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MKT 424 Exam #1 > Chapter 1 > Flashcards

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

Lifestyle

how one lives