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Consumer Behavior
topic 1
30
Marketing
Undergraduate 4
02/17/2009

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Term
Consumer Behavior
Definition
interdisceplinary science designed to investigate the decision-making units and the processes involved in the consumption of goods, services, experiences, and ideas
Term
Consumer Behavior studies...
Definition

Psychology

social psychology

sociology

economics

anthropology

Term
Consumer Behavior is important to consumers, marketers, and public policy makers for what reasons?
Definition

consumers: better choices/decisions

 

marketers: better marketing strategies

 

Public Policy makers: better establishment of public policy-market efficiency and fairness

Term
Describe the marketer vs. consumer perspective difference in Point of View
Definition

Marketer=external ("buyers")

 

Customer=internal ("me")

Term
Describe the marketer vs consumer perspective difference in level of interest
Definition

Marketer=aggregate ("market")

 

Consumer=individual ("myself")

Term
Describe the marketer vs. consumer perspective difference in Scope of Interest
Definition

Marketer=product specific ("what I make")

 

consumer=across products ("what I buy")

Term
Describe the marketer vs. consumer perspective difference in "Correct" choice
Definition

Marketer:Brand Specific

("my brand")

 

Consumer:Best Alternative

("best brand for me")

Term
Describe the marketer vs. Consumer perspective difference in Role of influence
Definition

Marketer: influence behavior

 

Consumer: handle behavioral influence (consumer empowerment)

 
Term
Describe public policy makers perspective
Definition

Point of view: External (buyers and sellers)

Level of interest: Aggregate (affected groups)

Scope of interest: Across products (all products)

"Correct" choice: Neutral (maximize utility)

Role of influence: Neutral (must be fair and not deceptive)

Term
What are factors that marketers control?
Definition

4 "P"s (product, price, place, promotion)

create opportunity for the consumer to buy

make consumer aware of opportunity

Term

What are the factors marketers do not control?

Definition

-5 "C"s

(competition, company constraints, channel members, market conditions)

Term
Customer Value
Definition
ratio between PERCEIVED BENEFITS and RESOURCES used to obtain those benefits
Term
customer satisfaction
Definition
reception of product PERFORMANCE in relation to consumer EXPECTATIONS
Term
Customer retention
Definition
Objective of providing value is to retain highly satisfied customers
Term
The "Break Up" spot
Definition
relationship between an advertiser and a consumer
Term
Describe consumer empowerment through the web
Definition

*instantaneous

*24/7 shopping without leaving home

*use "intelligent agents" to locate best prices

*Bid on various market offerings

*Permission Marketing

*C2C activities (virtual brand communities, consumer reviews and chat rooms)

Term
Permission marketing
Definition

marketing centered around obtaining consumer consent to receive information froma marketer

>applies to marketing on the web

>opposite to traditional "interruption" marketing

Term
Public Policy makers' perspective is based on what
Definition
Consumer protection
Term
What were the rights in JFK's declaration of Consumer Rights? (1962)
Definition

1) Right to safety

2)Right to be informed

3)Right to choose

4)Right to be heard

Term
FTC
Definition

Federal Trade Commission

 

Responsible for protecting businesses and consumers from deceptive advertising

Term
Deceptive Advertising
Definition
any ad that contains misrepresentation, omission, or any other practice that can mislead a significant number of reasonable consumers to their detriment
Term
Unconscionable Lies
Definition
false claims made intentionally (fraudulent)
Term
Fact/Claim Discrepancies
Definition
relevant information is omitted, leading to misrepresentation (false)
Term
Claim/belief discrepancies
Definition
no deceptive claim explicitly made, but a deceptive belief is created (misleading)
Term
Corrective Advertising
Definition
ads that are ordered by the FTC to remove the residual effects of misleading claims on consumers
Term

Marketing Concept

Definition
A managerial philosophy that an organization should try to satisfy customer needs through activities that allow the organization to achieve its goals
Term
Consumer Research
Definition
the process and tools used to study consumer behavior
Term
Segmentation
Definition

Dividing potential market into homogeneous subsets of consumers with common needs and/or characteristics

 

-Bases:demographic (age, gender, income, etc.), geographic, psychographic lifestyle, benefit sought, usage rate, etc.

Term
Targeting
Definition
selecting one or more segments to pursue with distinct marketing mix
Term
Positioning
Definition
developing a distinct image in the mind of target market as satisfying needs better than other competitive offerings
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