Flashcards in Chapter 1 Deck (11)
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1
Customer value
the difference between all benefits derived from a total product and all the costs of acquiring those benefits
2
Total product
entire set of characteristics
3
Market segment
portion of a larger market whose needs differ somewhat from the larger market
4
Market segmentation involves four steps...
(1) Identifying product-related need steps, (2) Grouping customers with similar need sets, (3) Describing each group, (4) Selecting an attractive segment(s) to serve
5
Need set
used to reflect the fact that most products in developed economies satisfy more than one need
6
Target market
the segment(s) of the larger market that are focused on
7
Conceptual model
does not contain sufficient detail to predict particular behaviors
8
External Influences
culture, subculture, demographics, social status, reference groups, family, marketing activities
9
Internal influences
perception, learning, memory, motives, personality, emotions, attitudes
10
Self-concept
totality of an individual’s thoughts and feelings about him or herself
11
