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10 Cards in this Set
- Front
- Back
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product concept
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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.
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marketing
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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.
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utility
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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
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wants
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Needs learned during a person's lifetime, never stop
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needs
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The basic, often instinctive, human forces that motivate us to do something, finite, usually met for all americans
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exchange
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The trading of one thing of value for another thing of value; barter
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LCU
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lifetime consumer value, the most important customer you have is the one you have now, 80% of income is by 20% of consumers
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brand loyalty
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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
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evoke set
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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
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consumer behavior
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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
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