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Chapter 1
Consumer Behavior: Michael R. Solomon 9th Edition
41
Marketing
Undergraduate 3
03/03/2011

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Term
Marketing
Definition
organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
Term
Marketing Management
Definition
art and science of choosing target markets and  getting, keeping, and growing customers through creating, delivering, and communicating superior customer value
Term
Demographics
Definition
descriptive characteristics of a population
Term
Psychographics
Definition
refers to aspects of a person's lifestyle and personatlity
Term
Consumption Communities
Definition
sometimes online, where members share opinions and recommendations about products or services
Term
Market Segmentation Strategies
Definition
targeting a brand only to specific groups of consumers rather than to everybody
Term
Consumer Behavior
Definition
the study of processes involved when individuals or groups select, purchase, use or dispose of products, services, ideas, or experiences to satisfy needs and desires
Term
Exchange
Definition
a transaction in which two or more organizations or people give and receive something of value, integral part of marketing
Term
Consumer
Definition
a person who identifies a need or desire, makes a purchase, and then disposes of the product during the three stages in the consumption process
Term
80/20 Rule
Definition
20 percent of users account for 80 percent of sales
Term
Relationship Marketing
Definition
when marketers interact with customers on a regular basis and give them reasons to maintain a bond with the company over time
Term
Database marketing
Definition
involves tracking specific consumer buying habits very closely and crafting products and messages tailored precisely to peoples wants and needs based on this information
Term
Role Theory
Definition
the view that much of consumer behavior resembles actions in a play
Term
Global Consumer Culture
Definition
where people are united around the world by their common devotion to brand-name consumer goods, movie stars, celebrities, and leisure activities
Term
RFID Tag
Definition
contains a computer chip and a tiny antenna that lets the chip communicate with a network, usually embedded in products
Term
U-commerce
Definition
use of ubiquitous networks that will slowly but surely become a part of us - - hey, you're walking by mcdonalds, cone on in for today's burger special --
Term
Needs
Definition
basic human requirements
Term
Wants
Definition
directed to specific objects that might satisfy the need
Term
Demands
Definition
wants for specific products backed by an ability to pay
Term
Segmentation
Definition
identify and profile distinct groups of buyers examining demographic, psychographic, and behavioral differences
Term
Positioning
Definition
what the offering means in the minds of the target buyers as delivering some central benefit(s)
Term
Value Proposition
Definition
a set of benefits offered to satisfy customers' needs
Term
Offering
Definition
a combination of products, services, information, and experiences
Term
Brand
Definition
an offering from a known source
Term
Value
Definition
sum of perceived tangible and intangible benefit and costs to customers
Term
Satisfaction
Definition
a person's comparative judgement of a product's perceived performance (or outcome) in relation to expectation
Term
Transformative Consumer Research (TCR)
Definition
promotes research projects that include the goal of helping people or bringing about social change
Term
Consumed consumers
Definition
people who are used or exploited, willingly or not, for commercial gain in the marketplace
Term
Production Concept
Definition

  • Premise: consumers prefer products that are widely available and inexpensive
  • Focus on:
  • High Production efficiency
  • Low costs
  • Mass Distribution

Term
Product Concept
Definition

Premise: consumers favor products offering the most quality, performance or innovative features

Focus on:

  • Marketing superior products
  • improving them over time

Term
Selling Concept
Definition

Premise:  customers, if left alone, will not buy enough of the organization's products

Focus on:

  • aggressive selling and promotion efforts

Term
Marketing Concept
Definition

Premise:  find the right product for your customers

Focus on:

  • needs of the buyer

Term
Holistic Marketing Concept
Definition

Premise: "everything matters" with marketing

Focus on:

  • relationship marketing
  • integrated marketing
  • internal marketing
  • performance marketing

Term
The Four P's of Marketing
Definition

product

price

place

promotion

Term
Internal marketing
Definition
ensures that everyone in the organization embraces appropriate marketing principles, especially senior management
Term

Brand Relationship Types:

Self-Concept Attachment

Definition
Establish the user's identity
Term

Brand Relationship Types:

Nostalgic Attachment

Definition
Serves as a link with a past self
Term

Brand Relationship Types:

Interdependence

Definition
product part of the user's daily routine
Term

Brand Relationship Types:

Love

Definition
product elicits emotional bonds of warmth, passion or other strong emotion
Term
Decision making process
Definition
  • problem recognition & search for information
  • judgments and decisions
  • post-decision evaluations
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