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