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Questions and Answers
What is the main problem associated with using the PLC concept as a tool to guide marketing mix decision-making?
What is the main problem associated with using the PLC concept as a tool to guide marketing mix decision-making?
Successfully determining which stage of product is in the life cycle
Any marketing organization's sunk costs and switching costs will most likely need to be evaluated during which PLC stage?
Any marketing organization's sunk costs and switching costs will most likely need to be evaluated during which PLC stage?
Decline
What is being marketed in Vermont that offers $10,000 a year for people to move there?
What is being marketed in Vermont that offers $10,000 a year for people to move there?
A place
Convenience goods are most closely associated with which type of distribution strategy?
Convenience goods are most closely associated with which type of distribution strategy?
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Why did movie theaters hit a twenty-five-year low in 2017?
Why did movie theaters hit a twenty-five-year low in 2017?
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When consumers decide to purchase __________, they generally don't expend much effort or engage in much brand comparison.
When consumers decide to purchase __________, they generally don't expend much effort or engage in much brand comparison.
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The marketing of positioning goods often inverts traditional pricing laws; meaning that higher brand prices often actually increase demand for the branded item.
The marketing of positioning goods often inverts traditional pricing laws; meaning that higher brand prices often actually increase demand for the branded item.
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What are products/brands that few to no customers look for on their own called?
What are products/brands that few to no customers look for on their own called?
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Questions about what features and attributes, and thus which benefits of the firm's existing products should be changed, added, deleted, and in what ways, are called what?
Questions about what features and attributes, and thus which benefits of the firm's existing products should be changed, added, deleted, and in what ways, are called what?
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Which of the following reasons is often associated with high rates of new product failure?
Which of the following reasons is often associated with high rates of new product failure?
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How many of the 'Top Ten Traits' desired by C-level executives for new hires relate directly or indirectly to creativity?
How many of the 'Top Ten Traits' desired by C-level executives for new hires relate directly or indirectly to creativity?
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During what stage of the consumer decision making process are consumers most likely to engage in WOM?
During what stage of the consumer decision making process are consumers most likely to engage in WOM?
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An automobile could be easily positioned to satisfy customer needs at which three levels of Maslow's Hierarchy of Needs?
An automobile could be easily positioned to satisfy customer needs at which three levels of Maslow's Hierarchy of Needs?
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The term ___________________ is used to describe individuals who are generally well-known to other consumers that they influence and who are viewed as experts about one or so product categories.
The term ___________________ is used to describe individuals who are generally well-known to other consumers that they influence and who are viewed as experts about one or so product categories.
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When making consumer behavior choices, what do most humans naturally default to?
When making consumer behavior choices, what do most humans naturally default to?
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What sort of human decisions are most subject to influence by marketers?
What sort of human decisions are most subject to influence by marketers?
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__________________ often create feelings of envy, covetousness, and dissatisfaction.
__________________ often create feelings of envy, covetousness, and dissatisfaction.
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The word ___________________ captures and describes the process by which people select, organize and then interpret stimuli.
The word ___________________ captures and describes the process by which people select, organize and then interpret stimuli.
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__________ is the term that marketers use when describing the extent to which decision-makers are or are not paying attention.
__________ is the term that marketers use when describing the extent to which decision-makers are or are not paying attention.
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____________, _________________, and ___________________ collectively capture what consumers prefer to do during their free time.
____________, _________________, and ___________________ collectively capture what consumers prefer to do during their free time.
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CB, or Consumer Behavior, generally relates to the factors that motivate or otherwise stimulate different types of consumer decision-making.
CB, or Consumer Behavior, generally relates to the factors that motivate or otherwise stimulate different types of consumer decision-making.
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The seemingly crazy word _______________ is the actual name for scientists who study the behaviors and habitats of sea creatures.
The seemingly crazy word _______________ is the actual name for scientists who study the behaviors and habitats of sea creatures.
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Consumers are much more likely to engage in word of mouth (WOM) when they have a positive experience with a brand.
Consumers are much more likely to engage in word of mouth (WOM) when they have a positive experience with a brand.
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______________________ distinguish one brand from another and are used by consumers as they evaluate different brands.
______________________ distinguish one brand from another and are used by consumers as they evaluate different brands.
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What communication activity is described as either marketers' best friend or their worst enemy?
What communication activity is described as either marketers' best friend or their worst enemy?
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When properly executed, the marketing mix may shape consumers' _______________.
When properly executed, the marketing mix may shape consumers' _______________.
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Marketing "hand-holding" functions as a metaphor for ______________.
Marketing "hand-holding" functions as a metaphor for ______________.
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What are the three additional Ps that services marketers should manage beyond the traditional 4Ps of the marketing mix?
What are the three additional Ps that services marketers should manage beyond the traditional 4Ps of the marketing mix?
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The variable-base-criteria most closely associated with the income, age, gender, or zip codes of targeted customers is called: ______________
The variable-base-criteria most closely associated with the income, age, gender, or zip codes of targeted customers is called: ______________
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The concept known as _________________ captures people's habitual ways of thinking, feeling, and relating to others.
The concept known as _________________ captures people's habitual ways of thinking, feeling, and relating to others.
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Why are social classes important to marketers?
Why are social classes important to marketers?
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Surprisingly large percentages of consumers engage in competitive consumption.
Surprisingly large percentages of consumers engage in competitive consumption.
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________ is defined as the entire set of values, ideas, or attitudes shared among or learned from the members of a group.
________ is defined as the entire set of values, ideas, or attitudes shared among or learned from the members of a group.
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_________________________ is oral or written communication that marketers can influence but cannot control.
_________________________ is oral or written communication that marketers can influence but cannot control.
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Family was classified in your book as a:
Family was classified in your book as a:
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The word ______________ is best defined as the entire set or collection of values, ideas, or attitudes shared among or learned from the members of a group.
The word ______________ is best defined as the entire set or collection of values, ideas, or attitudes shared among or learned from the members of a group.
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Marketing messages are often designed to make people ______________ rather than ________________.
Marketing messages are often designed to make people ______________ rather than ________________.
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When consumers are engaged in __________ decisions and products usually feature little to no risk.
When consumers are engaged in __________ decisions and products usually feature little to no risk.
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What tool best helps marketers and students understand consumer needs and motives?
What tool best helps marketers and students understand consumer needs and motives?
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Most people are economically rational. The preceding two statements are:
Most people are economically rational. The preceding two statements are:
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Social class membership is usually determined by a single factor.
Social class membership is usually determined by a single factor.
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Answering the what, where, when, how, how much and why questions about consumers and their behavior should provide marketers with ______________________.
Answering the what, where, when, how, how much and why questions about consumers and their behavior should provide marketers with ______________________.
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What is a mode of interpersonal communication about brands or marketing organizations that functions as marketers' best friend or worst enemy?
What is a mode of interpersonal communication about brands or marketing organizations that functions as marketers' best friend or worst enemy?
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Consumers usually engage in one of three different types of problem-solving behavior. Those behaviors are...
Consumers usually engage in one of three different types of problem-solving behavior. Those behaviors are...
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The __________ of marketers derives from the fact that everything marketers say is directly or indirectly said for the money.
The __________ of marketers derives from the fact that everything marketers say is directly or indirectly said for the money.
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The third level of needs inside Maslow's Hierarchy of Needs is:
The third level of needs inside Maslow's Hierarchy of Needs is:
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Who developed the hierarchy of needs?
Who developed the hierarchy of needs?
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An entire set of values, ideas, or attitudes that are shared among members of a group can be referred to as:
An entire set of values, ideas, or attitudes that are shared among members of a group can be referred to as:
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As a psychological measure, __________ is a combination of consumers' preferred AIOs, lifestyle choices, and their dominant personality traits.
As a psychological measure, __________ is a combination of consumers' preferred AIOs, lifestyle choices, and their dominant personality traits.
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The function of the human reptilian brain is to regulate:
The function of the human reptilian brain is to regulate:
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Marketing messages are often designed to make people think rather than feel.
Marketing messages are often designed to make people think rather than feel.
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The presence of ___________________ allows marketers to position more effectively.
The presence of ___________________ allows marketers to position more effectively.
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The process by which consumers select, organize and interpret information is known as:
The process by which consumers select, organize and interpret information is known as:
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Strategic B2C marketers pay careful attention to _____________ ___________ because this group exercises a powerful influence on consumers.
Strategic B2C marketers pay careful attention to _____________ ___________ because this group exercises a powerful influence on consumers.
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_________________ makes consumers optimistic and risk-seeking.
_________________ makes consumers optimistic and risk-seeking.
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Consumers experience different types of feelings and/or emotions after making their purchases. The most basic post-purchase consumer feelings or emotions are either:
Consumers experience different types of feelings and/or emotions after making their purchases. The most basic post-purchase consumer feelings or emotions are either:
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Unsought goods are products that:
Unsought goods are products that:
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Services delivery entails:
Services delivery entails:
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What total number of attributes, features, roles, etc. appears to be most powerful when designing a product or message?
What total number of attributes, features, roles, etc. appears to be most powerful when designing a product or message?
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The level of effort expended during the purchase process classifies consumer goods into three categories: convenience, shopping, or specialty, based on:
The level of effort expended during the purchase process classifies consumer goods into three categories: convenience, shopping, or specialty, based on:
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Quality can be used to differentiate products. What other desirable values can high quality products produce?
Quality can be used to differentiate products. What other desirable values can high quality products produce?
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Consumer goods are purchased and used by end-use consumers in order to solve or satisfy their own problems.
Consumer goods are purchased and used by end-use consumers in order to solve or satisfy their own problems.
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Both statements about customer attention and utility from products are true.
Both statements about customer attention and utility from products are true.
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The development and delivery of __________ involves applying specialized competencies and performing deeds and processes for purposes of benefiting others.
The development and delivery of __________ involves applying specialized competencies and performing deeds and processes for purposes of benefiting others.
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Which type of consumer goods inverts the economic law that higher product prices almost always reduce demand?
Which type of consumer goods inverts the economic law that higher product prices almost always reduce demand?
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Consumers typically buy -------------- goods based on behavior.
Consumers typically buy -------------- goods based on behavior.
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Expensive brands of wine are an example of:
Expensive brands of wine are an example of:
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When consumers deliberate whether to purchase ----------, they expend considerable effort.
When consumers deliberate whether to purchase ----------, they expend considerable effort.
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Which PLC stage features the highest level of competition in the market?
Which PLC stage features the highest level of competition in the market?
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What marketing tool should drive and inform the marketing activities associated with monitoring the product lifestyle?
What marketing tool should drive and inform the marketing activities associated with monitoring the product lifestyle?
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When building profitable services, marketers should usually avoid what?
When building profitable services, marketers should usually avoid what?
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Today the US is increasingly recognized as the world's largest producer manufacturer of:
Today the US is increasingly recognized as the world's largest producer manufacturer of:
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Which type of goods is not typically associated with B2B marketing?
Which type of goods is not typically associated with B2B marketing?
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During which PLC stage are marketing organizations most concerned with gaining and maintaining market share?
During which PLC stage are marketing organizations most concerned with gaining and maintaining market share?
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An intangible dimension of a tangible product is illustrated by the warranty associated with automotive purchases.
An intangible dimension of a tangible product is illustrated by the warranty associated with automotive purchases.
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How many stages make up the product life cycle concept?
How many stages make up the product life cycle concept?
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What is a product?
What is a product?
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With most products, higher prices reduce demand. However, __________ products invert this economic law.
With most products, higher prices reduce demand. However, __________ products invert this economic law.
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What do cosmetics marketers market?
What do cosmetics marketers market?
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Sunk Cost are costs that have already been made and cannot be:
Sunk Cost are costs that have already been made and cannot be:
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Convenience goods are widely available in the marketplace and purchased without much consumer effort.
Convenience goods are widely available in the marketplace and purchased without much consumer effort.
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The concept known as -------- implies that the market demand for industrial/business/governmental goods follows from the demand for consumer goods.
The concept known as -------- implies that the market demand for industrial/business/governmental goods follows from the demand for consumer goods.
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Core Benefits are the truest, most basic problem-solving attributes associated with branded products.
Core Benefits are the truest, most basic problem-solving attributes associated with branded products.
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Good ______________________ can turn angry customers into loyal customers.
Good ______________________ can turn angry customers into loyal customers.
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Intangible products are also known as:
Intangible products are also known as:
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Sunk Cost are costs that have already been made and cannot be:
Sunk Cost are costs that have already been made and cannot be:
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As compared to products, services are intangible, inseparable, perishable, and variable.
As compared to products, services are intangible, inseparable, perishable, and variable.
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The highest level of competition prevails inside markets during the _________ stage of the product life cycle.
The highest level of competition prevails inside markets during the _________ stage of the product life cycle.
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Which type of cost is associated with time-spent, inconveniences-incurred, new learning that may have been necessary?
Which type of cost is associated with time-spent, inconveniences-incurred, new learning that may have been necessary?
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With the advent of electric vehicles, in which stage are internal combustion (automobile) engines?
With the advent of electric vehicles, in which stage are internal combustion (automobile) engines?
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Successful marketers often understand and leverage the power of _____________ as they design, present and position their products.
Successful marketers often understand and leverage the power of _____________ as they design, present and position their products.
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Even numbers are more powerful than odd numbers when presenting or designing a product or message.
Even numbers are more powerful than odd numbers when presenting or designing a product or message.
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In contemporary US markets, quality and it alone is usually enough to win marketing competitions.
In contemporary US markets, quality and it alone is usually enough to win marketing competitions.
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Convenience goods are usually purchased more frequently than other categories of consumer goods. This type of products is also widely available.
Convenience goods are usually purchased more frequently than other categories of consumer goods. This type of products is also widely available.
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Which of the following factors should not be used to determine whether a consumer product is classified as a convenience, shopping, or specialty good?
Which of the following factors should not be used to determine whether a consumer product is classified as a convenience, shopping, or specialty good?
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The "level of product" that most closely captures the basic benefits provided by the product is called the:
The "level of product" that most closely captures the basic benefits provided by the product is called the:
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______________ is far more likely than _________ to contribute to the substance of a product.
______________ is far more likely than _________ to contribute to the substance of a product.
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Study Notes
Consumer Decision-Making Process
- Consumers are most likely to engage in word-of-mouth (WOM) during the post-purchase process.
- Imitation of others is a common behavior in consumer decision-making.
- Cultural-environmental factors heavily influence human decisions.
Maslow's Hierarchy of Needs
- Automobiles can satisfy safety, social (belongingness and love), and self-esteem needs.
- The third level of needs in Maslow's hierarchy is social in nature.
Opinion Leaders and Influencers
- Opinion leaders are individuals perceived as experts in specific product categories who influence others' purchasing decisions.
- Strategic B2C marketers should pay attention to opinion leaders as they significantly impact consumer behavior.
Consumer Behavior Concepts
- Attributes distinguish different brands and help consumers evaluate product quality and appeal.
- Consumer behavior (CB) relates to various factors motivating decision-making, classified into high/low involvement and extensive/routine problem-solving types.
Marketing Concepts and Strategies
- Marketing mix effectiveness shapes consumers' perceptions, opinions, attitudes, and preferences.
- Word of mouth can be either a marketer's ally or adversary, depending on consumer trust in the information source.
Emotional Responses
- Social comparisons often lead to feelings of envy and dissatisfaction among consumers.
- Marketing messages typically aim to evoke feelings over rational thinking.
Problem-Solving Types in Consumers
- Consumers engage in limited, extensive, or routine problem-solving behaviors based on the decision's complexity and risk.
- Routine problem-solving features low risk and minimal information search.
Psychographics and Lifestyle
- Psychographics measure consumers' AIOs (Activities, Interests, and Opinions) and dominant personality traits.
- Culture shapes the shared values, ideas, or attitudes among group members, influencing consumer behavior.
Product and Services Insights
- The product life cycle (PLC) consists of four stages: introduction, growth, maturity, and decline.
- Services involve the application of specialized proficiencies to benefit customers and are intangible, inseparable, perishable, and variable.
Consumer Goods Classification
- Consumer goods fall into three categories: convenience, shopping, and specialty, defined by the effort involved in purchasing.
- Convenience goods require little consumer effort and are widely available.
Emotional Impact on Consumer Behavior
- Anger can induce optimism and risk-seeking, while fear typically leads to caution.
- Post-purchase feelings vary, encompassing satisfaction, dissatisfaction, or delight.
Market Segmentation
- Demographics (income, age, gender, etc.) are essential criteria for segmenting markets.
- Consumers in the same social class tend to share similar product preferences.
Marketing Challenges
- Understanding consumer behavior and preferences is crucial for developing actionable strategic knowledge.
- Differentiation allows marketers to effectively position their products in the marketplace.
Miscellaneous Concepts
- Sunk costs are irrecoverable and should be evaluated during the decline stage of the PLC.
- The concept of derived demand illustrates how the market demand for industrial goods is connected to consumer goods demand.
Marketing Effectiveness
- Successful marketing hinges on effectively capturing customer attention and meeting their desire for product meaning, beyond mere utility.
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Description
Explore key concepts in consumer behavior including decision-making processes and the influence of opinion leaders. Understand how factors like cultural environment and needs, as per Maslow's hierarchy, affect consumer purchases. Delve into the roles of brands and attributes in shaping consumer evaluations.
