Sociocultural Analysis and Government Actions trade deficit - ANS-When a country imports more than it exports trade surplus - ANS-When a country exports more than it imports. Gross domestic product - ANS-the market value of the goods and services produced by a country in a year Gross national income - ANS-GDP but also includes value of income from abroad Purchasing Power Parity (PPP) - ANS-A theory that states that if the exchange rates of two countries are in equilibrium, a product purchased in one will cost the same in the other, expressed in the same currency. Human Development Index (HDI) - ANS-A composite measure of three indicators of the quality of life in different countries: life expectancy at birth, educational attainment, and whether the average incomes are sufficient to meet the basic needs of life in that country. Infrastructure - ANS-the basic facilities and services that support a community Tariffs - ANS-tax levied on a good imported into a country Dumping - ANS-Selling products in a foreign country at lower prices than those charged in the producing country to gain market share. Quota - ANS-the maximum quantity of a product that may be brought into a country during a specified time period. Boycott - ANS-a group's refusal to have commercial dealings with some organization in protest against its policies Exchange Control - ANS-Refers to the regulation of a country's currency exchange rate. Countertrade - ANS-Trade between two countries where goods are traded for other goods and not for hard currency. Trade Agreements - ANS-A particular country is a signatory or the TRADING BLOC to which it belongs. An Intergovernmental agreement designed to manage and promote trade activites for a specific region. Trading bloc consists of those countires that have signed for the particular agreement. Geert Hofstede's 5 cultural dimensions concept - ANS-Power distance, uncertainty avoidance, individualism, masculinity and time orientation
Mass customization - ANS-Firms interact on one to one basis with many people to create custom made products ro services. Therefore, providing one to one marketing to a large group of people Geographic segmentation - ANS-Organizes customers into groups on the basis of where they live. Market can be grouped by country, region, or areas within a region. Demographic Segmentation - ANS-Groups consumers according to easily measured, objective characteristics such as age, gender, income, and education. Psychographics - ANS-Studies how people self select, as it were, on the characteristics of how they choose to occupy their time and what underlying psychological reason determine those choices. Self values - ANS-goals for life, not just goals or accomplishments for the day Self concept - ANS-image people ideally have of themselves Lifestyles - ANS-The way we live. How we live our lives to achieve goals. Benefit Segmentation - ANS-The grouping of consumers on the basis of the benefits they derive from products or services. Geodemographic Segmentation - ANS-The grouping of consumers on the basis of a combination of geographic, demographic, and lifestyle characteristics. Loyalty segmentation - ANS-Strategy of investing in loyalty initiatives to retain the firms most loyal customers Evaluate Segment Attractiveness - ANS-Identifiable, substantial, reachable, responsive, and profitable Identifying and Develop Positioning Strategy - ANS-Value, Salient Attributes, Symbol and Competition Marketing Information Systems (MkIS) - ANS-set of procedures and methods that apply to the regular, planned collection, analysis, and presentation of information that can be used then in marketing decisions. Data Warehouse - ANS-Large computer files that store millions and even billions of pieces of data Data mining - ANS-The use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in databases or relationships among variables.
The Marketing Research Process - ANS-1. Locating and defining issues or problems
- Designing the research project
- Collecting Data
- Interpreting/Analyzing Research Data
- Reporting/Presenting Results secondary data - ANS-Pieces of information that have already been collected from other sources and usually are readily available. primary data - ANS-Data collected to address specific research needs. syndicated data - ANS-Data available for a fee from commerical research firms such as Information Resources, Inc. (IRI) exploratory research - ANS-Attempts to begin to understand the phenomenon of interest; also provides initial information when the problem lacks any clear definition. (observation, in-depth interview, focus groups and projective techniques) conclusive research - ANS-provides the information needed to confirm preliminary insights, which managers can use to pursue appropriate courses of action (experiments, survey, scanner and panel)
