Chapter 11: Marketing Processes and Consumer Behavior

<p>Building long-lasting relationships with customers and suppliers. (B)</p> Signup and view all the answers

<p>To discover previously unknown customer information and preferences. (D)</p> Signup and view all the answers

<p>A satisfied customer perceives benefits to be greater than costs. (A)</p> Signup and view all the answers

<p>The transfer of ownership through terms of sale. (C)</p> Signup and view all the answers

<p>They purchase goods for production processes. (A)</p> Signup and view all the answers

<p>Reseller Market (A)</p> Signup and view all the answers

<p>Rational motives involve objective evaluations of product attributes. (C)</p> Signup and view all the answers

<p>B2B purchases are often influenced by buyer-seller relationships. (A)</p> Signup and view all the answers

<p>Government and Institutional Market (A)</p> Signup and view all the answers

<p>Place (B)</p> Signup and view all the answers

<p>To align with the company's overall business mission (D)</p> Signup and view all the answers

<p>Creating unique features or images for products to stand out (B)</p> Signup and view all the answers

<p>High prices can attract customers by suggesting high quality. (D)</p> Signup and view all the answers

<p>They oversee the planning and implementation of marketing activities. (D)</p> Signup and view all the answers

<p>Perception (B)</p> Signup and view all the answers

<p>To convey quality and exclusivity to consumers. (D)</p> Signup and view all the answers

<p>Television advertising campaigns (C)</p> Signup and view all the answers

<p>Where and how products are distributed (C)</p> Signup and view all the answers

<p>To ensure prices cover both direct and indirect costs (C)</p> Signup and view all the answers

<p>A paid form of communication used to persuade an identified audience. (A)</p> Signup and view all the answers

<p>To divide a market into categories with similar wants and needs. (C)</p> Signup and view all the answers

<p>Geographic segments (C)</p> Signup and view all the answers

<p>Brand loyalty variables (D)</p> Signup and view all the answers

<p>Aimed at inducing purchases through direct, often short-term offers. (A)</p> Signup and view all the answers

<p>Communicating the nature of the product itself effectively. (A)</p> Signup and view all the answers

<p>A combination strategy using both geographic and demographic traits. (C)</p> Signup and view all the answers

<p>Offering coupons for a limited time. (C)</p> Signup and view all the answers

<p>Specific groups of people that a firm intends to reach with its marketing efforts. (C)</p> Signup and view all the answers

<p>Efforts focused on building goodwill between a company and its audience. (C)</p> Signup and view all the answers

<p>It establishes laws that can create new business opportunities. (D)</p> Signup and view all the answers

<p>Consumer income levels (D)</p> Signup and view all the answers

<p>It forces marketers to adapt quickly to new product introductions. (C)</p> Signup and view all the answers

<p>Interest rates, inflation, and consumer spending patterns. (B)</p> Signup and view all the answers

<p>It helps marketers convince buyers to choose their brand over others. (A)</p> Signup and view all the answers

<p>Clear goals and objectives. (B)</p> Signup and view all the answers

<p>Brands compete based on the perceived benefits of similar products. (A)</p> Signup and view all the answers

<p>Aligning product offerings with consumer spending capability. (B)</p> Signup and view all the answers

<p>Frequent changes in product relevance and consumer demands. (A)</p> Signup and view all the answers

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The value of a product is determined by comparing its benefits to its costs. Benefits can include features, functionality, and emotional satisfaction. Costs include price, time spent, and emotional cost of decision-making.

Utility is the ability of a product to satisfy a need or want. There are four types of utility: form utility (design), time utility (availability), place utility (location), and possession utility (ownership transfer).

Goods are tangible products purchased for personal use. Consumer marketing focuses on selling these goods to individuals.

Industrial goods are products purchased by businesses for use in production. Industrial marketing focuses on selling these goods to other companies.

Services are intangible products, such as professional advice, information, or haircuts. Service marketing focuses on providing and promoting these services.

Relationship marketing emphasizes building long-term relationships with customers. This involves fostering trust, loyalty, and repeat business.

Customer Relationship Management (CRM) is a systematic approach to collecting, analyzing, and using customer data to enhance relationships. This involves building databases, identifying patterns, and customizing interactions.

The process where consumers compare different products based on their needs and wants before making a purchase decision.

The moment a consumer chooses to buy a product. It's influenced by both logical reasoning and personal feelings.

The ongoing process of evaluating a product after the purchase. This determines if a customer will buy again.

Businesses that sell goods or services to other businesses. This includes companies that use those goods to make other products or simply to operate.

Organizations that buy goods or services for non-profit purposes - hospitals, schools, charities, etc.

The external forces that impact a company's marketing decisions. These factors are outside the company's control, but they can significantly influence its success.

Government regulations and laws that affect business operations, impacting opportunities and challenges for companies.

Factors that are related to cultural values, demographics, lifestyle choices, and changing trends in society. These elements influence consumer behavior and preferences.

The pace of technological advancements, leading to rapid obsolescence of products and the emergence of new ones.

The overall state of the economy, including factors like interest rates, inflation, and consumer spending patterns. These conditions affect marketers' strategies.

The competitive landscape that companies operate in, involving competition from similar products, substitute products, and international players.

Products that are not identical but can fulfill the same need. Example: Coffee vs. tea

Competition between products that are similar and target the same customer base. Example: Coke vs. Pepsi

Competition between domestic and foreign companies for market share. Example: US-made cars vs. Japanese cars

The main goals that a marketing plan aims to achieve, acting as the foundation for all subsequent activities.

A comprehensive plan outlining the marketing activities a business will execute to achieve its marketing objectives.

The individuals responsible for planning and executing all marketing activities that connect a company with its customers.

The four key elements that constitute the core of a marketing strategy: product, pricing, place, and promotion.

The actual good, service, or idea offered to fulfill a consumer need.

The process of creating a distinct feature or image for a product, differentiating it from competitors to attract customers.

The price set for a product, balancing costs, profitability, and consumer perception.

The way a product reaches its target market, encompassing distribution channels and access points.

The communication methods used to convey information about products to potential customers.

The combination of personal and nonpersonal selling techniques, including advertising, sales promotions, public relations, and direct marketing.

Any paid non-personal communication used by an identified sponsor to persuade or inform potential buyers about a product.

Person-to-person sales, often used in business-to-business marketing, and also relevant in retail situations.

One-time direct inducements to buyers, like free gifts, coupons, or package inserts, meant to tempt consumers to buy products. These are short-term 'deals'.

Communication efforts aimed at building positive image and goodwill for a company.

A strategy that ensures all marketing elements (product, price, place, and promotion) work together seamlessly and are compatible with the company's overall objectives.

Groups of people or organizations that a company focuses its marketing efforts on.

Dividing a market into categories based on shared wants and needs, assuming these groups will be interested in the same products.

The process of defining, adapting, and communicating the nature of a product to target audiences.

Consumers in specific geographical regions exhibit distinct characteristics and purchasing patterns typical of those areas.

Describing populations based on traits like age, income, gender, ethnicity, marital status, and social class.