Podcast
Questions and Answers
Which of the following accurately describes 'High Involvement' buying behavior?
Which of the following accurately describes 'High Involvement' buying behavior?
- Involves low-cost items and high switching cost
- Involves daily life purchases with few choices
- Involves expensive items and high loyalty (correct)
- Involves fast purchases with low loyalty
What is a key characteristic of 'Low Involvement' products?
What is a key characteristic of 'Low Involvement' products?
- They require extensive information search.
- They are rarely purchased.
- They tend to have low brand loyalty. (correct)
- They have high switching costs.
In the Consumer Decision Processes, what stage directly follows 'Information Search'?
In the Consumer Decision Processes, what stage directly follows 'Information Search'?
- Need Recognition
- Post-Purchase Behavior
- Evaluation of Alternatives (correct)
- Problem Recognition
What do 'Activate', 'Interest', and 'Share' stages relate to in consumer engagement?
What do 'Activate', 'Interest', and 'Share' stages relate to in consumer engagement?
Which of the following best distinguishes 'High Involvement' from 'Low Involvement' decision processes?
Which of the following best distinguishes 'High Involvement' from 'Low Involvement' decision processes?
What is the first step in the target marketing process?
What is the first step in the target marketing process?
What is the primary purpose of market research?
What is the primary purpose of market research?
Which method of data collection involves in-depth discussions and interactions?
Which method of data collection involves in-depth discussions and interactions?
What is a disadvantage of telephone surveys?
What is a disadvantage of telephone surveys?
Which of the following is NOT one of the Five Ps of the Research Process?
Which of the following is NOT one of the Five Ps of the Research Process?
What advantage does mail surveys offer?
What advantage does mail surveys offer?
Which aspect of marketing does the STP model represent?
Which aspect of marketing does the STP model represent?
What is a limitation of using group interviews for market research?
What is a limitation of using group interviews for market research?
What is the primary objective during the introduction phase of the product life cycle?
What is the primary objective during the introduction phase of the product life cycle?
Which phase of the product life cycle is characterized by low sales and high failure rates?
Which phase of the product life cycle is characterized by low sales and high failure rates?
During which phase does a product typically have many competitors?
During which phase does a product typically have many competitors?
What characterizes profitability in the maturity phase of the product life cycle?
What characterizes profitability in the maturity phase of the product life cycle?
In which phase should companies consider whether to invent further in the product or allocate funding to new products?
In which phase should companies consider whether to invent further in the product or allocate funding to new products?
Which consumer group is targeted during the growth phase of the product life cycle?
Which consumer group is targeted during the growth phase of the product life cycle?
What strategy is typically emphasized during the decline phase of the product life cycle?
What strategy is typically emphasized during the decline phase of the product life cycle?
What is a common characteristic of competitors in the maturity phase?
What is a common characteristic of competitors in the maturity phase?
What is the initial step in the personal selling process?
What is the initial step in the personal selling process?
Which of the following is considered a type of sales promotion?
Which of the following is considered a type of sales promotion?
What is the main purpose of personal selling?
What is the main purpose of personal selling?
Which of the following is NOT a step in the 7 Steps Selling Process?
Which of the following is NOT a step in the 7 Steps Selling Process?
What can be included within product samples for promotional purposes?
What can be included within product samples for promotional purposes?
What does the perfect order rate measure?
What does the perfect order rate measure?
Which of the following is included in the Promotion Mix?
Which of the following is included in the Promotion Mix?
What is a characteristic of a Pull strategy in promotion?
What is a characteristic of a Pull strategy in promotion?
How is inventory turnover defined?
How is inventory turnover defined?
Which question is NOT relevant for creating a balanced blend of promotional tools?
Which question is NOT relevant for creating a balanced blend of promotional tools?
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Study Notes
Marketing Process Overview
- Effective marketing management involves target setting, market research, consumer behavior analysis, and the marketing mix (4Ps).
- The STP framework (Segmentation, Targeting, Positioning) is crucial for discovering target markets and tailoring marketing strategies.
Market Research Essentials
- Market research determines the viability of a new product by directly interacting with potential customers.
- Key elements of the research process include defining research purposes, planning, execution, performing analysis, and final report creation.
Data Collection Methods
- Group Interviews: Provide in-depth information and flexibility but may introduce bias and have small sample sizes.
- Telephone Surveys: Offer centralized data control and cost-effectiveness but face limitations in response depth and demographic reach.
- Mail Surveys: Cost-effective for responses with broad geographic reach, though responses may lack depth.
Consumer Decision Processes
- The buyer decision process involves need recognition, information search, evaluation of alternatives, purchase, and post-purchase behavior.
Buying Behavior Types
- High Involvement: Associated with expensive purchases (e.g., houses, cars) and typically demonstrates high brand loyalty.
- Low Involvement: Involves less expensive, frequently purchased items (e.g., clothing) with lower customer loyalty and rapid purchase behavior.
Product Life Cycle Phases
- Introduction Phase: Focus on building market awareness and trials with an emphasis on innovators and early adopters.
- Growth Phase: Differentiation from competitors while promoting rapid sales expansion.
- Maturity Phase: Striving for profitability amid increasing competition, targeting the early majority.
- Decline Phase: Evaluating product viability and deciding whether to innovate or discontinue.
Promotion Strategies
- The Promotion Mix integrates multiple promotional tools like advertising, personal selling, and public relations to drive demand.
- Questions guiding the Promotion Mix include the effectiveness of customer information methods, budget allocation, and target audience identification.
Pull vs. Push Promotion
- Pull Strategy: Involves motivating customers to seek out a product through methods like mass media promotion and word-of-mouth referrals.
- Push Strategy: Focuses on driving products directly to customers at the point of purchase through personal selling and promotions.
Personal Selling and Sales Promotion
- Personal selling involves persuading prospects to purchase through oral presentations and can include various methods such as sales meetings and telemarketing.
- Sales promotions utilize limited-time marketing communications (coupons, contests) to stimulate demand and encourage product availability.
Steps in the Personal Selling Process
- Includes prospecting, preparation, customer approach, presentation, overcoming objections, closing the sale, and follow-up.
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