Introduction

Question 1

4 concepts of marketing

Answer 1

1. Barterting
2. Selling
3. Narrow concept of marketing
4. Broadened concept of marketing

Question 2

3 requirements of marketing

Answer 2

1. Two or more parties potentially interested in exchange
2. Each possessing things of value to the other
3. Each capable of communication and delivery

Question 3

What are examples of Things of Value?

Answer 3

1. Physical products
2. Services
3. Organizations
4. Ideas
5. People

Question 4

Definition of Consumer Behavior

Answer 4

Reflects the totality of consumers’ decisions with respect to the acquisition, consumption, and disposition of goods, services, time, and ideas by decision-making units over time

Question 5

3 characteristics of business perspective rules of thumb regarding marketing

Answer 5

1. Have little time to evaluate these rules systematically
2. Why and how does not matter much
3. Usually context specific to a certain consumer market, time period, and location

Question 6

Characteristics of academic research

Answer 6

1. Explanation
2. Aimed at uncovering broad underlying generalizable principles
3. High levels of abstraction

Question 7

Characteristics of commercial research

Answer 7

1. Description/Prediction
2. Focus on specific consumer, product, and location
3. Low levels of abstraction

Question 8

What are under ‘The totality of decisions’?

Answer 8

1. Whether
2. What
3. Why
4. How
5. When
6. Where
7. etc.

Question 9

What are under ‘About the consumption’?

Answer 9

1. Acquisition
2. Usage
3. Disposition

Question 10

What are under ‘Of an offering’?

Answer 10

1. Products
2. Services
3. Activities
4. Experiences
5. People
6. Ideas

Question 11

What are under ‘By decision-making units’?

Answer 11

1. Information gatherer
2. Influencer
3. Decider
4. Purchaser
5. User

Question 12

What are under ‘Over time’?

Answer 12

1. Hours
2. Days
3. Weeks
4. Months
5. Years

Question 13

What are Internal Factors in consumer behavior?

Answer 13

-> Motivation, Opportunity, Ability
-> Exposure, Attention, Perception, Comprehension
-> Memory & Knowledge
-> Attitudes & Persuasion

Question 14

What are External Factors in consumer behavior?

Answer 14

-> Society & Culture
-> Reference Groups