thorough marketing midterm

Baby boomers most affluent after wwii generation x

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Baby boomers: most affluent: after WWII Generation X: high divorce rates Millenials: generation Y: technological Demographic (race, gender, etc), economic, natural (resources), technological (impacting business), political (laws), culture CHAPTER 4 Customer insights are: fresh and deep to tend to customers’ wants and needs / difficult to obtain Companies collect info – MIS: develop & assess info to help make decisions Developing marketing information o Internal database : electronic collections of consumer & market info obtained from data sources within company efforts o Marketing intelligence : systematic collection of public available info o Marketing research : systematic design of data relevant to a specific marketing situation Define problem develop research plan implement plan interpret & report findings Research: o Exploratory : gather preliminary info that will help define problem and suggest hypotheses o Descriptive : describe marketing problems, situations, or markets, such as the market potential for a product of the demographics and attitudes of consumers o Causal : marketing research to test hypotheses about cause-and- effect relationships Primary (info for specific purpose on hand) and secondary data (info that exists elsewhere, collected for another reason) Observational: gathering data by observing people Ethnographic research: hire someone to observe them Contact methods / different types of interviewing
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Customer relationship management (CRM): managing detailed info about individual customers and carefully managing customers touch points to maximize customer loyalty CHAPTER 5 Consumer buyer behavior : buying behavior of final customers Model of consumer behavior: you have a pattern tracked through cards Marketers use four P’s to create stimuli Consumer behavior focuses on a buyer’s characteristics: cultural, social, personal, and psychological Subculture : groups of people with shared value systems Social (factors) class : word-of-mouth, social networks, roles and status Personal factors - age and life-cycle factors, occupation, economic, lifestyle Psychological factors – motivation, perception, learning, and beliefs and attitudes Maslow’s Hierarchy of Needs: physiological, safety, social, esteem, self- actualization Types of buying decision behavior: o Complex : highly involved in purchase and perceive significant differences among brands o Dissonance-reducing : high involvement but few perceived differences o Habitual : low-consumer involvement and few perceived brand difference – price and sales promotion pushes buying o Variety-seeking : low consumer involvement but perceived brand difference – frequent brand switching’ o Buyer decision process: need recognition information search evaluation of alternatives purchase decision postpurchase behavior o Information search – you pay more attention to what you’re looking for Personal source (family and friends)
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