Marketing 2

Front 1

What is Consumer Behavior?

Back 1

The process involved when individuals or groups select, purchase, use, and dispose of goods services, ideas or experiences.

Front 2

What is the difference between High and Low Involvement when purchasing something?

Back 2

Low: Make purchase, then make brand evaluation
High: Research, and think about your purchase before hand

Front 3

What are some External influences on consumer behavior?

Back 3

Culture
Subculture
Family
Reference Groups
Social Class

Front 4

What are some Internal influences on consumer behavior?

Back 4

Motivation
Perception
Attitudes
Personality

Front 5

What is motivation?

Back 5

an internal force that directs behavior towards the fulfillment of needs

Front 6

What are the 3 types of Needs?

Back 6

Biological Needs: Food, Water, Shelter
Functional Needs: needs based on the reality of ones environment (transportation, cell phones)
Psychological Needs: needs that arise from socialization (friendship, fun, achievement)

Front 7

What are the 3 approaches to motivational conflict?

Back 7

Approach-Approach: want both outcomes, one can have one (sport-wagon)
Approach-Avoidance: Want one positive outcome, but it comes with a negative outcome (digital camera-computer)
Avoidance-Avoidance: Don't want either outcome (life insurance)

Front 8

What is perception?

Back 8

The process of recognizing, selecting, organizing, and interpreting stimuli in order to make sense of the world.

Front 9

What is Selective Exposure?

Back 9

Tendency to seek out or avoid info

Front 10

What is selective Attention?

Back 10

Tendency to tune-out or tune-in certain info

Front 11

What is selective comprehension?

Back 11

Tendency to interpret info with bias

Front 12

What is selective Retention?

Back 12

Tendency to remember or forget info

Front 13

What are the 3 types of Attitudes?

Back 13

Cognitive: knowledge-driven beliefs
Affective: emotion-driven beliefs
Behavioral: tendencies to act

Front 14

What is a Sub-Culture?

Back 14

A subset of people with shared values within a culture
Racial / Ethnic (Hispanic, Italian American)
Geographic (Northeast vs. Deep South)

Front 15

What is a reference group?

Back 15

A sub-set of people with shared norms and interests
Associative: a group you want to identify with
Disassociative: a group you do not want to identify with

Front 16

How do B2B markets differ from Consumer Markets?

Back 16

Fewer Customers in B2B
But larger purchases
With longer, stronger relationships
Involving trained purchasers
With more purchase influences (vs. CB)

Front 17

What are the 3 types of Business Demand?

Back 17

Derived: Sales of A are dependent on sales of B
Inelastic: Business demand tends to be price inelastic
Fluctuating: demand depending on the business's environment, or economic environment

Front 18

What are the 3 types of Business Purchases?

Back 18

Capital Equipment: Ex. stamping machine, building
Service Users: Ex. outsourcing functions like accounting
MRO: Ex. Anything from critical repair parts to toilet paper

Front 19

What is an OEM Producer?

Back 19

OEM*/Producers– Incorporate purchase into product being manufactured. (*Original Equipment Manufacturer)
headlamps bought and put into car that is sold to consumers.

Front 20

What is a Reseller?

Back 20

Sell that product, basically unchanged, to another business or a consumer.

Front 21

What do OEM producer care about?

Back 21

Since large orders are purchased, price is key, but also logistical capabilities of the vendor. Purchase regularly, Risk is high

Front 22

What do Resellers care about?

Back 22

They care most about how customers rate their product. The risk is "getting stuck" with an unsold product

Front 23

What is the difference between in and out suppliers?

Back 23

In: You are the established customer
Out: Trying to break in with a supplier

Front 24

What is the difference between Modified Rebuy, and a Straight Rebuy

Back 24

Modified: Company might switch between suppliers frequently
Straight: Same purchase over and over again

Front 25

What is a Buying Center?

Back 25

Informal, cross-functional group of people involved in a purchase decision.

Front 26

Why are Buying Centers used?

Back 26

Many decisions too risky and complex for just one person.

Front 27

Who are the Gatekeepers in a Buying Center?

Back 27

Administrative or purchasing dept staff who control access to the decision making process and players

Front 28

What is "Risk Adverse"

Back 28

Losses feared most

Front 29

What are some risk control strategies?

Back 29

Collect more information
Develop loyalty
Spread the risk

Front 30

When are using salespeople a good idea?

Back 30

High cost or high risk purchases
Complex products
High service demands

Front 31

What are the 3 fundamentals of Modern Selling?

Back 31

Adaptive- adapt to the needs of the buyer
Relationship focused: selling to loyal customers
SMART Persistance: utilizing their energy and efforts to push interactions forward in a mutually beneficial way

Front 32

What is the pre-approach before a meeting

Back 32

Research company, industry and plan the sales call

Front 33

What are the 6 steps to a sales call?

Back 33

Position
Understand
Connect
Resolve
Ask
Conclude

Front 34

What model should you use before going into a meeting?

Back 34

CLAP Model

Front 35

What is the CLAP Model?

Back 35

Connect with Rapport: (Connect with the other person)
Logistics: (Time contract and people involved)
Agenda: (Meeting goal & meeting process)
Permission to Transition to Business

Front 36

What are the important steps in connecting your product in a meeting?

Back 36

Use Your Notes
Start Big
Have a Point (MOTS)
Address Numbers
Be Visual & Bring to Life
Confirm Early & Often

Front 37

What is the difference between a feature and a benefit?

Back 37

FEATURE: a characteristic of the product
BENEFIT: how product will help the buyer

Front 38

How should experience sales people handle objections

Back 38

Welcome them. Seek, clarify, respond, and confirm.

Front 39

What are the steps to closing a deal?

Back 39

Earn it
Ask Directly
SHUT UP
Be Assertive & Enthusiastic
Circle Back

Front 40

What is product positioning?

Back 40

Determine what image you want your product to have in the consumers mind – and develop plan to achieve this.

Front 41

What is a Market Segment?

Back 41

A homogeneous group with similar needs, wants, values and buying behavior.

Front 42

What are the 3 ways to split a Market?

Back 42

Demographic: (age, zip code, & gender)
Psychographic: (adventurous vs. conservative)
Behavioristic: (heavy users versus occasional users)

Front 43

What is "time of use" positioning?

Back 43

Associate product with a time or event
"Back-to-School"