EXAM 2 Review Sheet Questions for the first exam will be asked about the following topics Multiple Choice Matching and True False questions 150 points in total 63 Q s none on ch 6 MAR 3023 A Class Examples and Current Events B Chapter 5 Consumer Behavior 1 Consumer Decision Process Know all aspects thoroughly a Need recognition i Functional Satisfies a need ii Psychological iii Social What others think of you iv Financial Based on money v Safety Protection vi Physiological Basic needs Food Water Shelter b Search for information i External outside source like internet or other people ii iii Locus of Control Who makes the decision Internal inside yourself for information c Evaluation of Alternatives i Focus on Universal all ii Retrieval ones to remember iii Evoked Sets buyable d Purchase and consumption e Post purchase i Dissonance buyers remorse ii Customer Satisfaction 2 Factors Influencing the Consumer Decision Process i Conversion attention to purchase to making the purchase a Marketing Mix i Product ii Place iii Price iv Promotion b Psychological Factors i Motives engage the consumer ii Attitudes How consumer feels about the item iii Perceptions Influence how you act when you see a brand iv Learning Reaching visual and verbal learners v Lifestyle Based on how you live i Purchase Situation Why am I purchasing it Who am I buying c Situational Factors for ii Shopping Situation How much time do I have What is the sale iii Temporal State Short time period that prices are available which Etc raises a persons purchase intentions d Social Factors i Family ii Reference Groups I E Jordan and Hanes iii Culture 3 Involvement and consumer buying decisions a High Involvement i Greater Attention ii Deeper Processing iii Longer decision making process that develops strong attitudes and purchase intentions b Low involvement i Less attention ii Peripheral Processing iii Short decision making process c Extended Problem Solving d Limited Problem Solving i Habitual Decision Making ii Impulse Buying C Chapter 6 Business to Business Marketing 1 The four different types of B2B markets 2 The B2B buying Process Know all aspects thoroughly 3 Factors Affecting the Buying Process a Buying Center Roles b Buying Culture c Buying Situation D Chapter 7 Global Marketplace 1 4 components of Country Market Assessment a Economic Analysis Using Metrics i General Economic Environment 1 GDP Value of inside the country less accurate 2 Gross National Product Value of things made in country and foreign investments more accurate 3 Human Development Index a Lifespan b Education c Income Level 4 Purchasing Power Parity Lets you know cost of goods vs other countries See Big Mac Index 5 Big Mac Index A dollar should buy same amount in every country ii Market Size and Population Growth 1 Tell you about population growth in certain areas iii Real Income 1 True income of our population market that we want to enter b Infrastructure and technology i Transportation Ability to get to a certain place ii Channels Ability to get to a certain place iii Communication Ability to communicate within an area iv Commerce Parts of the world that don t deal with money barter c Analyzing Government Actions i Tariff Taxes that artificially increase prices that lowers demand in the US we are trying to keep business here now ii Quota Limit the amount of a good that imported comes into a country Trying to protect GDP iii Boycott Cannot enter country at all or groups boycotting certain companies iv Exchange control Issues between different types of currency avoided by countertrading with goods for goods v Trade Agreement Open trade agreement with no tariffs EU is different because it isn t just a trade agreement it is also a monetary union The borders are open and they share a currency called the Euro French used to have the Frank i Power Distance Ability to change classes US LOW ii Uncertainty Avoidance Acceptance of beliefs US LOW iii Individualism Individual strives for their own success US HIGH iv Masculinity Culture driven by the male having power US HIGH v Time Orientation long term orientation not rushed Okay signing a deal and waiting for something to happen Since we want things instantaneously US LOW d Analyzing Sociocultural Factors 2 Global Entry strategies know each type and know what the risk and level of control is for each a Exporting Least risk and least amount of control Once it is moved out somebody else does what he or she wants with it Risk 1 Control 1 b Franchising More risk but more control since you license somebody else to use my business model Risk 2 Control 2 c Strategic Alliance More control more risk since you partner with another company to combine goods and services to capitalize in a market Risk 3 Control 3 d Joint Venture Partnering with somebody in a host country Since they are from host country they know more about the place than you do and you gain that knowledge More control and risk than strategic alliance Risk 4 Control 4 e Direct Investment Riskiest you put it all up and you make all the money Risk 5 Control 5 E Chapter 8 Segmentation Targeting and Positioning 1 The Segmentation Steps 1 and 2 targeting Steps 3 and 4 and Positioning Process Step 5 Know all components thoroughly a Step 1 Strategy or objectives Check yourself and goals and objectives b Step 2 Describe Segments i Geographic By location ii Demographic Age gender education income Most common and easiest iii Psychographic Lifestyle consumer personality VALS framework Idealists Thinkers and believers 1 2 Achievers Achieve and strive 3 Self Expression Experiencers iv Benefit Segmentation Things we need out of a product service v Geodemographics Looks at certain places to determine which vi Loyalty Segmentation Cheaper to keep an existing customer and people live there has a lifetime value c Step 3 Evaluate Segment Attractiveness Identifiable Can I identify the segment Who is in there i Substantial Large enough to support the store and deliver profit ii iii Profitable Can it make money iv Reachable How can I get out to the people v Responsive Will they accept my value proposition vi Will need to calculate segment profitability 1 Segment size segmentation adoption percentage purchase behavior profit margin fixed cost d Step 4 Select Target Market i 4 targeting strategies ii Differentiated Different products to reach many different target iii Concentrated Market to 1 particular type of consumer Clinique iv Undifferentiated Mass Marketing No specific
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