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MKTG CH 6 & 7

According to Maslow’s hierarchy of needs, which of the following needs do people seek to meet first before meeting any other need?
Financial
Physiological*
Safety
Love
Esteem
Phsiological
Locating information from one’s own memory and knowledge is known as a(n) ___________ information search, whereas seeking outside sources of information is an external information search
Consumer decision process model
The consumer decision process model represents the steps that consumers go through before, during, and after making purchases. Because Marketers often find it difficult to determine how consumers make their purchasing decisions, it is useful for us to break down the process into a series of steps and examine each individually
The consumer decision process begins when consumers recognize they have an unsatisfied need, and they would like to go from their actual, needy state to a different, desired state. The greater the discrepency between these two states, the greater the _________ ______________ will be.
NEED RECOGNITION
Consumers needs like these can be classified as functional, psychological or both.
FUNCTIONAL NEEDS
pertain to the performance of a product or service.
PSYCHOLOGICAL NEEDS
pertain to the personal gratification consumers associate with a product and/or service.
The second step, after a consumer recognizes a need, is to search for information about the various options that exist to satisfy that need. The length and intensity of the search are based on the degree of perceived risk associated with purchasing the product or service.
perceived risk
There are two key types of information search:
internal and external
________ __________ ____________, the buyer examines his or her own memory and knowledge about the product or service, gathered through past experiences.
internal search for information
external search for information
external search for information, the buyers seeks information outside his or her personal knowledge base to help make the buying decision.
The perceived benefits versus perceived costs of search.
The Locus of control.
People who have an internal locus of control
believe they have some control over the outcomes of their actions, in which case they generally engage in more search activities.
External locus of control,
consumers believe that fate or other external factors control all outcomes.
Actual or Perceived risk, five types of risk associated with purchase decisions can delay or discourage a purchase:
purchase, financial, social, physiological, or psychological. The higher the risk, the more likely the consumer is to engage in an extended search.
Performance risk:
involves the perceived danger inherent in a poorly performing product or service
Financial risk,
is risk associated with a monetary outlay and includes the initial cost of the purchase, as well as the costs of using the item or service.
Social risk
involves the fears that consumers suffer when they worry others might not regard their purchases positively.
Physiological risk could also be called
safety risk.
Whereas performance risk involves what might happen if a product does not perform as expected, ____________ ______ refers to the fear of an actual harm should the product not perform properly.
physicological (or safety) risk
Physiological needs
deal with the basic biological necessities of life – food, drink, rest and shelter.
Psychological risks
are those risks associated with the way people will feel if the product or service does not convey the right image.
Evaluations of alternatives –
once a consumers has recognized a problem and explored the possible options, they sift through the choices available and evaluate the alternatives.
Universal sets include
Universal sets include all possible choices for a product category, but because it would be unwieldy for a person to recall all possible alternative for every purchase decision, marketers tend to focus on only a subset of choices.
Retrieval sets,
which are those brands or stores that can be readily brought forth from memory
Evoked set,
which comprises the alternative brands or stores that the consumer states they would consider when making a purchase decision.
Evaluative criteria
consist of salient, or important attributes about a particular product.
Determinant attributes
are product or service features that are important to the buyer and on which competing brands or stores are perceived to differ.
Consumer decision rules
are the set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives. these rules are typically either compensatory or non-compensatory.
Compensatory decision rule
Compensatory decision rule assumes that the consumer, when evaluating alternative, trades off on characteristic against another, such that good characteristics compensate for bad characteristics.
Motive
Motive is a need or want that is strong enough to cause the person to seek satisf
Safety needs
pertain to protection and physical well-being. The marketplace is full of products and services that are designed to make you safer.
Love
Love needs relate to our interactions with others.
Esteem
Esteem needs allow people to satisfy their inner desires.
self-actualization
occurs when you feel completely satisfied with your life and how you live.
Attitude
is a person’s enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea.
cognitive component
reflects a person’s belieft system or what we believe to be true
affective component
involves emotions, or what we feel about the issue at hand, including our like or dislike of something
behavioral component
pertains to the actions we undertake based on what we know and feel
perception
is the process by which we select, organize and interpret information to form a meaningful picture of the world.
Learning
Learning refers to a change in a person’s though process or behavior that arises from experience and takes place throughout the consumer decision process.
Lifestyle
refers to the way consumers spend their time and money to live
Reference group
Reference group is one or more persons whom an individual uses as a basis for comparison regarding beliefs, feeling, and behaviors.
Business-to-business (B2B) marketing
Business-to-business (B2B) marketing refers to the process of buying and selling goods or services to be used in the production of other goods and services for consumption by the buying organization and/or resale by wholesalers and retailers.
Manufacturers
Manufacturers buy raw materials, components and parts that allow them to make and market their own goods and ancillary services.
Resellers
are marking intermediaries that resell manufactured products without significantly altering their form
Wholesalers and distributors
buy products and sell them to retailers (B2B) then retailers resell those products to the ultimate consumer (B2C)
Business-to-Business Buying Process
Need recognition –> Product specification –> RFP process –> Proposal analysis and supplier selection –> order specification –> Vendor/performance assessment using metrics
organizational culture
can have a profound influence on purchasing decision.
Corporate buying center culture can be divided into four general types:
Corporate buying center culture can be divided into four general types: autocratic, democrateic, consultative, and consensus
Most B2B buying situations can be categorized into three types:
new buys, modified re-buys, and straight rebuys
Six buying roles within a typical buying center 1) initiator, 2) influence, 3) decider, 4) buyer, 5) user, 6) gatekeeper
Six buying roles within a typical buying center 1) initiator, the person who first suggest buying the particular product or service 2) influence, the person whose views influence other members of the buying center in making the final decision 3) decider, the person who ultimately determines any part of or the entire buying decision- whether to buy, what to buy, how to buy, or where to buy, 4) buyer, the person who handles the paperwork of the actual purchase 5) user, the person who consumes or uses the product or service 6) gatekeeper, the person who controls information or access, or both, to decision makers and influences
1) initiator, the person who first suggest buying the particular product or service
1) the person who first suggest buying the particular product or service
2) influence,
2) the person whose views influence other members of the buying center in making the final decision
3) decider,
the person who ultimately determines any part of or the entire buying decision- whether to buy, what to buy, how to buy, or where to buy,
4) buyer,
4) buyer, the person who handles the paperwork of the actual purchase
5) user,
5) user, the person who consumes or uses the product or service
6) gatekeeper,
6) gatekeeper, the person who controls information or access, or both, to decision makers and influences
Jean is very reluctant to spend $32,000 on a formal dining room table. She is worried her family will only use this table twice a year. She can be described as experiencing __________ risk

Potential
Psychological
Social
Financial
Performance

Financial
Situational factors often include ________ factors that might alter the buyer’s state of mind and significantly change his predictable choice and behavior. For example, it may be very near to closing time for the store or the shopper may have spilled a cup of coffee in the car immediately before entering the store.

shopping
purchase
atmosphere
temporal
social

temporal
situational factors
such as the specific purchase situation, a particular shopping situation, or temporal state (time of day), that affect the decision process
Two consumers both earn $47,000 annually. One owns four motorcycles and enjoys hunting and fishing. The second plays gold weekly and drives an SUV. The marketing manager might target these two consumers as part of two different segments based on their _______
attitudes
perception
buying behavior
lifestyles
lifestyles
Lifestyles
Lifestyles refers to the way consumers spend their time and money to live
A consumer will often turn to one of their formal or informal ____ groups for advice and guidance on acceptable beliefs, attitudes and consumer behaviors. This social influence might be colleagues at work, team members on some sports team, or a club in which they are a member.

family
reference
work
cultural

reference
Which of the following is NOT defined distinctly as a reference group that might influence the buyer’s choice and behaviors?

culture
friends
classmates
coworkers
family

culture
Reference group
is one or more persons whom an individual uses as a basis for comparison regarding beliefs, feelings, and behaviors
Consumers might have various reference groups, including
family, friends, co-workers, or famous people the consumer would like to emulate. These reference groups affect buying decisions by 1) offering information 2) providing rewards for specific purchasing behaviors, 3) enhancing a consumer’s self-image
These reference groups affect buying decisions by
1) offering information 2) providing rewards for specific purchasing behaviors, 3) enhancing a consumer’s self-image
A(n) _____ consists of three components. It is learned, long lasting, and might develop over a long period of time. For instance, you might like your instructor for much of the semester until s/he returns your first exam
attitude
attitude
attitude is a person’s enduring evaluation of his or her feeling about and behavioral tendencies toward an object or idea.
Attitudes are learned and long lasting, and they might develop over a long period of time, though they can also abruptly change.
learned and long lasting,
Identify which of the following are categories of information search.
Internal; External
List the correct sequence of the consumer decision process, starting from the beginning (top to bottom)
Need recognition – information search – alternative evaluation – purchase – post-purchase
Jim considers the purchase of a six-pack of beer rather indifferently, as he will drink any brand that is fairly inexpensive. His low degree of interest in beer classifies him as a low- _____ beer buyer.
improvement
Involvement
Involvement is the consumer’s degree of interest in the product or service. Consumers may have different levels of involvement for the same type of product.
High involvement
greater attentioin, deeper processing -> develops strong attributes and purchase intentions.
Low involvement
less attention, peripheral processing -> generates weak attitudes and increased use of cues.
Which of the following exemplifies steps that may occur during the postpurchase behavior stage?
Having cognitive dissonance, feeling satisfied or dissatisfied, comparing a product to one’s expectations
Postpurchase
it entails actual rather than potential customer. Satisfied customers, whom marketers hope to create, become loyal, purchase again, and spread positive word of mouth, so they are quite important.
Upon the purchase of a car, the consumer might experience postpurchase or cognitive _________, customer loyalty or customer satisfaction.
dissonance
There are three possible postpurchase outcomes:
customer satisfaction, postpurchase cognitive dissonance, and customer loyalty (disloyalty)
When a consumer’s choice is altered by members of his family, his reference group, or his culture, he is being influenced by _____ factors
social
Upon the purchase of a car, the consumer might experience postpurchase or cognitive ____, customer loyalty or customer satisfaction.
dissonance
The consumer’s decision process is
all the steps consumers experience when trying to decide on whether or not to make a purchase
The discrepancy between a consumer’s actual state and desired state is associated with which of the following steps in the consumer decision process?
Need recognition
Information search
Alternative evaluation
Purchase
Postpurchase
Need recognition
_____ pertain(s) to the personal gratification consumers associate with the product or service.
Needs recognition
Functional needs
Demographic needs
Psychological needs
Psychological needs
According to the consumer decision process, after consumers recognize the need for a product, they then engage in
psychological need recognition.
an information search.
an evaluation of alternatives.
the purchase of the product.
postpurchase behavior.
an information search
The fact that a family would spend a lot more time researching the market before buying a new car than it would in the decision to purchase an inexpensive kitchen appliance, like a coffeemaker can best be explained by which of the following concepts?
Locus of control
Performance risk
Psychological risk
Social risk aversion
Perceived benefits versus perceived costs of search
Performance risk
When a manufacturer offers a money-back guarantee on the purchase of its products to show that the products will perform as expected, it is most likely attempting to alleviate which risk?
Psychological
Social
Financial
Safety
Physiological
Physiological
When consumers are engaged in the consumer decision process, the specific brands or stores they readily recall in a product category are referred to as their _____ set.
universal
retrieval
memory
evoked
brand
retrieval
Because not all purchase intentions result in an actual purchase, marketers calculate the _____ to measure how effectively a decision to purchase a
specific product results in a completed purchase.
performance risk
compensatory decision rate
noncompensatory decision rate
decision heuristic
conversion rate
performance risk
Sometimes called buyer’s remorse, _______ is the internal conflict that arises from an inconsistency between two beliefs, or between beliefs and behavior.
an internal locus of control
postpurchase cognitive dissonance
self-actualization
an external locus of control
psychological risk
postpurchase cognitive dissonance
According to the elaboration likelihood model, which of the following variables determines whether limited or extended problem solving will operate in a particular purchase decision?
Purchase readiness
Attentional capacity
Likelihood of purchase
The level of involvement
The level of elaborate thinking
The level of involvement
In B2B markets, _____ are firms that buy and reprocess products and services before selling them again to the next buyer.
manufacturers
producers
resellers
institutions
governments
producers
With its estimated outlay of over $500 billion for fiscal year 2014, the Pentagon represents which type of B2B organization?
Manufacturer
Distributor
Reseller
Institution
Government
Government
The business-to-business buying process is initiated by which of the following steps?
The RFP process
Need recognition
Proposal analysis
Product specification
Vendor performance assessment
Need recognition
In this stage of the business-to-business buying process, firms are likely to narrow their selection to a few suppliers, often those with which they have existing relationships, and discuss key terms of the sale.
The RFP process
Vendor specification
Product specification
Vendor performance assessment
Proposal analysis, vendor negotiation, selection
Proposal analysis, vendor negotiation, selection
Which of the following is not one of the six buying center roles?
Initiator
Advisor
Decider
Buyer
Gatekeeper
Advisor
Although she wasn’t told this when hired, at her new job Dana noticed that the employees eat lunch at their desks while continuing to work and that on Fridays most everyone dresses casually. These behaviors are most likely part of the
organizational culture.
business plan.
corporate values.
organizational demographics.
code of ethical conduct.
organizational culture
A firm’s _____ reflects the set of values, traditions, and customs that guide its employees’ behavior.
marketing strategy
marketing plan
ethical climate
demographics
organizational culture
organizational culture
Autocratic buying centers are characterized by
a single decision maker.*
collective agreement.
majority rule.
the solicitation of many opinions.
many decision makers.
single decision maker.
Most B2B buying situations can be categorized into three types: new buys, straight rebuys, and
standard rebuys.
capital buys.
modified rebuys.
repeat buys.
strategic buys.
modified rebuys.
In _____, the buyer is often the only member of the buying center involved in the process.
new buys
standard rebuys
modified rebuys
straight rebuys
material buys
straight rebuys

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