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MKTG 3213 Exam 2 Study Guide

by: Reilly Emerson

MKTG 3213 Exam 2 Study Guide MKTG 3213

Marketplace > Oklahoma State University > Marketing > MKTG 3213 > MKTG 3213 Exam 2 Study Guide
Reilly Emerson
OK State
GPA 3.85

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study guide for the second midterm, Ch. 5-8 and part of 9
Leslie Manzer
Study Guide
50 ?




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This 6 page Study Guide was uploaded by Reilly Emerson on Tuesday October 4, 2016. The Study Guide belongs to MKTG 3213 at Oklahoma State University taught by Leslie Manzer in Fall 2016. Since its upload, it has received 18 views. For similar materials see Marketing in Marketing at Oklahoma State University.


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Date Created: 10/04/16
MKTG 3213 – Exam 2 Study Guide Terms:  Consumer behavior – the actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions o WHY people buy the things that they buy, not just what and where o Stimulus: 4 P’s and the environment  Model – representation of a real-life system  Purchase decision process – the stages a buyer passes through in making choices about which products and services to buy o Stages:  Problem recognition – initial step; perceiving a difference between a person’s ideal and actual situations big enough to trigger a decision  Information search – first, consumers do an internal search of their memory and then they may do a search of external sources  Usually validated with personal sources  Alternative evaluation – suggests criteria to use, yields brand names that might meet the criteria and develops consumer value perceptions  Marketer wants the determine which criteria are more important for which people  Purchase decision – consumer must choose from whom to buy and when to buy  Postpurchase behavior – consumer compares the product or service with their expectations and is either satisfied or dissatisfied  Marketer must determine whether dissatisfaction is due to deficiency of the product or if consumer expectations were too high  Perceived risk – anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences o Factors:  Amount of stake (financial, social, etc.)  Probability that they’ll do well o Ways to lower risk:  Seal of approval  Warranty  Cognitive learning – learning through thinking, reasoning, and mental problem solving without direct experience  Brand loyalty – favorable attitude toward and consistent purchase of a single brand over time  Reference group – people to whom an individual looks as a basis for self-appraisal or as a source of personal standards  Business to business marketing – the marketing of products and services to companies, governments, or not-for-profit organizations for use in the creation of products and services that they can produce and market to others o over half of business students will go work for companies that sell to other companies  Stories:  Bank Closings in the 80s o Which criteria are important to which customers in their alternative evaluation stage? o Customers kept asking if the new bank was still going to give out free popcorn—they assumed their money was safe  Marlboro o Marketer gathers information from consumers’ postpurchase behavior o Geared it toward women, but men still bought a lot, so they made it slightly more masculine and became the #1 cigarette company in the world  Eating out vs. in o You rationalize that it’s not worth spending money to eat out during the week but on Friday night, you think it’s worth it. o Humans think rationally (Economic Model)  Pavlov’s dogs o After repeated feedings after ringing a bell, Pavlov could eventually just ring the bell and the dogs would salivate. Some dogs generalized the cue and others would only respond to the exact bell sound. o Humans can learn without having past experience (Consumer Learning Model)  Family cars o Manzer drove a rusty old Chevy and his neighbor drove a sports car. o They both had functionality, but had different symbolism (Psycho-Analytical Model)  Health/fitness shift o Need: health o Companies produce products to fill the need, like organic food, Fitbit, and trainers o Cultural shifts (Social/Psychological Model)  Pizza o When Manzer first came to OSU, his friends wanted to go get pizza and he’d never had it before but then he started going with them all the time o Reference groups  Going to college o You can kind of change your reputation, but once you get one, it usually sticks o “If you have a reputation as an early riser, you can sleep until noon” o Brand image  Tea sales in the U.S. o We drink more iced tea than hot tea, so sales are higher in the summer. They tried to advertise hot tea to increase fall and winter sales but it didn’t work because hot tea already has an image o Brand image  Motorcycles o Thug image was changed because the gov. was trying to save energy  Selling Latex o They had too much inventory at Dow, so he had to figure out who to sell it to—customers that he has a relationship with, but it didn’t work. o Demand for their paper was low, so they weren’t demanding latex o Derived demand  Hallmark o Manzer’s friend was negotiating w/ the manufacturer. He said he would pay $0.15 each when the guy only wanted $0.12 each. He knew that the manufacturer may not survive in the long run if he paid the low price o Supplier development  Bill Bradley o Most sought-after basketball recruit, played at Princeton and for NY Knicks then became a NJ Senator. He asked for more butter at a restaurant, asking the waiter “do you know who I am?” Waiter says that he is the guy who gives out the butter. o Every person has their worth  T. Boone Pickens o Had to actually go out in the field and obtain info. about his competitors’ oil fields o Marketing intelligence system Lists: 4 Models to Explain Consumer Behavior  Economic Model o Man is a rational animal o Normative rather than descriptive  Consumer Learning Model o Humans don’t need past experience to understand  Psycho-Analytical Model o We buy products for their functionality, but also for their symbolism o Marketers have to figure out what the symbolism of their product is  Social/Psychological Model o How the behavior of individuals fits together in a group o Culture: Look at cultural shifts  Parent-centered home to child-centered home  Religion-dominated society to secular-dominated society  Self-reliance to government-reliance o Subculture o Social class  Ways to change social classes:  Education  Marriage  Values won’t instantly change: “A rich man is not just a poor man with money” o Reference groups  People teach each other new behaviors  Can effect purchase decisions, brands and products  Brand image  David Reisman – The Lonely Crowd  3 types of societies o Tradition-directed  Low physical and social mobility o Inner-directed  Based on each person’s inner values o Other-directed  High physical and social mobility  The people around you will be your reference group and they are different from you.  People may behave the way they think other people perceive them Organizational Markets  Industrial  Reseller  Government Demand Characteristics That Make Organizations Different From Consumers  Derived Demand  Size of the order or purchase  Number of potential buyers  Organizational buying criteria o Supplier development  Organizations help their suppliers design products that fit their needs  Buyer-seller relationships  Geographic concentration  Professional buyers Roles in the Buying Center  Users  Influencers  Buyers  Deciders (hardest to identify)  Gatekeepers Ways to Enter Global Markets  Exporting  Licensing/franchising  Joint venture  Direct investment Areas Companies Need to Gather Info. From  Customers  Your own activities  Environment Marketing Information System 1. Databases 2. Marketing Intelligence System 3. Marketing Research  Secondary data  Sources  Critical evaluation (is it accurate?)  Impartiality  Validity  Reliability  Homogeneity  Primary data  Observation


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