1 Practice Questions 20 Qs x 1 pt each 2 Clicker Questions 12 15 Qs x 1 2 pts each 3 Matching Questions 5 sets x 5 6 pts each 4 Textbook Other Questions 10 12 Qs x 1 2 pts each about 2 3 Qs chapter 5 Critical Thinking Mystery Questions 5 10 Qs x 2 4 pts each Chapter 5 Consumer Buyer behavior the buying behavior of final customers 5 factors influencing buyer behavior 1 Culture a set of basic values perceptions wants and behaviors learned by a member of society from family and other important institutions a Subculture on common life experiences and situations a group of people with shared of value systems based i Hispanic black Asian most affluent mature 2 Social a Upper class middle class 32 working class 38 lower class b A combination of factors not just income c Upper upper 1 lower upper 2 and upper middle 12 have the most purchasing power 3 Personal a Age and life cycle b Economic status c Lifestyle d Personality and self concept 4 Psychological a Motive seek satisfaction of the need a need that is sufficiently pressing to direct the person to i Maslow s Hierarchy of needs 1 Self actualization self development and realization 2 Esteem needs self esteem recognition status 3 Social needs sense of belonging love 4 Safety needs security protection 5 Physiological hunger thirst 5 Buyer Belief a distinctive though a person holds about something Attitude a person s consistently favorable or unfavorable valuations feelings or tendencies towards an option or idea Perception Process by which people select organize and interpret information to form a meaningful picture of the world Learning changes in an individual s behavior arising from experience Reference Group the people to whom an individual looks when forming attitudes about an object Divided into direct membership and indirect nonmember Buyer Decision Process Information search 1 Need recognition 2 3 Evaluation of alternatives 4 Purchase decision 5 Post purchase behavior Characteristics Influencing Rate of Adoption degree to which innovation appear superior to c Complexity b Compatibility a Relative advantage existing products experiences of potential customers use d Divisibility basis can be observed or described to others e Communicability degree to which the innovation fits the values and degree to which the innovation is difficult to understand or degree to which the innovation may be tried on a limited degree to which the results of using the innovation 1 Straight rebuy reorders something without any modifications 2 Modified rebuy wants to modify product specifications prices terms or suppliers 3 New task first time buy of product or service Chapter 6 Ways to create value for Targeted Customers 1 Market segmentation dividing a market into distinct groups with distinct needs characteristics or behaviors who might require separate products or marketing mixes 2 Market Targeting 3 Market Differentiation value target customers to occupy a clear distinctive and desirable place relative to competition products in consumers minds positioning the marketing offering holds in the minds of differentiate the market offering to create superior selecting the segment or segments to enter 4 Market Positioning Market Segmentation Geographic Demographic Psychographic 1 Social class a By region city size climate urban vs rural a Age gender family size occupation ethnicity education etc Upper lower working middle 2 Lifestyle 3 Personality Achievers strivers survivors compulsive outgoing ambitious VALS Above the line more resources and money Below the line try to emulate those above the line Innovators 1 2 Thinkers 3 Achievers 4 Experiencers 5 Believers 6 Strivers 7 Makers 8 Survivors Behavioral 1 Usage occasion a Special labels and promos for holidays b Special products for special occasions Quality services economy convenient speed 2 Product benefits 3 User status 4 Usage rate Light medium heavy 5 Loyalty status To brand store company 6 Buyer readiness Nonusers ex users potential users first time users regular Unaware informed interested desirous intending to buy 7 Consumer attitudes Enthusiastic positive indifferent negative hostile Target Markets 1 Undifferentiated mass marketing target the whole market with one 2 Differentiated segmented marketing a firm decides several market offer segments and designs separate offers for each a few smaller segments or niches tastes of specific individuals and locations 3 Concentrated niche marketing a firm goes after a large share of one or 4 Micromarketing tailoring products and marketing programs to suit the Product positioning Statement To target segment and need our brand is concept that point out difference Chapter 7 Product anything that can be offered to a market for attention acquisition use or consumption and that might satisfy a want or need Levels of a Product 1 Core Benefit what is the consumer really buying 2 Actual tangible product characteristics around the benefit physical entity in terms of form functional a Quality features styling packaging 3 Augmented product value added services and experiences in obtaining a Warranty customer service Types of Consumer Products 1 Convenience bought frequently immediately and with little comparison 2 Shopping in process of selection compares suitability quality and price 3 Specialty product with unique characteristics or brand identification that a specific group of buyers is willing to make a special purchase 4 Unsought product that consumer does not know about but doesn t not the product and effort a brawny a Jacket a Car normally think of buying a Charity Product assortment mix 1 a specific version of a product that can be designated 2 Product line a group of products that are closely related because they Individual Product as a distinct offering among an organization s products may Function in a similar manner Be sold to the same customers Be marketed through the same type of outlets Fall within given prices ranges a Product line length number of products in a product linen Adjusted by i Stretching downward upward both directions ii Filling 3 All of the product lines and items that a particular seller offers a Width number of different product lines b Depth number of different versions of each product in the line c Consistency how closely related the various products are in the end use requirements distribution etc Brand a name term design symbol or any other feature that identifies ones seller s good or service as distinct from those of other