Chapter 2: Value and the Consumer Behavior Value Framework Flashcards Preview

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Flashcards in Chapter 2: Value and the Consumer Behavior Value Framework Deck (30):
1

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

Consumer Value Framework (CVF)

2

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

Customer Relationship Management (CRM)

3

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

Relationship Quality

4

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

Internal Influences

5

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

Cognition

6

Feelings associated with objects or experienced during events

Affect

7

Characteristic traits or individuals, including personality and lifestyle

Individual Differences

8

Social and cultural aspects of life as a consumer

External Influences

9

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

Social Environment

10

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

Situational Influences

11

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

Utilitarian Value

12

Value derived from the immediate gratification that comes from some activity

Hedonic Value

13

A personal assessment of the net worth obtained from an activity

Value

14

A planned way of doing something

Strategy

15

Way a company goes about creating value to customers

Marketing Strategy

16

A common condition in which a company views itself in a product business rather than in a value, or benefits producing, business

Marketing Myopia

17

Way a firm is defined and its general goals

Corporate Strategy

18

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

Marketing Tactics

19

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

Augmented Product

20

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

Total Value Concept

21

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

Value Co-Creation

22

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

Marketing Mix

23

Identified segment or segments of a market that a company serves

Target Market

24

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

Market Segmentation

25

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

Elasticity

26

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

Product Differentiation

27

Way a product is perceived by a consumer

Product Positioning

28

Tool used to depict graphically the positioning of competing products

Perceptual Map

29

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

Ideal Points

30

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

Customer Lifetime Value (CLV)