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49 Cards in this Set
- Front
- Back
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Consumer Behavior Model |
Stimuli--> Person --> Response |
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Consumer Behavior: Stimuli |
4 P's -economic -technological -social -cultural |
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How to disupt habitual buying (3 ways) |
-Technology -Product Sampling -Advertising |
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Customer Behavior Process (5) |
1- Problem Recognition 2- Information Search 3- Alternative evaluation 4- Purchase 5- Post-purchase evaluation |
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Customer Behavior Process: Problem Recognition |
Perceived discrepancy between current state and desired state |
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Zero moment of truth |
=information search |
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First moment of truth |
Comparing products at the point of purchase |
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Second moment of truth |
Evaluating the product while using it |
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Factors influencing consumer behavior (4) |
-Cultural -Psychological -Social -Individual |
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Factors influencing consumer behavior: Cultural |
-Culture -Subculture -Social Class |
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Factors influencing consumer behavior: Social |
-Family -Reference groups -Opinion leaders |
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Factors influencing consumer behavior: Pyschological |
-Perception -Motivation -Learning -Beliefs, attitudes |
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Factors influencing consumer behavior: -Individual factors |
-Gender -Age -Family life-cycle |
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Marketing environment (5 Forces) |
-Social -Cultural -Demographic -Economic -Technological -Competitive -Regulatory |
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Gross income |
total $ recieved |
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Disposable income |
$ after taxes |
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Discretionary income |
$ left after taxes and necessities (for luxury) |
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Competitive forces (Porter's 5 forces model) |
a
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SWOT analysis |
a
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Global Market-Entry Strategies |
-Exporting -Licensing -Joint Venture -Direct Investment |
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Exporting |
Selling same product abroad |
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Licensing |
Gives rights to manufacture product to foreign company |
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Joint Venture |
Joins with another company to create local business |
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Direct Investment |
Developing foreign-based manufacturing or assembly facilities.emm/bg.html |
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What makes foreign markets attractive? (5) |
-Customer needs -Customer purchasing power -market size -market growth rate -market access |
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Risks of entering foreign market |
-Competitive -Economic -Legal -Political |
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Caveat emptor |
let the buyer beware |
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AMA 3 ethical norms |
1-Do no hard 2-Foster trust in the marketing systerm 3-Embrace ethical values |
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4 Myths of unethical marketing |
1-Marketers push products consumers don't want to buy 2-Consumers are no match for the power of marketing 3-Marketing is deceptive 4-Marketers believe in planned obsolescence |
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Fraud triangle |
-Opportunity -Motivation -Rationalization |
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Levels of ethical strength |
Top -ethical leadership understanding -ethical courage -Application of ethics to business -Personal ethical understanding |
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Product-Market expansion |
a |
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Competitive angle |
element of differentness that solves a problem and sparks a personal connection |
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Purpose of a brand (3) |
1-resonate with customers 2-differentiate from competitors 3-motivate employees |
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Market Research Methods: Cross tabs |
Frequency counts |
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Market Research Methods: Analysis of variance |
Variability around an average (location on shelf in a store) |
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Market Research Methods: Regression analysis |
Use a bunch of independent variables to predict the dependent variable |
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Market Research Methods: Factor analysis |
Measure a bunch of things (customer attitudes about a store based on 14 factors) |
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Market Research Methods: Cluster analysis |
Grouping people based on similarities |
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Market Research Methods: Discriminant analysis |
Perceptual maps |
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Market Research Methods: TURF analysis |
Total Unduplicated Reach and Frequency (which 2 of 3 ice cream to put on the shelf) |
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Market Research Methods: Max Diff |
Measures most/least important or appealing |
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Role of marketing |
Create and deliver value to customers |
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Path to profitability |
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Types of distribution |
-Inclusive -Selective -Exclusive |
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3 top challenges for selling |
-Entrepreneurs lack credibility -power with the buyer -ego |
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Select a channel where people are; |
1-ready to buy 2-able to buy 3-know there aren't good alternatives |
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Biggest drivers of new product adoption |
-relative advantage -fit with day-to-day |
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Why to use launch tactics? |
1-grab attention 2-generate buzz 3-arelow cost |
