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49 Cards in this Set
- Front
- Back
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Consumer Buying Behavior
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buying behavior of individuals and households that buy, use and dispose of products, services, ideas, ect for personal consumption
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Consumer Market
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All individuals/housholds who buy products for personal consumption
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Subcultures
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age, racial group, ethnic group, lifestyles, activities, interests
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Stimulus Response Model
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Marketing and other stimuli enter "black box" and produce certain choice/purchase responses
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Lifestyle
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pattern of living that determines how people choose
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Psychographics
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group consumers according to psychological and behavioral similarities
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Beliefs
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descriptive thought that a person has about something
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Attitude
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describes a person's relatively consistent evaluation, feelings and tendencies toward an object or idea
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Motive
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is a need that is sufficiently pressing to direct a person to seek satisfaction
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Learning
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describes changes in an individual's behavior arising from experience
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Perception
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the process by which people select, organize and interpret information to form a meaningful picture of the world
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Marketing Implications of Perception
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Important attributes, price, brand names, quality and reliability, threshold level of perception, product or repositioning changes
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Market Segmentation
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Dividing a market into distinct groups with distinct needs, characteristics, or behaviors who might require separate products or marketing mixes
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Positioning
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The place the product occupies in consumers' minds relative to competing products
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Concentrated (Niche) Marketing
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Targets one or a couple small segments
Niches have very specialized interests |
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Differentiation
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actually differentiating the market offering to crease superior customer value
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Undifferentiated (mass) Marketing
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A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
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Target Market
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A set of buyers sharing common needs or characteristics that the company decides to serve
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Micro Marketing
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tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups- included local marketing and individual marketing
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Local Marketing
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tailoring brands and promotions to the needs and wants of local customer groups-cities, neighborhoods, and even specific stores
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Individual Marketing
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tailoring products and marketing programs to the needs and preferences of individual customers-also labeled "markets of one marketing" "customized marketing," and "one-to-one marketing."
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Product Position
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the way the product is defined by consumers on important attributes-the place the product occupies in customers' minds relative to competing products
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Competitive advantage
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An advantage over competitors gained by offering greater customer value either through lower prices by providing more benefits that justify higher prices
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Value Proposition
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the full positioning of a brand-the full mix of benefits upon which it is positioned.
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Positioning Statement
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statement that summarizes company or brand positioning
To (target segment and need) our (brand) is (concept) that (point of difference) |
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Product
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anything offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want
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Service
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any activity or benefit that one party can offer to another that is essentially intangible and does not result in ownership of anything
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Product Line Stretching
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adding products that are higher or lower priced than the existing line
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Product Line Filling
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adding more items within the present price range
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Product Mix
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all the product lines and items that a particular seller offers for sale-also known as product assortment-has four important dimensions: width, length, depth and consistency
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Product mix width
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refers to the number of different product lines the company carries
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Product mix length
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total number of items the company carries within its product lines
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product line depth
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refers to the number of versions offered of each product in the line
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Product mix consistency
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refers to how closely related the various product lines are in end us, production requirements, distribution channels, or some other way
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Brands should be
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memorable
have positive connotation convery a certain image |
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Private (store) brands
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costly to establish and promote
higher profit margines |
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Licensed brands
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name and character licensing has grown
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Co-branding
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Advantages/disadvantages
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Line extensions
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minor changes to existing products
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Brand extensions
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successful brand names help introduce new products
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Multibrands
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multiple product entries in a product category
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New Brands
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new product category
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Intangibility of a service
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consumers look for service quality signals
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Inseparability
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services can't be separated from providers
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Variability
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Employees and other factors result in variability
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Perishability of services
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Services can't be inventoried for later sale
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New Product Development
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Development of original products, product improvements, product modifications, and new brands through the firm's own R & D efforts
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New Product Development Strategy
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1 idea generation
2 idea screening 3 concept development and testing 4 marketing strategy development 5 business analysis 6 product development 7 test marketing 8 commercialization |
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5 stages of product life cycle
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product development, introduction, growth, maturity, decline
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