Consumer Behavior Ch 1

Marketing Strategy

The answer to the question, "How will we provide superior customer value to our target market?"

Market Segment

a portion of a larger market whose needs differ somewhat form the larger market

Marketing Communications

advertising, the sales force, public relations, packaging and any other signal that the firm provides about itself and its products

Product position

an image of the product or brand in the consumer's mind relative to competing products and brands

Product

anything a consumer acquires or might acquire to meet a perceived need

Service

auxiliary or peripheral activities that are performed to enhance the primary product or primary service

Consumer Cost

everything the consumer must surrender in order to receive the benefits of owning/using the product

Distribution

having the product available where target consumers can buy it

Lifestyle

how one lives

Customer satisfaction

it is more profitable to focus on maintaining existing consumers than to attain new customers

Price

the amount of money one must pay to obtain the right to use the product

Social Marketing

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

Customer Value

the difference between all the benefits derived from a total product and all the costs of acquiring those benefits. It is critical that a firm consider value form the customer's perspective

Total Product

the entire set of characteristics that a product has

Marketing mix

the product, price, communications, distribution and services provided to the target market

Target Marketing

the segments of the larger market on which we will focus our marketing effort

Consumer Behavior

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

Self-concept

the totality of an individual's thoughts and feelings about him or herself

Need Set

used to reflect the fact that most products i n developed economies satisfy more than one need; the needs that one product satisfies

Injurious Consumption

when indviduals or groups make consumption decisions that have negative consequences for their long run well being