ARE 136 Midterm questions and answers well illustrated.

ARE 136 Midterm questions and answers well illustrated. Consumer Decision Making Process (5) - correct answers.1. Problem Recognition/ Need Recognition 2. Information Search 3. Evaluate Alternatives 4. Purchase Decision 5. Post-Purchase Evaluation Problem Recognition - correct mers state of being differs from their desired state -can be physiological or social Information Search - correct answers.-typically the product you hope to buy will determine the length and intensity of the information search -5 info. sources: 1. Experimental -past history 2. Personal -family/friends 3. Commercial -ads, sales 4. Mass Media -TV, radio 5. Public -consumer report Evoked Set (aka Consideration set) - correct sts of all brands a consumer considers during information search and evaluation process -minimum goal of a marketer is to get the brand into the evoked set T/F? In total set, you may not be aware of some brands - correct answers.True Evaluate Alternatives - correct mers compare product alternatives based on specific criteria important to consumers -consider MAAM (Multi-attribute attitude model) Define attitude: - correct answers.a persons favorable or unfavorable evaluation, emotional feeling, and action tendencies toward some object or idea. 5 things a consumer may consider in their purchase decision: - correct answers.Brand, dealer/retailer, quantity purchased, timing, payment method Functional risk - correct ct doesn't work as expected financial risk - correct ct isn't worth what you paid for it social risk - correct assment physical risk - correct be harmful 4 Modes of Consumer Decision Making ? - correct answers.1. Involvement (High/low) -- Experience (High/low) 2. Extended problem solving (careful searching, EX: buying a house) 3. limited problem solving - (common decision making) 4. habit/variety seeking (mindless purchasing) Semantic Memory - correct answers.-name interpretation -often leads to low involvement goods Episodic Memory - correct answers.-based on previous experience brand attitude - correct ry evaluations that reflect preferences for various products and services beliefs - correct edge and feelings a person has accumulated about an issue or object OR a descriptive thought that a person holds about something salient beliefs - correct critical determinants of an attitude Multi-attribute attitude model (4 things) - correct answers.Evaluative Criteria Importance weights consideration set beliefs 3 basic attitude change strategies - correct answers.1. give consumers an accurate perception of relative performance of the brand 2. brand viewed best performer on a not respected evaluative criterion 3. only way to improve attitude toward brand would be to introduce a new attitude featured in their advertising 2 obstacles to cover? - correct answers.1. cognitive consistency -may be hard to change people's beliefs 2. Advertising clutter -get consumers to pay attention! cognitive responses - correct beliefs/attitudes are challenged by persuasive communication peripheral cues - correct res of the ad other than the actual arguments about the brand's performance consumers as a social being (3 parts) - correct ral, social (reference groups, family, social roles, status), personal Reference Groups - correct answers.Direct- face to face, people with whom you have close contact with (family, friends, coworkers) Indirect- people you look up to, includes celebrities or an aspirational group opinion leaders (and EX) - correct to get people to follow the leader, they act as a brand ambassador to promote the brand EX: Tiger Woods and Buick Family of Orientation - correct the family you are born into; includes parents, siblings, family of procreation - correct family you start, includes husband, kids Maslow Hierarchy Model - correct answers.1 (bottom): Physiological/biological needs -food, clothing, shelter 2. Safety- security, insurance, personal stability 3. Love/Friendship 4. Esteem Needs -status, independence 5. Self Actualization '"I've made it!" -luxury items Umbrella Strategy (Branding) - correct answers.EX: coca cola, diet coke, coke zero (SBUs) all carry the coca cola brand name Stand Alone Strategy (Branding) - correct product (SBU) has its own brand name EX: Proctor and Gamble model: Crest, Pampers, Tide Strategy vs tactic - correct answers.Strategy: long term vision or plan for a company (SBUs)- expand into new markets, profits Tactic: short term or specific action to enact a strategy -advertising campaigns, promotions