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Questions and Answers
What do beliefs and attitudes influence according to the content?
What do beliefs and attitudes influence according to the content?
- Product design
- Pricing strategies
- Buying behavior (correct)
- Market segmentation
Which attribute is not listed as a consideration for hotels?
Which attribute is not listed as a consideration for hotels?
- Price
- Cleanliness
- Location
- Safety (correct)
In the expectancy-value model, which attribute is assigned the lowest weight by Linda?
In the expectancy-value model, which attribute is assigned the lowest weight by Linda?
- Memory capacity
- Size and weight
- Price (correct)
- Graphics capability
Which laptop has the highest perceived value according to Linda's calculations?
Which laptop has the highest perceived value according to Linda's calculations?
What is the primary focus of non-compensatory models of consumer choice?
What is the primary focus of non-compensatory models of consumer choice?
How many subdecisions might a consumer make when executing a purchase intention?
How many subdecisions might a consumer make when executing a purchase intention?
Which of the following attributes is included in Linda's evaluation of laptops?
Which of the following attributes is included in Linda's evaluation of laptops?
What factor primarily influences the purchasing roles within a traditional husband–wife relationship?
What factor primarily influences the purchasing roles within a traditional husband–wife relationship?
What is an example of a market segmentation factor for tires?
What is an example of a market segmentation factor for tires?
Why is it important for marketers to recognize the changing roles of men and women in household purchasing?
Why is it important for marketers to recognize the changing roles of men and women in household purchasing?
Which of the following is NOT a factor that influences a buyer's decision according to personal characteristics?
Which of the following is NOT a factor that influences a buyer's decision according to personal characteristics?
How do marketers typically respond to the knowledge of different occupational groups?
How do marketers typically respond to the knowledge of different occupational groups?
In consumer behavior, what does the term 'role' refer to?
In consumer behavior, what does the term 'role' refer to?
Which trait is associated with the concept of brand personality under the sincerity category?
Which trait is associated with the concept of brand personality under the sincerity category?
What personal characteristic is closely linked to variations in consumption patterns due to age?
What personal characteristic is closely linked to variations in consumption patterns due to age?
Which of the following best describes the personality trait of sociability in consumer behavior?
Which of the following best describes the personality trait of sociability in consumer behavior?
What is the primary purpose of market segmentation?
What is the primary purpose of market segmentation?
Which of the following is NOT a basis of market segmentation mentioned?
Which of the following is NOT a basis of market segmentation mentioned?
How does geographic segmentation help businesses like McDonald's?
How does geographic segmentation help businesses like McDonald's?
What characteristic is primarily considered in psychographic segmentation?
What characteristic is primarily considered in psychographic segmentation?
What is a key driver of sales frequency?
What is a key driver of sales frequency?
Which market segment would likely benefit from ready-to-eat products placed at the front of a grocery store?
Which market segment would likely benefit from ready-to-eat products placed at the front of a grocery store?
What strategy can help consumers replace products more quickly?
What strategy can help consumers replace products more quickly?
Which type of segmentation focuses on factors such as age, gender, and family size?
Which type of segmentation focuses on factors such as age, gender, and family size?
Which psychological process involves the influence of consumer needs on behavior?
Which psychological process involves the influence of consumer needs on behavior?
According to Freud's theory, what shapes people's behavior?
According to Freud's theory, what shapes people's behavior?
What type of behavioral segmentation might Hallmark use?
What type of behavioral segmentation might Hallmark use?
What is an outcome of effective market segmentation for a business?
What is an outcome of effective market segmentation for a business?
What does Herzberg's two-factor theory distinguish between?
What does Herzberg's two-factor theory distinguish between?
What is the technique called that helps trace a person's motivations?
What is the technique called that helps trace a person's motivations?
Which of the following is an example of a biogenic need?
Which of the following is an example of a biogenic need?
What can increase actual product usage according to the content?
What can increase actual product usage according to the content?
What are considered dissatisfiers in the context of product purchases?
What are considered dissatisfiers in the context of product purchases?
Which of the following statements is true regarding the presence of a product warranty?
Which of the following statements is true regarding the presence of a product warranty?
What is the process by which we interpret information inputs to create a meaningful picture of the world?
What is the process by which we interpret information inputs to create a meaningful picture of the world?
Which type of attention is described as being purposeful?
Which type of attention is described as being purposeful?
What does selective distortion lead consumers to do?
What does selective distortion lead consumers to do?
Which of the following is most likely remembered due to selective retention?
Which of the following is most likely remembered due to selective retention?
What is the average number of ads or brand communications a person may be exposed to daily?
What is the average number of ads or brand communications a person may be exposed to daily?
In blind taste tests, how do consumers’ opinions of a product typically differ?
In blind taste tests, how do consumers’ opinions of a product typically differ?
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Study Notes
Segmentation
- Segmentation divides a diverse market into smaller, similar sub-markets for targeted marketing.
- Grocery store example segments customers into family feeders (regular purchasers for the family) and on-the-go customers (busy individuals seeking convenience foods).
- Market segmentation enhances consumer-focused marketing, optimizing marketing programs and resource allocation, leading to increased sales and profits.
Stages of Market Segmentation
- Establish the basis for segmentation.
- Determine key characteristics for each market segment.
Basis of Segmentation
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Geographic Segmentation
- Includes nations, states, regions, cities, and neighborhoods.
- Example: McDonald's adapts its menu globally to cater to local tastes (e.g., McAloo Tikki in India).
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Demographic Segmentation
- Consider factors like age, gender, family size, income, occupation, education, religion, and ethnicity.
- Example: Pepperfry segments furniture based on age and life stages.
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Psychographic Segmentation
- Focuses on lifestyle and personality traits.
- Example: Harley Davidson targets male bikers desiring freedom and a motorcycle lifestyle.
-
Behavioral Segmentation
- Analyzes usage occasions, usage rate, loyalty status, buyer readiness, and attitudes.
- Example: Hallmark tailors greeting cards based on behavioral insights.
Personal Factors Affecting Buying Decisions
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Roles and Status
- Role denotes expected activities and associated status.
- Consumers select products reflecting their roles and societal status.
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Age and Life Stage
- Preferences and consumption shaped by age and family dynamics.
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Occupation and Economic Circumstances
- Occupation influences consumption needs; marketers tailor products to different occupational groups.
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Personality and Self-Concept
- Personality traits impact buying behaviors; brands may reflect these traits.
Beliefs and Attitudes
- Beliefs are descriptive thoughts held about products, while attitudes are enduring evaluations that influence buying behavior.
- The expectancy-value model quantifies perceived value based on weighted beliefs.
Purchase Decision
- Involves brand preference, dealer choice, quantity, timing, and payment methods.
- Non-compensatory choice models suggest positive and negative attributes influence purchase decisions individually.
Key Psychological Processes
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Motivation
- Comprised of biogenic needs (physiological) and psychogenic needs (psychological).
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Freud’s Theory
- Behavior influenced by unconscious motivations, known as "laddering" to determine deeper motivations.
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Maslow's Theory
- Hierarchical model explaining human motivation.
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Herzberg’s Two-Factor Theory
- Differentiates dissatisfiers (causing dissatisfaction) from satisfiers (leading to satisfaction). Avoiding dissatisfiers is crucial for successful sales.
Perception
- Perception shapes consumer understanding through selective attention, distortion, and retention.
- Selective Attention: Focus on certain stimuli while ignoring others; people encounter overwhelming advertising.
- Selective Distortion: Consumers interpret information to fit existing beliefs or expectations.
- Selective Retention: Consumers remember information that supports their attitudes, leading to brand loyalty.
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