Marketing Management Quiz

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).