MARK IMC Dr. Freling EXAM II REVIEW

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1 MARK IMC Dr. Freling EXAM II REVIEW Chapter 5 Advertising, Integrated Brand Promotion, & Consumer Behavior Chapter 6 Market Segmentation, Positioning, and the Value Proposition Chapter 7 Advertising & Promotional Research CH.5 ADVERTISING, IBP, & CONSUMER BEHAVIOR Consumer Behavior o It is defined as all things related to how humans operate as consumers (i.e., anything to do with consuming) How does consumer behavior relate to affect, cognition, and the environment? o It relates by its way of being dynamic, and involving interactions and exchanges in its environment with others o These are also known as the elements of Consumer Analysis Affect feeling towards objective Cognition thoughts toward objective Environment Surroundings of objective that may persuade What are the steps of the consumer decision-making process? o Problem recognition - a realization that one needs to buy something to get back to the normal state of comfort Physical--hunger Psychological boredom Internal stimuli recognition of problem External stimuli outside feeling o Information search o Alternative evaluation o Purchase decision o Postpurchase evaluation What is a customer problem? o This is just any state of deprivation, discomfort, or wanting to be felt by an individual What is a need state? What are the different types of needs in Maslow s hierarchy? 1

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3 o o internal search: past experiences, A search for product information that draws on personal experience and prior knowledge. external search: visiting retail stores to examine alternatives, seeking input from friends and relatives about their experiences with the products in question, or perusing professional product evaluations. personal sources marketer/advocate sources o biased public sources o Articles, magazines, reports on TV personal experiences What is perception? o Where someone receives, selects, organizes, and interprets information to create a meaningful picture of the world; creating some understanding of the outside world. What is selective perception? Selective exposure? Selective attention? Selection comprehension? Selective retention? o Selective perception: perceiving what you want & ignoring opposing viewpoints o Selective exposure: Choosing to expose self o Selective attention: affects certain stimuli o Selective comprehension: Own motives and positions o Selective retention: Remembering select information What is meant by cognitive consistency? Advertising clutter? o Cognitive consistency - The maintenance of a system of beliefs and attitudes over time; consumers desire for cognitive consistency is an obstacle to advertising. o Advertising clutter - An obstacle to advertising resulting from a large volume of similar ads for most products and services. What does alternative evaluation involve? o This is finding or reviewing another possible solution to a given problem or choice What does a consumer s awareness set comprise? Evoked set? Consideration set? o Awareness set - All brands consumer know of o Evoked set - Those consumer can recall at the time o Consideration set - Actually considered 3

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5 o o Subculture is a segment of a larger culture whose members sshare distinguishing values and patterns of behavior Values are strongly held and enduring beliefs that can be self, other, or environment-oriented CH.6 MARKET SEGMENTATION, POSITIONING, & THE VALUE PROPOSITION STP marketing (segmenting, targeting, positioning) is a marketing strategy employed when advertisers focus their efforts on one subgroup of a product s total market. What are the primary bases for market segmentation? o Geography This identifies neighborhoods around the country that share common demographic characteristics. o Demographics Basic descriptors like age, gender, race, marital status, income, education, and occupation. o Psychographics and lifestyle Understanding of consumers activities, interests, and opinions. o Behavior Groups based on their usage, loyalty, or buying responses to a product or services. (Income, Education) 80/20 rule: 20% of industrial marketers buyers account for 80% of their sales volume o Benefits Consumers try to satisfy some need or want Major benefits consumers seek in a product or service. Geo-demographic segmentation is a form of market segmentation that identifies neighborhoods around the country that share common demographic characteristics. How is segmenting consumer markets similar to (different from) segmenting business markets? o Consumer markets - The markets for products and services purchased by individuals or households to satisfy their specific needs. o Business markets - The institutional buyers who purchase items to be used in other products and services or to be resold to other businesses 5

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