Marketing Final Exam
calls for dividing the market into regions, states, counties, cities, or even neighborhoods.
Geographic segmentation
Stage in the product life cycle that is characterized by rapid market acceptance and increasing profits
Growth
According to Freud, a person's buying decisions are primarily affected by
subconscious motives
Causes a specific brand's life cycle to change quickly
Competitive attacks and responses
The most basic determinant of a person's wants and behavior
Culture
divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation
Demographic segmentation
involves actually distinguishing the firm's market offering to create superior customer value
Differentiation
What is the most important consumer buying organization in society?
Family
arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
Positioning
consists of evaluating each market segment's attractiveness and selecting one or more market segments to enter
Market targeting
Stage in the new product development that a firm would engage in immediately after the completion of concept testing
Marketing strategy development
stage in the product life cycle where sales growth slows because the product has achieved acceptance. Profits level off because the marketing costs increase in the face of competition
Maturity
Four major psychological factors that influence a person's buying choices
Motivation, Perception, Learning, and Belief
Which of the following statements is true of social class?
People within a social class tend to exhibit similar buying behavior
True statement of the idea generation stage in the new product development process
Truly innovative companies develop extensive innovation networks that capture ideas and inspiration from every possible source
Companies can research many aspects of buying decisions. However, the one that is the most difficult to identify is
Why the buy
Many marketers use the self-concept premise that people's possessions contribute to and reflect their identities--that is, "we are what we consume". According to this premise consumers
buy products to support their self image
Factors a company considers when setting its price include
competitor's strategies, overall marketing strategy/mix, product costs, nature of the market and demand
In the model of buying behavior, which of the following are major types of forces or events in the buyer's environment
economic, technological, social, and cultural
Maslow's theory is on
human needs
New product development starts with
idea generation
Life-stage changes usually result from
life-changing events
involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes
market segmentation
A buyer's decisions are influenced by these... such as the buyer's age and life-cycle stage, occupation, economic situation, lifestyle, personality, and self-concept
personal characteristics
Maslow's Hierarchy of Needs
physiological, safety, social, esteem, self-actualization
dividing a market into different segments based on social class, lifestyle, or personality characteristics
psychographic segmentation
A person's tendency to screen out most of the information is called
selective attention
The tendency for of people to interpret information in a way that will support what they already believe
selective distortion
Remembering the good points made about a brand they favor and forget good points made about other brands
selective retention
