Final Exam Review Part 3 Flashcards
breaks down your customer groups into segments that influence buying behaviors, such as: beliefs, values, lifestyle, social status, opinions and activities.
Psychographic segmentation
2-4 Psychological factors
There are four psychological factors that influence consumer behaviour: Motivation, perception, learning, and attitude or belief system.
a technique used to bring the customer to you. Rather than pushing your business on the customer, pull strategy involves the use of pull tactics, or the communication of information, to attract the customer. Often these customers will start to market the business for you.
pull strategy
advertising aimed at reminding a target market that a product is available as opposed to informing or persuading it; typically associated with products in the mature stage of their life cycle. Also referred to as Retentive Advertising.
reminder advertising
a situation, when seller or a company establishes different prices (two or more), for one the same product.
segmented pricing
a strategy where a producer sells its products or services in a few exclusively chosen retail outlets in a specific geographical area.
Selective distribution
means that the production and consumption of a service can’t be separated from the provider of that service.
Service inseparability
refers to the fact that many services lack physical attributes and, thus, consumers are unable to assess the value
service intangibility
is a concept which says that services cannot be stored in inventory for future use or sale hence it can never get perished. It also implies that the service cannot be returned or refunded once they are delivered.
Service Perishability
may be defined as the changes in the quality of the same service provided by different vendors. The change varies because of the nature of the service, the person who provides the time of the year when it is provided and the method of delivery of the service.
Service Variability
a purchase in which the customer buys the same goods in the same quantity on the same terms from the same supplier.
straight rebuy
refers to a sales force organization that assigns each salesperson to an exclusive geographic territory in which that salesperson sells the company’s full line of products or services to all customers in that territory.
Territorial sales force structure
The next value proposition is the (blank) proposition, which offers the same quality of products but at a lower price than most of its competitors.
the same for less
a strategy that entails creating one message for an entire audience. It helps businesses reach more people at a lower cost and improves brand recognition.
undifferentiated mass marketing
a strategy for setting goods and services prices based on the consumer-perceived value of the product.
value based/added pricing
