Exam 6: Analyzing Consumer Markets

Marketers need to be aware of the status-symbol potential of brands because people usually choose products which reflect their role and their actual or desired status in a society.

________ refers to a set of distinguishing human psychological traits that lead to relatively consistent and enduring responses to environmental stimuli.

Abraham Maslow sought to explain why people are driven by particular needs at particular times. Describe Maslow's hierarchy of needs. How does Maslow's theory help marketers?

The prospect theory maintains that consumers frame decision alternatives in terms of gains and losses according to a value function.

As Rita scans the yellow pages section of her phone book looking for a florist, she sees several other products and services advertised. Though interesting on first glance, she quickly returns to her primary task of finding a florist. The items that distracted her from her initial search were most likely stored in which of the following types of memory?

Psychogenic needs arise from the physiological states of tension such as hunger or discomfort.

Describe the lexicographic heuristic used to make consumer choices.

The ________ says people have a general tendency to attribute success to themselves and failure to external causes.

Members within a social class tend to behave more alike compared to members from two different social classes.

People from the same subculture, social class, and occupation may lead quite different lifestyles. A lifestyle is a person's pattern of living in the world as expressed in activities, interests, and opinions. Lifestyle portrays the "whole person" interacting with his or her environment. Given this information, describe the LOHAS (an acronym)lifestyle described in the text and its usefulness in marketing.

A key driver of sales frequency is the product ________ rate.

A belief is a person's enduring favorable or unfavorable evaluation, emotional feeling, and action tendency toward some object or idea.

Anchoring heuristic comes in to play when consumers base their predictions on the quickness and ease with which a particular example of an outcome comes to mind.

A mobile phone manufacturing company observes that the main reason for an abrupt fall in their sales volume is the unconventional design of their phones that consumers found inconvenient and unattractive. The findings prompt the company to adopt a new strategy. They redesigned the product models keeping the requirements of the end-user in mind. According to the expectancy value-model, the company's strategy can be termed as ________.

At the top of Maslow's hierarchy of needs (shown as a pyramid in the text)are ________ needs.

What four strategies can marketers of low-involvement products employ in an effort to convert their products into ones of higher involvement?

Each person has personality characteristics that influence his or her buying behavior. What does personality mean in terms of buying traits?

The milder information search state where a person simply becomes more receptive to information about a product is called ________.

Psychological risk refers to the threat posed by a product to the physical well-being of a consumer.

Marketers embed covert messages in ads or packaging of which the consumers are not consciously aware, yet it affects their behavior. This technique employed by the marketers targets the ________ of a consumer.