MARKETING 2500 EXAM 2 WMU COMPLETE QUESTIONS AND 100% CORRECT ANSWERS

MARKETING 2500 EXAM 2 WMU COMPLETE QUESTIONS AND 100% CORRECT ANSWERS .consumer market - ANSWERS-all individuals/households who buy goods and services for personal consumption - american consumer market consists of more than 310 million people who consume almost $10 trillion worth of goods and services each year, making it one of the most attractive consumer markets in the world .consumer buying behavior - ANSWERS-refers to the buying behavior of final consumers --- individuals and households that buy goods and services for personal consumption - Note: customer = the person or entity that buys the product; consumer = the person or entity that uses the product .model of consumer buyer behavior - ANSWERS-step 1: marketing and other stimuli - four p's & economic, technological, political, cultural step 2: buyer's black box - buyer characteristics & buyer decision process step 3: buyer responses - product choice, brand choice, dealer choice, purchase timing, purchase amount .buyer's black box - ANSWERS-marketing and other stimuli enter the buyer's "black box" and produce certain choice / purchase responses & marketers must figure out what is inside of the buyer's "black box" and how stimuli are changed to responses .4 factors that impact consumer behavior - ANSWERS-cultural, social, personal, psychological .cultural - ANSWERS-culture: includes basic values, perceptions, wants and behaviors subculture: groups of people with shared value systems social class: relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors .social - ANSWERS-groups: memberships, reference, opinion leaders family: important as a functional buying unit, various patterns of influence roles and status: activities people expected to perform according to the people around them and general esteem given to a role by society .personal - ANSWERS-age and life-cycle stage, occupation, economic situation, lifestyle, self-concept .psychological - ANSWERS-motivation, perception, learning, beliefs and attitudes .the buyer decision process - ANSWERS-need recognition information search evaluation of alternatives purchase decision post purchase behavior .step one: need recognition - ANSWERS-- buyer becomes aware of a difference between a desired state and an actual condition - individual may be unaware of the problem or need - marketers may use sales personnel, advertising, and packaging to trigger recognition of needs or problems - recognition speed can be slow or fast - needs can be triggered by: internal stimuli: normal needs become strong enough to drive behavior external stimuli: advertisements, friends or family .step two: information search - ANSWERS-- consumers exhibit heightened attention or actively search for information - sources of information: personal - family, friends, neighbors etc. commercial - advertising, salespeople etc. public - mass media, commercial rating groups. experiential - handling/using the product. - word-of-mouth .step three: evaluation of alternatives - ANSWERS-- evaluation procedure depends on the consumer and the buying situation - most buyers evaluate multiple attributes, each of which is weighted differently - at the end of the evaluation stage, purchase intentions are formed - some products may be purchased on impulse, with little rational evaluation taking place .step four: purchase decision - ANSWERS-- two factors intercede between purchase intentions and the actual decision: attitudes of others and unexpected situational factor