Chapter 2 Flash Cards
What is Consumer Value Frame work (CVF)?
consumer behavior theory that says factors that shape consumption behaviors ultimately determine the value associated with consumption.
What is Customer Relationship Management (CRM)?
management system that stores information on customers to enable a more customer oriented approach
What is Relationship quality?
how connected a consumer and a business are
What is service?
an organizations efforts and resources applied towards value creation.
What are Internal Influences?
things that go on inside the mind of the consumer.
What is cognition?
mental process that go on as we process and store things that can become knowledge
What is affect?
feelings associated with objects
What are indviduals differences?
traits about people such as personality demographic and lifestyle
What is External Influences?
social and cultural aspects of life as a consumer
What is Social Environment?
the way other people influence consumer decision making and value
What is Zero Moment of Truth?
the point when a shopper moves from passive to active and seeks out exchange alternatives
What are situational influences?
things unique to a time or place that can effect consumer decision making and value
What is value?
The personal assessment of the worth you get from a product or service.
What is Utilitarian Value?
helping a customer solve a problem
What is Hedonic Value
value derived from the immediate gratification that comes from some activity
What is strategy?
a planned way of doing something to accomplish a goal
What is marketing Strategy?
way a company goes about creating value for customers
What is marketing Myopia?
a company views itself in a product business rather than in a value or benefits producing business
What is corporate strategy?
Way a firm is defined and its general goals
What is marketing tactics?
ways marketing management is implemented, involves price promotion product and distribution decisions.
What is augmented products?
actual physical product purchased plus any services such as installation and warranties necessary to use the proudct and obtain its benefits
What is total value concept?
business practice wherein companies operate with the understanding that products provide value in multiple ways.
What is value Co Creation
the realization that the consumer is necessary and must play a part in order to produce value
What is marketing mix?
combination of product, pricing, promotion, and place used to implement a marketing strategy
What is target Market?
identified segment or segment of a market that a company serves
what is market segmentation?
separation of a market into groups based on the different demand curves associated with each group.
What is Elasticity?
reflects how sensitive a consumer is to changes in some product characteristic
What is product differentiation?
marketplace condition in which consumers do not view all competing products as identical to one another
What is product positioning?
way a product is perceived by a customer
What is perceptual map?
tool used to depict graphically the positioning of competing products
What is blue ocean strategy?
positioning a firm far away from competitors so that it creates an industry of its own
What is ideal Point?
combination of product characteristics that provide the most value to an individual consumer or market segment
What is customer lifetime value?
approximate worth of a customer to a company in economic terms. Overall profitability of an indviduals consumer
