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19 Cards in this Set
- Front
- Back
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Consumer Value Framework
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consumer behavior theory that illustrates factors that shape consumption-related behaviors and ultimately determine the value associated with consumption.
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Customer Relationship Mgt
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systematic management information system that collects, maintains, and reports detailed information about customers to enable a more customer-oriented managerial approach.
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Internal influences
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things that go on inside of the mind and heart of the consumer
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Cognition
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thinking or mental processes that go on as we process and store things that can become knowledge
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Affect
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feelings associated with objects or experienced during events
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External influences
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social and cultural aspects of life as a consumer
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Social environment
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elements that specifically deal with the way other people influence consumer decision making and value
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Situational influences
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things unique to a time or place that can affect consumer decision making and the value received from consumption
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Value
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a personal assessment of the net worth obtained from an activity
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Utilitarian value
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value derived from a product that helps the consumer with some task
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Hedonic value
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value derived from the immediate gratification that comes from some activity
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Augmented product
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actual physical product purchased plus any services such as installation and warranties necessary to use the product and obtain its benefits
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Total value concept
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business practice wherein companies operate with the understanding that products provide value in multiple ways
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Marketing mix
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combination o product, pricing, promotion, and distribution strategies used to implement a marketing strategy
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Target market
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identified segment or segments of a market that a company serves
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Market segmentation
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separation of a market into groups based on the different demand curves associated with each group
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Product differentiation
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marketplace condition in which consumers do not view all competing products as identical to one another
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Product positioning
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way a product is perceived by a consumer
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Perceptual map
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tool used to depict graphically the positioning of competing products
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