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Questions and Answers
What is a key factor in establishing trust and perceived value in a product?
What is a key factor in establishing trust and perceived value in a product?
Which step is essential for understanding customer needs in a new product launch?
Which step is essential for understanding customer needs in a new product launch?
How does a strong brand image influence consumer behavior?
How does a strong brand image influence consumer behavior?
What marketing strategy component involves evaluating the competition?
What marketing strategy component involves evaluating the competition?
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Which of the following factors is most likely to encourage repeat purchases from customers?
Which of the following factors is most likely to encourage repeat purchases from customers?
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Which type of buying decision behavior involves shoppers seeing big differences between brands?
Which type of buying decision behavior involves shoppers seeing big differences between brands?
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What is the first step in the buyer decision process?
What is the first step in the buyer decision process?
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In the context of the buyer decision process for new products, what occurs during the Evaluation stage?
In the context of the buyer decision process for new products, what occurs during the Evaluation stage?
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Which type of market includes factors such as culture and social groups that affect buying decisions?
Which type of market includes factors such as culture and social groups that affect buying decisions?
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In the BCG Matrix, which category includes products with high market share but low growth?
In the BCG Matrix, which category includes products with high market share but low growth?
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What is the objective of Market Development in the Ansoff Matrix?
What is the objective of Market Development in the Ansoff Matrix?
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What is the main action to take during the Decline stage of product growth?
What is the main action to take during the Decline stage of product growth?
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Which strategy for company growth involves improving marketing and customer service?
Which strategy for company growth involves improving marketing and customer service?
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Study Notes
Marketing Factors Influencing Behavior
- Product quality builds customer trust and perception of value.
- Strong brand image influences purchasing decisions.
- Effective pricing strategies attract more customers.
- Promotions like sales and deals encourage purchases.
- Positive customer experience leads to repeat purchases.
New Product Launch
- Market research identifies customer needs and desires.
- Product development focuses on creating a product that meets those needs.
- Testing with a select group provides valuable feedback.
- Marketing strategy outlines a clear plan for promoting the product upon launch.
FASTEL Analysis
- Collects data about the market and competitors.
- Identifies trends in technology, economy, and consumer preferences.
- Analyzes competitors' offerings and performance.
- Conducts a SWOT analysis to assess strengths, weaknesses, opportunities, and threats.
Types of Buying Decision Behavior
- Complex buying behavior occurs when consumers have high involvement and perceive significant differences between brands.
- Reducing buying behavior involves moderate involvement and fewer perceived differences between brands.
- Habitual buying behavior is characterized by low involvement and minimal perceived differences, leading to brand purchases based on habit.
- Seeking buying behavior involves low involvement but clear brand differences, motivating consumers to switch brands for variety.
The Buyer Decision Process
- Begins with recognition of a need or want.
- Involves information gathering about the product.
- Compares different products and brands.
- Culminates in a product purchase decision.
- Concludes with post-purchase evaluation of the choice.
The Buyer Decision Process for New Products
- Starts with awareness of the new product.
- Proceeds to generating interest and seeking more information.
- Involves evaluating the product's benefits and features.
- Encompasses trial of the product through samples or low-cost options.
- Ends with adoption of the product for regular use.
Consumer Markets and Buyer Behavior
- Consumer markets are places where individuals purchase goods for personal use.
- Buying decisions are influenced by cultural factors, social groups, personal preferences, and psychological factors.
PESTEL Analysis
- Evaluates political factors like government regulations.
- Considers economic factors such as economic growth.
- Analyzes social factors including cultural trends.
- Assesses technological factors like technological advancements.
- Examines environmental factors related to sustainability.
- Evaluates legal factors like laws and regulations.
BCG Matrix
- Stars possess high market share and high growth rate.
- Cash Cows have high market share but low growth rate.
- Question Marks exhibit low market share but high growth rate.
- Dogs have low market share and low growth rate.
Ansoff Matrix
- Market penetration involves increasing sales within existing markets.
- Market development focuses on entering new markets with existing products.
- Product development introduces new products to existing markets.
- Diversification explores new products in new markets.
Product Growth Steps
- Introduction stage involves product launch and awareness building.
- Growth stage focuses on increasing sales and customer base.
- Maturity stage sees slowing sales and requires product differentiation.
- Decline stage involves decisions to discontinue or modify the product.
How a Company Can Grow
- Enhancing marketing and customer service.
- Introducing new products.
- Expanding into international markets.
- Collaborating with other companies.
How to Market The Product
- Identify the target customer and their needs.
- Highlight the product's unique selling proposition.
- Utilize various marketing channels to reach the target audience.
- Adapt marketing strategies based on market dynamics.
- Continuously monitor and evaluate marketing campaigns.
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Description
This quiz explores key marketing factors that influence consumer behavior, including product quality, brand image, pricing strategies, and promotions. Additionally, it covers the process of launching new products and conducting market research, along with FASTEL analysis and types of buying decision behavior. Test your understanding of these essential marketing concepts!
