FINAL EXAM MKT 321r

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Southern Connecticut State University *

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321

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Marketing

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Feb 20, 2024

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FINAL EXAM CONSUMER BEHAVIOR (MKT 321) Professor Prince May, 2023 STUDENT NAME: Two consecutive hours are to be taken. Time Began:___________ Time Ended: __________ This examination consists of three parts. Part 1 is a series of essay questions on aspects of consumer behavior. Part II involves retail website assessment from a consumer persuasion perspective. Part 3 is an explication of a consumer behavior concept. Part I 1. Explain why mindfulness is a useful concept for today’s marketers. Discuss ways by which you, personally, would apply this concept an entirely new product market introduction. Mindfulness is essential for today’s marketers as it help create an engaging and significant experiences, it promotes ethical marketing, it helps build emotional connections with consumers, and improves decision making. When introducing a new product in the market I would incorporate mindfulness through market research by engaging with potential customers through interviews, focus groups, and surveys listening to their needs, values, and concerns. It leads to increased market efficiency and customer loyalty. 2. What are some factors that affect stages of the consumption process, and how might marketers make use of these factors in shaping effects on consumer behavior? Express your answer in a powerpoint format. Slide 1: Title  Factors Affecting Stages of Consumption Process & Shaping Consumer Behavior Slide 2: Introduction  Overview of the consumption process  Importance of understanding factors that influence consumer behavior Slide 3: Factors Affecting Pre-Purchase Stage  Consumer needs, motivations, and values 1

 Personal factors: age, lifestyle, personality, income  Social factors: family, friends, social groups  Cultural factors: culture, subculture, social class  Marketing factors: product, price, promotion, place Slide 4: How Marketers Influence Pre-Purchase Stage  Market segmentation & targeting based on personal, social, and cultural factors  Develop marketing mix strategies  Create value propositions and emotional connections Slide 5: Factors Affecting Purchase Stage  Retail environment: store layout, atmosphere, salespeople  Decision: price, brand, product features  Online vs. offline purchasing: convenience, trust, shipping Slide 6: How Marketers Influence Purchase Stage  Optimize in-store and online shopping experiences  Implement effective pricing and promotional strategies  Cultivate strong brand recognition and trust Slide 7: Factors Affecting Post-Purchase Stage  Customer satisfaction and perceived value  Cognitive dissonance: buyer's remorse, rationalization  Word-of-mouth and online reviews Slide 8: How Marketers Influence Post-Purchase Stage  Foster positive customer relationships through excellent customer service  Encourage customer feedback and address concerns promptly  Implement loyalty programs and post-purchase communications Slide 9: Conclusion  Understanding and addressing factors affecting consumption stages is crucial for marketers  Shaping consumer behavior requires tailored strategies at each stage of the consumption process 3. Briefly explain Maslow’s Hierarchy of Needs and how it might be applied in marketing. Provide details based on a particular product that you and your friends have purchased. The Maslow’s Hierachy of needs is a psychological theory that separates human needs into five levels arranged in a form of pyramid structure. The bottom level is the physiological needs: basic 2

needs for survival, such as food, water and shelter. Followed by safety needs: Security, stability, and protection from harm. Then comes social needs: Love, belonging and social connections. Followed by Esteem needs: Recognition, status, and self-respect. The top level is Self- actualization needs: Personal growth, self-fulfillment and achieving one’s potential. In marketing Maslow’s Hierarchy of needs can be used to understand various motivations behind consumers’ purchasing decision. For example a let's consider a product that my friends and I recently purchased: a fitness tracker. a. Physiological needs: The fitness tracker can help monitor essential health parameters like heart rate, sleep quality, and daily activity levels, ensuring that our basic health needs are met. b. Safety needs : The tracker's GPS and emergency contact features can provide a sense of security during outdoor activities. c. Social needs: Sharing our fitness goals, achievements, and challenges on social media platforms and participating in virtual workout communities can foster a sense of belonging. d. Esteem needs : Achieving personal fitness milestones and receiving recognition for our progress can boost self-esteem and confidence. e. Self-actualization needs: The fitness tracker can help us pursue personal growth and self- improvement by enabling us to set and track meaningful fitness goals . 4. Briefly describe Psychographic Analysis. Relate its segmentation technique to a consumer product marketing strategy. Compare psychographics with alternative segmentation schemes for strategic planning. Explain why you, yourself have selected these alternative segmentation techniques . Psychographic Analysis is a method of studying and classifying people based on their psychological attributes, such as values, attitudes, interests, and lifestyles. This approach helps marketers understand consumer behavior, preferences, and motivations, enabling them to create more targeted and effective campaigns for specific consumer segments. Demographic segmentation classifies consumers based on characteristics such as age, gender, income, education, and occupation. Geographic segmentation categorizes consumers based on their geographical location such as country, region or city Behavioral segmentation focuses on consumer behavior, such as product usage, loyalty, and purchase patterns. I would select alternative segmentation methods based on the specific context and goals of a marketing strategy. Demographic and geographic segmentation might be effective for simpler marketing objectives or when limited data on consumer psychographics is available. Behavioral segmentation could provide more actionable insights, as it closely monitors consumer interactions with the product or brand. 5. Explain diffusion of innovation and how this process might operate in a concrete example. Describe people you know who fit into various classes within the diffusion framework, and explain why . Diffusion of innovation is a theory that seeks to explain how new ideas, technologies, or products spread through a population or market. Developed by E.M. Rogers in 1962, this 3

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process consists of five stages: knowledge, persuasion, decision, implementation, and confirmation. The theory also identifies five categories of adopters based on their propensity to embrace new innovations: innovators, early adopters, early majority, late majority, and laggards. Let's take the example of electric vehicles (EVs) in the automotive industry. As these new vehicles enter the market, the five adopter categories respond differently: a. Innovators : These individuals are excited by new technologies and are willing to take risks. A friend who works in tech and has a keen interest in new technologies. They are among the first to purchase an electric vehicle when it became available, despite the high cost and limited charging infrastructure. b. Early adopters : They recognize the potential of new innovations but may be more cautious than innovators. A colleague who is environmentally conscious and appreciates the latest trends might be an early adopter. They purchased an electric vehicle shortly after the innovators, encouraged by positive reviews and growing awareness of the environmental benefits. c. Early majority : Adopting new technologies after carefully weighing the advantages and disadvantages. A family member who waits for further developments in charging infrastructure, improved battery technology, and more affordable options before purchasing an EV. d. Late majority : These individuals are skeptical about new innovations and only adopt them after most of their peers have done so. A neighbor who was initially hesitant about electric vehicles but eventually bought one after seeing their popularity and proven benefits. e. Laggards : They are resistant to change. An older relative who is deeply attached to their traditional gas-powered car and remains unconvinced by the benefits of EVs. Diffusion of innovation helps marketers and product developers understand the different types of adopters, allowing them to tailor their strategies and messaging to effectively reach and persuade each group throughout the adoption process. GO TO THE NEXT PAGE FOR PART II 3. 4

Part II Use this form to answer the exam task below: Evaluation of Retail Website Quality Select two websites, (1) a local goodwill and donation center and (2) Long Wharf theater in New Haven Apply the knowledge you have acquired from your studies of consumer behavior. Your task is to visit, thoroughly observe and evaluate each of the two selected websites. These websites should be compared with respect to overall quality and qualities with respect specific dimensions. The dimension must include information and assessments about trustworthiness, ease of use, visual appeal, transaction procedures, and other dimensions beyond these. Supply ample detail, and fully justify your evaluations. Your answer must include recommendations based on your conclusions about strengths and weaknesses of each of these websites. For both of your selected retail websites, offer marketing strategies to improve website quality and promote favorable consumer response. Your Answer: After evaluating both websites of (1) a local Goodwill and Donation Center and (2) Long Wharf Theatre in New Haven, I will provide an analysis of their overall quality and specific dimensions, along with recommendations for improvement based on observed strengths and weaknesses. 1. Local Goodwill: Overall Quality : The website appears simple, functional, and informative, providing necessary information about services, donation locations, and guidelines. However, visual appeal, personalization, and user engagement could be improved. Trustworthiness : The Goodwill brand's reputation lends credibility to the website, which features necessary security measures for transactions and organization contact information. Ease of Use : The website's straightforward design, with a simple navigation menu and clear call-to- action buttons, can be further enhanced for user experience. Visual Appeal : The basic design, minimal visuals, and outdated color scheme could be updated to improve the overall user experience. Transaction Procedures : The site clearly outlines donation procedures, including accepted items, drop- off locations, and pickup scheduling, but could benefit from a more streamlined approach. Recommendations : a. Redesign the website with a modern color palette, clear typography, and engaging visuals to improve visual appeal and user experience. 5

b. Encourage user engagement and build community by implementing personalization features, such as recommended products or a user account dashboard. c. Incorporate an online donation form to streamline the donation process, allowing users to schedule pickups, identify acceptable items, and track donations. Marketing Strategies: 1. Increase website awareness through social media campaigns and targeted online advertising. 2. Engage with potential donors and customers by providing valuable content through a blog or newsletter. 3. Promote the website and boost traffic by collaborating with local influencers or organizations. Long Wharf Theatre in New Haven: Overall Quality : The website is visually appealing, engaging, and informative, offering a comprehensive view of theater events and activities. Improvements in ease of use and transaction processes could enhance the site further. Trustworthiness : The professional and well-maintained website contributes to its credibility, with contact information and essential security measures for online transactions provided. Ease of Use : Despite its visual appeal, the website's layout can be confusing due to some hidden or difficult-to-find navigation elements. Visual Appeal : The attractive design, high-quality images, engaging visuals, and modern typography contribute to the website's visual appeal. Transaction Procedures: Ticket purchasing is done directly on the website Recommendations : a. Enhance user experience by simplifying the website's layout and improving navigation b. Provide additional engagement opportunities, such as behind-the-scenes content or exclusive promotions for website visitors. Marketing Strategies: 1. Attract potential patrons to the website using targeted online advertising and social media campaigns. 2. Encourage immediate ticket purchases by offering limited-time promotions or discounts to website visitors. 3. Increase website visibility and boost traffic by creating partnerships with local businesses and influencers. 6

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Part III Use this form to answer the exam task below: Explanation of Consumer involvement Discuss the advantages and disadvantages of consumer involvement in decision-making about product and service purchases. Give concrete examples to support your arguments. These examples must come from your own experiences with product involvement or lack of involvement. Your Answer: Consumer involvement in decision-making comes with both advantages and disadvantages, influencing the overall satisfaction and outcome of product and service purchases. Active involvement can lead to better-informed decisions, as consumers gather relevant information to identify the best option. For instance, when I purchased a new laptop, researching various brands, models, and features allowed me to choose the most suitable device for my needs. Consequently, this informed decision led to higher satisfaction, as seen in my vacation destination experience. The time spent researching locations, accommodations, and activities increased my investment in the outcome, enhancing my satisfaction with the chosen vacation. Involvement in decision-making can foster enhanced brand loyalty. My experience searching for a new smartphone exemplifies this notion; after comparing different options and choosing a specific brand, the positive experience turned me into a repeat customer and loyal supporter. However, this high involvement also presents drawbacks, such as being time-consuming, which I experienced when searching for a new mattress. The time spent researching materials, brands, and prices delayed the purchase. Decision fatigue can arise from information overload, as seen when selecting my health insurance plan. Numerous options and complex terminology made it difficult to decide, leading to a substandard choice. Overemphasis on trivial differences, as experienced when shopping for running shoes, can cause indecision and delay purchases. While consumer involvement in decision-making can result in better decisions, higher satisfaction, and increased brand loyalty, it can also be time-consuming, cause decision fatigue, and emphasize minor differences. Striking a balance between involvement and efficiency is crucial when making purchase decisions. 7

FINAL EXAM MKT 321r

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