MKT 3350: Consumer Behavior Exam 1
Questions and Answers Grade A+ 2023
Consumer Behavior - -The study of individuals, groups, or organizations and processes they use
to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and
the impact that these processes have on the consumer and society.
-Value = - -Total Benefits/Total Cost
-Applications of Consumer Behavior - -1. Marketing Strategy
2. Regulatory Policy
3. Social Marketing
4. Informed Individuals
-Regulatory Policy - -Various regulatory bodies develop, interpret, and/or implement policies
designed to protect and aid consumers
-Marketing Strategy - -Marketing decisions based on explicit consumer behavior theory,
assumptions, and research
-Social Marketing - -It is the application of marketing strategies and tactics to alter or create
behaviors that have a positive effect on the targeted individuals or society
-Informed Individuals - -Consumers accurately understand the strategies and tactics being used
so they can be more effective consumers
-Marketing Strategy and Consumer Behavior Chart - -Starts from:
1. Market Analysis
2. Market Segmentation
3. Marketing Segmentation
4. Marketing Strategy
5. Consumer Decision Process
6. Outcomes
-Customer Value - -difference between all the benefits derived from a total product and all the
cost of acquiring those benefits. (It is important that a firm consider value from the customer's
perspective.
-The Market Analysis Components - -1. The Consumers
2. The Company
3. The Competitors
4. The Conditions
-The Consumers - -Understanding consumer behavior by accomplishing marketing research.
, -The Company - -Evaluating all aspects of the firm, including its financial condition, general
managerial skills, productions capabilities, research and development capabilities, technological
sophistication, reputation, and marketing skills.
-The Competitors - -We need to understand the competitor's capabilities and strategies.
1. If we are successful, which firms will be hurt?
2. Of those firms that are injured, which have the capability to respond?
3. How are they likely to respond?
4. Is our strategy robust enough to withstand the likely actions of our competitors?
-The Conditions - -The state of the economy, the physical environment, government regulations,
and technological developments affect consumer needs and expectations as well as company and
competitor capabilities.
-Market Segment - -Portion of a larger market who's needs differ somewhat from the larger
market
-4 Steps of Market Segmentation - -1. Identifying product related need sets
2. Grouping customers with similar needs
3. Describing each group
4. Providing an outcome
-Marketing Strategy - -AKA Marketing Mix, is described as
1. Product
2. Communications/Promotions
3. Price
4. Distribution
5. Services
-Consumer Decision Process - -1. Problem Recognition
2. Information Search
3. Alternative Evaluation
4. Purchase
5. Post Purchase Behavior
-Outcomes - -1. Firm Outcomes
2. Individual Outcomes
3. Society Outcomes
-Firm Outcomes - -Product Position - the image of the product or brand in the consumer's mind
Sales & Profits - necessary for the firms to continue in business
Questions and Answers Grade A+ 2023
Consumer Behavior - -The study of individuals, groups, or organizations and processes they use
to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and
the impact that these processes have on the consumer and society.
-Value = - -Total Benefits/Total Cost
-Applications of Consumer Behavior - -1. Marketing Strategy
2. Regulatory Policy
3. Social Marketing
4. Informed Individuals
-Regulatory Policy - -Various regulatory bodies develop, interpret, and/or implement policies
designed to protect and aid consumers
-Marketing Strategy - -Marketing decisions based on explicit consumer behavior theory,
assumptions, and research
-Social Marketing - -It is the application of marketing strategies and tactics to alter or create
behaviors that have a positive effect on the targeted individuals or society
-Informed Individuals - -Consumers accurately understand the strategies and tactics being used
so they can be more effective consumers
-Marketing Strategy and Consumer Behavior Chart - -Starts from:
1. Market Analysis
2. Market Segmentation
3. Marketing Segmentation
4. Marketing Strategy
5. Consumer Decision Process
6. Outcomes
-Customer Value - -difference between all the benefits derived from a total product and all the
cost of acquiring those benefits. (It is important that a firm consider value from the customer's
perspective.
-The Market Analysis Components - -1. The Consumers
2. The Company
3. The Competitors
4. The Conditions
-The Consumers - -Understanding consumer behavior by accomplishing marketing research.
, -The Company - -Evaluating all aspects of the firm, including its financial condition, general
managerial skills, productions capabilities, research and development capabilities, technological
sophistication, reputation, and marketing skills.
-The Competitors - -We need to understand the competitor's capabilities and strategies.
1. If we are successful, which firms will be hurt?
2. Of those firms that are injured, which have the capability to respond?
3. How are they likely to respond?
4. Is our strategy robust enough to withstand the likely actions of our competitors?
-The Conditions - -The state of the economy, the physical environment, government regulations,
and technological developments affect consumer needs and expectations as well as company and
competitor capabilities.
-Market Segment - -Portion of a larger market who's needs differ somewhat from the larger
market
-4 Steps of Market Segmentation - -1. Identifying product related need sets
2. Grouping customers with similar needs
3. Describing each group
4. Providing an outcome
-Marketing Strategy - -AKA Marketing Mix, is described as
1. Product
2. Communications/Promotions
3. Price
4. Distribution
5. Services
-Consumer Decision Process - -1. Problem Recognition
2. Information Search
3. Alternative Evaluation
4. Purchase
5. Post Purchase Behavior
-Outcomes - -1. Firm Outcomes
2. Individual Outcomes
3. Society Outcomes
-Firm Outcomes - -Product Position - the image of the product or brand in the consumer's mind
Sales & Profits - necessary for the firms to continue in business
