MKTG 301 1st Edition Exam 2 Study Guide Chapters 6 10 12 20 or 9 12 questions per chapter on exam 3 extra credit questions Don t just study the vocabulary 6 1 Explain why marketing managers should understand consumer behavior An understanding of consumer behavior reduces marketing managers uncertainty when they are defining a target market and designing a marketing mix 6 2 Analyze the components of the consumer decision making process The consumer decision making process begins with need recognition when stimuli trigger awareness of an unfulfilled want If additional information is required to make a purchase decision the consumer may engage in an internal or external information search The consumer then evaluates the additional information and establishes purchase guidelines Finally a purchase decision is made 6 3 Explain the consumer s post purchase evaluation process Consumer postpurchase evaluation is influenced by prepurchase expectations the prepurchase information search and the consumer s general level of self confidence When a purchase creates cognitive dissonance consumers tend to react by seeking positive reinforcement for the purchase decision avoiding negative information about the purchase decision or revoking the purchase decision by returning the product 6 4 Identify the types of consumer buying decisions and discuss the significance of consumer involvement Consumer decision making falls into three broad categories routine response behavior limited decision making and extensive decision making High involvement decisions usually include an extensive information search and a thorough evaluation of alternatives In contrast low involvement decisions are characterized by brand loyalty and a lack of personal identification with the product The main factors affecting the level of consumer involvement are previous experience interest perceived risk of negative These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute consequences financial social and psychological and social visibility A purchase decision can be highly involved due to a wide range of factors including product involvement situational involvement shopping involvement enduring involvement and emotional involvement 6 5 Identify and understand the cultural factors that affect consumer buying decisions Cultural influences on consumer buying decisions include culture and values subculture and social class Culture is the essential character of a society that distinguishes it from other cultural groups The underlying elements of every culture are the values language myths customs rituals laws and the artifacts or products that are transmitted from one generation to the next The most defining element of a culture is its values A culture can be divided into subcultures on the basis of demographic characteristics geographic regions national and ethnic background political beliefs and religious beliefs 6 6 Identify and understand the social factors that affect consumer buying decisions Social factors include such external influences as reference groups opinion leaders and family Consumers seek out others opinions for guidance on new products or services and products with imagerelated attributes or because attribute information is lacking or uninformative Consumers may use products or brands to identify with or become a member of a reference group or to follow an opinion leader Family members also influence purchase decisions children tend to shop in similar patterns as their parents 6 7 Identify and understand the individual factors that affect consumer buying decisions Individual factors that affect consumer buying decisions include gender age and family life cycle stage and personality self concept and lifestyle Beyond obvious physiological differences men and women differ in their social and economic roles and that affects consumer buying decisions A consumer s age generally indicates what products he or she may be interested in purchasing Marketers often define their target markets in terms of consumers life cycle stage following changes in consumers attitudes and behavioral tendencies as they mature Finally certain products and brands reflect consumers personality self concept and lifestyle 6 8 Identify and understand the psychological factors that affect consumer buying decisions Psychological factors include perception motivation learning values beliefs and attitudes These factors allow consumers to interact with the world around them recognize their feelings gather and analyze information formulate thoughts and opinions and take action Perception allows consumers to recognize their consumption problems Motivation is what drives consumers to take action to satisfy specific consumption needs Almost all consumer behavior results from learning which is the process that creates changes in behavior through experience Consumers with similar beliefs and attitudes tend to react alike to marketing related inducements TERMS 1 2 Non Aspirational aspirational reference group know definition Chapter is on consumer decision making including that 5 step model on how you and I make purchase decisions Ex 5th step post purchase behavior 3 We don t want cognitive dissonance 4 Most of everything in this list of terms is speaking about what marketers understand about purchase behavior 5 IGNORE a selective terms b socialization process c stimulus terms 7 1 Describe business marketing Business marketing is the marketing of goods and services to individuals and organizations for purposes other than personal consumption Business products include those that are used to manufacture other products that become part of other products that aid in the normal operations of an organization or that are acquired for resale without any substantial change in form The key characteristic distinguishing business products from consumer products is intended use not physical characteristics 7 2 Describe the role of the Internet in business marketing The rapid expansion and adoption of the Internet have made business markets more competitive than ever before Businesses are integrating content marketing into their B to B marketing campaigns and measurements such as a Web site s stickiness and metrics evaluating social media effectiveness are increasingly important to B to B marketers These trends help B to B marketers generate more valuable leads and pull