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Marketing Mid-term
N/A
32
Marketing
Undergraduate 3
03/05/2014

Additional Marketing Flashcards

 


 

Cards

Term
Customer value
Definition
is the difference b/w the benefits a customer expects to receive from a product and the total cost incurred from acquiring, and disposing of the product
Term
Customer perceived value formula
Definition
=expected benefits-expected costs
Term
Customer value elements
Definition
Term
Benefits of a poduct
Definition
Term
Benefits of a cost
Definition
1) functional- the reason you buy the product
2) brand- emotional (loyalty/trust) ex. color of car, high heels
3) service- added value that comes with the purchase of a product
Term
Customer satisfaction
Definition
is a degree to which a product meets or exceeds customer expectations
results:
Term
Positive behavior
Definition
produce loyalty, word of mouth, lowest costs
Term
Negative behavior
Definition
people will market against you-customers act in predictable ways
Term
Neutral behavior
Definition
(most surprisingly) still willing to switch "they're ok"
Term
Customer service quality
Definition
Term
Continuous customer satisfaction - becoming product champions
Definition
Term
Customer loyalty
Definition
is the degree to which a customer will select a particular brand when a purchase from that product category is being considered
Term
Lifetime value of a customer
(causes-how they treat people)
(firing customers)
Definition
a lot of firms try to calculate the $ value of a customer's lifetime value
Term
The pareto principle
Definition
Term
Relationship marketing
Definition
an organizational commitment to developing and enhancing long-term mutually beneficial relationships with profitable or potentially profitable customers
-building loyalty
-increasing retention
Term
1 to 1 Marketing (relationship marketing)
Definition
Term
Customer relationship management (CRM)
Definition
compromises the activities that are used to establish, develop, and maintain customer sales
Term
Frequent flier miles example
Definition
Term
Consumer behavior
Definition
dynamic interaction of affect and cognition, behavior, and the environment in which human beings conduct the exchange aspects of their lives
Term
Decision making process (STEPS) for consumers
(what is/isn't)
Definition
1. Need recognition- problem recognition want/feel you need (internal/external indications)
2. Information search- how much you have, how easy to access, how much we value it
3. Evaluate alternatives- options, brands, alternatives
4. Purchasing decision- the act of buying a product
5. Post-purchase evaluation- determining the value/worth of your product (do you like it?)
Term
Things that influence the individuals process of decisions
attitudes/beliefs
Definition
Term
Affluence (lifestyle)
Definition
an individual's financial means determines the opportunity to purchase certain products or services, or the limitations on such purchases
Term
Culture
Definition
shared values, beliefs, and preferences about the society
choice, diversity, change, time, control
Term
The MOST fundamental influence on individuals behavior
Definition
Term
Culture & sub-culture
Definition
culture= refers to shared values, beliefs, and preferences of a particular society
sub-culture= are groups of people within a broader society who share similar behaviors and values
Term
Consumer insight
Definition
is perceived meanings of data connected from the study of human behavior
Term
Qualitative/quantitative data
Definition
-gain info by observing people
-conducted through focus groups

quantitative- useful for predicted behavior
Term
Marketing research
Definition
1) define the problem
2) design the research
3) conduct the actual research
4) analyse the data
5) address the problem
Term
Applied research
Definition
Term
Primary vs. Secondary research
Definition
Term
Steps in the marketing research process
Definition
Term
Brand
equity/loyalty
Definition
a specific promise to deliver benefits associated w/a product or services to consumers

equity= the power of a brand, through creation of a distinct image, to influence customer behavior

loyalty= the equity ascribed to a brand is reflected behaviorally through loyalty. 2 components:
-purchase loyalty
-attitudinal loyalty
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