Exam #1 Study Guide

Exam #1 Study Guide - MKTG 4770 Consumer Behavior Spring...

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MKTG 4770: Consumer Behavior Spring 2011 Exam #1 Review Guide This guide should help you organize your thoughts and prepare for the exam. The information listed here is, in general, much broader than most of the questions you’ll find on the exam; that means that the questions on the exam may include details not listed here. Additionally, you will note that some concepts are listed here that we did not cover in lecture; you can refer to your textbook for these concepts. If you can explain and apply each of the concepts and key terms here, you’ll be in good shape for the exam. The exam will cover Chapters 1 through 4 , along with information from lectures, textbook readings, additional readings, class discussions, videos, and experiential in-class exercises. The exam may feature a range of question types, such as multiple choice, true-false, short answer, and short essay. Exam Date: Tuesday, February 8, 2011. Chapter 1 : Consumers Rule Concepts : Consumer-generated content (including examples, and the pros and cons) (“CGC”) When everyday people voice their opinions about products, brands, and companies on blogs, podcasts, social networking sites, etc. Used recently by marketers to invite consumers to create ads (but this is only 1 application). PROS It engages consumers in brand communication Consumers seem to know best what other consumers will like. Could cost less money since consumers are producing the content. CONS Could cost more money since companies still need to “promote” the opportunity to consumers, and buy media time and space. What happens if all the submitted content is poorly executed, offensive, or just plain bad? Consumers often not aware of overall brand strategy (so simply use humor as a strategy). Key Terms : 1. Consumer: a person who identifies a need or desire, makes a purchase, and/or disposes of the product 2. consumer behavior: The study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy
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needs and desires. (Consumer Behavior is a process Exchange: A transaction in which two or more organizations or people give and receive something of value) 3. database marketing: tracking consumers’ buying habits very closely, and then crafting products and messages tailored precisely to people’s wants and needs based on this information 4. exchange: the perspective that every interaction involves an exchange of value 5. global consumer culture: a culture in which people around the world are united through their common devotion to brand name consumer goods, movie stars, celebrities, and leisure activities 6. green marketing: When a firm chooses to protect or enhance the natural environment as it goes about its activities. ( a marketing strategy involving an emphasis on protecting the natural environment.) EXAMPLE: Mall of America’s Green story *Heating System *Live Plants *Industry Leading Recycling Program
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Exam #1 Study Guide - MKTG 4770 Consumer Behavior Spring...

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