MKTG 315 Consumer Behavior Exam
#1 (Chapters 1-7)|Questions with
Solutions
Consumption - -represents the process by which consumers use goods,
services, or ideas and transform into value.
- Goods, Services, and Ideas - -Goods are physical objects, such as
toothpaste, cameras, or computers that satisfy consumer needs.
Services are intangible items such as airline trips, stage show, financial
advice, or art museums. Ideas are intangibles involving thoughts about
actions or causes such as donating to a charity or voting for a political
candidate
- Consumer behavior - -- Set of value-seeking activities that take place as
people go about addressing and attempting to address realized needs
-Economics, Psychology, Nuroscience, Marketing, Sociology, Anthropology,
Management, etc...
Not just products & services!
-the science of studying how consumers seek value in an effort to address
real needs
- Consumption Process - -Need-Want-Exchange-Cost&Benefits-Reaction-
Value
- Competitive Markets - --Few (DMV)
-More (On campus dining)
-Most (NYC Restaurants)
How does a competitive market benefit a
consumer?
-businesses in competitive markets have more incentive to satisfy customers
and generate repeat business
- Consumer orientation - -A business's priority is consumer value and
satisfaction
- Market orientation - -Organizational culture emphasizing consumer value
at all levels of employees - Wandering Table & Las Vegas Casinos
- Stakeholder marketing - -- Recognizes that all stakeholders are involved in
and/or are affected by the firm's marketing in some way - Trader Joes
, - Relationship marketing - -- A firm's marketing activities aim to increase
repeat business.
- Touchpoints - -- Direct contacts between the firm and a customer - High
School / College Admissions
- Resource Advantage Theory - -Why companies succeed or fail. (Curtis
Mathes TVs).
Companies succeed by acquiring more resources from consumers and in turn
using those resources to gain advantages in physical and intellectual capital
- Bundle of Benefits - -People aren't buying the product, they're buying
what it can do for them
- Undifferentiated Marketing - -Same basic product is offered to all
customers. (Product orientation/focus) (White Bread)
- Differentiated Marketing - -Serving multiple market segments, each with a
unique product offering (e.g Lexus and Scion are both Toyota Brands)
- Niche Marketing - -Firm focuses on serving one market segment with
particularly unique demands (e.g Bobby Grace Putters)
- Phenomenology - -qualitative approach to studying consumers that relies
on interpretation of of "lived experience" (casual interviews)
- Ethnography - -Involves analyzing artifacts associated with consumption.
Qualitative approach as well (Facebook likes)
- Consumer Behavior is always changing! - -Economy, Demographics,
Technology,ect...
- Chpt 2. - -
- Internal Influences on Decisions - -Things in the consumer that can be
considered part of the consumer. (Psychology and Personality of consumer)
- Cognition (Part of Psychology of Consumer) - -The thinking or mental
processes that go on as we process and store things that can become
knowledge.
- Affect (psychology of consumer) - -The feelings experienced during
consumption activities or associated with specific objects
- Individual Differences - -includes things like personality and lifestyles
, - External Influences on Decisions - -Include the social and cultural aspects
of life as a consumer
- Situational influences (External Influence) - -Unique to a time or place that
can affect consumer decision making and the value received from
consumption (e.g Music in stores)
- Relevant value - -received from activities involving interactions between
consumers and the firm or its products
- Social environment (External Influence) - -The people and groups who help
shape a consumer's everyday experiences
- Value - -It is a personal assessment of the net worth a consumer obtains
from an activity
What you get-What you give
- Utilitarian Value - -Derived from a product that helps the consumer solve
problems and accomplish tasks that are a part of being a consumer (Plumber
leads to unlclogged toilets)
- Hedonic Value - -The immediate gratification that comes from
experiencing some activity, not focused on end result (Game, Horror Film)
-Hedonic value is an end in and of itself rather than a means to an end
-Hedonic value is very emotional and subjective in nature
-Actions done to obtain hedonic value can be very difficult to explain
objectively
- Corporate Culture Chain - -Corporate Strategy->Marketing Strategy
(creating value for customers)->Marketing Tactics (price, promotion, ect)
- Target market - -Market segment a company will serve with a specific
marketing mix
- Augmented product (total value concept) - -The original product plus the
extra things needed to increase the value from consumption - warranty,
installation. (REI & Nordstrom)
- Product Differentiation - -A marketplace condition in which consumers do
not view all competing products as identical to one another
- Marketing mix - -Simply the combination of product, pricing, promotion,
and distribution strategies used to position some product offering or brand in
the marketplace - Handled with the brand.
#1 (Chapters 1-7)|Questions with
Solutions
Consumption - -represents the process by which consumers use goods,
services, or ideas and transform into value.
- Goods, Services, and Ideas - -Goods are physical objects, such as
toothpaste, cameras, or computers that satisfy consumer needs.
Services are intangible items such as airline trips, stage show, financial
advice, or art museums. Ideas are intangibles involving thoughts about
actions or causes such as donating to a charity or voting for a political
candidate
- Consumer behavior - -- Set of value-seeking activities that take place as
people go about addressing and attempting to address realized needs
-Economics, Psychology, Nuroscience, Marketing, Sociology, Anthropology,
Management, etc...
Not just products & services!
-the science of studying how consumers seek value in an effort to address
real needs
- Consumption Process - -Need-Want-Exchange-Cost&Benefits-Reaction-
Value
- Competitive Markets - --Few (DMV)
-More (On campus dining)
-Most (NYC Restaurants)
How does a competitive market benefit a
consumer?
-businesses in competitive markets have more incentive to satisfy customers
and generate repeat business
- Consumer orientation - -A business's priority is consumer value and
satisfaction
- Market orientation - -Organizational culture emphasizing consumer value
at all levels of employees - Wandering Table & Las Vegas Casinos
- Stakeholder marketing - -- Recognizes that all stakeholders are involved in
and/or are affected by the firm's marketing in some way - Trader Joes
, - Relationship marketing - -- A firm's marketing activities aim to increase
repeat business.
- Touchpoints - -- Direct contacts between the firm and a customer - High
School / College Admissions
- Resource Advantage Theory - -Why companies succeed or fail. (Curtis
Mathes TVs).
Companies succeed by acquiring more resources from consumers and in turn
using those resources to gain advantages in physical and intellectual capital
- Bundle of Benefits - -People aren't buying the product, they're buying
what it can do for them
- Undifferentiated Marketing - -Same basic product is offered to all
customers. (Product orientation/focus) (White Bread)
- Differentiated Marketing - -Serving multiple market segments, each with a
unique product offering (e.g Lexus and Scion are both Toyota Brands)
- Niche Marketing - -Firm focuses on serving one market segment with
particularly unique demands (e.g Bobby Grace Putters)
- Phenomenology - -qualitative approach to studying consumers that relies
on interpretation of of "lived experience" (casual interviews)
- Ethnography - -Involves analyzing artifacts associated with consumption.
Qualitative approach as well (Facebook likes)
- Consumer Behavior is always changing! - -Economy, Demographics,
Technology,ect...
- Chpt 2. - -
- Internal Influences on Decisions - -Things in the consumer that can be
considered part of the consumer. (Psychology and Personality of consumer)
- Cognition (Part of Psychology of Consumer) - -The thinking or mental
processes that go on as we process and store things that can become
knowledge.
- Affect (psychology of consumer) - -The feelings experienced during
consumption activities or associated with specific objects
- Individual Differences - -includes things like personality and lifestyles
, - External Influences on Decisions - -Include the social and cultural aspects
of life as a consumer
- Situational influences (External Influence) - -Unique to a time or place that
can affect consumer decision making and the value received from
consumption (e.g Music in stores)
- Relevant value - -received from activities involving interactions between
consumers and the firm or its products
- Social environment (External Influence) - -The people and groups who help
shape a consumer's everyday experiences
- Value - -It is a personal assessment of the net worth a consumer obtains
from an activity
What you get-What you give
- Utilitarian Value - -Derived from a product that helps the consumer solve
problems and accomplish tasks that are a part of being a consumer (Plumber
leads to unlclogged toilets)
- Hedonic Value - -The immediate gratification that comes from
experiencing some activity, not focused on end result (Game, Horror Film)
-Hedonic value is an end in and of itself rather than a means to an end
-Hedonic value is very emotional and subjective in nature
-Actions done to obtain hedonic value can be very difficult to explain
objectively
- Corporate Culture Chain - -Corporate Strategy->Marketing Strategy
(creating value for customers)->Marketing Tactics (price, promotion, ect)
- Target market - -Market segment a company will serve with a specific
marketing mix
- Augmented product (total value concept) - -The original product plus the
extra things needed to increase the value from consumption - warranty,
installation. (REI & Nordstrom)
- Product Differentiation - -A marketplace condition in which consumers do
not view all competing products as identical to one another
- Marketing mix - -Simply the combination of product, pricing, promotion,
and distribution strategies used to position some product offering or brand in
the marketplace - Handled with the brand.
