Test 1 Flashcards
Want
Specific desire that spells out a way a consumer can go about addressing a recognized need.
Consumer behavior
Set of value seeking activities that take place as people go about addressing and attempting to address realized needs
Value
Costumers evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers
Consumption
Process by which goods, services or ideas are used and transformed into value
Competitive Pressures
A highly competitive marketplace in which consumers have many alternatives is more likely to result in betters customer service than a place with little competition
Consumer orientation
An organized priority in consumer value and satisfaction
Relationship marketing
Based on the belief that a firms performance is enhanced through repeat business
Touchpoints
The direct contact between firms and a consumer (texts, emails) represents a business building value with customer
Product
A collection of potentially valuable benefits
Niche marketing
Involves serving one market segment with unique demand characteristics
Consumer relationship management (CRM)
Based on the assertion that customers from a relationship with companies rather than companies conducting a transactional exchange of selling and buying
External influences
The social and cultural aspects of life as a consumer
Utilitarian value
A product that helps a consumer solve problems and accomplish tasks that are a part of being a consumer
Hedonic value
The immediate gratification that comes from doing some activity.
Ex. Riding a roller coaster
Corporate strategy
Deals with how the firm will be defined and sets general goals
Marketing strategy
Refers to the approaches a company uses to create value for customers
Marketing tactics
Ways in which marketing management is implemented
Ex. Price, promotion, product
Augmented product
The original product plus that extra things needed to increase the value from consumption
Total value concept
When companies operate with the understanding that products provide value in multiple ways
Ex. All aspects of a car
Marketing mix
The combination of product, pricing, promotion, and distribution used to position the brand in the marketplace
Target marketing
Used to signify the particular market segment that a company will serve with a specific marketing mix
Market segmentation
The separation of a market into groups based on the different demand curves associated with each group
Product differentiation
A marketplace condition in which consumers do not view all competing products as identical to one another
Consumer lifetime value (CLV)
Represents the approximate worth of a customer to a company in economic terms
Comprehension
When consumers attempt to derive meaning from information they receive
Selective exposure
Screens out most stimuli and exposes a person to only a small portion of stimuli
Subliminal processing
Refers to the way our brains handle very low-strength stimuli. So low that the person doesn’t know its happening
Just noticeable difference (JND)
Represents how much stronger one stimuli is to show someone that the two products are not the same
Just meaningful difference (JMD)
Represents the smallest amount of change in a stimulus that would influence consumer consumption and choice
More exposure effect
When a consumer shows preference to a familiar object over the unfamiliar
Product placements
The placement of branded products conspicuously in movies of shows.
Ex. Coke
Attention
He purposeful allocation of cognitive capacity toward understanding some stimulus
Involuntary attention
Attention beyond the conscious control of the consumer and that occurs as the result of a surprising stimuli
Prior knowledge
Stimuli will be better understood if consumer has some existing knowledge about the information
Involvement
Highly involved consumers pay more attention and exert more effort in understanding the message
Expectations
Beliefs of what will happen in some situation, they have a major effect on comprehension
Schema
A type of associative network that works as a cognitive representation of a phenomenon that provides meaning to that entity
Motivations
The inner reasons behind human action as consumers are driven to address real needs
Self-improvement
Promotes behaviors that are aimed at changing ones current state to a level that is more ideal
Situational involvement
Temporary involvement associated with some eminent purchase situation
Enduring involvement
An ongoing interest in some product. Often associated with hedonic values because it is personally gratifying
Emotional involvement
The type of deep personal interest that evokes strongly felt feelings associated with some object
Emotional expressiveness
A consumer shows outward behavioral signs and reacts in an obvious manner to emotional experiences
Emotional intelligence
The ability to control reactions to the emotions
Product contamination
The diminished positive feelings that consumers have about a product because another consumer has handled the product
