MKTG300-10 Exam II

Home > Preview

The flashcards below were created by user jsfreaky on FreezingBlue Flashcards.


  1. Five steps of consumer decision making:
    • 1. Need recognition - what do i need?
    • 2. Information search - Internal & External
    • 3. Evaluation of alternatives - evoked set
    • 4. Purchase - where?
    • 5. Post purchase behavior (cognitive Dissonance) - marketers cannot say the marketing was successful until they are sure the consumer does not want to return the item
  2. Three levels of consumer involvement in buying decisions:
    • 1. Routine Response Behavior - Internal, Least Amount of Time, One Choice (Daily Behavior like buying groceries)
    • 2. Limited Decision Making - Internal & some external, Medium amount of Time, Few Choices
    • 3. Extensive Decision Making - External, Most Time Spent, Many choices
  3. Factors influencing buying decisions:
    • Cultural Factors - culture is learned, you are not born with it
    • Social Factors - external influences of reference groups (this class, clubs, associations), opinion leaders (individual who influences the opinion of others) & family (group decisions)
    • Individual Factors - gender, age, family stage, personality, self concept, lifestyle
    • Psychological Factors - perception (consumer notices some & ignores others, how much do you remember/retain, selective distortion - if someone critizes your decision you will defend your choice & distort the truth to fit your choice), motivation, learning values, beliefs & attitudes
  4. Four categories of business customers:
    • Producers - Profit Based
    • Resellers - Profit Based
    • Governments - Non Profit
    • Institutions - Non - Profit - Church, hospital, parks, university
  5. Seven Types of Business Products:
    • 1. Major Equipment - buildings, assembly line (company foundation)
    • 2. Accessory Equipment - stool workers sit on (company foundation)
    • 3. Raw Materials - used for production
    • 4. Component Parts - used for production
    • 5. Processed Materials - used for production
    • 6. Supplies - consumables, toilet paper
    • 7. Business Services - intangibles
  6. Roles in Buying Centers:
    • Initiator - not necc always the user
    • Influencers - 
    • Gatekeepers - collects the 1st information & they filer it out to what is important
    • Decider - final decision can be top management or end user
    • Purchaser - they are usually the gatekeeper too!
    • User - not always the initiator, they may say product X is not working and initiate a new buy
  7. Three buying situations:
    New Buy - not necessarily new to the market - hardest for the marketer bcuz they will need to be taught how to use and why they need it (csulb buys a security system is a new buy to csulb but not new to the market)

    Modified Rebuy - you buy something you have bought before but from a different supplier (K2.com had cloud services with Amazon but switched to Microsoft. How does Microsoft get k2.com to switch? Microsoft needs to under the customers needs, complaints, the competition and adjust what is being sold

    Straight Buy -
  8. Business Market vs Consumer Market
    • Business market is very big.
    • Example: Making a movie or making red wine
    • Consumer buys at retail store
    • Retail store buys from suppliers
    • Suppliers are the grape growers & bottle makers
    • Buyers are the producers, distributors, retailers & consumers
    • The consumer market is the consumer going into a store and purchasing something.
  9. Four criteria for Segmentation:
    • 1. Substantiality
    • 2. Indentifiability and Measurability
    • 3. Accessibility
    • 4. Responsiveness
  10. Bases for Segmenting Consumer Markets:
    • Geography
    • Demographics
    • Psychographics
    • Benefits Sought
    • Usage Rate
  11. Bases for Segmenting Business Markets
    • Producers
    • Resellers
    • Government
    • Institutions
  12. Three types of Marketing Strategies
    • Undifferentiated approach - ignore the market & target the world Ex: Coke
    • Concentrated approach - 
    • Multi-segment targeting - Talbots tried breaking into the younger market but failed. Apple sometimes cannabilize themselves
  13. Global External Enviromental Forces
    • Culture - Five Guys globalized to Canada bcuz they are similar to us
    • Natural Resources - most precious commodity is oil/ NAFTA benefits the US bcuz Mexico & Canada have natural oil resources
    • Demographic Makeup - Japan/Russia have negative birthrate
    • Economic & Technological Development - India has a high GDP but that is not a good thing
    • Political Structure - stable government?
    • Legal Consideration - country may have a quota and not allow you to produce in their country
  14. Global Entry Strategies
    • Exporting - low risk, low return
    • Licensing & Franchising
    • Contract Mnufacturing - 
    • Joint Venture - 
    • Direct Investment - high risk, high return
  15. Four Global 4P strategies
    • Product
    • Promotion
    • Price
    • Place
  16. Global "Place" strategy
    • Distribution infastructure - McDonalds started growing potatoes in India bcuz it was expensive to import
    • Cultural differences create problems - not necc large grocery stores as Japan chooses distributors by loyalty
    • Logistics and Shipping
  17. Global "Pricing" strategy
    • Transportation and insurance costs, taxes and tariffs
    • Exchange rates - change all the time
    • Pricing policies - Aston Martin in the US sells for $200k but with the exchange rate it sells for $600k in China
  18. Five types of supply chain integration
    • Relationship
    • Measurement - lbs vs. kgs
    • Technology & Planning
    • Material & Service Supplier
    • Customer - amazon.com if a customer claims they don't recd the item they replace it immediately
  19. Logistical Components of the Supply Chain
    • Sourcing & Procurement - getting raw materials
    • Production Scheduling - JIT
    • Order Processing - typically online
    • Inventory Control - need to figure out the optimal inventory
    • Warehouse & Materials Handling
    • Transportation - what is the most efficient way to ship
  20. Trends in Supply Chain Management
    • Outsourcing Logistics Functions
    • Supply Chain Risk, Security & Resilience
    • Electronic Distribution - paperwork, documentation
    • Sustainable Supply Chain Management

Card Set Information

Author:
jsfreaky
ID:
316997
Filename:
MKTG300-10 Exam II
Updated:
2016-03-08 07:59:21
Tags:
MKTG300
Folders:
MKTG300
Description:
Marketing 300 Exam II
Show Answers:

Home > Flashcards > Print Preview