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Review Exam 2

by: Lija Kolosha

Review Exam 2 MKTG 2423

Lija Kolosha


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About this Document

This is and outlined form of the given study guide, with all of the information that should be on the test.
Principles of Marketing
Rebecca Legleiter
Study Guide
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This 5 page Study Guide was uploaded by Lija Kolosha on Thursday October 6, 2016. The Study Guide belongs to MKTG 2423 at Tulsa Community College taught by Rebecca Legleiter in Fall 2016. Since its upload, it has received 7 views. For similar materials see Principles of Marketing in Marketing at Tulsa Community College.

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Date Created: 10/06/16
Review Exam 2 – Chapters 4, 7, & 8 Chapter 4 Consumer Behavior  Consumer Behavior – the mental, emotional, physical, and social activities that people engage in when they shop for, select, purchase, use, and dispose of products.  Entire process of making a purchase decision  Problem solving process  Routine – products that are usually inexpensive, bought on routine basis  Limited – willing to compare price, style, comfort, availability, etc.  Extensive – products are very expensive, long life-span, very important purchase  Cognitive Dissonance – “buyer’s remorse”  Maslow’s hierarchy of needs –  People are motivated by unmet needs Self- Reaching one’s full potential  actualizati on Self-esteem needs – car, house, job, cosmetics, Social Needs – Television, cellphone, computer Safety Needs – Insurance, tires, Mace, weapons Basic Needs – food, shelter, clothing, medicine, water  4 Types of Influences  Cultural  Social  Family  Psychological  Culture – Learned values, behaviors, meaningful symbols, beliefs, etc. shared by people who live within a common society Passed from one generation to the next Subculture: Culture within a culture Ex: Religion, ethnic group, occupation  Social Class – group of people with similar life styles, interests, and behaviors (Commonly associated with money and education)  Reference Group – refers to the group of Social Classes: people who influence your purchase behavior (ex: peers, friends, neighbors) Upper  Upper Class  Family – Greatly influences our behavior Lower-Upper Class  Psychological – Upper-Middle Class Lower-Middle Class  Needs – an imbalance between actual state and Working Class A desired state Lower Class  Motivation – and internal or external driving force that prompts behavior  Perception – the meaning that a person gives or attributes to incoming information gathered through the senses  Selective Exposure – we seek out only information that interests us (ex: books, movies, TV shows)  Selective Retention – Remembering only what we choose to remember  Selective Perception – We screen out or modify ideas and information to match our belief system  Learning – changes in behavior based upon information or experience  Self-Concept – a person’s view of themselves  Real Self – objective view of yourself based on truth  Looking Glass – the way we believe others see us  Self-Image – the way we currently view ourselves  Ideal Self – the image of the person we want to become  Personality – a person’s consistent response to his or her environment Chapter 7 Market Research  Market Research – Process of collecting data  Target market – group of consumers who are most likely to purchase our product  Hypothesis – educated guess about the outcome of market research  Primary data – data collected for the very first time and for a specific purpose  Scientific method: The study is large enough to be valid  Secondary data – any data previously collected and then compiled into some usable form  Primary Data  Advantages: Disadvantages:  Specific to our needs Very Expensive  Data is up-to-date Time consuming  Rich and detailed Difficult to gather information  Accurate Difficult to compile data  Secondary Data  Advantages: Disadvantages:  Easy to find Information can get outdated  Multiple studies Not specific to our needs  Inexpensive Is it accurate?  Takes little time Is it relevant?  Response rate – the % of people who participate in the research study  Population – Total number of people you want to research  Sample – smaller % of population  Random sample – everyone has equal chance of participation (ex: mall surveys)  Census – Market research for entire population of the United States  Every household is required to participate  Primary Data sources  Survey – specific question with selected responses  Mail, telephone, fax, social media, face-to-face  Focus group – small group brought together to discuss product/company/item (7-15 people)  Observation –  Personal observation – watching the behavior of people  Mechanical observation – videos, computers, traffic counts  Experiment – Compare the response of 2 or more groups  Very expensive  Time consuming  Difficult to conduct  Usually only pharmaceuticals  Interviews - lengthy answers are solicited from a small group of respondents  Secondary Data Sources  External – library, newspapers, magazines, chamber of commerce, census  Internal – Company records, industry related  Demographics – easily identifiable elements of consumers such as: Age, generations, gender, Marital status, # of children, household size, religion, social class, education, income  White – 74 %  Hispanic – 15%  Fastest growing demographic group  Largest # of children per family  Catholic  Majority under age of 45  Lower educational attainments  Black – 13%  Largest % increase per capita in education attainment  Large # of children in poverty  Largest % per capita of single moms  Asian – 4%  Highest income of any nationality  Highest educational levels  Spend money on quality items  Smallest families  Generations  Senior Citizens – 21% of population  Born prior to 1946  Traditional values  Lowest divorce rates  Are/were homeowners  Worked for same company for whole career  Baby Boomers – 28% of population  Born between 1946-1964  Post WW2 babies  Traditional family life  Highest income bearing years  Account for over 60% of purchases  Uses credit A LOT  2 income families  Highest divorce rate of any generation  Generation X – 22% of population  Born between 1965-1982  “latch-key kids”  Focused  Highest educational levels  Wait later to marry/have kids  Media savvy  Seekers of happiness – often change jobs  Committed to family  Generation Y – 22% of population  Born 1983-1999  Tech savvy  Expected to change jobs 7-15 times  Coddled  Very socially tolerant  Highest # of unwed mothers  Stay at home longer  Cell phones!!  Not as concerned with future Chapter 8 Market Segmentation  Market Segmentation – process of dividing the total market into smaller groups who will respond to a marketing strategy/mix  Geographic Segmentation – population, size, region, climate/weather conditions, rural/urban, state/city  Core region – happens when there are areas of the country where 40- 80%of a business’ sales come from  Demographic – Age/Generations, DINK (Double Income, No Kids), Income levels, educational levels, marriage, kids, religion  Psychographic – Attitudes, Interests, Opinions, Lifestyles  Behavioral – dividing based on relationships  Benefits provided – market into groups based upon what benefit they receive from purchase  Usage Rates – Heavy, moderate, light, or promotional  80/20 Rule: 80% of sales/profits will come from 20% of customers/clients  Lifestyle – Consistent way of living  Micro Marketing – ultimate target marketing (very small group)  Market penetration – “How can I get my market to buy more of my product?”  Market development – trying to develop a new target market  Product development – When we create a new product  Diversification – diversifying into new markets/product categories


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