MKT 701 (LSUS, Minseong) Exam 2 Final Review [100% Correct Answers]

MKT 701 (LSUS, Minseong) Exam 2 Final Review [100% Correct Answers] Competitive matching: focuses on matching competitors' prices and price changes. •Non-price strategies: building a marketing program around factors other than price. *Ans* focuses on matching competitors' prices and price changes. What are outcomes consumers experience in the postpurchase stage, and how are they different? *Ans* 1. Delight—the product's performance "greatly exceeds" the buyer's expectations 2. Satisfaction—the product's performance "matches" the buyer's expectations 3. Dissatisfaction—the product's performance "falls" short of the buyer's expectations 4. Cognitive Dissonance (Postpurchase Doubt)—the buyer is "unsure" of the product's performance relative to his or her "expectations" What is the difference between a want and a need from the consumer buying process' perspective? *Ans* NEED: •Occurs when the consumer's existing level of satisfaction and desired level of satisfaction are not the same •Based on internal (e.g., hunger, thirst, and fatigue) or external (e.g., advertising, window shopping, interacting with salespeople) stimuli WANT: •Consumer's desire for a specific product that will satisfy the need What are issues in the buying process? *Ans* Product availability & Possession utility When does "need recognition" mean in the consumer buying process? *Ans* The buying process begins when consumers recognize that they have an "unmet" need. What are the characteristics of information search in the consumer buying process? *Ans* •Marketing activities can stimulate a desire for information •Sources of information (Internal & External) •Amount of time, effort, and expense dedicated to information search depends on: - Degree of risk involved in the purchase - Amount of expertise with the product category - Actual cost of the search (time and money) •Evoked set What does 'evoke set' mean? *Ans* Throughout the information search, consumers learn about different products or brands and begin to remove some from further consideration. What are factors affecting the consumer buying process *Ans* •Decision-making complexity - Primary reason for variat