Flashcards on Marketing Strategies, Branding, and Consumer Behavior
Marketing Strategies, Branding, and Consumer Behavior Explained
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Marketing
49 cards
Card 1
Question: What are the five steps to formulate a marketing strategy?
Answer: 1. Perform an environmental scan; 2. Define the target market and Unique Selling Proposition (USP); 3. Determine the marketing budget; 4. Implement th
Card 2
Question: What is the role of marketing in promoting a sales or marketing strategy?
Answer: Marketing promotes awareness of needs and influences consumer actions by communicating facts about the strategy and product to encourage purchase deci
Card 3
Question: During the buyer's decision process, what is 'problem recognition'?
Answer: Problem recognition is when the buyer becomes aware of an unfulfilled need or that a product meeting the need may soon need replacement; marketing's t
Card 4
Question: Name three types of factors that influence consumer decision-making during the buying process.
Answer: Personal characteristics (age, marital status, economic situation, lifestyle); psychological factors (beliefs, attitudes, perceptions, past experience
Card 5
Question: What economic factors can influence consumer buying behaviour?
Answer: Disposable income, inflation rate, and exchange rates.
Card 6
Question: What determines post-purchase behaviour and what outcomes can result?
Answer: Post-purchase behaviour is based on the consumer's experience using the product. If expectations are not met it can lead to dissatisfaction and lookin
Card 7
Question: Give an example from the content showing how a consumer's values and practical concerns affect purchase choice.
Answer: Sam chose a lesser-known jeans brand because he valued fair trade and recycled materials and avoided a limited-edition, expensive branded pair he thou
Card 8
Question: What lesson did Sam learn after a poor post-purchase experience with the cheaper jeans?
Answer: After the jeans split within a week, Sam decided it would have been wiser to buy a reputable brand with a price reflecting the quality he expects and
Card 9
Question: What is one approach to marketing mentioned that balances focus areas?
Answer: An approach that emphasizes both the overall business and individual product/service offerings, illustrated by Revlon selling both the Revlon brand an
Card 10
Question: What is the purpose of packaging in marketing?
Answer: To protect the product, make products easier to stack/display, identify the manufacturer by showing name/trade mark/brand, provide valuable informatio