Marketing & Consumer Markets

Front 1

Describe Marketing management

Back 1

- the art and science of choosing target markets and building profitable
relationships with them.

Front 2

Consumer behavior - in which 6 ways can we understand consumers?

Back 2

1.What?
2.Where?
3.When?
4.Why?
5.How?
6.Who?

Front 3

The point with marketing is to ..

Back 3

figure out what is in the black box!
Marketing & stimuli ----> Buyer’s black box ----> Buyer responses

Front 4

What is Marketing & Stimuli?

Back 4

Product, place, price, promotion
Other: Economic, technological, political, and cultural

Front 5

What is Buyer’s black box?

Back 5

- Everything that happens inside the consumer during the process of deciding
whether to buy something or not.

Front 6

What is Buyer responses?

Back 6

- Product choice, brand choice, dealer choice, purchasing power, purchasing
amount.

Front 7

What are 4 Factors that influence the consumer buyer behavior:

Back 7

Cultural - culture, sub culture, social class

Social - groups, family, roles and status, opinion leaders*

Personal - age, lifecycle stage, occupation, economic situation, lifestyle etc

Psychological - motivation, perception, learning, beliefs, attitudes, Selection of info**

Front 8

What is *Opinion leaders?

Back 8

are people within a reference group who, because of special skills, knowledge, personality, or
other characteristics, exert influence on others.

Front 9

What is Selective attention ?

Back 9

– The tendency of people to screen out most of the information to which the are exposed

Front 10

What is Selective distortion

Back 10

– The tendency of people to adapt information to personal meanings.

Front 11

What is Selective retention?

Back 11

◦ The tendency of people to retain only part of the information to which the are exposed, usually information that supports their attitudes and beliefs.

Front 12

Which are 5 Consumer’s buying roles?

Back 12

Initiator: the person who first suggests or thinks of buying a particular product/service

Influencer: A person whose view or advice influence the buying decision

Decider: The person who ultimately makes the decision

Buyer: The person who buys the product

User: The person who consumes or uses the product

Front 13

Buying decision behavior involve 4 types:

(MODEL)

Back 13

Complex buying behavior – high involvement, significant brand difference (e.g. car)

Dissonance-reducing buying behavior – high involvement, little significant brand difference (e.g. new floor)

Habitual buying behavior – low involvement, little significant brand difference (e.g. salt)

Variety-seeking buying behavior – low involvement, significant brand difference (e.g. confectionary)

Front 14

What is included in the The buyer’s decision process?

Back 14

Need recognition
-> information search
-> evaluation of alternatives
-> purchase decision
-> Post-purchase behavior

Front 15

What is included in Influence: the psychology of persuasion:
Asch experiment: “People will do things that they see other people are doing “

Back 15

Linking – people more likely to buy if they like the person selling to them

Liking – people tend to do as other people they like

Authority – people tend to obey father figures

Reciprocity –people tend to return a favor

Scarcity – perceived scarcity will generate demand