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MKT 305: EXAM 2
What is a Tariff? |
A tax on goods entering a country
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5 Stage Process of Purchasing Decision |
1) Problem Recognition
2)Information Search
3)Alternative Evaluation
4)Purchase Decision-whom and when to buy
5)Post Purchase Behavior- satisfied or unsatisfied
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What are the Socio-culural Influences?
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What are the Socio-culural Influences? |
What are the 5 situational influences? |
1)Purchase task (reason for buying)
2)Social Surroundings (friends)
3)Physical Surroundings (decor, crowds)
4)Temporal Effects (time of day/amount of time)
5)Antecedent states (consumer mood/money)
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What is Selective Exposure?
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pay attention to messages that are consistent with their attitude and beliefs, ignore inconsistencies (post-purchase)
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What is Selective Comprehension? |
interpreting info so it’s consistent with attitude/beliefs (ex. Snow Pup=toy and less sales/Snow Master=more sales)
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What is Selective Retention? |
consumers do not remember all the info they see, hear, or read (ex- reason for take home brochures)
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What is Subliminal Perception? |
see or hear messages without being aware of them
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see or hear messages without being aware of them
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· ccc consumer believes in negative consequences due to the purchase
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What is Stimulus Generalization? |
response elicited by 1 stimulus is generalized to another stimulus 9 (same brand name for different products)
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What is Response Discrimination? |
perceive differences in stimuli
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What is Cognitive Learning?
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thinking, reasoning, and problem solving
“Ad advil is a pain reliever” (link brand with an idea)
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What is Brand Loyalty?
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· fa favorable attitude/consistent purchase of a brand
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What is Attitude? |
- learned predisposition to respond to an object or class of objects
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What is Belief? |
What is Belief? |
What are the 3 ways marketers try to change consumer attitudes?
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Changing beliefs about the brand’s certain attributes
- Mayo=high omega 3, makes mothers think its healthy for their children
Changing the perceived importance of attributes
-Pepsi made freshness dates an important attribute
Adding new attributes to the product
-Colgate toothpaste added antibacterial ingredient
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What is Protectionism?
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- shshielding 1 or more industries within a country’s economy from foreign competition through tariffs or quotas
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What is a Quota?
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· - restriction placed on the amount of a product allowed to enter/leave the country
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What is the World Trade Organization (WTO)?
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What is the World Trade Organization (WTO)?
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What is NAFTA (North American Free Trade Agreement)? |
- lifted many trade barriers between Canada, Mexico, and the U.S (Wal-mart, Target)
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What is the European Union?
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· )- 27 countries that have eliminated most barriers to the free flow of goods, services, capital, and labor across their borders (Colgate toothpaste, Michelin Tires)
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What is an International Firm?
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· - engages in trade and marketing in different countries as an extension of the marketing strategy in its home country
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What is a muti-national firm?
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· M multidomestic marketing strategy
o They have as many different product variation, brand names, and advertising programs as countries in which they do business
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What is a Transnational Firm? |
views world as 1 market and emphasizes cultural similarities across countries or universal consumer needs (uses Global Market Strategy)
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What is a global brand?
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· - brand marketed under the same name in multiple countries
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What is economic infrastructure? |
- country’s communications, transportation, financial, and distribution systems
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What is consumer income and purchasing power? |
- household income among country’s consumers and how the income is distributed to determine purchase power
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What is currency exchange rate? |
- price of one country’s currency expressed in terms of another country’s currency
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What is indirect exporting? |
when a firm sells its domestically produced goods in a foreign country through an intermediary (least amount of risk and profit)
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What is direct exporting? |
- when a firm sells its domestically produced goods in a foreign country without intermediaries (more risk, still low profit)
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What is licensing? |
company offers the right to a trademark, patent, trade secret in return for a royalty or a fee
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What is a joint venture? |
when a foreign company and a local firm invest together to create a local business
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What is a direct investment?
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· ininvesting in and owning a foreign subsidiary or division
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What is a market segment?
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homogenous groups of prospective buyers that result from a market segmentation process
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What is market segmentation? |
aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action
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What is product differentiation? |
using different marketing mix activities (features and advertising) to help consumers perceive the product as being different and better than competing products
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What is product positioning? |
place a product occupies in consumer’s minds based on features relative to competitive products
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What is product repositioning?
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· Cchanging the place a product occupies in consumer’s minds
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What are the steps in segmenting and target marketing?
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o 1) Group Potential Buyers into Segments
o 2) Group Products to be Sold into Categories
o 3) Develop a Market-Product Grid and Estimate the size of Markets
o 4) Select Target Markets
o 5) Take Marketing Actions to Reach Target Markets
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What are the steps in a perceptual map?
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o Identify the important attributes for a product or brand
o Discover how target consumers rate competing products or brands with respect to these attributes
o Discover where the company’s product or brand is on these attributes in the minds of potential customers
o Reposition the company’s product or brand in the minds of customers
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