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21 Cards in this Set
- Front
- Back
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Steps in Consumer Decision Making Process. |
1. Recognition of a need 2. Information search 3. Evaluation of alternatives 4. Purchase 5. Post purchase behavior. |
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What is an evoked set? |
A group of brands resulting from an information search from which a buyer can choose. |
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What is cognitive dissonance? |
An inner tension that a consumer experiences when buying between behaviors and value or options. |
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Routine vs. Nonroutine response behavior? |
Routine response behaviors are frequently purchased low costs good and services which consumers spend little time on search and decision before making the purchase. Nonroutine is the opposite. |
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Social Classes? How does it relate to marketing? |
A group of people in a society who are considered nearly equal in status or community. It is important for marketing because you can pay attention to what each group does generally as a whole and figure a way to market to them. |
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Business marketing. |
Marketing to individuals or organizations for the purpose of selling to individuals. The difference between consumer marketing and business marketing is when it is business marketing you do not market to the consumer who is buying the product you are selling it to organizations who will buy it. |
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Stickiness. |
A measure of a websites effectiveness. This is done by multiplying the frequency of visits by the duration of the visit by the number of pages viewed during the visit. This is important in marketing because it determines whether visitors to a website like the change or not. |
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Strategic alliance. |
A cooperative agreement between business firms. |
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Keiretsu |
A network of interlocking cooperate affiliates. American firms trying to compete in Asian countries would try to form relationships with other Asian firms like the example in the book when Google made relationships with many Asian tech companies. |
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NAICS |
A numbering system for the U.S, Canada, Mexico for shipping across the country. How many numbers are given effect how much you know about the product. |
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New Buy vs. Modified re-buy vs. straight re-buy. |
A situation requiring the purchase of a product for the first time, modified re-buy is where the purchaser wants some change in the original good or service and straight re-buy is when the purchaser reorders the same good without looking for new information. |
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What is a market? |
People or organizations with needs or wants and with the ability and the willingness to buy. |
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What is a market segment? |
A group of people or organizations sharing one or more characteristics that cause them to have similar product needs. |
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What is a target market? |
A group of people or organizations for which designs, implements and maintain marketing mix to meet the needs of that group. |
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Bases for market segmentation. Geographic, Demographic, psychographic, Benefits sought, Usage. |
Geographic - Segmenting markets by regions of a country, world, market size, density, climate. Demographic - Age, gender, income, ethnic background, family life cycle. Psychographic - Basis of personality, motives, lifestyles. Benefit Sought - According to the benefits they seek from the product. Usage - Amount of product bought or consumed. |
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Positioning/repositioning |
Positioning is a marketing mix to influence potential customers' overall perception of a brand or product line. Repositioning is changing consumers' perceptions of a brand in relation to competing brands. |
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Marketing research |
Process of planning, collecting, and analyzing data relevant to a marketing decision. |
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Steps in marketing research. 7 |
1. Identify the problem. 2. Plan the research design and gather secondary data. 3. Specify the sampling procedures. 4. Collect primary data. 5. Analyze the data. 6. Prepare and present the report. 7. Follow up. |
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Primary vs. Secondary data |
Primary data is information that is collect for the first time; used for solving problem. Secondary data is data previously collect for any purpose other than the one at hand. |
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Forms of survey research. |
In-Home personal interviews - High quality information but very expensive. Done by polling such as census. Mall intercept interview - A survey method interviewing people in common shopping areas. Executive interviews - A type of survey that involves interview businesspeople at their offices concerning industrial products or services. Telephone interviews - Form of interview where the interview is done over the phone. Mail survey - Survey done by sending out surveys for people to complete and send back. Focus Group - People sit in a group and bounce ideas off from each other. |
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Types of samples - Probability vs. Non-probability. |
Probability samples are samples in which every element in the population has a known statistical likelihood of being select. 1.Cluster. 2. Simple random sample. 3. Stratified. 4. Systematic Sample. Non-probability samples are samples in which little or no attempt is made to get a representative cross section of the population. 1. Convenience sample. 2. Snowball Sample. 3. Judgment Sample. Quota Sample. |
