MKT 3010: EXAM 1
85 Cards in this Set
| Front | Back |
|---|---|
|
attitude
|
is a person's enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea
|
|
consumer decision rules
|
are the set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives
|
|
determinant attributes
|
are product or service freatures that are important to the buyer and on which competing brands or stores are perceived to differ
|
|
evaluative criteria
|
consist of a set of salient, or important, attributes about a particular product
|
|
evoked set
|
comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision
|
|
extended problem solving
|
occurs during a purchase decision that calls for a lot of effort and time
|
|
functional needs
|
pertain to the performance of a product of service
|
|
habitual decision making
|
described a purchase decision process in which consumers engage little conscious effort
|
|
impulse buying
|
is a buying decision made by customers on the spot when they see the merchandise
|
|
involvement
|
is the consumer's degree of interest in the product or service
|
|
limited problem solving
|
occurs during purchase decision that calls for, at most, a moderate amount of effort and time
|
|
perception
|
is the process by which we select, organize, and interpret information to form a meaningful picture of the world
|
|
psychological needs
|
pertain to the personal gratification consumers associate with a product and/or service
|
|
retrieval set
|
are the brands or stores that can be readily brought forth from memory
|
|
ritual consumption
|
is a pattern of behaviors tied to life events that affect what and how we consume
|
|
shopping goods/services
|
are products or services for which consumers will spend time comparing alternatives
|
|
situational factors
|
are factors specific to the situation
|
|
specialty goods/services
|
are products or services toward which the customer shows a strong preference and for which he/she will expend considerable effort to search for the best supplier
|
|
universal set
|
includes all possible choices for a product category
|
|
consumer decision process
|
1. need recognition
2. information search
3. alternative evaluation
4. purchase
5. post purchase
|
|
internal locus of controlmore search activites
|
more search activites
|
|
external locus of control
|
fate, external factors
|
|
psychological risk
|
are those risks associated with the way people will feel if the product or service does not convey the right image
|
|
physiological risk
|
refers to the fear of an actual harm should the product not perform properly
|
|
social risk
|
involves the fears that consumers suffer when they worry others might not regard their purchases positively.
|
|
financial risk
|
is associated with a monetary outlay and includes the initial cost of the purchase, as well as the costs of using the item or service
|
|
performance risk
|
involves the perceived danger inherent in a poorly performing product or service.
|
|
increase conversion rate
|
-reduce real or virtual abandoned carts
-merchandise in stock
-reduce the actual wait time
|
|
post-purchase
|
-customer satisfaction
-customer loyalty
-dissonance
|
|
dissonance
|
(buyer remorse) is the psychologically uncomfortable state produced by an inconsistency between beliefs and behaviors that in turn evokes a motivation to reduce the dissonance.
|
|
customer loyalty
|
will buy only certain brands and shop at certain stores, and they include no other firms in their evoked set.
|
|
factors influencing the consumer decision:
|
-psychological factors
-marketing mix
-social factors
-situational factors
|
|
Psychological factors examples
|
-motives
-attitudes
-perceptions
-leaning
-lifestyle
|
|
situational factors examples
|
-purchase situation
-shopping situation
-temporal state
|
|
social factors examples
|
-family
-reference groups
-culture
|
|
marketing mix examples
|
-product
-price
-place
-promotion
|
|
High involvement
|
-greater attention
-deeper processing
-develops strong attitudes and purchase intentions
|
|
low involvement
|
-less attention
-peripheral processing
-generates weak attitudes and increase use of cues
|
|
corporate social responsibility
|
describes the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders
|
|
firm goals
|
-greed and short term profit seeking-> serious long term consequences
-creating value over the long run -> long term success
|
|
Values
|
-establish
-share
-understand
|
|
rules
|
-management commitment
-employee dedication
|
|
control
|
-reward
-punishment
|
|
influence of personal ethics
|
-genetics
-family
-religion
-values
|
|
ethical decision making framework
|
1. identify issues
2. gather information and identify stakeholders
3. brainstorm and evaluate alternatives
4. choose a course of action
|
|
Ethical Planning Phase
|
-The mission or vision statement sets the overall ethical tone for planning.
-Mission statements can be used as a means to guide a firm's SWOT analysis
|
|
Ethical Control Phase
|
-check successful implementation
-react to change
|
|
customer excellence
|
is achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service
|
|
diversification strategy
|
introduces a new product or service to a market segment that currently is not served
|
|
locational excellence
|
occurs by having a good physical location and internet presence
|
|
market development strategy
|
employs the existing marketing offering to reach new market segments, whether domestic or international
|
|
market penetration strategy
|
employs the existing marketing mix and focuses the firm's efforts on existing customers
|
|
marketing plan
|
is a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four P's, action program, and projected or pro-forma income(and other financial) statements
|
|
mission statement
|
is a broad description of a firm's objectives and the scope of activities is plans to undertake
|
|
operational excellence
|
is achieved through efficient operations and excellent supply chain and human resource management
|
|
product development strategy
|
offers a new product or service to a firm's current target market
|
|
product excellence
|
occurs by having products with high perceived value and effective branding and positioning
|
|
situation analysis
|
uses SWOT analysis that assesses both the internal environment with regard to its strengths and weaknesses and the external environment in terms of its opportunities and threats
|
|
STP
|
stands for segmentation, targeting, and positioning, and is used to identify and evaluate opportunities for increasing sales and profits
|
|
sustainable competitive advantage
|
is an advantage over the competition that is not easily copies, and thus can be maintained over a long period of time
|
|
customer value:
|
-customer excellence
-operational excellence
-locational excellence
-product excellence
|
|
the marketing plan:
|
1. business mission and objectives
2. situation analysis SWOT
3. identify opportunities(segmentation, targeting, positioning)
4. implement marketing mix(4 p's)
5. evaluate performance using marketing metrics
|
|
3 phases of a strategic plan:
|
1. planning
2. implementing
3. controlling
|
|
growth strategies
|
-market penetration
-product development
-market development
-diversification
|
|
exchange
|
the trade of things of value between the buyer and the seller so that each is better off as a result
|
|
goods
|
are items that you can physically touch
|
|
services
|
are intangible customer benefits that are produced by people or machines and cannot be separated from the producer
|
|
ideas
|
includes thoughts, opinions, and philosophies, and intellectual concepts which can be marketed
|
|
supply chain
|
the group of firms that make and deliver a given set of goods and services
|
|
value
|
reflects the relationship of benefits to costs
|
|
marketing
|
is an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
|
|
4P's
|
-product -creating value
-price -capturing value
-promotion -communicating on value
-place -delivering value
|
|
price
|
-Price is everything a buyer gives up (money, time, energy) in exchange for the product.
-How much are customers willing to pay and can a profit can be made at that point
|
|
product
|
-goods, services, ideas
|
|
place
|
-Place, or supply chain management, describes all activities necessary to get the product to the right customer when the customer wants it.
-Where would you find this product in the store?
|
|
promotion
|
Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response.
|
|
B2B
|
business to business (i.e manufacture sells to retailer)
|
|
B2C
|
business to consumer (i.e retailer sells to customer)
|
|
C2C
|
consumer to consumer
|
|
stakeholders
|
-society
-customers
-employees
-supply chain
|
|
production-oriented era
|
around the turn of the 20th century, when most firms believe a good product would sell itself
|
|
marketing-oriented era
|
the focus was on what customers wanted
|
|
sales-oriented era
|
production and distribution techniques improved and supply outpaced demand. Firms found an answer to overproduction by focusing on sales
|
|
production and distribution techniques improved and supply outpaced demand. Firms found an answer to overproduction by focusing on sales
|
which maintains the market orientation but also includes a focus on giving greater value than the competition. Value reflects the relationship of benefits to costs. Value-based marketing means implementing a marketing strategy according to what customers value.
|
|
importance of marketing
|
-expands global presence
-can be entrepreneurial
-enriches society
-pervasive across channel members
|
MKT 3010:Exam 4