Ch 2 Flashcards Preview

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Flashcards in Ch 2 Deck (31):
1

Customer Relationship Management (CRM)

Systematic information management system that collects, maintains, and reports detailed information about customers to enable a more customer-oriented managerial approach

2

Relationship quality

Degree of connectedness between a consumer and a retailer, brand, or service provider

3

Internal influences

Things that go on inside of the mind and heart of the consumer

4

Cognition

Thinking or mental processes that go on as we process and store things that can become knowledge

5

Affect

Feelings associated with objects or experienced during events

6

Individual differences

Characteristic traits of individuals, including personality and lifestyle

7

External influences

Social and cultural aspects of life as a consumer

8

Social environment

Elements that specifically deal with the way other people influence consumer decision making and value

9

Situational influences

Things unique to a time or place that can affect consumer decision making and the value received from consumption

10

Value

A personal assessment of the net worth obtained from an activity

11

Utilitarian value

Value derived from a product that helps the consumer with some task

12

Hedonic value

Value derived from the immediate gratification that comes from some activity

13

Strategy

A planned way of doing something to accomplish some goal

14

Marketing strategy

Way a company goes about about creating value for customers

15

Marketing myopia

A common condition in which a company views itself in a product business rather than in a value - or benefits-producing business. In this way, it is shortsighted.

16

Corporate strategy

Way a firm is defined, and it's general goals

17

Marketing tactics

Ways marketing management is implemented; involves price, promotion, product, and distribution decisions

18

Augmented product

Actual physical product purchased plus any services such as installation and warranties necessary to use the product and obtain its benefits

19

Total value concept

Business practice wherein companies operate with the understanding that products provide value in multiple ways

20

Value co-creation

The realization that a consumer is necessary and must play a part in order to produce value

21

Consumer Value Framework (CVF)

Consumer behavior theory that illustrates factors that shape consumption-related behaviors and ultimately determine the value associated with consumption

22

Marketing mix

Combination of product, pricing, promotion, and distribution strategies used to implement a marketing strategy

23

Target market

Identified segment or segments of a market that a company serves

24

Market segmentation

Separation of a market into groups based on the different demand curves associated with each group

25

Elasticity

Reflects how sensitive a consumer is to changes in some product characteristic

26

Product differentiation

Marketplace condition in which consumers do not view all competing products as identical to one another

27

Product positioning

Way a product is perceived by a consumer

28

Perceptual map

Tool used to depict graphically the positioning of competing products

29

Blue ocean strategy

Positioning a firm far away from competitors' positions so that it creates an industry of its own and, at least for a time, isolates itself from competitors

30

Ideal points

Combination of product characteristics that provide the most value to an individual consumer or market segment

31

Customer Lifetime Value (CLV)

Approximate worth of a customer to a company in economic terms; overall profitability of an individual consumer