Marketing 706 Minseong Kim Exam 2 - LSUS MBA Questions and Answers 100% Correct
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Course
706 LSUS MBA
Institution
706 LSUS MBA
Marketing 706 Minseong Kim Exam 2 - LSUS MBA Questions and Answers 100% CorrectMarketing 706 Minseong Kim Exam 2 - LSUS MBA Questions and Answers 100% CorrectMarketing 706 Minseong Kim Exam 2 - LSUS MBA Questions and Answers 100% CorrectMarketing 706 Minseong Kim Exam 2 - LSUS MBA Questions and Ans...
Segmentation and Target Marketing - ANSWER-Consider markets as
individuals, institutions, or a group of people Have similar needs that can be
met by a specific offering
Aim to identify specific customer needs and design marketing programs to
satisfy those needs
Firms must comprehensively: Understand current and potential customers
Know customer motivations, behaviors, needs and wants
Marketers must comprehend and define consumer needs better to help
attain success Easier for marketers to make distinctions among smaller
segments
Issues in the buying process - ANSWER-1. Describes the possible range of
activities that may occur in consumers' making purchase decisions.
Consumers don't always follow these processes in sequence and may even
,skip stages en route to making a purchase (e.g. impulse purchases or loyalty
toward a product or brand)
2. Often involves a parallel sequence of activities associated with finding the
most suitable merchant of the product in question. Consumers consider what
product to buy and where they might buy it at the same time. In the case of
name brand products, this selection process may focus on the product's
price and availability at different stores or online merchants
3. choice of a suitable merchant may actually take precedence over the
choice of a specific product. In some cases, consumers are so loyal to a
particular merchant that they will not consider looking elsewhere. For
example, if some consumers are fiercely loyal to American car
manufacturers, they may limit their product selection to a single brand or
dealership, greatly limiting their range of potential product choices
Need - ANSWER-Occurs when the customer's existing level of satisfaction
and desired level of satisfaction are not the same
Based on the internal (e.g., hunger, thirst and fatigue) or external (e.g.,
advertising, window shopping, interacting with sales people) stimuli
Want - ANSWER-Consumers' desire for a specific product that will satisfy the
need
,Demand - ANSWER-Occurs only when a consumer's ability and willingness to
purchase a specific product backs up the want for that product
Passive Information Search - ANSWER-consumer becomes more attentive
and receptive to information. E.g. noticing and paying attention to
automobile ads if the customer has a want for a specific car/brand
Active Information Search - ANSWER-customer purposely seeks additional
information, e.g. browsing the internet, asking friends, or visiting dealer
showrooms
Key issues in the purchase decision stage: - ANSWER-Product availability
Possession utility
Product availability - ANSWER-closely related to the distribution component
of the marketing program; convenience. It's goal is to put the product within
the consumer's reach wherever that consumer happens to be
Possession Utility - ANSWER-being very easy for customers to find a product;
the ease of taking possession of the product. To increase it, marketers may
have to offer financing or layaway for large dollar purchases, delivery and
, installation of products, such as home delivery of convenience items, or
proper packaging and prompt shipment through mail
Sources of Information - ANSWER-External sources
Internal sources
Internal sources - ANSWER-personal experiences and memories
External sources - ANSWER-advertising, websites, packaging, display and
salespeople
Amount of time, effort, and expense dedicated to information search
depends on: - ANSWER-Degree of risk involved in the purchase.
Amount of expertise with the product category.
Actual cost of the search (time and money).
Evoked Set - ANSWER-Narrowing down potential product choices to a few
products that can meet consumer needs
Represents the outcome of information search and the beginning of the next
stage of the buying process
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