Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Consumer Behavior > Chapter 2 Flash Cards > Flashcards

Chapter 2 Flash Cards

1
Q

What is Consumer Value Frame work (CVF)?

A

consumer behavior theory that says factors that shape consumption behaviors ultimately determine the value associated with consumption.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is Customer Relationship Management (CRM)?

A

management system that stores information on customers to enable a more customer oriented approach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is Relationship quality?

A

how connected a consumer and a business are

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is service?

A

an organizations efforts and resources applied towards value creation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are Internal Influences?

A

things that go on inside the mind of the consumer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is cognition?

A

mental process that go on as we process and store things that can become knowledge

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is affect?

A

feelings associated with objects

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are indviduals differences?

A

traits about people such as personality demographic and lifestyle

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is External Influences?

A

social and cultural aspects of life as a consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is Social Environment?

A

the way other people influence consumer decision making and value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is Zero Moment of Truth?

A

the point when a shopper moves from passive to active and seeks out exchange alternatives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are situational influences?

A

things unique to a time or place that can effect consumer decision making and value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is value?

A

The personal assessment of the worth you get from a product or service.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is Utilitarian Value?

A

helping a customer solve a problem

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is Hedonic Value

A

value derived from the immediate gratification that comes from some activity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is strategy?

A

a planned way of doing something to accomplish a goal

17
Q

What is marketing Strategy?

A

way a company goes about creating value for customers

18
Q

What is marketing Myopia?

A

a company views itself in a product business rather than in a value or benefits producing business

19
Q

What is corporate strategy?

A

Way a firm is defined and its general goals

20
Q

What is marketing tactics?

A

ways marketing management is implemented, involves price promotion product and distribution decisions.

21
Q

What is augmented products?

A

actual physical product purchased plus any services such as installation and warranties necessary to use the proudct and obtain its benefits

22
Q

What is total value concept?

A

business practice wherein companies operate with the understanding that products provide value in multiple ways.

23
Q

What is value Co Creation

A

the realization that the consumer is necessary and must play a part in order to produce value

24
Q

What is marketing mix?

A

combination of product, pricing, promotion, and place used to implement a marketing strategy

25
Q

What is target Market?

A

identified segment or segment of a market that a company serves

26
Q

what is market segmentation?

A

separation of a market into groups based on the different demand curves associated with each group.

27
Q

What is Elasticity?

A

reflects how sensitive a consumer is to changes in some product characteristic

28
Q

What is product differentiation?

A

marketplace condition in which consumers do not view all competing products as identical to one another

29
Q

What is product positioning?

A

way a product is perceived by a customer

30
Q

What is perceptual map?

A

tool used to depict graphically the positioning of competing products

31
Q

What is blue ocean strategy?

A

positioning a firm far away from competitors so that it creates an industry of its own

32
Q

What is ideal Point?

A

combination of product characteristics that provide the most value to an individual consumer or market segment

33
Q

What is customer lifetime value?

A

approximate worth of a customer to a company in economic terms. Overall profitability of an indviduals consumer

Consumer Behavior (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions