Midterm Flashcards
NEED
a biological motive that has to be met
EX) sustenance, security, shelter
WANT
a way that society has taught us to fulfill this biological motive
EX) Dunkin Donuts > Sustenance
LightView > Shelter
MARKET SEGMENTATION
- Identify need set
- Find a groupd that meets that need set
- Describe the group in terms of demographics
- Use the segment that is most attractive.
WAYS TO SEGMENT
Demographics - Age, Gender Income Bracket
Brand Loyalty - Amazon, Apple
Claims - Oxiclean uses a claim to target people that want to remove stains
Behaviors - targeting people that primarily shop online
Usage - Knowing that people might use oxiclean to clean driveways vs the intended use
CONSUMPTION PROCESS
- Pre purchase - information/alternative search
- Purchase - environment/situational factors
- Post purchase - evaluation and analysis
CONSUMER DECISION MAKING PROCESS
- Problem recognition
- Information Search
- Comparing Alternatives
- Purchase Decision
- Post Purchase Evaluation
Hunger Identified> Look on a map for a restaurant > Comparing restaurants (Dunkin vs Starbucks)> Decide to go to Dunkin for coffee and donut>Happy with Donut
POSITIVISM
Paradigm that states that consumers are mostly rational with a big emphasis on a stated timeline of past present and future. If a consumer makes a rational purchase once, they will be continue to be rational.
INTERPRETIVISM
Paradigm that states that consumers are inherently irrational, the world is complex and that everyone has different motivators. The world is a pastiche.
BUSINESS ETHICS
An unwritten set of rules and morals for the marketplace
SUBLIMINAL MARKETING
1950’s era concept of marketing targeted at lying under absolute threshold of perception.
Product Placement in movies
COURSE OF ACTION FOR PROBLEMS
Voicing Problems: Tweet JetBlue
Chat Privately: Talk to a customer service rep
Third Party: Sue JetBlue
CORPORATE SOCIAL RESPONSIBILITY
The process of encouraging an organization to make a positive impact on stakeholders
CVS discontinuing Nicotine Products
SOCIAL MARKETING
Encouraging Positive behavior/discouraging negative behavior
Hilary Duff does a campaign to stop people from using the word GAY as an insult
CAUSE MARKETING
A strategy that aligns a business with a cause, with some part of the profit going towards the cause.
Toms using a portion of profits to provide a pair of shoes to a needy party for ever pair of shoes purchased.
GREEN MARKETING
Product Marketing based on environmental attributes
Method Cleaner - cleaning product that is environmentally friendly
GREEN WASHING
Negative/deceptive product marketing based on consumer perception of environmental attributes
Clorox Green Works - marketed harsh chemicals as an environmentally friendly cleaner
PROBLEMS WITH CONSUMPTION
Addictive Consumption: EX) my coffee consumption
Consumed Consumers: EX) Sex workers, selling babies
Compulsive Consumption: EX) shopping is an uncontrollable action, not the product
SENSATION
Scent- smell of coffee in a Starbucks Vision - trade dress/color forecasts Taste - burnt taste of coffee at Starbucks Touch - Display items at IKEA Auditory - Music at BBC Balance and Movement Body Awareness