Exam 1: Consumer Behavior: Information-Driven Consumer Behavior

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.

No matter where we are born, we all have the same biological needs: needs for food, nourishment, water, air and shelter from the environment's elements.

$\text{RYAN'S RUNNERS MINI CASE}$ : Ryan wants to open a store that caters to athletes, but, due to space and budgetary constraints, he recognizes that he will not be able to offer the same variety and selection of products as does the local athletic mega-store, so he has decided to focus specifically on runners. He stocks shoes and related gear for runners, and maintains a staff that is knowledgeable and enthusiastic about running. Ryan's advertising campaign emphasizes his store's high standard of customer service and selection of products specifically tailored to meet the needs of the runner. -In the RYAN'S RUNNERS MINI CASE, which of the four elements of the marketing mix does Ryan use to differentiate his store in the marketplace?

"Me too" products are ________.

Much like traditional television advertising, digital technologies allow for two-way interactive exchanges between customers and marketers.

During historical periods when demand exceeded supply, businesses adopted the ________ concept.

________ is defined as the ratio between the customer's perceived benefits and the resources used to obtain those benefits.

Tanya and her marketing team at a fast food restaurant are breaking their company's target audience into groups that have shared needs that are different from the needs shared by other groups. They are engaged in ________.

Those in favor of socially responsible marketing call on marketers to adopt the societal marketing concept, which requires marketers to ________.

Based on the three criteria for successful customization, which of the following is least likely to be effectively customized?

Which of the following determinants of customer satisfaction with online websites and merchants while shopping online is characterized by the customer's willingness to count on the merchant to successfully complete the purchase transaction and feeling the merchant is reliable and honest?

The 4 Ps of the marketing mix are ________.

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)________.

Walmart's use of Twitter chatter to inform their decision to sell cake pops is an example of social media's impact on ________.

$\text{RYAN'S RUNNERS MINI CASE}$ : Ryan wants to open a store that caters to athletes, but, due to space and budgetary constraints, he recognizes that he will not be able to offer the same variety and selection of products as does the local athletic mega-store, so he has decided to focus specifically on runners. He stocks shoes and related gear for runners, and maintains a staff that is knowledgeable and enthusiastic about running. Ryan's advertising campaign emphasizes his store's high standard of customer service and selection of products specifically tailored to meet the needs of the runner. -In the RYAN'S RUNNERS MINI CASE, the process of dividing the athletic market into different subsets of shoe consumers, such as runners, basketball players, and golfers, is known as ________.

The societal marketing concept advocates a short-term perspective in driving for increased market share and quick profits.

Consumer behavior includes the behavior that consumers display in searching for, purchasing, evaluating and disposing of products and services.

$\text{CAR MINI CASE}$ : 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?

________ is turning individual consumer transactions into long-term customer relationships by making it in the best interests of customers to stay with the company rather than switch to another firm.

Identify the four tiers of the customer pyramid and explain how a financial institution might change its offerings based on the characteristics of each tier. In your response, be sure to tie the suggested offerings to the characteristics of the tier so it is clear that you understand the characteristics of each tier.