Behavioral Economics
This is the experience of feeling anxiety due to not experiencing what others around us are experiencing.
What is FOMO?
This bias may lead someone to try a crowded restaurant over one that appears less busy.
What is herd mentality?
These 4 "Ps" make up the marketing mix.
What are product, price, place, and promotion?
An auto manufacturer produces vehicles under different brand names and price points, in order to target multiple segments of customers. This is known as.....
What is mixed branding?
Age and gender are examples of this type of segmentation.
What is demographic segmentation?
This is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is marketing?
What is a sole proprietorship?
We feel losses twice as much as their equivalent gains, in part due to this phenomenon.
What is loss aversion?
A subconscious error in thinking that leads to irrational decision making
What is cognitive bias?
Something tangible that a consumer can purchase.
What is a good?
A brand that is owned and created by a manufacturer and is usually sold by numerous competing retailers.
What is a national brand?
This is the specific group of customers a business wants to reach.
What is a target market?
This is what "STP" stands for in marketing.
What is segmentation, targeting, and positioning
This type of business is owned by shareholders.
What is a corporation?
Time or money that has already been spent and cannot be recovered.
What is a sunk cost?
The tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence
What is confirmation bias?
Coke introduces a new flavor of soda called caramel vanilla coke. This is an example of a.......
What is a product line extension?
A product sold without a specific brand name.
What is a generic product?
What is psychographic segmentation?
Changing a brand name, logo, or image of a product or company
What is re-branding?
This type of business is the easiest to both start up and close down.
What is a sole proprietorship?
This cognitive bias is defined by valuing things we own more highly just because we own them.
What is the endowment effect?
The subfield of economics that applies psychological insights into human behavior and to explain economic decision making
What is behavioral economics?
This is what a business offers to satisfy a customer need or want.
What is a product?
This is a brand that is created and sold exclusively by a retailer or wholesaler.
What is a private (label) brand?
A segment of a larger market that has its own unique needs, preferences, or identity.
What is a niche market?
This strategy (shown in your marketing project), typically involves changing the brand's identity and market perception.
What is repositioning?
This type of business is very popular in the fast-food industry.
What is a franchise?
This is the tendency of humans to return to a stable level of happiness despite major positive or negative events in their life.
What is hedonic adaptation?
This marketing strategy focuses on different market mixes for different market segments.
What is differentiated marketing?
All the products offered by a business
What is product mix?
A company decides to stop producing its lowest selling items, to instead focus on increasing output of its most popular items. This is an example of......
What is a product line contraction?
This type of segmentation is based on customers product use and benefits.
What is behavioral segmentation?
A well known sandwich brand has started selling a new clothing line. This is an example of.....
What is a brand extension?
This type of business may be setup with a "general" or "limited" status.
What is a partnership?