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Marketing Exam Study Guide: Key Concepts and Consumer Behavior, Exams of Advanced Education

Widener University - DelawareAdvanced Education

A comprehensive overview of key marketing concepts and consumer behavior theories, suitable for exam preparation or study. It covers topics such as situational influences, social features, time, task features, and the organization's strategic plan. It also explores the marketing management process, including situation analysis, marketing objectives, target market selection, and the marketing mix. The document delves into consumer behavior, examining social, marketing, situational, and psychological influences on consumer decision-making. It is a valuable resource for students seeking to understand the fundamentals of marketing and consumer behavior, offering clear definitions and explanations of essential concepts. Useful for university students.

Typology: Exams

2024/2025

Available from 06/29/2025

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Mizzou Marketing 4000 Exam 1
physical features - CORRECT ANSWER-the most apparent situational factor: location,
decor, sounds, aromas, lighting, weather, visible configurations (clothes not as attractive
as they were in the store-->lighting)
social features - CORRECT ANSWER-Other persons present, their characteristics, their
apparent roles and interpersonal interactions (buy more expensive things when around
people to impress)
time - CORRECT ANSWER-may be specified in units ranging from time of day to
season of the year; may be relative to some past or future event for the participant
(dunkin donuts=coffee in the AM ice cream at night)
task feature - CORRECT ANSWER-different buyer and user roles (shopping for yourself
vs shopping for others)
the organizations strategic plan - CORRECT ANSWER-1. organizational mission
2.organizational objectives
3.organizational strategies
4. organizational portfolio plan
organizational mission - CORRECT ANSWER-1.focused on markets
2. achievable and realistic
3.motivating
4. specific
organizational objectives - CORRECT ANSWER-can be converted into specific actions,
will provide direction and principles, can establish long run priorities for the organization,
can facilitate management control as they serve as standards against which overall
organizational performance can be evaluated
organizational strategies - CORRECT ANSWER-choice of directions that the firm will
take in pursuing its objectives. based on:
1. products and markets
2. competitive advantage
3. value they can provide to their customers
market penetration - CORRECT ANSWER-vinegar as a dressing now is used as a
cleaner (present customers, present products)
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Download Marketing Exam Study Guide: Key Concepts and Consumer Behavior and more Exams Advanced Education in PDF only on Docsity!

Mizzou Marketing 4000 Exam 1

physical features - CORRECT ANSWER-the most apparent situational factor: location, decor, sounds, aromas, lighting, weather, visible configurations (clothes not as attractive as they were in the store-->lighting) social features - CORRECT ANSWER-Other persons present, their characteristics, their apparent roles and interpersonal interactions (buy more expensive things when around people to impress) time - CORRECT ANSWER-may be specified in units ranging from time of day to season of the year; may be relative to some past or future event for the participant (dunkin donuts=coffee in the AM ice cream at night) task feature - CORRECT ANSWER-different buyer and user roles (shopping for yourself vs shopping for others) the organizations strategic plan - CORRECT ANSWER-1. organizational mission 2.organizational objectives 3.organizational strategies

  1. organizational portfolio plan organizational mission - CORRECT ANSWER-1.focused on markets
  2. achievable and realistic 3.motivating
  3. specific organizational objectives - CORRECT ANSWER-can be converted into specific actions, will provide direction and principles, can establish long run priorities for the organization, can facilitate management control as they serve as standards against which overall organizational performance can be evaluated organizational strategies - CORRECT ANSWER-choice of directions that the firm will take in pursuing its objectives. based on:
  4. products and markets
  5. competitive advantage
  6. value they can provide to their customers market penetration - CORRECT ANSWER-vinegar as a dressing now is used as a cleaner (present customers, present products)

product development - CORRECT ANSWER-Michelob for weekend and weekdays, low carb (present customers, new products) market development - CORRECT ANSWER-new customers, present products diversification - CORRECT ANSWER-new customers for present products (placing products where you normally wouldn't see them) cannobolizing - CORRECT ANSWER-intro to new products that causes you to lost money on existing products (caused by product development) --> Honda fit vs. civic organizational strategies based on competitive advantage (*think--> relates to $) - CORRECT ANSWER-1. cost leadership strategy

  1. strategy based on differentiation cost leadership strategy - CORRECT ANSWER-a firm could focus on being the low cost company in it's industry, if it has the ability to do so (Walmart, southwest airlines) strategy based on differentiation - CORRECT ANSWER-A firm seeks to be unique in its industry or market segment along particular dimensions that the customers value (rolex, mini cooper) Strategies based on value - CORRECT ANSWER-1.best price
  2. best product
  3. best service Organizational portfolio plan - CORRECT ANSWER-2 steps
  4. identify the various divisions, product lines, and so on that can be considered a business (strategic business units)
  5. establish methods to determine how resources should be allocated among the various SBU's (portfolio models) The marketing management process - CORRECT ANSWER-the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges with target groups that satisfy customer and organizational objectives The marketing plan - CORRECT ANSWER-1. situation analysis
  6. marketing objectives
  7. target and market selections
  8. marketing mix situation analysis - CORRECT ANSWER-involves analysis of the past, present, and likely future in 6 major areas of concern in the context of a firms industry environment Industry Environment - CORRECT ANSWER-1. cooperative environment
  1. developing the marketing mix Marketing Mix - CORRECT ANSWER-Product, Price, Place, Promotion implementation of the marketing plan - CORRECT ANSWER-putting the plan to action and performing marketing tasks according to a predefined schedule Consumer - CORRECT ANSWER-A person who purchases goods and services for personal use (USER) customer - CORRECT ANSWER-someone who buys goods or services (doesn't always use it) the buying process - CORRECT ANSWER-1. social influences
  1. marketing influences
  2. situational influences
  3. psychological influences social influences - CORRECT ANSWER-society in general, our ethnic background, important people in our lives. (changes all the time, values and standards) culture - CORRECT ANSWER-one of the most basic influences on an individual's needs, wants, and behavior. transmitted through family, religion, educational institutions social class - CORRECT ANSWER-basis of things such as wealth, skill, power
  4. upper americans 2.middle class 3.working class 4.lower american upper americans - CORRECT ANSWER-high incomes, more opportunities, privilege middle class - CORRECT ANSWER-these consumers want to do the right thing and buy what is popular (tries to be like the upper class) working class - CORRECT ANSWER-people who are family folk who depend heavily on relatives for economic and emotional support (can't live beyond their means, can't try to be like the middle class, they help eachother out) lower american - CORRECT ANSWER-as diverse in values and consumption goals as are other social levels. unemployed/unlucky, no income, no aspirations reference groups - CORRECT ANSWER-groups that an individual looks to when forming attitudes and opinions

Marketing influences - CORRECT ANSWER-exposure to actions undertaken by marketers (Billboards in MO) Marketing influences on consumer decision making - CORRECT ANSWER-1. product influences

  1. price influences
  2. promotion influences
  3. place influences product influences - CORRECT ANSWER-Brand name, quality, newness, complexity, physical appearance of the product, packaging, and labeling information (which product they want to buy-most important is brand--> routine stays the same brand) price influences - CORRECT ANSWER-Value-conscious consumers buy products more on the basis of price than on other attributes (even stronger influence than brand!! some cases price is a hard decision=quality is lower price...Europe trip example) promotion influences - CORRECT ANSWER-advertising, sales promotions, salespeople, and publicity (lower prices just drives customers to buy more; customers wait for this) place influences - CORRECT ANSWER-products-convient to buy products-sold at exclusive outlets products-offered by non store methods such as internet or catelogs (potato chips are everywhere, diamonds are at specific jewelry stores) Situational influences - CORRECT ANSWER-all of the factors particular to a time and place that have a demonstrable and systematic effect on current behavior situational influences on consumer decision making - CORRECT ANSWER-1.physical features
  4. social features
  5. time
  6. task features
  7. current conditions current conditions - CORRECT ANSWER-Momentary moods (such as acute anxiety, pleasantness, hostility, and excitation) or momentary conditions (such as cash on hand, fatigue, and illness) rather than chronic individual traits Psychological influences on consumer decision making - CORRECT ANSWER- 1.product knowledge
  8. product involvement

limited decision making - CORRECT ANSWER-requires a moderate amount of time and effort to search for and compare alternatives (fridge/ dishwasher) routine decision making - CORRECT ANSWER-Involves little in the way of thinking and deliberation (habitual purchases like candy at the checkout) consumer decision making process - CORRECT ANSWER-1. need recognition

  1. information search
  2. alternative evaluation
  3. purchase decision
  4. post purchase behavior Need recognition - CORRECT ANSWER-The first stage of the buyer decision process, in which the consumer recognizes a problem or need. either internal or external stimuli (internal-having kids-->need a bigger car, external- ads make you hungry so you buy food) most important step of need recognition - CORRECT ANSWER-what unsatisfied needs and wants consumers have for which a new product could be developed Maslow's Hierarchy of Needs - CORRECT ANSWER-physiological, safety, love/belonging, esteem, self-actualization Information search - CORRECT ANSWER-the stage of the buyer decision process in which the consumer is motivated to search for more information
  5. internal sources
  6. group sources
  7. marketing sources
  8. public sources 5.experiential sources alternative evaluation - CORRECT ANSWER-1.consumer has info about a number of brands in a product class 2.consumer perceives that some of the brands in a product class are viable alternatives for satisfying a recognized need- "consideration set"
  9. each of these brands in the consideration set has a set of attributes
  10. a set of these attributes is relevant to the consumer- the consumer perceives that different brands vary in how much of each attribute they possess
  11. consumers prefer brands that have desired attributes in desired amounts and desired order
  12. the brand the consumer likes best is the brand the consumer will intend to purchase purchase decision - CORRECT ANSWER-purchase involves many decision :product type, brand, model, dealer selection, method of payment
  • focus on brands that have been reliable
  • uncertainty-->buy few at first the rest later post purchase evaluation - CORRECT ANSWER-if a particular product fulfills the need for which it was purchased, the probability is high that the product will be repurchased post decision dissonance is the lack of harmony in thoughts after the decision more choices you have--> more regret after purchase $ and # of purchases = more regret cognitive dissonance - CORRECT ANSWER-an unpleasant state that arises when a person recognizes the inconsistency of his or her actions, attitudes, or beliefs woman in love with her mercedes that has TONS of problems disconfirmation paradigm - CORRECT ANSWER-Views consumer satisfaction as the degree to which the actual performance of a product is consistent with expectations a consumer had before purchase high expectations before= more post purchase upset if the product doesn't meet the expectations marketing research - CORRECT ANSWER-a process by which info about the firm's environment is generated, analyzed, and interpreted who controls the marketing mix? - CORRECT ANSWER-managers who influences the behavioral response--but has no control of it - CORRECT ANSWER- managers 2 parts of marketing - CORRECT ANSWER-independent variable and dependent variable independent variable - CORRECT ANSWER-situational factors, marketing mix dependent variable - CORRECT ANSWER-outputs, phenomena one seeks to explain behavioral responses of consumers to the independent variables performance measures 5 P's of research process - CORRECT ANSWER-purpose of the research plan of the research performance of the research processing research data prepare research data purpose of the research - CORRECT ANSWER-determines explicitly why the research is needed and what it is to accomplish managers and researchers need to agree on 1.current situation involving the problem to be researched