Marketing Theory and Practice Exam
100% Accurate!!
Customer value - - Functional/ instrumental value
- Experiential/ Hedonic value
- Symbolic/ Expressive value
- Cost/ sacrifice value
Functional/ instrumental value - · Correct/ accurate attributes.
· Appropriate performances
· Appropriate outcomes
Experiential/ Hedonic value - · Sensory
· Emotional
· Social/ relational
· Epistemic
Symbolic/ Expressive value - · Self-identity/ worth
· Personal meaning
· Self-expression
· Social meaning
· Conditional meaning
Cost/ sacrifice value - · Economic
· Psychological
· Personal investment
· Risk
Needs - States of felt deprivation (physical, social, or self-expression).
Wants - The form taken by needs as they're shaped by culture and individual development.
Demands - Wants that are backed by buying power.
Micro environment - - Customers
- Competitors
- Marketing intermediates
, - Suppliers
- Public
Macro environment - - Political/legal/regulatory
- Economic
- Social/cultural/demographic
- Technological
- Natural
Five steps in the decision-making process - 1. Problem (need) recognition
2. Information search
3. Evaluation of alternatives
4. Purchase
5. Post-purchase evaluation
Problem recognition - Buyer recognising a need: sensing a difference between actual state and
desired state.
Information Search - The search for information to use in decision making.
- Personal sources (e.g. family/friends)
- Public sources (e.g. media)
- Experiential sources (personal experience)
Evaluation of Alternatives - Processing the information to help make the purchase decision.
Purchase Decision - Decision and action.
The customer buys the most preferred brand/alternative.
Post-Purchase Behaviour - Consumers take further action based on their satisfaction or
dissatisfaction.
Involvement (Perception of risk) - Low involvement: Impulse decision, little effort.
High involvement: extended decision making, significant effort.
Internal influences - - Perception
- Motivation
- Learning
- Attitudes
- Personality
- Age groups
100% Accurate!!
Customer value - - Functional/ instrumental value
- Experiential/ Hedonic value
- Symbolic/ Expressive value
- Cost/ sacrifice value
Functional/ instrumental value - · Correct/ accurate attributes.
· Appropriate performances
· Appropriate outcomes
Experiential/ Hedonic value - · Sensory
· Emotional
· Social/ relational
· Epistemic
Symbolic/ Expressive value - · Self-identity/ worth
· Personal meaning
· Self-expression
· Social meaning
· Conditional meaning
Cost/ sacrifice value - · Economic
· Psychological
· Personal investment
· Risk
Needs - States of felt deprivation (physical, social, or self-expression).
Wants - The form taken by needs as they're shaped by culture and individual development.
Demands - Wants that are backed by buying power.
Micro environment - - Customers
- Competitors
- Marketing intermediates
, - Suppliers
- Public
Macro environment - - Political/legal/regulatory
- Economic
- Social/cultural/demographic
- Technological
- Natural
Five steps in the decision-making process - 1. Problem (need) recognition
2. Information search
3. Evaluation of alternatives
4. Purchase
5. Post-purchase evaluation
Problem recognition - Buyer recognising a need: sensing a difference between actual state and
desired state.
Information Search - The search for information to use in decision making.
- Personal sources (e.g. family/friends)
- Public sources (e.g. media)
- Experiential sources (personal experience)
Evaluation of Alternatives - Processing the information to help make the purchase decision.
Purchase Decision - Decision and action.
The customer buys the most preferred brand/alternative.
Post-Purchase Behaviour - Consumers take further action based on their satisfaction or
dissatisfaction.
Involvement (Perception of risk) - Low involvement: Impulse decision, little effort.
High involvement: extended decision making, significant effort.
Internal influences - - Perception
- Motivation
- Learning
- Attitudes
- Personality
- Age groups
