Exam 1 Flashcards
Entails all consumer activities associated with the purchase use and disposal of goods and services including the consumers emotional mental and behavioral responses
Consumer behavior
Purchase goods and services to satisfy their own personal needs and wants or to satisfy the needs and wants of others
Individual consumers
Purchase goods and services in order to produce other goods or services resell them to other organizations or individual consumers or help manage and run their organization
Organizational consumers
The idea that a firm should discover and satisfy customer needs and wants in an efficient and profitable manor well benefiting the long-term interest of the company’s stakeholders
Marketing concept
The consumers overall assessment of the utility of a product based on perceptions of what is received and what is given
Customer perceived value
Goes a step be on a customer perceived value suggesting customer benefits that not only meat but exceed expectations in on anticipated
Customer delight
Applies the scientific method relying on systematic rigorous procedures to explain control and protect the consumer behavior
Behavioral science
A systematic process of planning collecting analyzing and interpreting data and information relevant to marketing problems in consumer behavior
Marketing research
Looks for generally relationships between variables regardless of the specific situation
Ex. A celebrity who advertises a product generates a positive response and encourages them to purchase that product
Basic research
Data that already exists in our readily accessible
Secondary data
New data collected specifically for the research purpose at hand
Primary data
Qualitative research done to generate ideas or help further formulate problems for further research
Ex: a magazine experiences a drop in sales and conducts research to discover why
Exploratory research
On structured and direct form of questioning that encourages respondents to project their underlying beliefs attitudes feelings and motivations and in apparently unrelated or ambiguous scenario
Projective techniques
A study done to describe the characteristics of some group or their behaviors or to make predictions about trends or variables
Descriptive research
Data that we collected at various points in time or overtime
Ex: measuring the temperature every day for a month
Longitudinal studies panel
Research that involves taking a snapshot in time of some variables of interest from a specific sample group of interest and usually are conducted by taking a survey
Cross-sectional studies
Concerned with identifying an understanding cause and effect relationships through experimentation
Casual research
Manipulate variables in a controlled setting to determine the relationship from one another
Experiment
The segment toward which a firms marketing efforts are directed
Target market
The process of communicating with our target market through use of marketing mix variables, A specific product, price, distribution channel, and promotional appeal,
Positioning
Hey single product, one size fits all strategy in which individual differences among consumers are ignored
Market aggregation
The process of dividing the large and diverse mass-market into subsets of consumers who share common needs, characteristics, or behaviors, and then targeting one or more of those segments with a distinct marketing mix
Marketing segmentation
The extent to which tastes and preferences differ among consumers
Consumer preference heterogeneity
As market segmentation increases, sales increase because a firms offerings align more closely to consumers preferences
Sales cost trade off
Occurs when products offered by the same firm are so similar that they compete among themselves
Cannibalization
Relies on a single attribute or benefit that differentiates the brand from the competitors offerings
Core benefit proposition
Attempt to change the way consumers perceive a brand
Repositioning
Measures the way products are positioned in the minds of consumers and show these perceptions on a graph who’s axes are formed by product attributes
Perpetual mapping
Develop many new products and try to be the first in the race to the market
Proactive strategy
Wait to see what competitors offer and then develop copycat brands
Reactive strategy
The first brands to enter a new market often enjoy a long term preference advantage over copy cat brands
Pioneering brand advantage
The rate at which a new product spreads or is adopted a crossed the marketplace, differs among product categories
Diffusion of innovation
Refers to a consumers and tens and actively loyal relationship with the brand. Leads to hide purchase frequencies and feelings of attachment to a brand
Brand resonance
The value that a brand accrues based on the goodwill attached to associations with the brand-name
Brand equity
Different products with the same brand-name (ex. Cherry Coke, vanilla Coke, Diet Coke)
Brand extensions
An instrument that uses a set of scales to measure differentiation
The young in Rubicam brand asset valuator
Consumers that believe that change is possible
Incremental theorist
Consumers I believe the world is rigid or fixed and that changes nearly impossible
Entity theorists
The strong preference for a specific attribute, which can create brand switching
Attribute loyalty
Occurs because people find it easier to interpret information that supports their believes as opposed to information that fails to do so
Confirmation bias
Focus on attracting new customers
Acquisition strategies
Focus on keeping current customers
Retention strategies
Rewards for repeat purchases
Loyalty programs
A large price discount on a single unit of a particular brand with the goal of attracting new users to a product
Trial pricing
Offering a lower price for multiple units of a brand in hopes that consumer will be committed to this particular brand for several more purchases
Continuity pricing
The number of intermediaries in the process of getting a product from the manufacturer to the consumer
Channel length
The assumption that everyone perceives the world as we do
Phenomenal absolutism
The bodies first in immediate response to a stimulus
Sensation
Focusing on one or more environmental stimuli while potentially ignoring others
Attention
The ability to pay attention to and to think about information
Cognitive Capacity
The ability to interpret an assigned meeting to the new information by relating it to knowledge already stored in memory
Comprehension
The minimum level of stimuli needed for an individual to experience a sensation
Absolute threshold
The ability to detect changes in relative levels of stimuli. The amount of incremental change required for a person to detect a difference between two similar stimuli
Just noticeable difference/differential threshold
Very brief recording of information that happens during sensation in the perceptual process. Last only a few seconds
Sensory Memory
Small bits of information are paid attention to and processed for A short period of time
Short term memory
People are able to consider approximately 5 to 9 units of information at one time in working memory
Miller is Rible
Draws consumers attention in voluntarily because ads stick out or are different and interesting
Salient stimuli
A stimulus that is new, original, different or unexpected
Novel stimulus
The tendency for a person to perceive an incomplete picture as complete, either consciously or subconsciously
Closure
The tendency to arrange stimuli together to form well organized units
Grouping
When information is specific and easy to picture, imagine, and visualize
Example: smelling a cheeseburger is better than a picture of a cheeseburger
Concreteness
People tend to forget details overtime
Transience
If you do not use it you lose it, knowledge. If it is not used for a long time loss can occur. Information process more recently is easier to retrieve that information that was processed a long time ago
Accessible
People who are often distracted by multiple tasks and forget what they are doing because they were distracted
Absentmindedness
Refers to attention, comprehension, and the transference of information from short-term memory to long-term memory
Encoding
Transference of information from long-term memory to short-term memory
Retrieval
Shows that memory performance is in Hanst when people generate their own answers to questions rather than simply reading them
Generation affect
Each piece of information stored in memory is connected to other pieces of information that are conceptually related
Associations
Retrieval refers to the transfer of information from an active long-term memory to active short term memory
Activation
The idea that when people retrieve a particular node they actually think about other closely related nodes
Spreading activation
New associations compete with a block or associations
Associative interference
Occurs when information learned earlier blocks memory from information learned later
Proactive interferenc
Occurs when information learned later blocks memory from information learned earlier
Retroactive interference
The principal that it is better to learn information in many different contacts in different brief sessions over time rather than one long cramming session
Spacing effect
- Confusion
- Feelings of familiarity
- False memories
Misattribution
The more familiar and initially neutral product becomes the more consumers like the product because repeated exposure to a product increases familiarity and like it
Mere exposure effect
As the familiarity of a product claim increases the more consumers believe the claim
Truth affect
Sometimes people can’t forget things they want to forget for example and advertising jingle
Persistence
