MKT 325 Exam 1

Jan Taylor MKT 325 Exam 1

Self-concept

Self-concept

how we think about ourselves and see ourselves; sense of one’s identity and personal worth, our beliefs and attitudes about ourselves

Extended self

external objects that we consider a part of us

Absolute threshold

the lowest point at which we can hear something and distinguish it/the furthest point at which we can notice something

Differential threshold (just noticeable difference)

the point at which we notice a difference between two stimuli (change in ounces of potato chip bag)

Exposure

product of a marketing strategy that determines success, part of the info acquisition process that falls under the active search or passive recognition section (means the stimulus had the ability to be detected by the individual)

Adaptation

the extent to which an individual’s sensitivity to a stimulus diminishes over time

Perception

the process through which information from a stimulus is received by the senses and is then organized, interpreted, and experienced

Classical conditioning

a theory of behavioral learning that occurs when an individual learns a connection between two stimuli that are paired with one another (Pavloff’s dogs, commercial jingles)

Operant conditioning

reinforcement where behavior is strengthened if followed by a reward or diminished if followed by a punisher (discounts, rewards programs/act now or lose it, have to use a specific printer ink product or warranty is invalid)

Short-term memory

activated memory that holds a few items temporarily, ultimately can turn into long-term

Working memory

active maintenance of information in short-term storage, crucial to purchasing decisions

Long-term memory

permanent storage of information, can be triggered by anything at any time

Cue

a variety of visual, written and spoken messages that affect customer buying behavior; signal, stimulate memory recall (hungry customer sees a billboard with a cheeseburger and goes to McDonald’s)

Extinction

when previously reinforced behavior is no longer reinforced and stops occurring, “unlearning” a previously learned behavior

Episodic memory

the collection of past personal experiences that occurred at a particular time and place; storage place for times, context and emotions, not abstract facts or concept associated with an event in a person’s life (you remember a series of events and the emotions that went with them)

Flashbulb memory

VIVID and clear memory of an emotionally significant moment or event (Jan at her wedding is still just as angering for her to think about)

Semantic memory

memory by association, understanding context; memory for knowledge about the world (someone says Ferarri and you think of an expensive luxury car)

Retention

the portion of material retained/remembered

Five factor model of personality

Extroversion/introversion, Instability (neuroticism)/stability, agreeableness/disagreeableness, open to new experiences/not open, conscientiousness/lack of direction

Brand personality factors

5 key brand personality traits

Sincerity

BPF: down to earth, honest, trustful, cheerful, wholesome (Hallmark)

Excitement

BPF: imaginative, up-to-date, inspiring, edgy, spirited (Nike, Harley Davidson)

Competence

BPF: reliable, responsible, intelligent, efficient (Apple)

Sophistication

BPF: upper class, luxury, more expensive, charming, glamorous (Rolex, Louis Vuitton)

Ruggedness

BPF: outdoorsy, masculine, adventurous, tough, western (Carhartt)

Customer ethnocentrism

not open or receptive to other cultures

Need for cognition

not going to buy until they know everything they need to know

Need for uniqueness

the pursuit of individualistic goals to produce a sense of specialness

Low self-monitor

don’t care enough about expectations to modify behavior despite being aware of them

High self-monitor

very aware of what other’s expectations are and are willing to modify behavior

Priming

perception and things affecting senses (slow music in a restaurant makes you want to stay longer so you end up sitting longer and spending more money)

Nudging

making suggestions that get people to end up buying a service without outright putting it in their face (people to get covid vaccines when covid was first introduced)

Loss aversion

presenting something to make customers feel like they’re missing out if they don’t buy from you causes them to buy from you to avoid losing anything (people buy a preowned certified car over a used car to avoid the potential risk of buying an uncertified car)

Diffusion

the process by which a new idea or product is accepted by the market; the speed new ideas spread from one consumer to the next

Norm

set of informal rules that society imposes to guide individual behavior

Customs

the norms of behavior that have been passed from generation to generation

Default

a preselected option that a consumer makes without active thought or consideration (if someone has too many choices offered to them, they will likely stick to this option)

Proximity

things we see close together are perceived to be more related than things that are seen as further apart

Observation

in research occurs when researchers simply watch and record what customers do

Saturation

when a market no longer demands a product or service

Visualization

encouraging customers to visualize how their lives would be if they purchased your product or service

Motivational research

an approach to consumer research that focuses on underlying influences on consumer behavior, such as desires and emotions

Behavioral Research (Buyer Behavior)

an approach to consumer research that examines what consumers do, it does not account for the underlying motivations for these behaviors

Behavioral economics

a branch of traditional economics that proposes that an individual’s behavior is complex and is influenced by rational, emotional, contextual, and sociocultural factors

Symbolic value

the collection of deeper meanings consumers attach to products

Narrowcasting

marketing towards specific segments of the public based on the idea that mass audiences don’t exist; very specifically trying to get individual consumers exactly what they want and making it seem like we made the product specifically for them

Procedural memory

memory involved with knowing how to do things (memory of how to do certain things like riding a bike, tying your shoes, playing a song on an instrument by heart, etc.)

Chunking

using relationships to improve bit usage; the grouping together of similar or meaningful pieces of information

Explicit memory

the intentional, conscious recollection of information