Consumer Behavior & Marketing Strategy (Ch. 1) Flashcards
(15 cards)
Conceptual Model
Does not contain sufficient detail to predict particular behaviors.
Consumer Behavior
Study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.
Consumer Cost
Everything the consumer must surrender in order to receive the benefits of owning/using the product.
Customer Value
Difference between all the benefits derived from a total product and all the costs of acquiring those benefits.
Distribution
Having the product available where target customers can buy it.
Injurious Consumption
When individuals or groups make consumption decisions that have negative consequences for their long-run well-being.
Lifestyle
How they live
Marketing Communications
Includes the advertising, sales force, public relations, packaging, and any other signal that the firm provides about itself and its products.
Marketing Mix
Product, price, communications, distribution, and service provided to the market.
Market Strategy
How will we provide superior customer value to our target market?
Market Segment
Portion of a larger market whose needs differ somewhat from the larger market.
Price
The amount of money one must pay to obtain the right to use the product.
Product Position
An image of the product or brand in the customer’s mind relative to competing products or brands.
Social Marketing
The application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole.
Target Market
The segment(s) of the larger market on which we will focus our marketing efforts.
