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Terms in this set (33)
Consumer Value Framework (CVF)
Represents consumer behavior theory, illustrating factors that shape consumption-related behaviors and ultimately determine the value associated with consumption.
Customer Relationship Management (CRM)
A systematic information system that collects, maintains, and reports detailed information about customers to enable a more customer-oriented managerial approach.
Reflects the connectedness between a consumer and a retailer, brand, or service provider.
An organization's efforts applied toward value creation.
Things that go on inside the consumer's mind and heart or that are indeed truly a part of the consumer.
The thinking or mental processes that go on as we process and store things that can become knowledge.
The feelings experienced during consumption activities or feelings associated with specific objects.
Characteristic traits of individuals, including demographics, personality, and lifestyle.
Social and cultural aspects of life as a consumer.
"Zero Moment of Truth"
The point when a passive shopper becomes an active shopper and actively seeks out exchange alternatives.
Elements that specifically deal with the way other people influence consumer decision making and value.
Temporary factors unique to a time or place that can change the value seen in a decision and received from consumption.
A personal assessment of the net worth a consumer obtains from an activity.
Gratification derived from something that helps the consumer solve problems or accomplish tasks that are part of being a consumer.
The immediate gratification that comes from experiencing some activity.
A planned way of doing something to accomplish some goal.
The way a company goes about creating value for customers.
A condition where a company views itself competing in a product business rather than in a value or benefits-producing business.
Deals with how the firm will be defined and sets general goals.
Ways marketing management is implemented; involves price, promotion, product, and distribution.
The original product plus the extra things needed to increase the value from consumption.
Total Value Concept
Is practiced when companies operate with the understanding that products provide value in multiple ways.
The realization that a consumer is necessary and must play a part in order to produce value.
Simply the combination of product, pricing, promotion, and distribution strategies used to position some product offering or brand in the marketplace.
The identified segment or segments of a market that a company serves.
The separation of a market in to groups based on the different demand curves associated with each group.
A term used to represent market sensitivity to changes in price or other characteristics.
A marketplace condition in which consumers do not view all competing products as identical to one another.
The way a product is perceived by a consumer and can be represented by the number and types of characteristics that consumers perceive.
A tool used to depict graphically the positioning of competing products.
Blue Ocean Strategy
Positioning a firm far away from competitors' positions so that it creates an industry of its own and, at least for a time, isolates itself form competitors.
The combination of product characteristics that provide the most value to an individual consumer or market segment.
Customer Lifetime Value (CLV)
Represents the approximate worth of a customer to a company in economic terms.
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