Final Vocabulary Flashcards
Psychographics
Describing consumers based on their psychological and behavioral characteristics
Values
Enduring beliefs
Personality
tendencies, qualities that make us different
Lifestyle
Actual behavior
Segmentation
Partitioning markets into groups of potential customers with similar needs and/or characteristics who are likely to exhibit similar purchase behavior
Segmentation enables companies too… (3)
- Design responsive products
- Identify UVP for specific target groups
- Target marketing efforts to homogeneous group
Ways to approach segmentation (2)
- Demographics
- Psychographics
3 levels of acculturation
- Acculturated
- Bicultural
- Traditional
Accommodation Theory
A touch of culture that doesn’t isolate someone who doesn’t speak the language can be effective
The Law of the Few (3)
- Connectors
- Mavens (collect info & want to share it)
- Salespeople (charisma)
What drives social influence? (2)
- Relatebility
- Depends on audience
What makes an opinion leader? (3)
- Unapologetically themselves
- Genuine, especially about passion
- Consistent
Opinion leader
Information broker between media and consumers
Market mavens
Someone who seems to know everything about products, sales, etc.
Normative influence
Influence from other people
Foot-in-the-door Technique
Ask for something small first (momentum for helping you)
Door-in-face Technique
Ask for something huge first, then go down (all about comparison and anchoring)
Even-a-penny-will-help Technique
People feel bad only giving a small amount (likely to give more)
Innovation
Products, services, etc. are innovations if they are perceived as new by customers
Innovation should be… (4)
- New
- Remarkable
- Spreadable
- Contextual
Continuous innovation
Small innovation that doesn’t really change how you do things (limited effect on existing consumption patterns)
Dynamically continuous innovation
Not completely new, but has an impact (pronounced effect on consumption practices– often incorporates new technology)
Discontinuous innovation
A product so new that we have never known anything like it before (car, airplane, telephone)
Aesthetic or hedonic innovations
Pleasure-seeking
Functional innovation
Better performance
Perceived value
Products with higher perceived value (benefits > costs) will be adopted more readily
Why should marketers care about creativity?
- Grabs attention
- Sells products
- New ideas for products/designs
- Consumers help co-produce products
- Communication
Creativity
The ability to produce work that is BOTH novel and appropriate
Novel
original, unexpected, unique
Appropriate
useful, practical, effective
Convergent creativity
Hone in on right answer
Divergent creativity
Deviate from what’s standard
Path of Least Resistance (POLR)
We are likely to…
- Recall an existing solution to an active problem
- Implement a well-known plan to solve it
How to avoid POLR
Give yourself constraints
