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Flashcards in Test #2 Deck (46)
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1

What is the Marketing Myopia?

Being shortsighted- focusing more on products and less on the customer - IE trains not transportation industry

2

What is the NEW Marketing Myopia?

Not focusing on shareholders or the consequences of actions IE McDonald's offering supersizing but not caring about public health outcomes

3

Subculture of Consumption - who are they?

People that share these three things: Certain Structure, Ethos and Transformation of self (SET)

4

What does SET stand for?

Structure, Ethos and Transformation of self

5

What are the four types of data that we studied?

N - nominal, O - Ordinal, I - Interval, R - Ratio

6

What is nominal data?

Categorical factors, non-metric - gender, etc

7

What is ordinal data?

Categorical factors, non-metric but can be arranged in a certain order (freshman, sophomore, or ranges of how often you consume coffee outside of home)

8

What is interval data?

higher level of data, more definition, metric - equal interval between (strongly disagree vs strongly agree - 7 scale or any range, can calculate means (temp) - doesn't have a true zero

9

What is ratio data?

higher level of data, more definition, metric (pounds with ounces as weight, age as 24.75)
has a true zero

10

What data is categorical?

Nominal and ordinal

11

What data can you use x2 (kai squared) for?

Categorical (nominal and ordinal)

12

What is a x^2 test of independence for?

To test two factors and see if they are related or not

13

What does "P value" stand for?

Probability of error

14

What if the asymptotic significance is under 0.01?

Then we are 99.99 certain there is a correlation

15

What is anchoring?

Customers getting stuck on a certain price and remembering that

16

What is representative heuristics?

Whatever is most represented is used as a shortcut to make a quick judgement - IE vegan into herbs and essential oils - are they more likely to be a holistic healer or a school teacher? Natural to say healer, but statistically more likely to be a school teacher.

17

What is the prospect theory?

Losses Loom Larger - no one wants to lose money so they will make irrational decision to avoid.

18

Reference groups

Want to be like them or DONT want to be like them

19

Perceptions

Moving from short term to long term memories

20

Conjunctive heuristic

Things right next to each other - TVs at Best Buy

21

Types of lexicographic heuristics

Satisficing - good enough
Compensatory - one thing can make up for another
Lexicographic - what is the peak best thing?
Conjunctive rule - what is minimum i want and what fits with that?
Disjunctive - dissing certain attributes
Elimination - by aspects - look at most important characteristics first and eliminate accordingly

22

Satisficing

good enough choice

23

Compensatory

one thing can make up for another

24

Lexicographic

what is the peak best thing?

25

Conjunctive rule

what is minimum i want and what fits with that?

26

Disjunctive

dissing certain attributes

27

Elimination - by aspects -

look at most important characteristics first and eliminate accordingly

28

Rule for memory exercises

7 plus or minus 2 (don’t go over 9 pieces of information)

29

Primacy vs recency effect

things recalled from beginning vs end

30

Straight rebuy

no thought involved, easy and just do the basic that you always have done