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Consumer Behavior Chapter 2
Terms in this set (31)
Consumer Value Framework (CVF)
Consumer behavior theory which illustrates factors that shape consumption related behaviors, and determine the value associated with consumption.
Personal assessment of the net worth obtained from an activity. Captures how much gratification a consumer receives from consumption
Gratification derived because something helps a consumer solve a problem or accomplish some tasks. Provide clearly rational explanation for purchase.
Value derived from immediate gratification that comes from some activity. Value provided by actual experience and emotion associated with consumption.
Way a company goes about creating value for consumers.
Condition where a company views itself in a product business rather than in a value or benefit producing business.
Way a firm is defined and sets its general goals. Associated with specific corporate culture. Provides operating orientation for company.
Deals with implementation of strategies
Way by which marketing management is implemented.
Combination of product, pricing, promotion, and distribution strategies used to implement a marketing strategy.
Separation of a market into groups based on the different demand curves associated with each group.
Consumers do not view all competing products as identical to one another.
Graphical depiction of the positioning of competing products. Helps identify competitors and opportunities for doing more business.
Customer Lifetime Value (CLV)
Approximate worth of a customer to a company in economic terms. =npv(sales-costs)+npv(equity)
Degree of connectedness between a consumer and a retailer, brand, or service provider.
Customer Relationship Management (CRM)
Systematic information management system that collects, maintains, and reports detailed information about customer to enable a more customer oriented managerial approach.
Organizations efforts applied toward value creation
Things that go on inside the mind and heart of the consumer or that are truly apart of the consumer psychologically.
Thinking or mental processes that go on as we process and store things that can become knowledge
Feelings experienced during consumption activities or feelings associated with specific objects.
Characteristic traits of individuals including, demographics, personality, and lifestyle.
Zero Moment of Truth
The point when a passive shopper becomes an active shopper and actively seeks out exchange alternatives.
Things unique to a time or a place that can affect consumer decision making and the value received from consumption.
Planned way of doing something to accomplish some goal.
Actual physical product purchased plus any services such as installation and warranties necessary to use the product and obtain its benefits.
Total Value Concept
Business practice where in companies operate with the understanding that products provide value in multiple ways.
Value Co Creation
The realization that a consumer is necessary and must play a part in order to produce value.
Reflects how sensitive a consumer is to changes in some product characteristic.
The way a product is perceived by a consumer, and can be represented by the number and types of characteristics that consumers perceive.
Combination of product characteristics that provide the most value to an individual consumer or market segment.
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 from competitors.
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