MRKT 310 Exam 2 Review Fall 2010 - MRKT 310 Exam 2 Review...

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MRKT 310 Exam 2 Review Fall 2010 Chapter 6 Consumer Decision Making Terms: Consumer behavior- how consumers make purchase decisions and how consumers use and dispose of a product Consumer decision-making process-a five step process used by consumers when buying goods or services Need recognition- result of an imbalance between actual and desired states Information search- Internal information search- recall information from memory External information search- seek information in outside environment, nonmarketing and marketing controlled Evoked (consideration) set- group of brands, resulting from an information search, from which a buyer can choose Evaluation of alternatives Cognitive dissonance- inner tension that consumer experiences after recognizing an inconsistency between behavior and values or opinions Involvement Routine response behavior- little involvement in selection, frequently purchased low cost goods, may stick with one brand, buy first/evaluate later, quick decision Limited decision making- low levels of involvement, low to moderate cost goods, evaluation of a few alternative brands, short to moderate time to decide Extensive decision making- high levels of involvement, high cost goods, evaluation of many brands, long time to decide, may experience cognitive dissonance Cultural influences- values (American success, materialism, freedom, progress, youth, capitalism), language, myths, customs, rituals, laws, material artifacts, subculture, social class, Social influences- reference groups, opinion leaders (person who influences the opinion of others), family members ( can be initiators, influencers, decision makers, purchasers, consumers) Individual influences- gender, age, life cycle, personality, self concept, lifestyle, Psychological influences- perception, motivation, learning, beliefs and attitudes
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Concepts: Differences between the consumer decision making processes The importance of the post-purchase stage of evaluation Factors that influence the level of involvement Chapter 7 Business Marketing Terms: Business marketing- the marketing of goods and services to individuals and organizations for the purposes other than personal consumption Categories of business customers – producers, etc. Producers- OEMs Resellers- wholesalers, retailers Governments- federal, municipal, local Institutions- schools, churches, hospitals, unions, colleges, foundations NAICS- a detailed numbering system developed by the US, Canada, and Mexico to classify North American business establishments by their main production processes; provides a common industry classification system; valuable tool for marketers in analyzing, segmenting, and targeting markets Reciprocity- two companies directly buying from each other Types of business products – major equipment, etc.- are used to manufacture other products; become part of another product; aid the normal operations of an organization; are acquired for resale without change in form; key is intended use NOT physical characteristics Major Equipment- factory, machinery
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