Principles of Marketing Exam 2

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what is the long tail concept

Potential for success by marketing products that only a few people want Works well for internet marketers that do not need to stock all the items they sell in a traditional retail store Netflix and Amazon

what are the 4 variations of the consumer decision making process

extended limited habitual impulse

how has time poverty as a situational influence among american consumers led to marketing opportunities

1-hour photo labs Drive-thru pharmacies "Faster download times" Fast food restaurants Shopping online

what are the 5 requirements for successful segmentation

1. Have members with similar product needs/wants who are different from members of other segments 2. Be measureable in size and purchasing power 3. Be large enough to be profitable 4. Be reachable by marketing communications 5. Have needs the marketer can adequately serve

what are the 5 categories of the product adopter process

1. innovators 2. Early adopters 3. early majority 4. Late majority 5. laggards

what are the 3 types of reference groups

1. membership 2. aspiration 3. dissociative

how does the FTC define a "new product"

A product must be entirely new or changed significantly to be called "new", and A product may be called "new" for only six months.

what are the advantages/disadvantages of test marketing

Advantages: measures actions, not intentions; observe competition; measure repeat purchase rate, consumers' characteristics, dealer enthusiasm, etc. Disadvantages: costly; lose confidentiality to competition

what is cognitive dissonance

After a purchase, a consumer may feel doubt or anxiety about the purchase decision

what is geodemography

Combines demographics with geography

what is meant by the term "influencer marketing"

Early adopters are heavy users of social media.. More consumers are looking to influencers (an important part of the Early Adopter segment) to obtain information on products. Traditional advertising is less significant to these consumers. Instead, these consumers look at each other and their favorite personalities, who have huge followings on YouTube, Instagram, Snapchat, Pinterest, etc.

how is family life cycle used to segment markets

Even if importance is constant, needs within category may change (e.g., furniture) families need change over time

what is geocoding

Geographically customized web advertising that feeds local ads to users

what is behavioral targeting and how is it used as a marketing strategy

Marketers deliver ads for products that are of most interest to consumers by observing what they do online A strategy that presents individuals with advertisements based on their internet use

how is the study of lifestyle used in marketing

Marketers seeks to describe people according to activities, interests and opinions

what is a slotting fee? failure fee?

Slotting fee: fee paid to the retailer by the producer to get the new product on the retail shelf Failure fee: penalty fee paid to the retailer by the producer if the new product does not produce the sales it promised

what are the 4 methods of choosing a targeting strategy

Undifferentiated differentiated Concentrated custom marketing

what is a product in generic terms

a bundle of consumer benefits

how is the demographic makeup of american society changing along race and ethnic groups?

asian and hispanic increasing, white and black relatively constant

how is gender used to segment markets

associate appropriate attitudes, behaviors, and opportunities for men and women to products

what are the 6 stages of the product adoption process

awareness interest evaluation trial adoption confirmation

what are the 2 types of behavioral learning concepts

classical and operant conditioning

what does downshopping mean

consumer preferences towards lower-priced products and brands with a practical, more economical image

what are the 4 types of consumer products

convenience shopping specialty unsought

what are the 3 layers of the product concept

core, actual, augmented

what is an AIO inventory

defines what a lifestyle is. stands for activities, interests and opinions

what are the 3 major ways that marketers segment markets

demographics psychographics behavior

what is the difference between a durable good and a nondurable good

durable are consumer products that provide benefits over a period of months, years, or even decades - cars, furniture, appliances nondurable are consumed over the short term - magazines, food

what is an innovation and what are the 3 types

dynamically continuous discontinuous continuous

which of the 5 categories of adopters include MOST opinion leaders of influencers

early adopters

what are the 5 types of b2b products

equipment maintenance, repair, and operating raw materials processed materials and special services component parts

what are the determining factors of social class

family background, occupation, education, income

what are the divisions that distinguish upper, lower, and middle income

highest 20% of incomes are considered "upper income" lowest 20% are considered "lower income"; middle 60% are considered "middle income"

what is cognitive learning

how a person processes and reasons information. It revolves around many factors, including problem-solving skills, memory retention, thinking skills and the perception of learned material.

what are the 7 phases of new product development

idea generation product concept development and screening marketing strategy development business analysis technical development test marketing commercialization

what is the difference between family and household

if the people are related or not

what variables are used to rank society by social class

income, occupation, education, family background

what is the difference between internal and external search during step 2

internal: Consumers search memory and environment for information external: If information is inadequate, consumers seek out additional sources

what is sensory marketing

marketing techniques that link distinct sensory experiences such as unique fragrance with a product or service

what is a national rollout

most products are introduced into the country gradually, a little at a time, and not overnight

what does psychographics mean?

people according to psychological and behavioral similarities

what is an opinion leader

people who influence others' attitudes or behaviors because others perceive them as possessing expertise about the product

what are the levels of maslow's hierarchy of needs in order

physiological, safety, belongingness, ego needs, self actualization

what are the five steps in the consumer decision making process

problem recognition information search evaluation of alternatives product choice postpurchase evaluation

what does Heuristics mean

rules of thumb (mental shortcuts) used by individuals to arrive at good decision with less mental effort

what are the 3 steps in the target marketing process

segmentation targeting positioning

what is the difference between culture, subculture, and microculture

subculture share distinctive set of beliefs/experiences microcultures identify based o n a common activity or art form

what is convergence

the coming together of two or more technologies to create a new system

what is "The Tipping Point"? who originated it?

the point when a product's sales spike from a slow climb to an unprecedented new level, malcolm gladwell

what is product positioning

the process by which marketers seek to influence how a particular product is perceived in the minds of customers relative to competing offerings

what are the different generational markets

the silent generation baby boomers generation x millennials/generation y generation z

what is VALS

values and lifestyles inventory

what is "jamming the test"

when a competitor tries to sabotage a company's test market

how are usage occasions applied to behavioral segmentation

when consumers use a product most i.e. candy, greeting cards, vacations, party supplies

what is consumer socialization

young people acquire skills, knowledge and attitudes relevant to their functioning as consumers in the marketplace


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