Consumer Behavior [Chapter 1]

Front 1

Consumer Behavior

Back 1

The 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 the impacts that these processes have on the consumer and society.

Front 2

Marketing Strategy

Back 2

Is based on explicit or implicit beliefs about consumer behavior. Decisions based on explicit assumptions and on sound theory and research are more likely to be successful than are decisions based solely on hunches or intuition.

Front 3

Usable Understanding

Back 3

To increase your understanding of consumer behavior to help you become a more effective marketing manager.

Front 4

Regulatory Policy

Back 4

Exist to develop, interpret, and/or implement policies designed to protect and aid consumers.

Front 5

Social Marketing

Back 5

The application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole.

Front 6

Customer value

Back 6

The difference between all the benefits derived from a total product and all the costs of acquiring those benefits.

Front 7

Lifestyle centers

Back 7

Are “small, convenient, open-air retailing complexes laid out to evoke the small-town shopping districts of previous generations.”

Front 8

Market Segment

Back 8

A portion of a larger market whose needs differ somewhat from the larger market.

Front 9

Behavioral targeting

Back 9

Consumers’ online activity is tracked and specific banner ads are delivered based on that activity, is another example of how technology is making individualized communication increasingly cost effective.

Front 10

Need Set

Back 10

is used to reect the fact that most products in developed economies satisfy more than one need.

Front 11

Four Steps of Market Segmentation

Back 11

1. Identifying product-related need sets.

2. Grouping customers with similar need sets.

3. Describing each group.

4. Selecting an attractive segment(s) to serve.

Front 12

Target Market

Back 12

That segment(s) of the larger market on which we will focus our marketing effort.

Front 13

Marketing strategy

Back 13

basically the answer to the question, How will we provide superior customer value to our target market?

The answer to this question requires the formulation of a consistent marketing mix.

Front 14

Marketing Mix

Back 14

The product, price, communications, distribution, and services provided to the target market.

Front 15

Product

Back 15

*is anything a consumer acquires or might acquire to meet a perceived need

* to refer to physical products and primary or core services.

Front 16

Marketing Communications

Back 16

Include advertising, the sales force, public relations, packaging, and any other signal that the fi rm provides about itself and its products

Front 17

Price

Back 17

the amount of money one must pay to obtain the right to use the product.

Front 18

Consumer cost

Back 18

is everything the consumer must surrender in order to receive the benets of owning/using the product.

Front 19

Distribution

Back 19

having the product available where target customers can buy it, is essential to success.

Front 20

Service

Back 20

Refers to auxiliary or peripheral activities that are performed to enhance the primary product or primary service.

Front 21

Product Position

Back 21

*An image of the product or brand in the consumer’s mind relative to competing products and brands.

*The most basic outcome of a fi rm’s marketing strategy

Front 22

Sales and Profits

Back 22

Critical outcomes, as they are necessary for the firm to continue in business.

Front 23

Customer Satisfaction

Back 23

*a major concern of marketers

* Retaining current customers requires that they be satised with their purchase and use of the product.

Front 24

Injurious consumption

Back 24

occurs when individuals or groups make consumption decisions that have negative consequences for their long-run well-being.

Front 25

Conceptual Model

Back 25

The model that we use to capture the general structure and process of consumer behavior

Front 26

Self-concept

Back 26

the totality of an individual’s thoughts and feelings about him- or herself

Front 27

Lifestyle

Back 27

how one lives, including the products one buys, how one uses them, what one thinks about them, and how one feels about them.