MKT3270 Consumer Behavior
Exam 1|30 Questions and Answers
How is the field of consumer behavior defined? - -The study of individuals,
groups, or organizations and the processes they use to select, secure, use,
and dispose of products, services, experiences, or ideas to satisfy needs and
the impacts that these processes have on the consumer and society.
- What are the four major uses or applications of an understanding of
consumer behavior? - -(1) Developing marketing strategy, (2) Developing
regulatory policy for marketing actions, (3) Social marketing, and (4)
Understanding how societies function (informed individuals).
- What is social marketing? - -the application of marketing strategies and
tactics to alter or create behaviors that have a positive effect on the targeted
individuals or society as a whole
- What is customer value and why is it important to marketers? - -It is the
difference between all of the benefits derived from a total product and all the
costs of acquiring those benefits. It is important because consumers choose
those options that they believe will provide them the most value.
- What is required to provide superior customer value? - -The organization
must do a better job of anticipating and reacting to customer needs than the
competition. This requires knowledge of consumer behavior as well as
technical and marketing skills.
- What is a total product? - -It is all aspects of the product including its
price, package, distribution system, image, and so forth.
- Describe the process of market segmentation. - -Market Segmentation has
four steps: (1) identify product-related need sets, (2) group consumers with
similar need sets, (3) describe each group (in terms of demographics, media
preferences, and lifestyles), and (4) select attractive segments to serve.
- What is marketing strategy? - -Marketing strategy is the answer to the
question: "How will we provide superior customer value to our target market
at a profit?" It is deciding how to meet the needs of a defined target
segment. It involves structuring the marketing mix.
- What is a marketing mix? - -Product, Price, Place, Promotion
- What does an effective communications strategy require? - -It requires
sound answers to these questions: (1) Who exactly do we want to
Exam 1|30 Questions and Answers
How is the field of consumer behavior defined? - -The study of individuals,
groups, or organizations and the processes they use to select, secure, use,
and dispose of products, services, experiences, or ideas to satisfy needs and
the impacts that these processes have on the consumer and society.
- What are the four major uses or applications of an understanding of
consumer behavior? - -(1) Developing marketing strategy, (2) Developing
regulatory policy for marketing actions, (3) Social marketing, and (4)
Understanding how societies function (informed individuals).
- What is social marketing? - -the application of marketing strategies and
tactics to alter or create behaviors that have a positive effect on the targeted
individuals or society as a whole
- What is customer value and why is it important to marketers? - -It is the
difference between all of the benefits derived from a total product and all the
costs of acquiring those benefits. It is important because consumers choose
those options that they believe will provide them the most value.
- What is required to provide superior customer value? - -The organization
must do a better job of anticipating and reacting to customer needs than the
competition. This requires knowledge of consumer behavior as well as
technical and marketing skills.
- What is a total product? - -It is all aspects of the product including its
price, package, distribution system, image, and so forth.
- Describe the process of market segmentation. - -Market Segmentation has
four steps: (1) identify product-related need sets, (2) group consumers with
similar need sets, (3) describe each group (in terms of demographics, media
preferences, and lifestyles), and (4) select attractive segments to serve.
- What is marketing strategy? - -Marketing strategy is the answer to the
question: "How will we provide superior customer value to our target market
at a profit?" It is deciding how to meet the needs of a defined target
segment. It involves structuring the marketing mix.
- What is a marketing mix? - -Product, Price, Place, Promotion
- What does an effective communications strategy require? - -It requires
sound answers to these questions: (1) Who exactly do we want to
