Mktg 4204 Consumer Behavior Final Exam Notes

Affect {Ans: - Feelings - Favorable vs. Unfavorable -Mild vs. Intense}Achievement {Ans: Achievers and Strivers}Pricing Behavior {Ans: - Funds access - Transactions}Task 1: Analyze Consumer Product Relationships {Ans: Brainstorm product concept to figure out what types of consumers are likely to purchase and use the product Primary research to identify perceived differences in attributes, benefits, and values Secondary research to determine market differences and relative sizes}Pricing Affect and Cognition {Ans: Sensation of price information (visual, aural) + comprehension (interpretation and assignment of meaning) + Integration (comparison of prices and integration with other information) + Attitude formation (attitude toward prices and products}Self-Expression {Ans: Experiencers and Makers}How is Consumer Behavior studied {Ans: Studied via interpretive, traditional, and marketing science approaches}Promotion Mix {Ans: - Advertising - Sales Promotions - Personal Selling - Publicity}Who uses knowledge about Consumer Behavior {Ans: Consumer Behavior is useful for consumers, governments, and organizations (both for-profit and not-for- profit)}Role of Pricing in Marketing {Ans: Consumer costs + Value = price willing to pay = Marketing exchange = Price willing to sell = Business costs + Profit}Task 4: Segmentation Strategy {Ans: Don't launch the product Be a mass marketer