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Test one study guide MKT310

by: Andrea Faria

Test one study guide MKT310 310

Marketplace > 310 > Test one study guide MKT310
Andrea Faria

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This 14 page Study Guide was uploaded by Andrea Faria on Monday February 23, 2015. The Study Guide belongs to 310 at a university taught by in Spring2015. Since its upload, it has received 95 views.


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Date Created: 02/23/15
MKT310 Exam 1 Chapter 1 I Consumer Behavior a The totality of consumers decisions with respect to the acquisition consumption and disposition of goods services time and ideas by human decisionmaking units over time i Dynamic ii Involves many people iii Involves many decisions ll What Affects Consumer Behavior a The Consumer s Culture External In uence i Social In uences 1 Reference Groups a Goup of people consumers compare themselves with for info about behavior and attitudes ii Consumer Diversity iii Household and Social Class iv Values Personality Lifestyle b Psychology Core Internal Consumer Processes i Motivation Ability Opportunity ii Exposure Attention Perception Comprehension iii Memory and Knowledge iv FormingChanging Attitudes c Process of Making Deciisons i Problem Reconition ii Judgment and Decision Making iii PostDecision Processes Ill Who Bene ts from studying Consumer Behavior a Marketing Managers i Marketing activity set of institutions and processes for creating communicating delivering and exchanging offerings with value for individuals groups and society b Ethicists and Advocacy Groups i Public awareness of inappropriate practies 1 Le concerned with what companies track online c Public Policy Makers d Academics e Consumers and Society IV Data Collection a Primary Data i De nition 1 Data originating from a researcher and collected to provide info relevant to a speci c research project b Secondary Data i De nition 1 Collected for some other purpose that is subsequently used in a research project a Qualitative i Introspection 39 Observation iii Depth interviews iv Focus groups b Quantitative i Surveys iL Paneb iii Scanner data iv Experiments eldlab ii Types 1 Newspapers 2 Periodicals 3 Tradejournals 4 Academic Periodicals 5 Databases c Description of Methods i Survey 1 Method of collecting info from a sample of consumers by asking questions predetermined a Objective i Hypothesis testing 1 Le more wine vs more beer b Types of Questions i General questions 1 Le how often do you go to a restaurant ii Key Questions 1 How many wine vs beer options would you like on the menu iii QpenEnded Questions 1 Le Why iv SegmentRelated Questions 1 Gender age ethnicity ii Focus Groups 1 Brings together small group of consumers to discuss an issue or an offering a Led by trained moderator b Great for identifyingtesting new product ideas i 612 people unfamiliar with each other homogenous ii video camera avoid prayer groups collage work iii Interviews 1 Qneonone interviews with consumers providing feedback sensitive subjects 2 Conversation between equals 3 Flexible dynamic a Establish a bond with interviewees come on slow b Nondirective questions asked early c Learn what is important to them before asking specifics d Qbserve nonverbal behavior i Depth Interviews Projective Techniques 4 Questions a When and why do you use this product b Walk us through session using product c What do you like Dislike iv Experiments 1 Control vs Treatment Groups a Look at effect of independent variable on dependent b Groups are the all the same except the treatment aka independent variable what they manipulate to show independent variable 2 Pros a Control causality 3 Cons a External ValidityGeneraIizability 4 Field Experiment a Market Test i Study effectiveness of one or more elements of the marketing mix 4Ps v Storvteling 1 Consumers asked to tell stories about product acquisition usage disposition experiences 2 Gain insight into consumer needs V Rule of Thumb a Collect secondary data rst then primary i Advantage of Secondary Data 1 Time savings low costs ii Disadvantages of Secondary Data 1 Out of date 2 Might not be what you re looking for 3 Might not be speci c enough Chapter 2 I Motivation a Provides energy needed to achieve a goal process that leads us to behave the way we do driven by needs i HighEffort Behavior 1 If you really want something it is a big purchase you put more effort into getting it ii HighEffort Info Processing 1 When highly motivated they are more likely to pay careful attention a Motivated reasoning processing info in a way that allows consumers to reach the conclusion that they want to reach iii Felt Involvement 1 Arousal or interest in an offeringactivitydecision a Eduring Involvement i Longterm interest b Situational Involvement i Temporary interest c Codnitive Involvement i Interest in thinking aboutlearning about offering d Affective Involvement i Interest in expending emotional energy ll What Affects Motivation a Personal Relevance i Something that has a direct bearing on the self and has potentially signi cant conseuqnces to our lives b Values i Abstract beliefs about what is right and wrong c Need i MOTIVATION DRIVEN BY NEEDS 1 discrepancy between present state and ideal state 2 discrepancy creates tension ii Maslow s Hierarchy of Needs 1 Primary Needs a Physiological i Food water shelter b Safetysecurity i Freedom from harm nancial security 2 Secondary Needs a Social i friendship b Ego personal needs i Status respect prestige c Selfactualization i Selfful llment iii Con icting Needs 1 ApproachAvoidance a Inner struggle about acquiring or consuming an offering that ful lls one need but fails to ful ll another i ie want to engage in activity also want to avoid it smoking cigarettes 2 ApproachApproach a Which offering to acquire when each can satisfy an important need i ie want to attend two different events 3 AvoidanceAvoidance a Which offering to acquire when neither can satisfy i ie don t want to go home late don t want to wait for friend to pick you up iv Importance of Needs 1 Increases motivation if product is relevant to needs 2 Consumers seeks to satisfy needs not buy products 3 Products are a means of satisfying needs v How To Assess the Needs and Motivations Underlying Consumer Preferences 1 LadderingInDepth In tervie ws a MeansEnd Chains i Hierarchical knowledge structure that links meanings at different levels of abstraction 1 Attribute consequences values ii ie Potatoe Chips 1 Concrete Attributes a BBQ avor b High calories 2 Abstract Attributes a Fattening 3 Functional Consequences a Good taste b Gain weight 4 Psychologycal Consequences a Guests enjoy themselves b Won t be attractive to others 5 Instrumental Values a I am a good hostess 6 Terminal Values a Low selfesteem 2 Word Association 3 Sentence Completion 4 Describe Brand Personality maps and collages Ill Motivation Evokes Involvement a Involvement i Level of perceived personal importance andor interest evoked by a stimulus 1 High a Active search elaborate on messages focus on message content 2 Low a Limited attention limited search don t elaborate on messages b What Marketers Should Know About Involvement i The focus of involvement 1 What are consumers involved with ii The Level of Involvement 1 How involved are they iii The Source of Involvement 1 Why are they involved c Product Vs Brand Involvement i Luxury expensive products are high category involvement 1 KNOW THE CHART d Sources of Involvement i Intrinsic SelfRelevance 1 Product linked to important selfrelevant consequences and values 2 Permanent meansend representations in memory of productself relationship a aways looking up infovery involved ii Situation SelfRelevance 1 Situation activates selfrelevant goals and values that become temporarily linked to products 2 Temporary effects of speci c social stimuli that create feelings of selfrelevance IV Marketing Strategies a Concentrate on high involvement segment i Segment size is an issue b Attempt to increase or build involvement i Tie to feelings ii Link to involving situations iii May want to decrease involvement repeat purchases c Accept low involvement Chapter 3 Exposure a Activation of senses by incoming stimuli consumer comes in physical contact with stimulus see hear touch smell taste i Marketers care about intensity and frequency 1 Accident exposure 2 Intentional exposure ii Marketing stimuli 1 Info about offerings communicated either by marketer ads or nonmarketing sources word of mouth b Factors In uencing Exposure i Position of an ad within a medium 1 Le exposure to magazines greatest inside cover ii product distribution iii shelf placement c Selective Exposure i Consumers control their exposure by actively seeking info about some and avoiding others 1 Le zipping fast forwarding through commercials 2 Le Zapping switch through other channels during commercial breaks Attention a How much mental activity consumers devote to a stimuli allocation of processing capacity to incoming stimuli i PreConscious Attention 1 Attending to something in peripheral vision even if focusing on something else a Mere Exposure Effect affecting consumers b Prea tten ti ve Processing i Nonsonscious processing of stimuli in peripheral vision c Hemispheric Lateralazation i Info is processed by both hemispheres of brain when focal ii When not focal our ability to preattentively process depends on if picture or word whether right or left side of vision ii Focal Attention 1 Controlled focusing on stimulus conscious attention b For Marketers i Capturing Attention 1 Consumers more likely to pay attention to ads with unexpected elements ii Prominence 1 Intensity of stimuli that causes them to stand out relative to environment iii Concreteness 1 Extent to which a stimulus is capable of being imagined iv Habituation 1 Stimulus loses its attentiongetting abilities when it is familiar c Attention vs Exposure i Exposure 1 We have the possibility of attending to the info ii Attention 1 The info has been recorded in some way we notive the info d Characteristics of Attention i Selective Attention 1 Cocktail party effect 2 Consumers decide what to focus on at any one time ii Divided Attention 1 Can allocation some attention to one task some to a different task iii Limited Attention 1 May miss some stimuli especially in unfamiliar surrounding a ie turn down radio when looking for particular address lll Perception a Interpretationmeaning we assign to stimuli through vision hearing taste smell touch i What do we perceive 1 Absolute Threshold a The minimal level of stimulus intensity needed to detect a stimulus 2 Differential Threshold JND a Aka just noticeable difference i Intensity difference needed between two stimuli before they are perceived as different ii ie can we notice the difference 3 Subliminal Perception a Activation of sensory receptors by stimuli behlow the threshold presented so quickly that consciously perceiving them is not possible 4 sometimes we want them to notice the difference other times we don t ii How do we perceive 1 We expect what we see t with our general beliefs and stereotypes 2 Perceptual expectations can lead to illusions a Perceptual Oganization i Consumers organize multiple simple stimulus into one uni ed whole b Figure and Ground i People interpret stimuli in contrast to a background c Closure i Want to organize perceptions to form a meaningful whole d Grouping i Group stimuli into uni ed picture e Bias for the whole i Perceive more value in a whole than combined parts f Comprehension i Process of extracting higherorder meaning from what we have perceived iii Perception is an active contructive process iv not a direct re ection of the stimulus but is the end product of the intera ctionexpecta tionshypothesesgoas etc Chapter 4 Consumer Memory a Persistence of learning over time via the storage and retrieval of info either consciously or unconsciously ll Types of Memory a Sensory Memory i Input from the ve senses stored temporarily in memory ii 14 of sec2 sec iii if not processed we lose it 1 Echoic Memory a Sensory memory of things we hear 2 lconic Memory a Sensory memory of things we see b Short Term Memory i Portion of memory where incoming info is encoded and interpreted ii Limited capacity increased for higher involvement iii Short lived duration 1 Working memory a Portion of memory where incoming info is encoded or interpreted in context of existing knowledge c LongTerm Memory i Part of memory where info is permanently stored for later use ii Info is never lost but sometimes can t be found iii Large storage capacity 1 Autobiographical episodic memory a Knowledge we have about ourselvesour personal past expenences 2 Semantic Memory a General knowledge about an entity detached from speci c episodes lll Characteristics of Memory a STM and Miller s 7 2 i The average amount you can hold in your working memory is 7 plus or minus 2 1 Le when we recalled the words b PrimacyRecency Effects c Noveltylncongruence IV How To Improve Memory a Chunking b Rehearsal c Dual Encoding i Put it with a picture d State Dependent Learning i Retrieve it in the same state you were in e No interference i No proactive or retroactive interference f Recirculation i Remember it because you encounter it a lot 1 6x rule of thumb for remembering g Elaboration i Info can be transferred into longterm memory if it is processed at deeper levels 1 STM VS LTM CHART V The Associative Network a How memory is organized set of concepts connected by links b Nodes concepts feelings and events are stored in nodes links of varying strengths connect the nodes i Links are created through knowledge and retrieval ii When one node is activated this activation spreads along associative links toward related concepts c How does AN in uence retrieval i Stronger links more accessible 1 Marketers try to strengthen links between brands and associations ii Spreading Activation 1 Explains seemingly random thoughts responsible for false recall iii Priming 1 Increased sensitivity to certain concepts and associaitons due to prior experience based on implicit memory Vl Schemas and Scripts a Schema i Set of associations linked to a concept stereotypes 1 73pes a Product category b Brands c People d Stores b Script i Special type of schema that represents knowledge of a sequence of actions tell a story 1 Le how to arrange roses series of steps Vll Categorizations a Use prior knowledge to label identify and classify something new use to make inferences about properties i Why Categorize 1 Too much information 2 Provide structure 3 Helps us learn ii How We Categorize 1 Taxonomic Categorization a Put similar objects in the same category b Objects have similar features i Lots of sharing maximize ii Little sharing minimize c Levels i Superordinate beverages ii Basic tea coffee soda iii Subordinate herbal nonherbal diet regular 1 in class categorize tom hanks movies iii What In uences Categories 1 How we learn it 2 What is important to us 3 What we are told 4 Culture 5 Expertise iv Characteristics of Categories 1 Categories have a graded structure 2 Prototype best example of a category 3 Novices and experts have different category structures 4 When recalling members of a category factors that in uence retrieval can affect category structure Vlll Associative Network and Retrieval a Stronger links are more accessible i Marketers try to strengthen links btwn brands and associations b Cant retrieve When link fades c Sleeper effect i Source decays faster than the message Chapter 5 l Attitudes a Evaluation that expresses how much we like or dislike an object concept event person place behavior i Cognitive Function 1 How attitude in uence our thoughts ii Affective Function 1 How attitudes in uence our feelings iii Connative Function 1 How attitudes in uence our behavior beliefsljattitudesljbehavioraI intentionsljbehavior b Characteristics of Attitudes i Favorability 1 likedisklike ii Accesibility 1 How easily retrieved from emmory m Con dence 1 Strength of our attitude iv Persistence 1 How long attitude lastsedurance v Resistance 1 How easily attitudes change a ie grapefruitjuice ll Elaboration Likelihood Model a Aka in uence of effort on attitudes b Model of persuasion how attitudes are formed and changed i Elaboration Continuum 1 Low elaborationow thought low MAO motivation ability opportunity 2 High elaborationhigh thought c Central Route i Lots of thought d Peripheral Route i Little thought 1 Heuristics e Which route to take i Personal relevance ii Knowledge iii Cognitive resources Hi How Effort ls Related To Attitudes a Cognitive Response Model i Though we have in response to a communicationmessage 1 Counterargument a Though that disagrees with the message i Provides strong argument scienti c facts 2 Support Argument a Though that agrees with the message 3 Source Derogations a Discountsattacks source of the message ii In uencing Cognitively Based Attitudes 1 What makes a source more effective under high effort a Credibility i Trustworthiness ii Expertise iii Status b matching c endorising only one product 2 what makes message more effective under high effort a Strong arguments b Twosided messages presents positive and negative info b ExpectancyValue Model i Explains how attitudes form and change based on 1 Knowledge they have about an object 2 Their evaluation of particular beliefs ii Fishbein Multiattribute Model 1 Attitude toward a product sum of strength of the belief that the product has attribute xevaluation of attribute x a KNOW EXAMPLE ON CALCULATOR IV Social In uences on Attitude and Behavior a Behaviors can sometimes be more in uenced by pressures from the social environment than by personal attitudes i To predict behavior attitude measures should be accompanied by measures of social in uence V Theory of Reasoned Action a LOOK UP FORMULA ON PPT Chapter 6 l Low Effort Attitudes a When MAO is low not actively processing message arguments i Peripheral route b Low effort attitudes easier to change II The Science of Persuasion a 6 Tendencies to Getting Yes i reciprocation ii consistency iii social validation iv liking v authority vi scarcity b In uences Across Cultures i US reciprocation ii China Authority iii Spain Liking iv GermanyElConsistency lll Foundation of Low Effort Attitudes a Heuristics i Simple rules of thumb used to aid judgements 1 Repetrition and truth effect a When consumers believe a statement simply because they have seen it a ton b Communication Source c Message Itself i Simple message 1 More likely to be effective because they won t process a lot of info ii Involving message 1 Marketers want to increase consumer involvement with the message to ensure that the info is received IV Affective Bases When Effort is Low a Mere Exposure Effect i Familiarity leads to consumer s liking an object ii Source is attractivelikeable b Classical Conditioning i Behavior elicited by one stimulus will be elicited by a second stimulus if both stimuli occur together frequently c Operant Conditioning i Behavior that is given reinforcement is more likely to be repeated when same situation arises in the future Case StudyThe Birth of Swatch history of the watch industry 0 until 1945 Movado omega rolex 19501970 US dominated the watch industry with timex 0 much cheaper and disposable 0 different functionalities 19701985 Japan dominated watch industry 0 came up with new technology called quartz 0 mass marketing 0 citizen sieko o imitation jewelry items 0 casiodigital 1985present o swatch different collections scuba chrono skin 0 plastic 0 artisits design 0 customizable o emotional appeal Why was swatch so successful 0 Swiss made watch at an affordable price Elements to swatch marketing trendy so buy more than one street dancers celebrity endorsements big watch price positioning 4 P5 of swatch Price 0 always the same 40 60 DM 0 impulsive buy 0 why do you think they 0 Place 0 standalone stores 0 shopin shops 0 selective exposure high end malls shopping centers 0 Promotion 0 unconventional 0 high budget tv commercial on rst brands which started 0 Product 0 unique designs 0 colorful plastics 0 changes 24 times a yr 0 limited editions Swatch marketing strategy Positioning competitive advantage target market 0 Price 0 always same 40 emotional appeal 0 Place 0 stand alone stores selective 0 Product 0 unique design changing throughout yr 0 Promotion 0 unconventional Understanding Product Categories 0 pricing 0 channels 0 product design 0 marketing communications Question in what ways does rolex differ from timex or rolex Rolex product category is jewelry 0 times product category is functionality Seiko product category is jewkery Watch positioning Price A Rolex Seiko casio swatch timex gt category What brand extensions are possible for swatch brand swatch phone smart car swatch t shirt if you had to create a new sub category of watch what would be a good idea 0 health category smart watch other products in other product categories that have done the same thing


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