Customer Strategy Exam Guide

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Exam 1 Study Guide

Example Questions:

Textbook Examples:

_____ is a series of activities by which stimuli are perceived, transformed into information, and stored.
A)Perception
B)Interpretation
C)Information processing
D)Perceptual exposure
E)Selective exposure

A ________ is an unstructured, direct, personal interview in which a single respondent is probed by a highly skilled interviewer to uncover underlying motivations, beliefs, attitudes, and feelings on a topic. A) focus group

B) qualitative interview
C) projective interview
D) depth interview
Answer: D

Lecture Examples:

A segmentation approach in which the researcher uses known categories of consumers is a (an) _______ approach.

A) Post hoc
B) A priori
C) demographic
D) None of the above
E) All of the above

TEXTBOOK

Chapter 1

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. • Four key aspects

o Consumer behavior is a complex, multidimensional process. o Successful marketing decisions by require an understanding of consumer behavior o Collect information about the specific consumers involved in marketing decisions o Involves ethical issues, that affect firm, individual and society. Customer value

• The difference between all the benefits derived from a total product and all the costs of acquiring those benefits. • It is critical that a firm consider value from the customer’s perspective. • Consumers want things that lead to high level values. o Products

o Relationships
o Activities
• Instrumental Values: preferred modes of behavior
• Terminal Values: State of being or end state
• Values are Subjective
• Values Have Intrinsic Worth
o Has worth in and of itself
• Values Can Be Personal or Broader
• Values are Formed From Personal Experiences
• Values are Enduring and Stable
Lifestyle
• How one lives, including the products one buys, how one uses them, what one thinks about them, and how one feels about them. • Lifestyle is the manifestation of the individuals self concept as a result of the culture he or she lives in and the situations and experiences. Market segment

• A portion of a larger market whose needs differ somewhat from the larger market. • Four steps
o Identifying product related need sets
o Grouping customers with similar need sets
o Describing each group
o Selecting an attractive segments to serve.
Need set
• Used to reflect the fact that most products in developed economies satisfy more than one need. Self-concept
• The totality of an individuals thoughts and feelings about him or herself. Target market
• The segments of the larger market on which we will focus our marketing effort.

Chapter 3

Cultural values
• Widely held beliefs that affirm what is desirable
Gender
• Male or female
Gender identity
• Traits of femininity and masculinity
• People have varying levels of each trait
• Ascribed role- attribute which someone has little to no control • Achievement role- based on performance criteria that someone has control over Self oriented values
• Religious/ Sector
• Sensual Gratification / Abstinance
• Postponed / Immediate Gratification
• Material / Non material
• Hard Work / Leisure
• Active / Passive
Environment oriented values
• Cleanliness
• Tradition / Change
• Risk Taking / Security
• Problem Solving / Fatalistic
• Admire / Overcome nature
• Performance / Status
Other...
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