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34 Cards in this Set

  • Front
  • Back
What are some characteristics of a good forecast?
Measurable
Timely
Up to date
Must be reliable
What are some qualitative forecast methods?
Expert opinion
Sales force composite
Market survey
Delphi method
Life cycle analogy
What are some time series forecasting methods?
Naive approach
Exponential smoothing
Moving Average
Linear Regression
What are some causal forecasting methods?
Econometric
Simulation
What is satisfaction?
A function of the difference between performance and expectations.
What gives rise to dissonance?
Positive elements of the rejected alternative and negative dimensions of the chosen alternative. When there is dissonance, the consumer seeks new info. to confirm the decision.
Dissonance increases with what?
Greater commitment to product purchase
Larger number of brands to choose from
Greater difference between alternatives
Greater brand familiarity
Purchase associated w/ high expectation that are not confirmed.
What are the five stages of a buying decision?
Problem recognition.
Information Search
Evaluation of Alternatives
Purchase decision
Post purchase behavior.
Starting from the bottom, what are the needs as asserted by Maslow?
Physiological
Safety
Social
Esteem
Self actualization
What is the Marshallian model?
consumers are utility maximizers
What is the Id?
Reservoir of strong desires and urges.
What is the ego?
Concious planning center for finding outlets for our drives.
What is the super ego?
Channels drives into socially approved outlets.
What does the Hobessian model say?
The buyer is motivated by both personal and group goals. Thus the buyer must steer a careful course between satisfying her needs and the needs of an organization.
What is the two factor model?
Factors that cause dissatisfaction must be avoided while factors taht cause satisfaction must be actively presented.
What is a search good?
A good for which you can perform a simple search and be able to discern characteristics.
What is an experience good?
A product that you use. Laundry detergent.
What is a credence good?
It is difficult to learn about the product through search or experience. Skills of cotor or lawyer.
What is the conjunctive model?
Consumer sets a mininimum on all attributes.
What is culture?
Fundamental determinant of wants and behaviors.
What is subculture?
Includes nationalities, religions, social groups, age groups and geographic regions.
What are reference groups?
Individuals that have influence on your attitudes and behavior.
Derived demand is more elastic when...
1) final product demand is more elastic
2) inputs are substitutable
3)supply of cooperating inputs is substitutable
4)the input is more important in the production process
What are some charactristics of organizational buyers?
Fewer buyers
larger
more geogrpahically concentrated
group decisions
What are the different roles in a purchase decision?
users
influencers
buyers
deciders/approvers
gatekeepers
What factors influence buyers?
Evidence of consumer acceptance
Advertising promotion
Introductory terms
Merchandizing recommendations
What is the majority fallacy?
A marketing strategy that directs a new product to an entire market, or to the largest segment in it, solely because of its size. Today, this "shotgun" approach is felt to be almost always inferior to the alternative strategy of targeting to smaller segments.
What is psychographic segmentation?
Based on lifestyle.
Includes activities, interests, opinions.
What is behavioral segmentation?
usage rate, attitudes
What are some requirements for effective segmenation?
Measuarable
Meaningful
Marketable
Distinguishable
What are market segments evaluated on?
Segment and size growth
Segment and structural attractiveness
Company objectives and resources
What is product positioning?
The preceived fit between a particular product offering and the needs of the traget market.
To distinguish a product, differences must be..
important to buyers
distinctive
superior
communicable
preemptive
affordable
profitable
What is the new product adoption process?
Awareness
Interest
Evaluation
Trial
Adoption