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Management and Organizational Studies 1021A/B Study Guide - Disposable And Discretionary Income, Opinion Leadership, Marketing Mix


Department
Management and Organizational Studies
Course Code
MOS 1021A/B
Professor
James O' Brian

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CHAPTER 1 - MARKETING FUNDAMENTALS
Marketing mix:
oProduct
oPrice
oPlace
oPromotion
Marketing process:
oIdentifying consumer needs
oManaging the marketing mix to meet these needs
oRealizing profits
CHAPTER 2 – THE MARKETING ENVIRONMENT
Marketers look for:
oDemographic forces
Age, gender, ethnicity, income…
oSocio-cultural forces
oEconomic forces
Macroeconomic vs. microeconomic
Inflation, recession, gross income, disposable income, discretionary
income
oTechnological forces
oCompetitive forces
Direct vs. indirect
oRegulatory forces
CHAPTER 3 – CONSUMER BEHAVIOR (Incl. class notes)
Purchase decision process: Stages that a buyer passes through when making choices
about which products or services to buy.
oFive stages:
1. Problem recognition: perceiving a need
2. Information search: seeking value
3. Alternative evaluation: assessing value
4. Purchase decision: buying value
5. Post-purchase behavior: value in consumption or use
Satisfied buyers tell three other people about their experience. Dissatisfied buyers
complain to nine people.
Types of problem solving:
oRoutine (ex: milk)
oLimited (ex: jeans, restaurant)

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oExtended (uses each of 5 stages, (ex: camera)
Situational influences on purchase decisions:
oPurchase task (a gift vs. something for the buyer themselves)
oSocial surroundings (other people present when purchase is made)
oPhysical surroundings (décor, music, crowding)
oTemporal effects (time of day, time available)
oAntecedent states
Hierarchy of needs:
oPhysiological needs
oSafety needs
oSocial needs
oPersonal needs
oSelf-actualization needs
How companies make consumers feel at ease:
oObtain seals of approval
oSecuring endorsements from influential people
oProviding free trials
oGiving extensive usage instructions
oProviding warranties and guarantees
How marketers change consumers attitudes:
oChanging beliefs about the extent to which a brand has certain attributes.
oChanging the perceived importance of attributes.
oAdding new attributes to the product.
Personal influence:
oOpinion leadership (individuals who have social influence over others)
oWord of mouth
Main consumer reference groups:
oMembership group
oAspiration group
oDissociative group
Behavioral learning The process of developing automatic responses to a type of situation
built up through repeated exposure to it. Drive, cure, response, reinforcement.
Motivation: Energizing force that stimulates behavior to satisfy a need; marketers try to
arouse needs.
Personality: Consistent behaviors or responses to recurrent situational marketers think

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about self-concept, especially differences between current and ideal self.
Perception: We select, interpret and organize information to create meaningful picture of
the world; marketers try to understand selective perception to avoid errors (e.g. the Snow
Pup).
Class Notes
A firm adopts a marketing strategy based on consumer learning to influence buying
decisions in a target market. Which of the following actions best reflects this strategy?
Low-involvement decisions vs. high-involvement decisions.
Variations on basic theme:
Personal, social economic consequences of buying decision level of involvement
purchase decision process.
Routing, limited extended problem solving, summarized in Fig 3-2
Basically, this refers to the intensity of the information search and evaluation process.
Worked example:
Buying a mountain bike is a high-involvement decision
What’s the need?
oAs a consumer, what triggered this process?
oCan marketers also get the process started?
Information search:
oWhere can we go to find information about mountain bikes?
What is the first place we practically always look?
oExternal search:
Personal sources
Public sources
Marketer dominated sources
Alternative evaluation:
oHow do consumers assess value?
oWhat are the evaluative criteria?
Objective?
Subjective?
oWhat is the evoked set (consideration set)?
Purchase decision/post-purchase behavior
oWhat bike will I buy?
oWho will I buy it from?
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