Ch. 1 - Consumer Behavior
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32 terms
Terms | Definitions |
|---|---|
 consumer behavior | the 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 behavior | Marketing strategies and tactics are based on explicit or implicit beliefs about what? |
| implicit decisions | Decisions based on explicit assumptions and sound theory and research are more likely to be successful than are decisions based solely on |
| consumer behavior | Knowledge of _______ can be an important competitive advantage and can greatly reduce the odds of bad decisions and market failures. |
| customer value | is the difference between all the benefits derived from a total product and all the costs of acquiring those benefits. |
| Providing superior customer value | requires the organization to do a better job of anticipating and reacting to customer needs than the competition does. |
| Using consumer research as the foundation of marketing management and studying consumer behavior | How can firms provide superior customer value? |
| Design marketing mix, segmenting the market place, positioning and differentiating products and developing market research studies | What ways can you use consumer research as the foundation of marketing management? |
| benefits of the problems they solve or the opportunities they offer | Consumers make purchases not for products or services but for what? |
| Various regulatory bodies | This exists to develop, interpret, and/or implement policies designed to protect and aid consumer. |
| Consumer behavior | Effective regulation of many marketing practices requires extensive knowledge of what? |
| Social marketing | is 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. |
| consumer behavior | commercial marketing strategy, successful social marketing strategy requires a sound understanding of |
| decision making perspective | Consumers are rational decision makers Consumer perceive a problem and proceed to solve it |
| experiential perspective | Consumers consume to have fun, create fantasies, and obtain emotional arousal |
| Behavioral Perspective | Consumption results from the direct influence of behavior by environmental forces (ie. sales promotions, economic pressures, culture) |
| pitfalls to avoid when studying consumer behavior | -"Me" mentality -Single-minded explanation -Application only |
| theory | This allows us to make predictions about factual events based on our understanding of underlying principles. |
| 1. Overarching framework to explain behavior 2. Underlying principles explain observations 3. Hypotheses | Theory provides guidance through... |
| market segment | a portion of a larger market whose needs differ somewhat from the larger market |
| Four steps to segmentation | -Identify product-related need sets -Group customers with similar need sets -Describe each group -Select an attractive segment(s) to serve are four steps to what? |
| assess segment viability. | -Of sufficient size -Measurable -Differentiated -Reachable are four factors used to what? |
| segmentation strategies | -Mass marketing -Concentrated marketing -Differentiated marketing Are what type of strategies? |
| mass marketing | offering the same product to the entire consumer population |
| concentrated marketing | selecting one market segment, even though the product may also appeal to others |
| differentiated marketing | selecting two or more different segments |
| product positioning | the placement of a product, service, outlet, etc. in the mind of the consumer is called? |
| perceived benefits image attributes against competitors or a combination of two or more | What are five ways used to position products, services, outlets, etc. |
| repositioning | shifting position in the consumer's mind through changes in important product, price, distribution, and promotional and/or personal selling benefits. |
| outcomes of the firm | Product positioning Sales Customer Satisfaction are all outcomes of what? |
| outcomes of the individual | Need Satisfaction Injurious Consumption are all outcomes of what? |
| outcomes of society | Economic Physical Environment Social Welfare are all outcomes of what? |
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