Chapter 1 Flashcards
Conceptual model
is a model that examines the situational factors which affect the consumer’s behaviors.
Consumer behavior
is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.
Consumer cost
is everything the consumer must surrender in order to receive the benefits of owning/ using the product
Customer satisfaction
a measurement that determines how happy customers are with a company’s product, service, and capabilities.
Customer value
is the difference between all the benefits derived from a total product and all the costs of acquiring those benefits.
Distribution
having the product available where target customers can buy it, is essential to success
Injurious consumption
when individuals or groups make consumption decisions that have negative consequences for their long-run well-being
Lifestyle
how one lives
Marketing communications
include advertising, the sales force, public relations, packaging, and any other signal that the firm provides about itself and its products
Marketing mix
the product, price, communication, distribution, and service provided to the target market
Marketing strategy
is basically the answer to the question, How will we provide superior customer value to our target market?
Market segment
is a portion of a larger market whose needs differ somewhat from the larger market.
Need set
reflect the fact that most products in developed economies satisfy more than one need.
Price
is the amount of money one must pay to obtain the right to use the product
Product
is anything a consumer acquires or might acquire to meet a perceived need
Product position
an image of the product or brand in the consumer’s mind relative to competing products and brands
Self-concept
the totality of an individual’s thoughts and feelings about himself or herself
Service
auxiliary or peripheral activities that are performed to enhance the primary product or primary service
Social Marketing
is the application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the target individuals or society as a whole
Target Market
the segment(s) of the larger market on which we will focus our marketing effort
Total Product
the bundles of service offered by product/ services such as product features, price, communication, distribution, and services that will provide customers with superior value. It also involves experience. An Experience occurs when a company intentionally creates a memorable event for the customer.
