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by: Shanel Mertz


Shanel Mertz
GPA 3.89

Victor Ranft

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Victor Ranft
Study Guide
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This 8 page Study Guide was uploaded by Shanel Mertz on Thursday September 17, 2015. The Study Guide belongs to MAR 3503 at Florida State University taught by Victor Ranft in Fall. Since its upload, it has received 23 views. For similar materials see /class/205384/mar-3503-florida-state-university in Marketing at Florida State University.




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Date Created: 09/17/15
Chapter 1 marketing conceptan operating philosophy in which the consumer is the focus of all company activities 0 exchange processoccurs when resources of any variety are transferred between the parties to a transaction 0 NOTE in order for an exchange to occur there must be at least two parties each of which has something desired by the other agents of changeentities that actively strive to reshape consumers39 beliefs and behaviors O Marketers play a role as agents of change in consumers39 lives and have as some would say brought about a high standard of living to which we have grown accustomed customer lifecyclethe product and service needs of customers throughout their lives focuses on the creation and delivery of lifetime value to the consumer during every interaction in a consumer39s relationship with the firm one39s interest and search for a product purchasing it using it replenishing or replacing it retiring or recycling it touchpointscustomer interactions with the firm Customer Touchpoint Management CTMused to enrich customers39 experiences with the firm during all interactions both personal and mechanical that they would normally experience during their relationship lifecycle with the firm multidisciplinary approach to consumer behavior psychology sociology social psychology anthropology economics emerging trends in contemporary society growth of the information super highway focus on health fitness and beauty shifting roles of men and women telecommuting and the office of the future personalized economy concern about personal safety diversity in the workplace and marketplace focus on ethics ethical absolutisman ethical framework that assumes there is one true ethical or moral code ethical relativisman ethical framework that recognizes the diversity of value systems and the moral consequences of an act craft ethicsethical relativism whereby managers learn what their profession mandates in a situation and follow that mandate 9 ecological awareness green marketingadvocating the environmental soundness of products and packaging 10 rise of the global village global villagethe increasingly interdependent economic environment Chapter 2 consumer researchsystematic methods used by marketers to study consumer decisions and exchange processes The goal of consumer research is to understand the processes of selecting purchasing using and disposing of goods and services With these insights marketers find themselves in a better position to predict consumers39 reactions to product attributes and brand images selling prices and price incentives methods of distribution and promotional efforts 0 primary datainformation or statistics originated by the researcher for the purpose of the investigation at hand observationdata gathered by observing people objects or events human observers mechanical observers ie scanners cameras sensors etc disguised observationsubjects do not know they are being observed undisguised observationsubjects know they are being watch subjects may be have differently natural settingsubjects are studied in an uncontrolled environment contrived settingsubjects are brought into a controlled environment consumer surveys personal surveysfacetoface interviews at respondent39s home or office more control over who answers questions and how they perceive questions more costly intercept surveysfacetoface interviews with people intercepted at some public location less costly telephone surveyscalling respondents and briefly interviewing them over the phone wider population coverage quick and inexpensive mail surveysrespondents complete and return selfadministered questionnaires that have been sent to them lacks control over who responds time delays low response rate second most inexpensive online surveys low response rate most inexpensive focus groupssession where 8 to 12 people led by a moderator freely discuss a topic allows for spontaneity and free flow of ideas efficient and inexpensive small sample size experimentsinvestigations that manipulate one or more independent variables to measure the effect on one or more dependent variables laboratory experimentoccur in controlled settings using research subjects field experimentoccur in the actual market place using real people test marketsevaluating a product or strategy in limited geographic areas can test virtually any aspect of the marketing plan four P39s expensive time consuming open to competitive intervention consumer panelsgroups of research participants who provide purchase and consumption data over time true panelused to provide repeated measurements of the same variables omnibus panelmembers provide their views or evaluations on a onetime basis 0 secondary datainformation or statistics not gathered for the immediate study at hand 3 sources library nonlibrary sources Internet data rarely precisely suits the specific problem the researcher has de ned accuracy varies depending on the expertise of the organization that originally collected the data 0 database marketingthe gathering analyzing and finding of specific information about prospects merges mounds of data about a firm39s customers into a single coherent database 0 data miningthe computer software that sifts through mounds of data to find meaningful relationships motivation researchthe study of the why aspects of human behavior 0 projective techniquesthe psychological techniques that reveal the real reasons behind consumption behaviors Thematic Apperception Test TATa test where respondents interpret an ambiguous situation ie tell a story about a drawing and in doing so reveal something about yourself cartoona test where respondents provide missing dialogue in a situational drawing verbal projectivesa test where respondents complete an incomplete story 0 association tests free word associationa test where respondents reply to each given word with the first word that comes to mind controlled word associationsword association where respondents reply with a specified type of word chain word associationsassociation tests in which subjects respond with a series of four or five words sentence completionassociation tests where respondents complete sentences with the first phrase that comes to mind 0 picturesorting techniquetests where respondents sort a stack of pictures to reveal stereotypes 0 shopping list techniquea test where respondents surmise the type of person who buys items on a list 0 Zaltman Metaphor Elicitation Technique ZMEI39a test where respondents provide images that represent their feelings about a topic ethical issues in consumer research 0 protecting participants physical harm and mental stress 0 avoiding deception conducting phony surveys asking for information detrimental to the respondent39s self interest 0 informing participants 0 honoring promises of confidentiality Chapter 3 massmarket strategya philosophy that presumes consumers are uniform and that broadappeal products and marketing programs suffice segmenting consumer markets 0 market segmentationthe act a dissecting the marketplace into submarkets that require different marketing mixes geographic demographic geodemographic Potential Rating Index by Zip Market PRIZM psychographica partitioning of the market based on lifestyle and personality characteristics AIO inventoriesquestionnaires that reveal consumers39 activities interests and opinions in order to create psychographic profiles behaviorala partitioning of the market based on attitudes toward or reaction to a product brand and store loyalty 0 market targetingthe process of reviewing market segments and deciding which ones to pursue undifferentiated strategya view that the market is a single large domain and that one marketing mix suffices cost effective easy for competition to quotone upquot you Pepsi v Coke multisegment strategya view that the market consists of multiple segments and each requires its own marketing mix serve different markets and reduce market risk costly concentration strategya marketing effort that focuses on a single market segment gain a prominent position in the market and cost effective high market risk customization strategya personalized marketing effort to suit individual customer39s needs mass customizationcombining technology and customer information to tailor products and services to the specific needs of each customer personalizationmaking a product personal to the consumer targeting considerations size potential measurability accessibility compatibility stability defendability o positioningestablishing a differentiating image for a product or service in relation to that of the competition perceptual mapndimensional depiction that provides a visual profile of a number of brands for comparison purposes 0 repositioningmodifying a brand redirecting it or stressing different features to boost sales Chapter 4 perceptionthe process of selecting organizing and interpreting sensations into a meaningful whole 0 exposurethe act of deliberately or accidently coming into contact with environmental stimuli attentionthe allocation of an individual39s mental capacity to a stimulus planned attention involuntary attention spontaneous attention sensationthe responses of a person39s sensory receptors to environmental stimuli and transmission of this information to the brain via the nervous system 0 O O O senses vision color smell reactions to smell are culturally based taste sound touch active touchan individual touches to express feeling or to initiate a reaction passive touchthe receiver feels the experience of being touched synethesiafusing together of the human senses perceptual selectivity perceptual overloadingthe inability to perceive all the stimuli that compete for an individual39s attention at a given moment selective exposurea tendency of people to ignore media and ads that address topics that are unimportant to them selective attentiona tendency of individuals to heed information that interests them and to avoid information that is irrelevant perceptual defensea tendency to block threatening or contradictory stimuli from extensive conscious processing selective sensitizationa tendency to perceive more readily information that is consistent with one39s needs and beliefs selective interpretationthe act of combining relevant knowledge structures with expectations and intentions to derive meaning from stimulus zipfast forward through commercials zapswitch channels roadblockingarrange air time for commercial at the same time on all networks defeats zapping stimulus factorsthe physical characteristics of an object that product physiological impulses in an individual individual factorsthe qualities of people that influence their interpretation of an impulse chunkan organized grouping of data inputs threshold levels absolute thresholdthe lowest intensity level at which an individual can detect a stimulus terminal upper thresholdthe point beyond which further increases in the intensity of a stimulus produce no greater sensation differential threshold JNDthe smallest increment in the intensity of a stimulus that a person can detect marketers use JND to determine price changes sales or markups changes in product size downsizing etc JND is a function of the initial intensity O situational influences situational selfimagethe physical and mental state a person is experiencing at a specific moment in time situational variablesenvironmental circumstances that constitute the context within which transactions occur physical surroundings five senses social surroundings ie crowding group shopping task definition ie gift giving time perspective absolute h ours minutes etc v relative time until an event antecedent state momentary condition having cash on hand momentary mood happy sad etc 0 Gestalt psychologya view that people perceive cohesive wholes and formulate total impressions closurethe tendency to perceive complete structures even though some parts are missing groupingthe tendency to perceive data chunks rather than separate units proximitythe tendency to assume relatedness due to spatial or temporal nearness contextthe setting in which a stimulus occurs affects how it is perceived figure and groundobjects are perceived in relation to their background 0 perceptual categorizationthe tendency to group somewhat similar objects together surrogate indicatorsthe cues that consumers rely on to place products into categories prototype matchingthe tendency to compare brands in a product category to the category39s leading brand 0 perceptual inferencebeliefs based on prior experience that a person assigns to products or stores evaluationbased inferencesassumptions about all products in a given brand based on experiences with one product in that brand halo effect schemaa structure for understanding and interpreting new information scriptthe knowledge about procedures to follow in recurring situations imagea person39s view of what a company product brand or store is brand equitythe added value a brand name brings to a product beyond its functional worth risk perception functional riskwhether or not the purchased product will perform as expected financial riskwhether the product is worth the investment 0000 O physical riskquestions the danger the product poses to the individual or the environment social riskseeks to ascertain how significant others will perceive the purchase choice psychological riskthe chance that a faulty choice may bruise the buyer39s selfimage


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