1. Intro to Consumer Behavior Flashcards
Define consumer behavior!
The study of consumers’ action during searching for, purchasing, using, evaluating, disposing products and services that they expect will fulfill their needs
Define consumer decision making!
Consumer decision making process involves the consumers to identify their needs (problem recognition), gather information, evaluate alternatives and then make their buying decision.
Define consumer research!
the process and tools used to study consumer behavior
Define customer retention!
Turning individual consumer transactions into long-term customer relationships
Define customer satisfaction!
Customer’s perception of the performance of a product or service in relation to their expectation
Define customer value!
The ratio between customer’s perceived benefits (economical, psychological, functional) and the resources they need to obtain the benefits (monetary, time, effort, psychological)
Define marketing concept!
The premise that marketing consists of satisfying customers’ needs, creating value, retaining customers, and that companies must only produce goods that have already determined that consumers would buy
What are moral principles designed to guide marketer’s behavior called?
Marketing Ethics
What are the four components of the marketing mix?
product (or service), price, place, and promotion
Market segmentation
The process of dividing a market into subsets of customers with common needs or characteristics. Each subset subset represents a consumer group with shared needs that are different from those shared by other groups
The basic principle of production concept is …
producing products and services at low prices
The product concept aims to…
to make products with great quality and performance
Define marketing myopia!
too focused in increasing the quality of the product but not the marketplace itself
The basic assumption of the selling concept is …
consumers are unlikely to buy the product unless they are aggressively
persuaded to do so—mostly through the “hard sell” approach.
The basic principle of the marketing concept is…
satisfying consumers’ needs, creating value, and retaining customers
