Ch 2 Flashcards
Customer Relationship Management (CRM)
Systematic information management system that collects, maintains, and reports detailed information about customers to enable a more customer-oriented managerial approach
Relationship quality
Degree of connectedness between a consumer and a retailer, brand, or service provider
Internal influences
Things that go on inside of the mind and heart of the consumer
Cognition
Thinking or mental processes that go on as we process and store things that can become knowledge
Affect
Feelings associated with objects or experienced during events
Individual differences
Characteristic traits of individuals, including personality and lifestyle
External influences
Social and cultural aspects of life as a consumer
Social environment
Elements that specifically deal with the way other people influence consumer decision making and value
Situational influences
Things unique to a time or place that can affect consumer decision making and the value received from consumption
Value
A personal assessment of the net worth obtained from an activity
Utilitarian value
Value derived from a product that helps the consumer with some task
Hedonic value
Value derived from the immediate gratification that comes from some activity
Strategy
A planned way of doing something to accomplish some goal
Marketing strategy
Way a company goes about about creating value for customers
Marketing myopia
A common condition in which a company views itself in a product business rather than in a value - or benefits-producing business. In this way, it is shortsighted.
Corporate strategy
Way a firm is defined, and it’s general goals
Marketing tactics
Ways marketing management is implemented; involves price, promotion, product, and distribution decisions
Augmented product
Actual physical product purchased plus any services such as installation and warranties necessary to use the product and obtain its benefits
Total value concept
Business practice wherein companies operate with the understanding that products provide value in multiple ways
Value co-creation
The realization that a consumer is necessary and must play a part in order to produce value
Consumer Value Framework (CVF)
Consumer behavior theory that illustrates factors that shape consumption-related behaviors and ultimately determine the value associated with consumption
Marketing mix
Combination of product, pricing, promotion, and distribution strategies used to implement a marketing strategy
Target market
Identified segment or segments of a market that a company serves
Market segmentation
Separation of a market into groups based on the different demand curves associated with each group
Elasticity
Reflects how sensitive a consumer is to changes in some product characteristic
Product differentiation
Marketplace condition in which consumers do not view all competing products as identical to one another
Product positioning
Way a product is perceived by a consumer
Perceptual map
Tool used to depict graphically the positioning of competing products
Blue ocean strategy
Positioning a firm far away from competitors’ positions so that it creates an industry of its own and, at least for a time, isolates itself from competitors
Ideal points
Combination of product characteristics that provide the most value to an individual consumer or market segment
Customer Lifetime Value (CLV)
Approximate worth of a customer to a company in economic terms; overall profitability of an individual consumer
