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MKTG3411 Test 1 Outline (got 94% in the course)

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MKT 3411
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Ch 1 Consumers RuleConsumer Behavior the study of the processes involved when individuals or groups selectpurchase use or dispose of products services ideas or experiences to satisfy needs and desiresConsumer a person who identifies a need or desire makes a purchase and then disposes of the product Knowledge and data about customers Help to define the market Identify threats opportunities to a brandMarketing Concept consumers have needs and wants and firms satisfies those needsDemographics statistics that measure observable aspects of a population such asAge SexFamily structureSocial classincomeRaceethnicityGeographyPsycographicssubjunctive personalitiesthe way we feel about ourselves the things we valuethe things we do in our spare timeConsumergenerated content When everyday people voice their opinions about products brands and companies on blogs podcasts and social networking sites such as FacebookThe meaning of consumption People often buy products not for what they do but what they meanConsumers can develop relationships with brandsselfconcept attachmentinterdependencenostalgic attachmentloveRelationship Marketing interact with customers regularlygive them reason to maintain bond with the companyDatabase Marketing tracking specific consumers buying habits and crafting products and messages tailored precisely to peoples wantsThe Global ConsumerGlobal consumer culture one that unites people with a common devotion to Brand name consumer goods Movie starsCelebritiesLeisure activitiesVirtual Brand CommunitiesC2C ecommerce in addition to B2B and B2CWired Americans spendLess time with friemdsfamilyLess time shopping in storesMore time working at home after hours Business ethicsrules of conduct that guide actions in the marketplace Cultural differences in ethics Codes of ethics less formal in MexicoUS foreign Corrupt Practices Act prohibits use of bribery by American businesspeople no matter where theyre doing businessBribery commonly practiced in other countries Objective of marketing create awareness that needs exist not to create needsNeed a basic biological motive
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