Consumer Decision Making
How many steps are there in the consumer decision making process?
5 steps
What is the process of dividing a market into meaningful, relatively similar, identifiable segments or groups?
Market Segment
How many steps are there in the marketing research process?
7 steps
How many types are there for Consumer Products?
4 types (Convenience Product, Shopping Product, Specialty Product and Specialty Product?
What is a set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer?
Marketing Channel
Which one is the first step of consumer decision making?
Need recognition (awareness)
What is The process of dividing a market into meaningful, relatively similar, identifiable segments or groups?
Market Segmentation
What is the 4th step in marketing research process?
Collect Data
What is a product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers?
Business Product
What are firms in the channel that sell directly to customers?
Retailer
What involvement means that the circumstances of a purchase may temporarily transform a low-involvement decision into a high-involvement one?
Situational involvement
What is the criteria for a good segment that the individuals or organizations between segments need to sufficiently different?
Heterogeneous Between
Trade and Industry Associations is a source of primary or secondary data?
Secondary data
What is a particular item for which consumers search extensively and are reluctant to accept substitutes?
Specialty Product
What is an institution that buys goods
from manufacturers, takes title to goods, stores them,
and resells and ships them?
Merchant Wholesaler
What are the two major perspectives when clients evaluate alternatives?
1) Objective: Features, functionality, price, ease of use
2) Subjective: Feelings about a brand
What base of segmentation contains age, gender, income and ethnics background?
Demographic Segmentation
What is a broad-based problem that uses marketing research in order for managers to take proper actions?
Management Decision Problem
What is a group of closely-related product items?
Product Line
What channel is used to sell products directly to consumers? No intermediaries are used. Examples are telemarketing, catalog shopping, on-line shopping, and television shopping networks.
Direct channel
What is an external information search relies on information in the outside environment such as public references, advertisements, and publicity?
External Information search
What segmentation that meet the needs and wants of expanding ethnic populations, some companies make products geared toward specific ethnic groups?
Ethnic Segmentation
What is the most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes?
Survey Research
What is the value of company and brand names?
Brand Equity
What it is called for mixes elements of cooperation and competition between two partners? Two companies work together on some initiatives while still competing in other areas.
Co-opetition