Chapter 1 - Consumer Behavior and Marketing Strategy Flashcards
the study of individuals, groups or organizations.
Consumer Behavior
what are the 4 application of consumer behavior?
- Marketing Strategy
- Regulatory Policy
- Social Marketing
- Informed individuals
Creating Satisfied Customers (5)
- outcomes
- Consumer Decision Process
- Marketing Strategy
- Market Segmentation
- Market Analysis
Individual, Firm, society
Outcomes
Problem Recognition, Information Search, Alternative Evaluation, Purchase, Use, Evaluation.
Consumer Decision Process
Product, Price, distribution, promotion, Service
Marketing Strategy
identify product related needs
Market Segmentation
Company. Competitors, condition and Consumers
Market Analysis
Not only the product you bought but also the experience
total product
a portion of a large market whose need differ from the large market.
Market Segmentation
what are the components of Market Analysis? (4)
remember the (4 C’s)
1. Company
2. Competitors
3. Condition
4. Consumers
Market Segmentation (4)
- identifying product-related need sets
- Grouping costumers with similar need sets
- describing each other
- selecting an attractive segments to serve
a product has multiple purposes.
need sets
Marketing strategy answers the question__________________
“How will we provide superior customer value to our target market?”
Marketing Mix (Elements of the target market) (5)
- Product
- Price
- Distribution
- Service
- communication
It includes Advertising, The sales force, public relations, packaging, and any other signal that firm provides about its products
Marketing Communication
intervenes between the Marketing Strategy as implemented in Marketing Mix and Outcomes
Consumer Decision
what are the 3 outcomes
- Firm Outcome
- Individual Outcome
- Society Outcome
Include Product Position, Sales and profit, customer satisfaction.
Firm Outcome
External Influence (5)
- Culture
- Demographics
- Ethics/Religious
- Families and Household
- Groups
Internal influences (7)
- Perception
- Learning
3.Memory - motives
- Personality
- Emotions
- attitude
totality of individuals thoughts and feeling about oneself
Self Concept
How one lives
Lifestyle
Result from perceived problems and opportunities
Consumer Decision
Consumer Problem =?
Consumer Behavior
aspects of consumer behavior the permeates marketers action
regulation
Beyond satisfaction of minimum or basic consumer needs
Consumption
Symbolic needs (3)
- Status
- Identity
- Group Acceptance
