Consumer Behavior: Chapter 1, 2 & 3
Product Contrast
marketers show consumers who stand out from the crowd as a means of capturing attention
Implicit Memory
memory for things that a person did not try to remember
Explicit
memory that develops when a person is exposed to, attends and tries to remember information
Surprising Stimuli
unexpected stimuli gains consumers' attention
Utilitarian Value
value derived from a helpful or useful product
Hedonic Value
value is provided by the actual experience of using the product
Perception
a consumer's awareness and interpretation of reality, it helps shape learning and behavior
Consumption
a process in which consumers use goods, services or ideas and transform the experience into value
Consumer Behavior
a set of value seeking activities that take place as people go about addressing their real needs
Consumer Orientation
a way of doing business in which actions and decision making prioritize customer value and satisfaction
Relationship Marketing
activities based on the belief that the firm's performance is enhanced through repeat business
Predictive Analytics
application of statistical tools to discover patterns in data that allow prediction of consumer behavior
Size of Stimuli
larger items garner more attention than smaller ones
Customer Lifetime Value
approximate worth of a customer to a company in economic terms
Types of Memory
Implicit and Explicit
scanner purchase, survey responses, web traffic records, social network interactions, GPS tracking are examples of _____
Big Data
_____ drives companies toward a high degree of consumer orientation
Competition
Creating Attention/Memory for Stimuli relies on:
Intensity of, Size of, Surprise Factor, Involvement Factor, Contrast Factor, Movement Factor
Types of Learning
Intentional and Unintentional
Just Noticeable Difference
Pricing, Quantity, Quality, Add-on purchase, Change in product design
customers, employees, owners, suppliers, regulating agencies are examples of _______
Primary Stakeholders
mass media, communities, trade organizations are examples of _______
Secondary Stakeholders
Consumer Perception Process
Sensing, Organizing, Reacting
Types of Value
Utilitarian and Hedonic
Marketing Myopia
condition where a company views itself in a product business rather than in a value or benefits-producing business
Perceptual Process
consumers are exposed to stimuli, devote attention to stimuli and attempt to comprehend stimuli
Product Differentiation
consumers do not view all competing products as identical to one another
Intensity of Stimuli
consumers tend to pay attention to stronger stimuli
Operational Management
deals with implementation of strategies, involves the 4 P's or marketing mix
Stakeholder Marketing
firms recognize that more than just the buyer and seller are involved in the marketing process
Product Movement
flashing lights and pointing signs are effective tools used
Qualitative Research
focus groups, interviews, observation
Perceptual Map
graphical depiction of the positioning of competing products, price vs. quality
Target Mix
identified segment or segments of a market that a company serves
Market Orientation
organizational culture that embodies the importance of creating value for customers among all employees
Value
personal assessment of the worth obtained from an activity
Product Involvement
personal relevance a consumer feels towards a particular product
Quantitative Research
polls, surveys
Big Data
represents massive amounts of data available to companies that can be used to predict consumers' behaviors
Interpretive Research
seeks to explain the inner meanings and motivations assigned with specific consumption experiences
Market Segmentation
separation of a market into groups based on the different demand curves associated with each group
Netnography
studies the behavior of online cultures
Ethnography
study of consumers that relies on observation of their daily lives and includes interpretation of artifacts to draw conclusions about consumption
Weber's Law
the ability to detect differences between two different products
Corporate Strategy
the way a firm is defined, associated with specific corporate culture