BBUS 421 Consumer Marketing Quiz 1 (CH. 1, 14, 15, 16, ...] Questions and Answers 2023

Consumer Behavior - -the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society -4 Applications of Consumer Behavior - -1. Marketing Strategy 2. Regulatory Policy 3. Social Marketing 4. Informed Individuals -Market Analysis 4 Components - -1. The Consumers 2. The Company 3. The Competitors 4. The Conditions -Market Segmentation - -a portion of a larger market whose needs differ from the larger market -Market Segmentation Steps (4) - -1. Identifying Product-Related Need Sets 2. Grouping Customers with Similar Need Sets 3. Describing Each Group 4. Selecting an Attractive Segment(s) to Serve -Marketing Mix - -Product •Communications •Price •Distribution •Services -Purchase Involvement - -the level of concern for, or interest in, the purchase process, triggered by need to consider a particular purchase, and so it is a temporary state influenced by the interaction of individual, product, and situational characteristics -Product Involvement - -Interest for a particular product type -Nominal Decision Making - -when there is very low involvement with the purchase. -Nominal Decision Making 2 Categories - -1. Brand Loyal Purchases High commitment to brand 2. Repeat Purchases Low commitment to brand