MKT313StudyGuidetest1.pdf MKT 313
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This 19 page Study Guide was uploaded by Mallyna Sessions on Tuesday September 29, 2015. The Study Guide belongs to MKT 313 at University of Alabama - Tuscaloosa taught by Kris Lindsey Hall in Fall 2015. Since its upload, it has received 69 views. For similar materials see Marketing in Marketing at University of Alabama - Tuscaloosa.
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Date Created: 09/29/15
09302015 MKT 313 Study Guide test 1 Ch1 1 Applications of consumer behavior 0 Marketing Strategy 0 Plan for achieving rm goals 0 Understanding consumer behavior means decisions are based on theory and research not a hunch or guess 0 Regulatory Policy 0 Example FDA Food and Drug Administration nutrition labeling requirements Consumer behavior link how do consumers react to dietary labels andor how does packaging impact decisions 0 Example Cigarette advertising restrictions Consumer behavior link what knowledge about consumer behavior led to the bad of cartoon characters like Joe Camel Tobacco Master Settlement Agreement in 1997 Social Marketing 0 The use of marketing tactics to create a positive effect on individuals or society Informed Individuals 0 Most individuals in economically developed societies spend more time engaged in consumption than in any other activity 0 The more consumers understand about marketing tactics the more effective consumers they will be 0 Citizens who understand consumer behavior principles can understand or even drive business ethics 2 Marketing analysis components 0 The Consumers what are their needs o Anticipate and react to customer needs desires motivations The Company How can we meet those needs 0 Firm ability to meet customer needs 0 Resources Financial condition RampD capabilities reputation areas of expertise 0 Marketing Skills new product development channel strength advertising abilities service capabilities marketing research abilities market knowledge consumer knowledge The Competitors o How can we meet customers needs better Goal is to do a better job at meeting customer needs than competitors 0 Who are your competitors How will they react if you are successful How will you handle retaliatory actionsgt The Conditions these impact customer needs expectations AND environment in which you operate 0 Economy Physical environment Government regulations Technology Marketing Strategy 0 Market analysis Market segmentation a portion of a larger market whose needs differ from the larger market 0 4 steps Identifying productrelated need sets a Most products satisfy more than one need Grouping customers with similar need set 0 Which customers want the same thing out of your product offering OOOO Describing each group 0 Demographics lifestyles media usage 0 Not the same for all people with the same need set 0 How is our product offering thought of by each group Selecting an attractive segments to serve a Based on ability to provide superior value to them at a pro t Marketing strategy the answer to the question How will we provide superior customer value to our target market 0 ValueBenefitsCosts Marketing Mix 0 Product Consumers buy need satisfaction not just physical products 0 Communications lnclude advertising the sales force public relations packaging any other signal the form provides about itself a With whom do we want to communicate a What effect do we want it to have one them a What message will achieve this desired effect a What means and media will reach the target audience a What should we communicate with them 0 Price Sends a signal about the product high or low Need to understand the way your product is positioned Not the same as cost Distribution Making the product available where the target customers can buy it Services Auxiliary or peripheral activities that are performed to enhance the primary product or primary service Consumer decision process The consumer decision process intervenes between the marketing strategy as implemented in the marketing mix and the outcomes The rm can succeed only if consumers see a need that its product can solve become aware of the product and its capabilities decide that it is the best available solution proceed to buy it and become satis ed with the result of the purchase Outcomes Firm outcomes In Product position and image of the product or brand in the consumer s mind relative to competing products and brands Does not require purchase for it to develop a Sales and pro t 0 Virtually all rms evaluate the success of their marketing programs in terms of sales and pro ts a Customer satisfaction 0 Retaining customers which is generally more pro table than continually replacing them with new customers requires that they be satis ed Individual Outcomes U Need satisfaction results 2 expectations 0 Did the consumption ful ll your needs or not 0 Actual vs perceived need ful llment n Injurious consumption when individuals or groups make consumption decisions that have negative consequences for the longrun wellbeing Society Outcomes In Economic cumulative impact of consumers purchase decisions including foregoing purchase has a major impact on things like 0 Economic and industry growth rates cost 0 capital employment and wage levels etc a Physical environment 0 Impact of using oil personal cars vs mass transit ethanol a Social welfare 0 Money spent on private goods personal purchases vs public goods parks education etc Societal costs of injurious consumption Ch 8 1 Information processing model nature of perception 0 Exposure within range 0 Selective exposure The highly selective nature of consumer exposure is a major concern for marketer since failure to gain exposure results in lost communication and sales opportunities 0 Voluntary Exposure Although consumers often avoid commercials and other marketing stimuli sometimes they actively seek them out for various reasons including purchase goals entertainment and information 0 Attention seenheard o Stimulus factors Physical characteristics of the stimulus itself a Size n Position n Format 0 Individual factors Characteristics which distinguish one individual from another a Motivation 0 Created by interest and needs 0 Product involvement temporary or endudng o Situational factors Include stimuli in the environment other than the focal stimulus and temporary characteristics of the individual that are induced by the environment a Clutter 0 Density of stimuli in an environment 0 Nonfocused attention Hemispheric lateralization activities that take place on each side of the brain I Left side rational thought a Right side images and impressions Subliminal stimuli a message presented so fast softly or masked by other messages that one is not aware of seeing or hearing a Hides key persuasive information 0 Interpretation meaning assigned Cognitive interpretation a process whereby stimulus are placed into existing categories of meaning Affective interpretation the emotional of feeling response triggered by a stimulus such as an ad 0 Characteristics IndividualCharacteristics n Physiologically consumers differ in their sensitivity to stimuli eg taste n Psychologically consumers have natural cognitive emotional and behavioral predispositions eg affect intensity SituationalCharacteristics n Contextual cues play a role in consumer interpretation independent of the actual stimulus Eg Coke does not advertise during the evening news Eg Blue waiting rooms Stimulus Characteristics n Sensory discrimination physiological ability to detect a change from one brand to the next a JND just noticeable difference minimum amount that a brand can vary from another for a change to be detected Memory use or retention of meaning 0 Short term active problem solving 0 Long term stored experiences values decisions rules feeHngs Perception and Marketing Strategy Retail Strategy 0 Separate frequent purchases 0 Shelf positioning Brand Name and Logo Development 0 Linguistic consideration 0 Branding strategies 0 Logo design and typographics Media Strategy Where to place when to air what type 0 Advertisements What to include which images to use 0 Package Design and Labeling Think about attention to colors product placement words used Ch 9 1 Memory relationship with learning a Short term memory STM aka quotworking memoryquot is that portion of total memory that is current activated or in use i Elaborative activities serves to rede ne or add new elements to memory and can involve both concepts and imagery 1 Concepts abstractions of reality that capture the meaning of an item in terms of other concepts similar to a dictionary de nition 2 Imagery involves concrete sensory representations of ideas feelings and objects b Long term memory LTM is that portion of total memory devoted to permanent information storage i Semantic Memory basic knowledge and feelings an individual has about a concept ii Episodic Memory the memory of a sequence of events in which a person participated 1 Eg graduation learning to drive rst time doing something iii Schemas aka schematic memory pattern of associations around a particular concept 2 Learning and Learning Theories 0 High vs Low involvement learning High Involvement n The consumer is motivated to process or learn the material Low Involvement n The consumer has littler or no motivation to process or learn the material Conditioning 0 Presenting two things thither consistently in order to condition people to think about them together Classical conditioningthe process of using an established relationship between one stimulus music and repose pleasant feelings to bring about the learning of the same response pleasant feelings to a different stimulus the brand Operant conditioning involves rewarding desirable behaviors such as brand purchases with positive outcomes that serves to reinforce the behavior a Dog and treat example 0 Cognitive Learning 0 Encompasses mental activities used to solve problems and cope with situations Includes learning ideas concepts attitudes and facts which contribute to reasoning and problem solving Vicarious learning what outcomes to expect from behaviors by watching others 0 How to enhance the strength of learning 0 1 Importance value placed on information that is learned 0 2 Message Involvement active engagement with messages 0 3 Mood positive mood enhances learning 0 4 Reinforcement anything that increase the likelihood that a response will be repeated in the future 0 5 Repetition multiple exposures o 6 Dual Coding storing the same information in different ways Decreasing Competitive Interference 3 Brand image and product positioning 0 Brand image the schematic memory of a brand 0 Product positioning and repositioning a decision by a marketer to try to achieve a de ned brand image relative to competition within a market segment 0 Brand equity the value consumers assign to a brand above and beyond the functional characteristics of the product 0 Brand leverage often termed family branding brand extensions or umbrella branding refers to marketers capitalizing on brand equity by using an existing brand name for new products CH 10 1 Maslow s needs a macro theory designed to account for most human behavior in general terms 0 Hierarchy O O O O 0 Physiological Food water sleep sex medicine Saftey Stability familiar surroundings sunscreen Belongingness Desire for love friendship clothing entertainment Esteem Desire for status prestige liquors cars SelfActualization Desire for selfful llment education vacations 2 McGuire s Psychological motives 4 major cateries divisions 0 Cognitive Preservation maintaining cognitive equilibrium U Need for consistency active internal U Need for attribution active external 0 Who or what causes things to happen to us U Need to categorize passive internal U Need for objecti cation passive external Growth cognitive development U Need for autonomy active internal U Need for stimulation active external Varietyseeking to avoid boredom n Teleological need passive internal n Utilitarian need passive external 0 Affective Preservation U Need for Tension Reduction active internal U Need for Expression active external Convey one s identity and selfconcept U Need for ego defense passive internal U Need for reinforcement passive external Growth U Need for Assertion active internal U Need for Affiliation active external 0 Development of satisfying relationships I Need for Identification passive internal U Need for Modelingpassive external 3 Motivation 0 Types of Motives o Manifest Known and feely admitted motives o Latent Unknown or reluctantly admitted motives o Motivational Con ict o 1 Approach Approach A choice between two attractive alternatives 0 2 ApproachAvoidance A choice with both positive and negative consequences 0 3 Avoidance Avoidance A choice involving only undesirable outcomes 0 Regulatory Factors 0 PreventionFocused Desire for safety and security Look to minimize losses Ad cues product facts 0 PromotionFocused Desire for growth and development Look to maximize gains Ad cues affect and emotion 4 Personality an individual s characteristic response tendencies across similar situations Approaches 0 Single Trait Approach Consumer Ethnocentrism re ects an individual difference in consumers propensity to be biased against the purchase of foreign products Need for Cognition re ects an individual difference in consumers propensity to engage in and enjoy thinking Consumers need for Uniqueness re ects an individual difference in consumers propensity to pursue differentness relative to others through the acquisition utilization and disposition of consumer goods 0 Multitrait Approach The Five Factor Model is the most commonly used by marketers and identi es ve basic traits that are formed by genetics and early learning a 1 Extroversion n 2 Instability n 3 Agreeableness n 4 Openness to Experience a 5 Conscientiousness Brand Personality a set of human characteristics that become associated with a brand and are a particular type of image that some brands acquire o 1 Sincerity o 2 Excitement o 3 Competence o 4 Sophistication o 5 Ruggedness Communicating Brand Personality 0 Celebrity Endorsers Can help personify a brand 0 User Imagery De ne typical user in your ads 0 Executional Factors Cues in the ad font tone appeal etc 0 Dimensions of Emotion o Pleasure how pleasant is an emotion o Arousal the intensity of an emotion o Dominance how controlling is the emotion o Coping with emotions Active coping think of ways to solve problem Expressive support seeking vent emotions and seek assistance from others Avoidance avoid retailer or selfdenial of event 0 Do Marketers Create Needs 0 Do Consumers Just Buy Products and Services CH 11 1 Attitude an enduring organization of motivational emotional perceptual and cognitive process with respect to some aspect of our environment 0 Components 0 1 Cognitive beliefs thoughts 0 2 Affective emotions or feelings o 3 Behavioral response and intentions Attitude Component consistency 0 Factors that may account for inconsistencies Lack of need Lack of ability Failure to consider relative attitudes Attitude ambivalence Weakly held beliefs and affect Failure to consider interpersonal in uence Attitude Change Strategies 0 Change the cognitive affective or behavioral component Change cognitive change beliefs shift importance ass beliefs change ideal Change affective cassica conditioning affect toward ad or website mere exposure Change behavioral operant conditioning can come before a change in affective and cognitive OR in opposition to them 0 Elaboration likelihood model ELM suggests that involvement is a key determinant of how information is processes and attitudes are formed and changed Central Route vs Peripheral Route a Central high involvement with product strong attention focused on features conscious thoughts about product persuasion ater product beliefs n Peripheral low involvement with product limited attention on features low information processing persuasion through cassica conditioning 2 Attitude formation and Change 0 Consumer Resistance to persuasion O Resisting brand attacks Discrediting look for weakness in the negative information Discounting decreases the importance of the attribute that is being questioned Containment don t let the negative information spill over to other attributes or your overall attitude 0 Types of communication characteristics 0 Source Characteristics represents who delivers the message Credibility trustworthiness and expertise n Testimonials I Thirdparty endorsements Celebrity endorsements can be affective enhancing attention Sponsorship company is providing nancial support for an event Appeal Characteristics represents how the message is communicated Fear appeal Comparative ad Message Structure Characteristics represents how the message is presented Positive vs Negative framing present an outcome in positive terms vs negative terms a Attribute Framing Only a single attribute is the focus of the frame a Goal Framing 0 Message stressed either positive aspect of performing an act or negative aspect of not performing the act CH 12 1 Self Concept 0 Dimensions Private self vs Social Self lnterdependent o Obedient o Sociocentric 0 Holistic 0 Connected 0 Relation Oriented Independent 0 lndividualistic o Egocentric o Autonomous o SelfReliant o SelfContained The Extended self consists of the self plus possessions People tend to de ne themselves in part by their possessions 0 Peak experiences and experience that surpasses the usual level of intensity meaningfulness and richness and produces feelings of joy and selfful llment Congruity Consistency 0 Brand Engagement 2 Lifestyle is basically how a person lives It is how one enacts his or her selfconcept Determined by 0 The person s past experiences 0 Innate characteristics 0 Current situation Conscious Decision Psychographics attempts to develop quantitative measures of lifestyle 0 Attitude Values Activities and interests Demographics Media patterns 0 Usage rates 0 Lifestyle Schemes o Vals provides a systematic classi cation of US adults into eight distinct consumer segments Consumer Motivations n 1 Ideals guided by beliefs and principles rather than desire or social approval Purchase functionality and reliability n 2 Achievement strive for clear social position and are strongly in uenced by the actions approval and opinions of others Purchase status symbols n 3 SelfExpression Actionoriented and strive to express individually Purchase experiences 8 distinct Consumer Segments OOOO n 1lnnovators take charge high self esteem n 2 Survivors brand loyal no primary motivation I 3 Thinkers mature comfortable well educated n 4 Believers strongly traditional respect rules a 5 Achievers goal oriented centered on family and carrier n 6 Strivers trendy fun loving a 7 Experiencers active offbeat risky n 8 Makers value practicality and self suffiency o PRIZM Geolifestyle Analysis Underlying logic a People with similar cultural backgrounds means and perspectives naturally gravitate toward one another a They choose to live amongst their peers in neighborhoods offering compatible lifestyles a They exhibit shared patterns of consumer behavior toward products services media and promotions
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