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10 Cards in this Set

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  • Back
product concept
The consumer's perception of a product as a "bundle" of utilitarian and symbolic values that satisfy functional, social, psychological, and other wants and needs. Also, as an element of the creative mix used by advertisers to develop advertising strategy, it is the bundle of product values the advertiser presents to the consumer.
marketing
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy the perceived needs, wants, and objectives of individuals and organizations.
utility
A product's ability to provide both symbolic or psychological want satisfaction and functional satisfaction. A product's problem-solving potential may include form, time, place, or possession utility
wants
Needs learned during a person's lifetime, never stop
needs
The basic, often instinctive, human forces that motivate us to do something, finite, usually met for all americans
exchange
The trading of one thing of value for another thing of value; barter
LCU
lifetime consumer value, the most important customer you have is the one you have now, 80% of income is by 20% of consumers
brand loyalty
The consumer's conscious or unconscious decision-expressed through intention or behavior-to repurchase a brand continually. This occurs because the consumer perceives that the brand has the right product features, image, quality, or relationship at the right price; just buy and not think about it
evoke set
items/brands thatcome to mind when you think of a product, The particular group of alternative goods or services a consumer considers when making a buying decision
consumer behavior
The activities, actions, and influences of people who purchase and use goods and services to satisfy their personal or household needs and wants; mental and emotional process to satisfy wants and needs