Marketing exam 2

Buyer decision process

Need recognition, Information search, evaluation of alternatives, purchase decision, and post-purchase behavior

Maslow’s Hierarchy of needs

bottom-physiological (food/water), safety (insurance, savings account), social (dating apps, social networking platforms), esteem (luxury goods, education degrees), and (top) self-actualization (travel, self-help books)

Cognitive dissonance

when individuals experience discomfort due to conflicting beliefs, attitudes, or behaviors. Leading them to seek ways to reduce this discomfort.

selective attention

The process of focusing on specific information while ignoring contradictory data, which marketers can address by reinforcing positive product information.

selective distortion

the tendency of people to interpret information in a way that supports what they already believe. Consumers may twist facts to justify their decisions and ease cognitive dissonance.

selective retention

The tendency to remember favorable information about a preferred brand while forgetting positive aspects of competitors, which marketers can enhance through memorable campaigns.

Product life cycle

The stages a product goes through from introduction to decline, including introduction, growth, maturity, and decline.

Brand equity

brand awareness, brand associations, perceived quality, brand loyalty

product differentiation

distinguishing a product from others in the market. This can be achieved through unique features, quality, design, branding, or customer service. The goal is to create a competitive advantage, attract specific customer segments, and build brand loyalty.

product positioning

the strategy of defining how a product is perceived in the minds of consumers relative to competing products.

new product development process

idea generation, idea screening, concept development & testing, business analysis, product development, market testing, commercialization, and post-launch evaluation

marketing management of goods and services

intangibility, perishability , and inseparability,

focus group

A qualitative research method involving guided discussions with a group of participants to gather insights, with strengths in flexibility and weaknesses in potential bias.

survey

A quantitative research method that collects data from a large sample, with strengths in reach and weaknesses in depth of insight.

experiment

A research method that tests hypotheses by manipulating variables, with strengths in establishing causal relationships and weaknesses in real-world applicability.

random sampling

A method of selecting participants from a population where each individual has an equal chance of being chosen, important for reducing bias in descriptive research.

random assignment

A method used in experiments to assign participants to different groups, ensuring similarity at the start and establishing cause-and-effect relationships.

product items in product line

a group of related products under a single brand that a company offers. Products in a line typically share similar functions, target markets, or price ranges.

brand extension

leveraging an existing brand name to launch a new product in a different category. This strategy aims to transfer the brand’s credibility, reputation, and customer base to a new market segment.

line extension

the use of an existing brand name to introduce a new product within the same product category. The variations may include different flavors, sizes, colors, or forms of the existing product.