Podcast
Questions and Answers
Which of the following scenarios BEST exemplifies the 'adoption' stage of the new product adoption process?
Which of the following scenarios BEST exemplifies the 'adoption' stage of the new product adoption process?
- A consumer becomes aware of a new smartphone through an online advertisement.
- A consumer researches online reviews and compares features of different brands of electric vehicles.
- A consumer purchases a new brand of organic coffee after receiving a sample and enjoying the taste. (correct)
- A consumer discusses the benefits of a new type of solar panel with their neighbors after installing it.
Which of the following is NOT a major factor influencing business buyer behavior?
Which of the following is NOT a major factor influencing business buyer behavior?
- Organizational factors such as company policies and structure.
- Environmental factors such as economic conditions and technological changes.
- Personal factors such as age, income, lifestyle, and personality of the buyer. (correct)
- Interpersonal factors such as influence and expertise within the buying center.
A company is deciding whether to segment its market based on occupation, income, and education. Which segmentation basis are they using?
A company is deciding whether to segment its market based on occupation, income, and education. Which segmentation basis are they using?
- Behavioral
- Geographic
- Demographic (correct)
- Psychographic
A bakery is deciding whether to offer gluten-free and vegan options in addition to its traditional baked goods. Which target marketing strategy is the bakery likely considering if it decides to offer all three options?
A bakery is deciding whether to offer gluten-free and vegan options in addition to its traditional baked goods. Which target marketing strategy is the bakery likely considering if it decides to offer all three options?
Which of the following is an example of a company using product mix pricing strategy?
Which of the following is an example of a company using product mix pricing strategy?
A local coffee shop notices a significant drop in sales after a new, larger chain coffee shop opens nearby. If the local shop decides to lower its prices on all coffee beverages, this would be an example of?
A local coffee shop notices a significant drop in sales after a new, larger chain coffee shop opens nearby. If the local shop decides to lower its prices on all coffee beverages, this would be an example of?
When designing a company website, which element is MOST likely to directly impact the website's credibility for new visitors?
When designing a company website, which element is MOST likely to directly impact the website's credibility for new visitors?
A firm is using data to determine how visitors navigate through their website with the goal of simplifying the path to purchase. Which general website objective are they addressing?
A firm is using data to determine how visitors navigate through their website with the goal of simplifying the path to purchase. Which general website objective are they addressing?
A company is launching a new line of sustainable cleaning products. Which action BEST represents a market positioning strategy?
A company is launching a new line of sustainable cleaning products. Which action BEST represents a market positioning strategy?
A manufacturing company is considering upgrading its machinery. Which step in the business buying process involves defining the characteristics and quantity of the equipment needed?
A manufacturing company is considering upgrading its machinery. Which step in the business buying process involves defining the characteristics and quantity of the equipment needed?
Flashcards
Market Segmentation
Market Segmentation
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes.
Market Targeting
Market Targeting
Evaluating each market segment's attractiveness and selecting one or more segments to enter.
Market Positioning
Market Positioning
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Fixed Costs
Fixed Costs
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Variable Costs
Variable Costs
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Market-Skimming Pricing
Market-Skimming Pricing
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Market-Penetration Pricing
Market-Penetration Pricing
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Segmented Pricing
Segmented Pricing
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Price Elasticity
Price Elasticity
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Web Server
Web Server
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Study Notes
- The following is a summary of the key topics.
Consumer Market
- Understanding the consumer market is important.
- It's important to understand the major factors that influence consumer buyer behavior.
- Key to identify the stages in the buyer decision process.
- Need to understand the adoption and diffusion process for new products.
Business Market
- Critical to be able to define the business market.
- Need to identify the major factors that influence business buyer behavior.
- Important to list and define the steps in the business buying decision process.
Target Marketing
- Essential to define the three steps of target marketing: market segmentation, market targeting, and market positioning.
- Must define and list the major bases for segmenting consumer and business markets.
- Need to understand how companies identify attractive market segments and choose a target marketing strategy.
- Knowing how companies position their products for maximum competitive advantage in the marketplace is vital.
Pricing Decisions
- Must identify and explain the external and internal factors affecting a firm's pricing decisions.
- Essential to know the three general approaches to setting prices.
- Need to know the major strategies for pricing imitative and new products.
- Understanding how companies find a set of prices that maximizes the profits from the total product mix is vital.
- It's important to know how companies adjust their prices to take into account different types of customers and situations.
- Knowing the key issues related to initiating and responding to price changes is critical.
Digital Marketing
- Must describe how computers and servers communicate to enable people to interact with web pages on the internet.
- Need to evaluate a website’s performance on its three general objectives and identify specific areas for improvement.
- Be aware of a variety of webpage elements that should be reviewed and decided upon when designing webpages.
- Understanding the multiple design philosophies to design and revise webpages to maximize conversion rate is important.
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Description
Explore consumer and business markets, buyer behavior, and the buying decision process. Understand market segmentation, targeting strategies, and product positioning for competitive advantage.
