BADM 320 Exam 2 – Study Guide, Key Concepts & Practice Questions Review
4 C's - correct answer ✔✔- Costumer wants and needs
- Cost to satisfy versus price
- Convenience to buy
-
Consumer Wants and Needs - correct answer ✔✔- look at what the consumer's wants and
needs are then answer them with your product.
- Not matter how much you push a product or how much you make of that product, no one will
buy if they don't want it.
EX: They want black shirts but you produce yellow shirts, no one will buy them
Cost to Satisfy Versus Price - correct answer ✔✔- The entire ___ to get to the ____
- EX: If you want "Wii Fit" then you have to buy entire Wii system, then Wii Fit disc/game, then
you need Wii Fit board.
Convenience to Buy - correct answer ✔✔Where would people like to buy things?
EX: Where do we buy our music? iTunes we download it online.
Communication versus Promotion - correct answer ✔✔- ____ (Pushing things on people)
- ____ (Back and fourth) better link to them
Consumer Behavior and Decision Process - correct answer ✔✔- Need Recognition
- Information Search
- Alternative Evaluation
,- Purchase
- Post Purchase
Need Recognition - correct answer ✔✔People have to realize they need something.
Functional Needs - correct answer ✔✔- We buy something because it serves a purpose
Psychological Needs - correct answer ✔✔- I need something that makes me feel good
- These are wants but marketers make s feel we NEED it.
EX: You have to get the newest iPhone, You have to get the newest Mac.
Informational Search - correct answer ✔✔- What should I buy?
- If you don't know, you're going to such more
Internal Search - correct answer ✔✔- Thinking in your head
- EX: What's your favorite restaurant?
External Search - correct answer ✔✔- Thinking outside of your brain
- Seek Online
- EX: You never been to New York and want to find a good restaurant, you look online.
Cost of Search vs. Perceived Benefit - correct answer ✔✔- Is it worth my time to search for?
- EX: Searching for candy bar. (No risk, just go buy it)
- EX: Searching for a House. (High Risk: your searching price, schools, surrounding areas etc.)
Locus of Control - correct answer ✔✔- How much do people feel like they're in control.
, Internal Locus Control - correct answer ✔✔- EX: If I research the best stock, I'll beat the market
and pick the best stock.
External Locus Control - correct answer ✔✔- EX: I know I won't get the best stock, so I just go
buy a mutual fund.
Risks - correct answer ✔✔- The more of a risk it is the more I'm going to search.
- EX: Won't just go buy $200K house but will just go buy a $1 Snickers.
Safety Risk - correct answer ✔✔- Will I be physically at risk?
- EX: If sky diving your going to ask whats the safety record?
- EX: Going to the doctor your going to ask what's the survival rate after surgery etc.
Alternative Evaluation - correct answer ✔✔- What's the difference between the two?
- Characteristics of each option
- EX: Apple iPad has a lot of cool apps but costs $599, while the kindle fire HD costs $199
although its not as power or has that many apps.
- Costs/Price, Brand, Product Presentations affects this
Purchase - correct answer ✔✔- This isn't the last step
- If we only care that they bought the product and don't care about them after they'll never
come back
- We don't buy just one home (we buy at least two in life), we buy cars every 10 years
Post-Purchase - correct answer ✔✔- Develop costumer satisfaction
- If we over hype product on ad phase they'll likely to be more disappointed
4 C's - correct answer ✔✔- Costumer wants and needs
- Cost to satisfy versus price
- Convenience to buy
-
Consumer Wants and Needs - correct answer ✔✔- look at what the consumer's wants and
needs are then answer them with your product.
- Not matter how much you push a product or how much you make of that product, no one will
buy if they don't want it.
EX: They want black shirts but you produce yellow shirts, no one will buy them
Cost to Satisfy Versus Price - correct answer ✔✔- The entire ___ to get to the ____
- EX: If you want "Wii Fit" then you have to buy entire Wii system, then Wii Fit disc/game, then
you need Wii Fit board.
Convenience to Buy - correct answer ✔✔Where would people like to buy things?
EX: Where do we buy our music? iTunes we download it online.
Communication versus Promotion - correct answer ✔✔- ____ (Pushing things on people)
- ____ (Back and fourth) better link to them
Consumer Behavior and Decision Process - correct answer ✔✔- Need Recognition
- Information Search
- Alternative Evaluation
,- Purchase
- Post Purchase
Need Recognition - correct answer ✔✔People have to realize they need something.
Functional Needs - correct answer ✔✔- We buy something because it serves a purpose
Psychological Needs - correct answer ✔✔- I need something that makes me feel good
- These are wants but marketers make s feel we NEED it.
EX: You have to get the newest iPhone, You have to get the newest Mac.
Informational Search - correct answer ✔✔- What should I buy?
- If you don't know, you're going to such more
Internal Search - correct answer ✔✔- Thinking in your head
- EX: What's your favorite restaurant?
External Search - correct answer ✔✔- Thinking outside of your brain
- Seek Online
- EX: You never been to New York and want to find a good restaurant, you look online.
Cost of Search vs. Perceived Benefit - correct answer ✔✔- Is it worth my time to search for?
- EX: Searching for candy bar. (No risk, just go buy it)
- EX: Searching for a House. (High Risk: your searching price, schools, surrounding areas etc.)
Locus of Control - correct answer ✔✔- How much do people feel like they're in control.
, Internal Locus Control - correct answer ✔✔- EX: If I research the best stock, I'll beat the market
and pick the best stock.
External Locus Control - correct answer ✔✔- EX: I know I won't get the best stock, so I just go
buy a mutual fund.
Risks - correct answer ✔✔- The more of a risk it is the more I'm going to search.
- EX: Won't just go buy $200K house but will just go buy a $1 Snickers.
Safety Risk - correct answer ✔✔- Will I be physically at risk?
- EX: If sky diving your going to ask whats the safety record?
- EX: Going to the doctor your going to ask what's the survival rate after surgery etc.
Alternative Evaluation - correct answer ✔✔- What's the difference between the two?
- Characteristics of each option
- EX: Apple iPad has a lot of cool apps but costs $599, while the kindle fire HD costs $199
although its not as power or has that many apps.
- Costs/Price, Brand, Product Presentations affects this
Purchase - correct answer ✔✔- This isn't the last step
- If we only care that they bought the product and don't care about them after they'll never
come back
- We don't buy just one home (we buy at least two in life), we buy cars every 10 years
Post-Purchase - correct answer ✔✔- Develop costumer satisfaction
- If we over hype product on ad phase they'll likely to be more disappointed
