Term
| 3 reasons for increased focus to better serve customers |
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Definition
1) success of Japanese companies
- high quality and lower price = value
2) increased quality of consumer research
- better technology, ability to track consumer reactions
3) Internet as a marketing tool
- E-marketing potential, aids in consumer research |
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Term
| Consumer Behavior definition |
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Definition
| 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 impacts these processes have on consumers and society |
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Term
| Consumer Behavior definition 2 |
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Definition
| Dynamic interaction of affect and cognition, behavior, and environment by which humans conduct the exchange aspects of their lives |
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Term
| Key aspects of consumer behavior |
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Definition
- Successful marketers need a thorough understanding of it
- it is very complex
- have to collect info
- marketing practices may have ethical ramifications on it |
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Term
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Definition
- Marketing mix: product, price, promotion, service
- How to provide superior customer value to target? |
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Term
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Definition
designed to protect consumers
- labeling standardization |
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Term
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Definition
| ex) beers advertising designated drivers |
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Term
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Definition
we demand info from businesses
- people want transparency |
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Term
| Market analysis components |
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Definition
1) the consumers
- who are they? what are their needs?
2) the company
- strengths? weaknesses?
3) the competitors
- who are they? how do you deal with them?
4) the conditions
- marketing, physical, financial conditions |
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Term
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Definition
| - Taking a large group of heterogeneous people and separating them into smaller homogenous groups to target certain consumers |
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Term
| Steps in market segmentation |
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Definition
1) identify product related need sets
2) group customers with similar need sets
3) describe each segment
4) select a segment |
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Term
| Issues in marketing strategy that consumer behavior research can address |
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Definition
- target market
- consumer decision process
- criteria most important to consumers
- how to increase brand loyalty
- brand info and perceptions/how to influence them
- behaviors necessary to purchase/use products
- purchase situations
- price/promotion influences
- customer value |
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Term
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Definition
| the decision process intervenes between the marketing strategy and the outcomes |
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Term
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Definition
1) firm outcomes
2) individual outcomes
3) society outcomes |
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Term
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Definition
- Product positioning
- Sales and profits
- Customer satisfaction |
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Term
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Definition
Needs were satisfied
Injurious consumption
- micro-macro dilemma: what's good for a company may be harmful for society
- ex) caffeinated alcohol |
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Term
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Definition
- Economic
- Physical environment
- Social welfare (ex) Ben and Jerry's) |
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Term
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Definition
- Culture
- Demographic and social stratification (aka social class)
- Ethnic, religious, and regional subcultures
- Families and households
- Groups |
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Term
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Definition
- perception
- learning
- memory
- motives
- personality
- emotions
- attitudes |
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Term
| The nature of consumer behavior |
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Definition
- self-concept
- lifestyle
- consumer decisions-result from perceived problems and opportunities
- situations |
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Term
| The meaning of consumption |
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Definition
- may be meaning beyond satisfying basic needs
- symbolic needs (status, identity, group acceptance) |
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