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.
Marketing strategies and tactics are based on explicit or implicit beliefs about what?
Decisions based on explicit assumptions and sound theory and research are more likely to be successful than are decisions based solely on
Knowledge of _______ can be an important competitive advantage and can greatly reduce the odds of bad decisions and market failures.
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.
Effective regulation of many marketing practices requires extensive knowledge of what?
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.
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
Consumers consume to have fun, create fantasies, and obtain emotional arousal
Consumption results from the direct influence of behavior by environmental forces (ie. sales promotions, economic pressures, culture)
pitfalls to avoid when studying consumer behavior
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
Theory provides guidance through...
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
are four factors used to what?
Are what type of strategies?
selecting one market segment, even though the product may also appeal to others
the placement of a product, service, outlet, etc. in the mind of the consumer is called?
against competitors or a combination of two or more
What are five ways used to position products, services, outlets, etc.
shifting position in the consumer's mind through changes in important product, price, distribution, and promotional and/or personal selling benefits.