Marketing Fundamentals – Consumer Behaviour & Course Logistics

50 question-and-answer flashcards covering course logistics, project requirements, and key concepts from Marketing Fundamentals with a focus on Consumer Behaviour.

What are the five stages of the Buyer Decision Process?

Problem/Need Recognition, Information Search, Evaluation of Alternatives, Purchase Decision, Post-Purchase Behaviour

During which stage does a consumer look for internal and external information sources?

Information Search

In consumer behaviour, what is referred to as the “black box”?

The internal mental processes that influence a consumer’s purchase decisions

Which psychologist developed the theory of Cognitive Dissonance?

Leon Festinger

Name the three parts of Paul MacLean’s Triune Brain theory.

Reptilian Complex, Limbic System, Neocortex

Which brain system controls emotions and memories?

The Limbic System

Approximately what percentage of purchasing decisions are made unconsciously?

Between 70 % and 80 %

In the five buying-decision roles, who actually pays and places the order?

The Purchaser

Give two examples of Personal factors that influence buying behaviour.

Any two: Age, Life Stage, Lifestyle, Gender, Education

Which ‘P’ of the marketing mix is primarily responsible for distribution channels?

Place

What does the acronym PESTEL stand for?

Political, Economic, Social, Technological, Environmental, Legal

In a SWOT analysis, what does the letter ‘O’ represent?

Opportunities

According to the Ansoff Matrix, which strategy involves launching NEW products in NEW markets?

Diversification

In the BCG Matrix, what are products with LOW market share and HIGH market growth called?

Question Marks

What do the letters S-T-P stand for in marketing strategy?

Segmentation, Targeting, Positioning

List the Four Ps of the traditional marketing mix.

Product, Price, Place, Promotion

Which buying-behaviour type features LOW involvement and FEW perceived brand differences?

Habitual Buying Behaviour

Which buying-behaviour type shows HIGH involvement but FEW perceived brand differences?

Dissonance-Reducing Buying Behaviour

Which stage of the customer journey focuses on keeping the customer and encouraging repeat business?

Loyalty (Service/Post-Purchase phase)

Design, pricing, promotion and packaging are grouped under which influencing factor category?

Marketing Factors

What is meant by ‘recommerce’?

The sale of previously owned items through online marketplaces for reuse, recycling or resale

Which consumer-to-consumer (C2C) shopping app had the most downloads worldwide in 2023?

Mercado Libre

On which dates are the two Intermediate Tests scheduled?

1st Test: October 15th; 2nd Test: November 19th

What percentage of the Group Project grade is determined by Peer Evaluation?

10 %

Roughly how many slides should the Final Project presentation contain?

About 10 slides

In SMART objectives, what does the ‘R’ stand for?

Relevant (or Realistic)

Name two internal company data areas examined when analysing the marketing mix.

Any two: Products, Sales, Distribution, Advertising, Market Data

Who is the person that first proposes a product for consideration in the decision process?

The Initiator

Are B2B relationships typically short-term or long-term?

Very long-term

B2C customers usually make decisions based on logic or emotion?

Emotion

What is the primary goal of Neuromarketing research?

To understand unconscious brain responses to marketing stimuli

What is ‘expectancy disconfirmation’ in post-purchase behaviour?

Comparing actual experience with pre-purchase expectations to judge satisfaction

Which two dimensions define the Customer Relationship Matrix?

Profitability and Loyalty

Which part of a marketing plan provides a one-page overview with vision and key numbers?

Executive Summary

How much of the final course grade is allocated to Class Participation?

15 %

On what dates will the Final Project presentations take place?

December 17th and 18th, 2024

Using Retail or Home Panels is an example of what type of market research?

Secondary Research

Which post-purchase communication goal helps reduce Cognitive Dissonance?

Reinforcing positive feelings about the purchase

Choosing brand, dealer, quantity, timing and payment method occurs in which main stage?

Purchase Decision

What are the five sub-decisions a consumer makes during the Purchase Decision stage?

Brand, Dealer, Quantity, Timing, Payment Method

The Zero Moment of Truth (ZMOT) occurs in which customer-journey stage?

Awareness

Which influencing factor category includes social status, reference groups and family?

Social Factors

Which hemisphere of the neocortex is associated with analytical, logical thinking?

Left Hemisphere

Define Cognitive Dissonance in the context of marketing.

Discomfort from holding conflicting beliefs after a purchase, motivating attitude or behaviour change

What is the purpose of the course’s Minion Quizzes?

Non-assessable in-class games to aid learning and reward participation

If a student misses an Intermediate Test without an accepted excuse, what score do they receive for that test?

Zero

Table salt is an example of which buying-behaviour category?

Habitual Buying Behaviour

FMCG products generally involve high or low buyer involvement?

Low involvement

How long should the oral Final Project presentation last?

Approximately 10 minutes

What is the required length of the Final Project paper?

10–15 pages

Which research approach looks at what consumers FEEL rather than what they say or think?

Neuromarketing