Podcast
Questions and Answers
The consumer buying process is a series of steps that lead to a ______ decision.
The consumer buying process is a series of steps that lead to a ______ decision.
purchase
The first step in the consumer buying process is ______ recognition.
The first step in the consumer buying process is ______ recognition.
problem
After recognizing a need, the consumer engages in ______ search to gather information about potential solutions.
After recognizing a need, the consumer engages in ______ search to gather information about potential solutions.
information
Consumer market segments are made up of individuals who buy products for ______ use, not for resale.
Consumer market segments are made up of individuals who buy products for ______ use, not for resale.
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Personal sources of information for consumer decisions include family, friends, ______, and colleagues.
Personal sources of information for consumer decisions include family, friends, ______, and colleagues.
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Commercial sources of information include advertising, salesmen, and ______ shows.
Commercial sources of information include advertising, salesmen, and ______ shows.
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A consumer's perceived ______ can influence their decision to buy or not to buy.
A consumer's perceived ______ can influence their decision to buy or not to buy.
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Unanticipated situational factors, such as a sudden increase in ______, can affect a consumer's buying decision.
Unanticipated situational factors, such as a sudden increase in ______, can affect a consumer's buying decision.
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A product line is a distinct set of products that a company offers, which are closely related by function, customer group, market, or ______ range.
A product line is a distinct set of products that a company offers, which are closely related by function, customer group, market, or ______ range.
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The ______ of a product line refers to the number of product variations offered within that line.
The ______ of a product line refers to the number of product variations offered within that line.
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Product differentiation strategies aim to create unique offerings that stand out from competitors in terms of ______, features, performance, durability, reliability, style, or service.
Product differentiation strategies aim to create unique offerings that stand out from competitors in terms of ______, features, performance, durability, reliability, style, or service.
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______ branding involves using the same brand name for all products within a company's portfolio.
______ branding involves using the same brand name for all products within a company's portfolio.
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A company's tangible or intangible offering is referred to as a ______.
A company's tangible or intangible offering is referred to as a ______.
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Brand equity is the value derived from awareness, preference, and ______.
Brand equity is the value derived from awareness, preference, and ______.
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Guarantees, warranties, and service are all components of ______ , which contribute to building trust and confidence in a brand.
Guarantees, warranties, and service are all components of ______ , which contribute to building trust and confidence in a brand.
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A key characteristic of services is their ______, meaning they cannot be physically touched or stored before consumption.
A key characteristic of services is their ______, meaning they cannot be physically touched or stored before consumption.
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Personal factors refer to the individual characteristics of consumers that significantly influence their buying __________.
Personal factors refer to the individual characteristics of consumers that significantly influence their buying __________.
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Economic factors are the elements that impact the level of sales in the market and the financial __________ of consumers.
Economic factors are the elements that impact the level of sales in the market and the financial __________ of consumers.
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People’s preferences and needs change as they move through different stages of __________.
People’s preferences and needs change as they move through different stages of __________.
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The liquid __________ of a consumer significantly impact their buying behavior.
The liquid __________ of a consumer significantly impact their buying behavior.
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Gender plays a significant role in shaping consumer buying behavior as men and women have different __________.
Gender plays a significant role in shaping consumer buying behavior as men and women have different __________.
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The __________ market consists of organizations that purchase goods and services.
The __________ market consists of organizations that purchase goods and services.
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Family Income refers to the combined __________ of all family members.
Family Income refers to the combined __________ of all family members.
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A New Task is a process where a business purchases an exact product or service for the __________ time.
A New Task is a process where a business purchases an exact product or service for the __________ time.
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A ______ label can be easily peeled off.
A ______ label can be easily peeled off.
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The ______ stage involves learning about a product.
The ______ stage involves learning about a product.
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A ______ involves adding new products to an existing line.
A ______ involves adding new products to an existing line.
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Packaging provides ______ information.
Packaging provides ______ information.
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The ______ of service marketing strategies include referrals, education, and demonstrations.
The ______ of service marketing strategies include referrals, education, and demonstrations.
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Higher prices can increase ______ per unit, but may reduce sales volume.
Higher prices can increase ______ per unit, but may reduce sales volume.
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______ is the value assigned to a product or service that consumers pay to obtain it.
______ is the value assigned to a product or service that consumers pay to obtain it.
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A ______ product line is a set of products that are closely related by function, customer group, or market.
A ______ product line is a set of products that are closely related by function, customer group, or market.
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The general need stage involves a team of buyers, engineers, and professionals working together to agree on a desired _____ .
The general need stage involves a team of buyers, engineers, and professionals working together to agree on a desired _____ .
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The specification of the product organizes a comprehensive list of technical specifications through the _____ team.
The specification of the product organizes a comprehensive list of technical specifications through the _____ team.
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Market segmentation entails discovering what types of consumers with _____ needs exist.
Market segmentation entails discovering what types of consumers with _____ needs exist.
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A concentrated strategy involves a company choosing to focus, specialize, and target only one segment of the _____ .
A concentrated strategy involves a company choosing to focus, specialize, and target only one segment of the _____ .
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Demographic variables include grouping consumers with regard to their _____ , age, and income.
Demographic variables include grouping consumers with regard to their _____ , age, and income.
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The differentiated strategy treats consumers in two or more specific _____ segments differently.
The differentiated strategy treats consumers in two or more specific _____ segments differently.
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Psychographic variables cover lifestyle, personality interests, and _____ .
Psychographic variables cover lifestyle, personality interests, and _____ .
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For successful segmentation, a segment must be _____ , accessible, and substantial.
For successful segmentation, a segment must be _____ , accessible, and substantial.
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The needs based approach segments the market according to similar nature of ______.
The needs based approach segments the market according to similar nature of ______.
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Profilers are descriptive in nature and measurable in terms of customer ______.
Profilers are descriptive in nature and measurable in terms of customer ______.
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Geographic segmentation involves segmenting a campaign's target audience based on their ______.
Geographic segmentation involves segmenting a campaign's target audience based on their ______.
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Business markets can be subdivided based on marketer's objectives and product ______.
Business markets can be subdivided based on marketer's objectives and product ______.
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Customer benefits segmentation associates an object with a product ______.
Customer benefits segmentation associates an object with a product ______.
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The price-quality issue is an important ______ strategy in some product categories.
The price-quality issue is an important ______ strategy in some product categories.
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Segmentation by size targets customers based on ______.
Segmentation by size targets customers based on ______.
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Business needs segmentation allows marketers to connect with businesses across geographies, sizes, and ______.
Business needs segmentation allows marketers to connect with businesses across geographies, sizes, and ______.
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Study Notes
Marketing Management
- Consumer Market: Global markets where individuals buy goods or services for personal use.
- Consumer Buying Process: Consumers don't always buy in random patterns; a structured process exists.
- Problem Recognition: A consumer identifies an unmet need or a problem contradicting their desire or current reality. This is the basis of buying behavior.
- Information Search: Consumers actively seek information about potential products or services.
- Information Sources: Personal (family, friends), Commercial (advertising, salespeople), Public (media, consumer ratings), and Experimental (handling, testing).
Evaluation of Alternatives
- Evaluation of Alternatives: Consumers evaluate different brands based on factors like benefits, quality and satisfaction.
- Factors Affecting Purchase Decisions: Influences (attitudes of others, unanticipated situations, consumer risk perceptions) may cause consumers to avoid, modify, or postpone purchases.
- Purchase Decision: Consumers choose the product offering that maximizes benefits and satisfaction.
- Purchase: The final stage of purchase, confirming buying intention.
- Post-Purchase Evaluation: Consumers evaluate their purchase decision; this may lead customers to return products if they are dissatisfied.
Post Purchase Experience
- Post Purchase Satisfaction: Satisfaction exists when expectations are met or exceeded; this leads to repeat purchases and positive feedback.
- Post Purchase Action: Customer feedback (complaints or positive reviews) is valuable to marketers to understand consumer behavior.
- Situational Influences: Consumer behavior can be influenced by factors (relaxation, shopping alone, or store crowdedness.)
- Temporal Perspectives: Time factors associated with shopping (day, season, year, festival).
Groups that Affect Buying Behavior
- Initiator: The initiator begins the buying decision.
- Influencer: The influencer influences the decision.
- Decider: The decider has the authority to make the purchase decision.
- Buyer: The buyer ultimately makes the purchase.
- Roles and status: Position in a situation or group impacting purchase decisions.
- Family: Impacts consumer preferences and behavior.
- Social Class: Reflects where an individual stands in society, impacting consumer decision.
- Culture: Includes the values, customs, and practices common to a specific group.
- Sub-Culture: Based on specific shared customs and beliefs.
Demographic, Psychographic and Behavioral Characteristics
- Demographic Characteristics: Variables like gender, age, income, occupation, and education.
- Psychographic Characteristics: Lifestyle, personality, interests, activities, opinions, and values.
- Behavioral Characteristics: Product usage rates, brand loyalty, user status or how long they have been customers. (Benefits sought)
Market Segmentation
- Market Segmentation: Identifying different consumer needs by understanding similarities and differences in consumers.
- Need-Based Approach: Separates segments based on similar needs.
- Profiler Approach: Segments based on descriptive characteristics like location, age, etc.
- Undifferentiated Strategy: Treating all consumers the same.
- Concentrated Strategy: Focuses on one segment.
- Differentiated Strategy: Targeting two or more segments simultaneously.
- Geographic characteristics: (Market size, region, country, city, locality, population density, climate).
Characteristics for Successful Segmentation
- Measurable,
- Accessible,
- Substantial,
- Actionable,
- Differentiable.
Positioning Strategies
- Customer Benefits: Associating a product with a specific customer benefit; like quality or durability.
- Price/Quality: Price/quality often plays a large role in customer decision-making.
- Application Positioning: associating the product with its intended users.
- Product User Positioning: associating the product with the people that use it.
- Product Class Positioning: similar to price/quality, for positioning the product relative to competitors.
- Cultural symbols: Brands that have deeply rooted cultural meanings or symbols, this allows businesses to differentiate from competitors.
- Competitor Positioning: positioning the product relative to competitors.
- Perceptual mapping: A visual method for representing customer perceptions.
Product Characteristics and Strategies
- Core Customer Value: The problem the product solves for the consumer
- Actual product: The product itself, including features, quality, brand name, and packaging.
- Augmented Product: Related services and benefits, e.g., warranty.
- B2B Products: Used for commercial purposes (manufacturing, business operations).
- Consumer Products: Products purchased for personal use. (Convenience, Shopping, Durable, Non-Durable, Specialty, Unsought).
- Product Mix: All the product lines a company offers.
Pricing
- Pricing Objectives (Survival, Maximizing Current Profits, Capturing Market Share, Market Skimming, Product-Quality Leadership).
- Factors Influencing Pricing Decisions (Cost, Customers, Competition, Pricing Strategy)
- Pricing Strategies (Premium Pricing, Penetration Pricing, Economy Pricing, Price Skimming, Psychological Pricing, Bundled or combo pricing, Optional product pricing, Captive Product pricing, Promotional pricing, Geographical pricing).
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Description
Test your knowledge on consumer behavior and the buying process in marketing management. This quiz covers topics such as problem recognition, information search, and evaluation of alternatives that influence consumer decisions. Perfect for students of marketing or anyone interested in understanding consumer dynamics.
