Term
| Modeling Consumer Behavior |
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Definition
1. Attempting to explain and predict the behavior of consumers
2. Create a solid understanding of their target consumers and how they behave in the marketplace
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Term
| Requirements for modeling Consumer Behavior |
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Definition
1. Process Oriented (not on 1 act but a process)
2. Identify Influential Factors
3. Flexible and Adaptable (process is dynamic & changing so process is changing too)
4. Useful (practical & can be used by marketers)
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Term
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Definition
1. Problem Recognition
2. Search
3. Alternative Evaluation
4. Choice
5. Outcomes |
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Term
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Definition
The difference between "actual" and "ideal" states
External- ads, news stories
Internal- motives (must happen for external to influence decisions) |
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Term
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Definition
Consumers searching to information and solutions to problems
External- ads, news stories ect
Internal- Memory, Information Processing |
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Term
| Information Processing Stages |
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Definition
1. Exposure
2. Attention
3. Comprehension
4. Yielding/Acceptence
5. Storage/Retention
6. Retrieval |
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Term
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Definition
| Being in physical proximity to the information |
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Term
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Definition
| Allocating mental capactity in order to focus on the stimulus |
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Term
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Definition
| Trying to take meaning from what the stimulus is attempting to communicate |
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Term
| Yielding/Acceptance (Persuading) |
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Definition
| Accepting or Rejecting Information |
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Term
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Definition
| Placing pieces of our interpretation of information into long term memory |
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Term
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Definition
| Bringing pieces of stored information back to conciousness |
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Term
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Definition
Choosing among various alternatives
Form "beliefs" about a brand
Form "attitudes" about a brand (like/dislike)
Form "purchase" intentions about product |
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Term
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Definition
| Choosing a paticular brand or product |
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Term
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Definition
Post purcahase evaluation
1. Satisfaction
2. Dissatisfaction
3. Dissonance (Uncertaintity)
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Term
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Definition
1. Initator
2. Influencer
3. Decision Maker
4. Purchaser
5. User |
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Term
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Definition
| Introduces the need to solve a problem. Initiates buying process |
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Term
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Definition
| Exerts influence in the process. May be an "opinion leader" |
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Term
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Definition
| Holds ultimate authority when it comes to making the buying decision |
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Term
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Definition
| Person who buys the product at the point of purchase |
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Term
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Definition
| Individual who consumer and/or uses the product |
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Term
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Definition
| Personal, social, and economic siginificance of the purchase of product to the consumer |
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Term
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Definition
Learned predispositons to respond favorably or unfavorably toward something
Attitudes are influenced by beliefs and the evaluative criteria they use to assess their attributes |
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Term
| Attitude Changing Strategy |
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Definition
1. Alter existing beliefs(characteristics) about a product
2. Alter existing evaluative criteria
3. Add new new evaluative criteria. |
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Term
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Definition
| Process by which an individual "selects, organizes, and interprets information" to create a meaningful picture of the world. |
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Term
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Definition
1. Purchase Task
2. Social Surroundings
3. Temproal Effects (Time)
4. Physical Surroundings (decor, music) |
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Term
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Definition
| Name, term, symbol, or any other unique element that identifies one firms product and sets it apart from the competition |
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Term
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Definition
| Legal term from a brand name, mark, or trade character. Legally registered by a government to obtain protection for exclusive use in that country. |
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Term
Value of Brand
To Company |
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Definition
1. Competitive Advantage
2. Consumer Loyalty |
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Term
Value of Brand
To Consumers |
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Definition
1. Effeciency
2. Effectiveness (satisfaction, consistency) |
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Term
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Definition
1. Family Brand
2. Individual Brand
3. Dealer/Store Brand
4. Liscencing
5. Generic Brand
6. Cobranding |
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Term
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Definition
Ad: Generates Positive "halo"
Much Less Expensive to Introduce
Dis: Could dilute brand image/strength
Target marketing/Segmentation more difficult
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Term
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Definition
1. Private label brands are on the rise
2. Brand Line Extensions
3. Licenscing
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Term
Packaging Decisions
(V-I-E-W) |
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Definition
Visibility
Information
Emotionality
Workability |
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Term
| New Product Development Process |
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Definition
1. Idea Generation
2. Product Concept Development
3. Marketing Strategy Development
4. Business Analysis
5. Technical Evaluation
6. Market Testing
7. Commercialization |
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Term
| Factos to consider when setting a price |
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Definition
1. Demand
2. Cost
3. Adjustment |
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Term
| Elements of Pricing with Demand |
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Definition
1. Psychological Pricing
2. Demand Backward Pricing
3. Elasticity of Demand |
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Term
| Elements of Psychological Pricing |
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Definition
1. Odd/Even Pricing ($4.99)
2. Prestige (High-price image)
3. Price Lining ($25-$30-$35)
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Term
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Definition
| Price is set by what consumers are willing to pay, then you determine if you can make the product |
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