Flashcards
Consumer Behavior Midterm - Chapter 1
Cards in this deck (30)
- 1Marketing ConceptThe essence of marketing consists of satisfying consumers’ needs, creating value, and retaining customers.
- 2Production ConceptConsumers are mostly interested in product availability at low prices and the implicit marketing objectives are cheap, efficient production and intensive distribution.
- 3Product ConceptAssumes that consumers will buy the product that offers them the highest quality, the best performance, and the most features
- 4Marketing MyopiaThe focus on the product rather than the needs of the market
- 5Selling ConceptCreates a focus on selling the products that the marketer has decided to produce. The selling concept assumes that consumers are unlikely to buy the product unless they are aggressively persuaded to do so
- 6SegmentationMarketers perform segmentation by looking for groups with common needs. Segmentation can be based on consumers’ demographics, product usage, geography, lifestyle, and many other characteristics.
- 7Target MarketSelection of the correct target market is critical to success of the product since the marketer has assumed that this group of consumers has a similar need with respect to their product or service and they will respond similarly to marketing action.
- 8PositioningThe process by which a company creates a distinct image and identity for its products, services, or brands in consumers’ minds.
- 9Marketing MixProduct/Service
Price
Promotion
Place - 10Societal Marketing ConceptRequires marketers to fulfill the needs of the target audience in ways that improve, preserve, and enhance society’s well-being while simultaneously meeting their business objectives.
- 11How does technology affect the Marketing Mix?• Electronic communications enable a two-way interactive exchange
• Companies use technology to customize products
• The Internet allows consumers to compare prices more efficiently - 12Customer ValueDefined as the ratio between the customer’s perceived benefits and the resources used to obtain those benefits
- 13Customer SatisfactionThe individual's perception of the performance of the product or service in relation to his or her expectations.
- 14Customer RetentionThe objective of providing value is to retain highly satisfied customers
- 15LoyalistsCustomers who continue to purchase
- 16ApostlesCustomers who provide very positive word-of-mouth
- 17DefectorsCustomers who stop purchasing the product
- 18TerroristsCustomers who spread negative word-of-mouth
- 19HostagesCustomers who stay with the company despite being unhappy due to lack of options or switching cost
- 20MercenariesCustomers who are satisfied but are not considered loyal and will move from company to company
- 21Customer Profitability-Focused MarketingSegmentation scheme used by marketers is to segment customers by their profitability to the firm
- 22Emotional bondsA customer’s high level of personal commitment and attachment to the company.
- 23Transactional bondsThe mechanics and structures that facilitate exchanges between consumers and sellers
- 24Internal MarketingConsists of marketing the organization to its personnel.
- 25Consumer Behavior stems from four disciplinesPsychology
Sociology
Anthropology
Communication - 26Stages of Consumer Decision MakingInput Stage
Process Stage
Output Stage - 27Input StageIncludes two influencing factors: the firm’s marketing efforts and sociocultural influences
- 28Process StageFocuses on how consumers make decisions
- 29Output StageConsists of two post-decision activities: purchase behavior and post-purchase evaluation
- 30Cross-Screen MarketingTracking and targeting users across their computers, mobile phones, and tablets
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- Marketing (Consumer Behavior) Flashcards on Consumer Behavior Midterm - Chapter 1, created by Turinqui 85 on 02/11/2018.
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