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NIU / Engineering / MKTG 310 / What are the types of buying power?

What are the types of buying power?

What are the types of buying power?

Description

Marketing 310 Exam 2


In marketing, what are the types of buying?



Ch. 4

• Decision making

o Habitual – no thinking involved

o Extended – deliberation into decision

• Process – marketers have an impact on all of these

1. Process recognition

2. Info search

3. Alternative evaluation

a. Attribute based choice – system 2, effort

b. Affective choice – immediate emotional response

c. Attitude based choice – general attitudes toward product

4. Outlet selection and purchase

5. Post purchase process

• Purchases

o Reminder

o Impulse


Marketers have an impact on what?



o Unplanned

o Mobile payment

o Stockouts

• Decision making sequence  

1. Identify need

2. Collect info

3. Weigh value

4. Choice set

5. Make decision

6. Compare

• Thinking

o System 1 – automatic, nonconscious

o System 2 – effortful, slow, controlled thinking

• Influences

o Cultural

▪ Consumption subculture – belonging to a group of shared use of products  and services

o Individual – personality, lifestyle


What are the types of new products?



o Psychological – perception, attitudes, selective distortion, selective retention o Situational

• Types of buying

o New buy

o Straight rebuy If you want to learn more check out What are the two examples of natural selection known to occur in nature?

o Modified rebuy

• Vocab

o Cognitive dissonance – post purchase tension

o Consumer behavior – social science, study of individuals or group and the ways  they select, secure, use, and dispose of products  

o Stimulus - any unit of input affecting one of the senses

o Derived demand – demand for product due to demand for another o Original equipment manufacturer – producer whose products are used as  components in another firm’s products If you want to learn more check out How many characteristics of science are there?

Ch. 5

• Marketing research – organizational activity that links the consumer, customer, and  public to the marketer, through information

• Four P’s

1. Product - crowdsourcing

2. Price – demand analysis

3. Place – sales forecasting

4. Promotion – advertising effectiveness sales tracking

• Needs ???? data ???? analysis

• Marketing information system – people aimed at supplying marketing needs • Decision support system – software allowing timely use of info that the company  collects

• Predictive modeling – past behavior to predict future

• Machine learning – making predictions based on data

• Marketing research

1. Define problem

2. Develop plan

3. Collect data (Panel – group collection)

4. Analyze data - Determines what market means, not what it says

5. Present results

6. Take action

• Research types If you want to learn more check out What is the function of critical thinking?

o Exploratory – new info, qualitative, internal

o Causal – relationships, quantitative, external

o Descriptive – what, where, where, how; quantitative, external and qualitative,  internal

• Sampling  

o Probability – everyone in target population has a chance to be chosen o Simple random

o Nonprobability

o Quota – chooses participants based on selection criteria

o Snowball – selection based on referral

• Neuromarketing  

o Eye tracking

o Facial coding

• Greenwashing – telling public the company is greener than it really is • Psych influences

o Perception

o Motivation

o Learning

o Beliefs and attitudes

• Crowdsourcing – using consumers to develop and market a product

Ch. 6 – product development

• Today’s products are better because…

o Transportation

o Mass production

o Electronic communication

• Types of new products

o New to the market If you want to learn more check out What are byproducts?

▪ Disruptive technologies

▪ Never before seen

▪ High risk

o New category

▪ New to company, not market

▪ Less risky

▪ Need to differentiate self

o Product line extension

▪ Brand known

o Revamped product

• Issues today

o Product proliferation

o Burden of choice – too many choices

o Crowdsourcing – too many opinions

o Need speed

• New product stages

1. Strategy development If you want to learn more check out Intentionalism is the idea that a literary work should be what?
We also discuss several other topics like What are the amide bonds?

2. Idea generation – external and internal

3. Idea screening

4. Business analysis

5. Development

6. Test marketing

7. Launch

• Sequential new product development – product has to move in stages and clear  hurdles to move onto next stage

• Concurrent new product development – teams work on different parts at the time,  overlapping production and cutting time & costs

• Planned obsolescence – when companies frequently launch new models of prodcuts  that makes their existing models obsolete

• Product adoption stages

1. Awareness

2. Interest

3. Evaluation

4. Trial

5. Adoption (diffusion)

a. Innovators

b. Early adopters

c. Early majority

d. Late majority

e. Laggards  

• Product characteristics

o Competitive advantage

o Compatibility

o Observability

o Complexity

o Trialability

• PLC Curve

o High learning

o Low learning

o Fad

o Fashion

Ch. 13

• Creating consistency

o Accessible

o Visible

o Useful

• Zero moment of truth (ZMOT) – first step of action to learning about a product (google) • First MOT – first seeing moment (shelf)

• Second MOT – first time experiencing

• Search engine marketing – paid attention

• Search engine optimization – organic attention

• Content marketing – is valuable, relevant, consistent

• Types of media

o Owned - company wrote  

o Earned – reviews  

o Paid – bought ads

• Wireframing – where you put things on the website page; visual framework • Digital marketing – websites, email, search engines, social media

• Mobile computing – allows transmission of data, voice, and video through device • Website usability

o Learnability

o Efficiency

o Memorability

o Errors

o Satisfaction

• Social media purpose

o Brand visibility

o Engagement

o Conversation

o Advocacy

o Locations of consumers

• Call To Action

1. Replace generic wording

2. Add visual cues

3. Write in first person (“Sign me up for my trial” instead of “Sign up for your trial”) • Content marketing – expert, user, brand

• Streisand effect – everything stays somewhere on the web

• Geofencing – using sensors to send messages to phones nearby

• Sentiment analysis – opinion mining

Ch. 15

• Brand – name, term, symbol that identifies and differentiates a firms products o Loyalty

o Recognition

o Image – where brand stands in consumers’ minds

o Equity – value the firm derives from consumers’ positive perception of its products ▪ Increases ability to succeed in competition

▪ Expansion to new markets

▪ Positive perceptions

• Measuring equity

o Qualitative  

1. Free association – what comes to mind when you think of google?

2. Projective techniques – what kind of car would Microsoft be?

o Quantitative

1. Brand recognition – have you seen this before?

2. Recall – what do you think of when you hear pizza?

• Successful brand

o Provides value

o Consistent image

o Consistent message

o Gets feedback

• Brand asset valuator

1. Differentiation

2. Relevance

3. Esteem

4. Knowledge

• Customer lifetime value (CLV) – amount a customer spends on a brand o Avg. value of sale x # of repeats x avg. retention time

• Branding strategies

o Cobrand

o Revitalize (rebrand)

o Extension (avoid cannibalization)

Extra Questions  

- Different reference groups

- Consumer decision making process.

- What is search-engine marketing?

- What is the difference between internal and external searches? - What is a decision support system?

- Big Data  

- Marketing Information System?

- Have a very solid understanding of the marketing research process. - Primary and secondary data pros and cons

- And mobile marketing research?

- B2B vs B2C

- What Panel Data?

- What is PLC?

- What are Website Wireframes used for?

- What is mobile computing?

- What is the relationship between search engines and marketing? - What is crowdsourcing? And kickstarter?

- Is there a difference between brand equity and co-branding? - Have a solid understanding of “Engagement”

- Be familiar with lifestyle marketing.

- Understand the different kinds of “new” products

- Product line extension vs new-to-the-world product

- Stages of the Product Life Cycle

- What is an undifferentiated firm left to compete on?

- What senses could be used as a consumer purchase stimulus?

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