MKTG 367 EXAM 1 NEWMAN OLE MISS
(CH 1, 14, 15, 16) Questions and Answers
Grade A+ 2023
Goal of Psychology - -to understand how our minds affect our thoughts, feelings, and actions.
-Goal of Social Psychology - -to understand how other people affect our thoughts, feelings, and
actions
-Goal of Marketing - -to influence consumers (by creating value for them)
-Goal of Consumer Behavior - -to understand how individuals, groups, and organizations select,
secure, use and sips of products, services and experiences.
-Internal Influences on Consumer Behavior - -perception, learning, memory, motives,
personality, emotions, attitudes
-External Influences on Consumer Behavior - -social groups, demographics, buying situation,
culture and families/ householders
-Types of Consumer Decisions - -nominal, limited, extended
-Purchase Involvement - -the level of concern for, or interest in, the purchase process
How interested in/ concerned about his specific purchase are you?
-Product Involvement - -a consumer's level of interest in a particular product
How involved are you with a brand (Apple) or category (phones)?
-Nominal (Habitual) Decision Making - -referred to as habitual decision making, in effect
involves no decision per se
Low purchase involvement
(Limited) internal search for info
Don't even consider alternatives
Cognitive Dissonance (buyer's remorse)
-Limited Decision Making - -the type of decision making that requires a moderate amount of
time for gathering information and deliberating about an unfamiliar brand in a familiar product
category
Moderate Purchase Involvement
Internal info search PLUS some external searching
DO compare a few alternatives (using mental shortcuts)
No dissonance afterward
, -Extended Decision Making - -A consumer decision-making process employed when purchasing
unfamiliar, expensive, or infrequently bought products
High purchase involvement
High level of both internal and external info search
Compare a lot of alternatives (using complex rules)
Dissonance Afterward
-Inactive Problem - -one of which the consumer is not aware
-Active Problem - -one the consumer is aware of or will become aware of in the normal course of
events
-How can marketers influence consumers' problem recognition? - -- solve active problems
- enhance recognition of inactive problems
- discover new problems
-Shopper Solutions - -In-store promotional display that offers shoppers, in one central location, a
set of thematically-related products designed to satisfy a specific shopper problem or need
-Generic Problem Recognition - -create awareness of a general problem that many brands can
solve
-Selective Problem Recognition - -create awareness of a specific problem that a specific brand
can solve
-Activity Analysis - -Perform a specific activity and then report problems
-Product Analysis - -Use a specific product/ brand and then report problems
-Internal Search - -An information search in which buyers search their memories for information
about products that might solve their problem
Do I already know a satisfactory solution?
Am I already aware of other potential solutions?
-External Search - -An information search in which buyers seek information from sources other
than their memories
- marketing info, stores, internet, word of mouth
-Search Benefits - -Lower prices, higher quality purchases, more confidence - feel a lot better
about our purchase and the brand we chose
-Search Costs - -the financial and opportunity costs consumers pay when searching for a good or
service
- money, time, effort
-Market Characteristics - -Info availability (ads, packaging, salespeople)
(CH 1, 14, 15, 16) Questions and Answers
Grade A+ 2023
Goal of Psychology - -to understand how our minds affect our thoughts, feelings, and actions.
-Goal of Social Psychology - -to understand how other people affect our thoughts, feelings, and
actions
-Goal of Marketing - -to influence consumers (by creating value for them)
-Goal of Consumer Behavior - -to understand how individuals, groups, and organizations select,
secure, use and sips of products, services and experiences.
-Internal Influences on Consumer Behavior - -perception, learning, memory, motives,
personality, emotions, attitudes
-External Influences on Consumer Behavior - -social groups, demographics, buying situation,
culture and families/ householders
-Types of Consumer Decisions - -nominal, limited, extended
-Purchase Involvement - -the level of concern for, or interest in, the purchase process
How interested in/ concerned about his specific purchase are you?
-Product Involvement - -a consumer's level of interest in a particular product
How involved are you with a brand (Apple) or category (phones)?
-Nominal (Habitual) Decision Making - -referred to as habitual decision making, in effect
involves no decision per se
Low purchase involvement
(Limited) internal search for info
Don't even consider alternatives
Cognitive Dissonance (buyer's remorse)
-Limited Decision Making - -the type of decision making that requires a moderate amount of
time for gathering information and deliberating about an unfamiliar brand in a familiar product
category
Moderate Purchase Involvement
Internal info search PLUS some external searching
DO compare a few alternatives (using mental shortcuts)
No dissonance afterward
, -Extended Decision Making - -A consumer decision-making process employed when purchasing
unfamiliar, expensive, or infrequently bought products
High purchase involvement
High level of both internal and external info search
Compare a lot of alternatives (using complex rules)
Dissonance Afterward
-Inactive Problem - -one of which the consumer is not aware
-Active Problem - -one the consumer is aware of or will become aware of in the normal course of
events
-How can marketers influence consumers' problem recognition? - -- solve active problems
- enhance recognition of inactive problems
- discover new problems
-Shopper Solutions - -In-store promotional display that offers shoppers, in one central location, a
set of thematically-related products designed to satisfy a specific shopper problem or need
-Generic Problem Recognition - -create awareness of a general problem that many brands can
solve
-Selective Problem Recognition - -create awareness of a specific problem that a specific brand
can solve
-Activity Analysis - -Perform a specific activity and then report problems
-Product Analysis - -Use a specific product/ brand and then report problems
-Internal Search - -An information search in which buyers search their memories for information
about products that might solve their problem
Do I already know a satisfactory solution?
Am I already aware of other potential solutions?
-External Search - -An information search in which buyers seek information from sources other
than their memories
- marketing info, stores, internet, word of mouth
-Search Benefits - -Lower prices, higher quality purchases, more confidence - feel a lot better
about our purchase and the brand we chose
-Search Costs - -the financial and opportunity costs consumers pay when searching for a good or
service
- money, time, effort
-Market Characteristics - -Info availability (ads, packaging, salespeople)
