Exam 1: Consumer Behavior: Information-Driven Consumer Behavior

CAR MINI CASE: In the early 1900s, Henry Ford made a fortune manufacturing Model T cars and selling them cheaply, making the automobile affordable for a much larger proportion of the population than had previously been the case. He accomplished this by producing only one model of car and doing so cheaply and at high volumes through the utilization of assembly line manufacture. In 1923, General Motors decided to increase its market share in the automobile industry by offering, instead of just one model, as Ford did, a variety of affordable mass-produced models to meet the various differing needs of different types of consumers. -In the CAR MINI CASE, which of the following elements of the marketing mix was central to Ford's business model?

Successful positioning focuses on communicating the ________.

Tracy licensed a new software product that enables her to figure out when the same person is accessing her company's website via a mobile phone, tablet, and/or computer so she can keep track of their behavior and target them accordingly. This is an example of ________.

The ________ concept in business assumes that consumers are mostly interested in product availability at low prices.

When Gary buys ice cream, he typically buys whichever brand is on sale that week. With regard to ice cream, Gary is best described as a(n) ________.

________ is a process that links the consumer, customer and public to the marketer through information in order to identify marketing opportunities and problems, evaluate marketing actions, and evaluate marketing strategies' performances.

Define consumer behavior. What is the scope of consumer behavior?

Socially responsible activities can result in ________.

Megan uses Bed Head hair products and enthusiastically recommends them to others any time she receives complements on her hair. With regard to hair products, Megan is best described as a(n) ________.

Marketing-oriented companies try to persuade consumers to buy what the firm has already produced, regardless of whether those goods satisfy consumers' needs.

CAR MINI CASE: In the early 1900s, Henry Ford made a fortune manufacturing Model T cars and selling them cheaply, making the automobile affordable for a much larger proportion of the population than had previously been the case. He accomplished this by producing only one model of car and doing so cheaply and at high volumes through the utilization of assembly line manufacture. In 1923, General Motors decided to increase its market share in the automobile industry by offering, instead of just one model, as Ford did, a variety of affordable mass-produced models to meet the various differing needs of different types of consumers. -In the CAR MINI CASE, by offering a variety of cars to choose from, General Motors was able to differentiate itself from Ford by demonstrating to consumers that it could offer ________.

Identify the three conditions under which customization is most likely to be effective and provide an example of a successful customizable offering that meets these criteria.

When advertising to teens, Matt's Mobile Services focuses its messaging on how its expansive network enables subscribers to stay connected with friends at all times, so subscribers are always accessible and "in the loop" on the latest social news. This is an example of ________.

The four Ps of the marketing mix are ________.

CAR MINI CASE: In the early 1900s, Henry Ford made a fortune manufacturing Model T cars and selling them cheaply, making the automobile affordable for a much larger proportion of the population than had previously been the case. He accomplished this by producing only one model of car and doing so cheaply and at high volumes through the utilization of assembly line manufacture. In 1923, General Motors decided to increase its market share in the automobile industry by offering, instead of just one model, as Ford did, a variety of affordable mass-produced models to meet the various differing needs of different types of consumers. -In the CAR MINI CASE, Ford's business approach exhibited a ________.

Implementing the marketing concept includes consumer research, market segmentation, a combination of the product, price, place and promotion strategies, providing value, and long-term customer satisfaction and retention.

An individual's perception of the performance of a product or service in relation to one's expectations is known as ________.

The downside of electronic communications is marketers have less ability to gauge the effectiveness of their promotional messages than they did via traditional media outlets.

Tripp runs a product development division at a software company. His division was focused on producing a word processing software that performs better and has more features than any competitive product, so they added every feature that was technically feasible. However, they found that consumers were satisfied with fewer features and unwilling to pay more for the advanced software. Tripp and his team suffered from ________.

Ryan runs a store that caters to athletes. He divides the athletic market into different subsets of shoe consumers, such as runners, basketball players, and golfers. Ryan decides to focus his attention on that segment of the market that is interested in running. This selection of a specific market segment is known as ________.