Scm 3323 Purch And Buyer Behavior (Exam 2)

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AIO

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(activity, interest, opinion)
AIO measures are the primary method for investigating consumer lifestyles and forming psychographic segments.

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benefit segmentation

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The process of grouping consumers on the basis of the benefits they seek from the product.

For example, the tooth paste market may include one segment seeking cosmetic benefits such as white teeth and another seeking health benefits such as decay prevention.

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geodemographic segmentation

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A segmentation approach that focuses on local neighborhood geography, demographics, and other market characteristics to classify actual, addressable, mappable neighborhoods where consumers live and shop.

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market segmentations

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The process of dividing a market into groups of similar consumers and selecting the most appropriate group(s) for the firm to serve.

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person/situation segmentation

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Occurs when markets are divided on the basis of the usage situation in conjunction with individual differences of consumers.

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positioning by attribute

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Probably the most frequently used positioning strategy; associates a product with an attribute , a product feature, or a customer benefit.

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positioning by competitors

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A positioning strategy where the explicit or implicit frame of reference is the competition.

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positioning by product class

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A positioning strategy involving product class associations (for example, positioning a brand of margarine with respect to butter).

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positioning by product user

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A positioning approach where a product is associated with a user or class of users.

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positioning by use

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A positioning strategy where the product is associated with its use or application.

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positioning map

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A visual depiction of consumers' perceptions of competitive products, brands, or models on selected dimensions.

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product positioning

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Designing and executing a marketing strategy to form a particular mental representation of a product or brand in consumers' minds. Typically the goal is to position the product in some favorable way relative to competitive offerings.

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psychographic segmentation

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Dividing markets into segments on the basis of consumer lifestyles.

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segmentation strategy

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The general approach marketers use to approach markets, such as mass marketing or marketing to one or more segments.

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VALS

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(values and lifestyles)
VALS and GeoVALS are well-known psychographic segmentations marketed y SRI Consulting Business Intelligence.

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adoption curve

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A visual representation of the cumulative percentage of individuals who adopt a new product across time.

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brand loyalty

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A intrinsic commitment to repeatedly purchase a particular brand.

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compatibility

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The degree to which a product is consistent with consumers' current cognitions and behaviors.

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competitive advantage

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The degree to which an item has a sustainable, competitive, differential advantage over other product classes, product forms, and brands.

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consumer satisfaction

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The degree to which a consumer's prepurchase expectations are fulfilled or surpassed by a product.

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disconfirmation

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In consumer satisfaction theory, a situation in which a product performs differently than expected.

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dissatisfaction

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Occurs when prepurchase expectations are negatively confirmed, that is, when the product performs worse than expected.

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early adopters

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The second group of adopters of a new product.

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early majority

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The third group of adopters of a new product.

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innovators

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The first group of consumers to adopt a new product.

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laggards

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The last group to adopt a new product.

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late majority

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The next-to-last group to adopt a new product.

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observability

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The degree to which products or their effects can be sensed by other consumers.

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postpurchase perceptions

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Consumers' thoughts about how well a product performed after purchase.

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prepurchase expectations

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Consumers' beliefs about anticipated performance of a product.

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product symbolism

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The various meanings of a product to a consumer and what the consumer experiences in purchasing and using it.

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simplicity

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The degree to which a product is easy for a consumer to understand and use.

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speed

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Refers to how quickly the customer experiences the benefits of the product.

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trialability

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The degree to which a product can be tried on a limited basis or divided into small quantities fo an inexpensive trial.

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variety seeking

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A cognitive commitment to purchase different brands because of factors such as the stimlulation involved in trying different things, curiosity, novelty, or overcoming boredom with the same old thing.

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advertising

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Any paid, nonpersonal presentation of information about a product, brand, company, or store.

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attitude toward the ad

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(Aad)
Consumers' affective evaluations of advertisements themselves, not the product or brand being promoted.

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communication process

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The physical and social processes involved in transferring messages and meaning from a source to a receiver.

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Elaboration Likelihood Model (ELM)

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A formal model of how consumers comprehend and elaborate information. Two processes are possible, depending on the consumer's level of involvement: the central route and the peripheral route.

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Foote, Cone & Belding (FCB grid)

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A 2-by-2 grid developed by the Foote, Cone & Belding advertising agency for analyzing consumers and products. The fcb grid categorizes products based on consumers' level of involvement (high or low) and on whether consumers' dominant response to the product is cognitive or affective (think or feel).

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ISTEA model

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(impression, strategy, transmission, evaluation, adjustment)

A model for the process of developing a personal selling promotion strategy.

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MECCAS model

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(means-end chain conceptualization of advertising strategy)

Attempts to simplify the difficult task of developing effective advertising strategies by identifying five key factors.

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personal selling

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Direct personal interactions between a salesperson and a potential buyer.

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persuasion

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The cognitive and affective processes by which consumers' beliefs and attitudes are changed by promotion communications.

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promotions

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Info that marketers develop to communicate meanings about their products and persuade consumers to buy them.

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publicity

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Any unpaid form of communication about the marketer's company, products, or brand.

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sales promotions

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A direct inducement to consumers to make a purchase, such as coupons or cents-off deals.

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word-of-mouth communication (WOM)

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Communication that occurs when cosumers share info with friends about products and/or promotions such as good deals on particular products, a valuable coupon in the newspaper, or a sale at a retail store.

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external reference price

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Explicit comparison of the stated price with another price in advertising, catalogs, and so on.

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internal reference price

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The price consumers have in mind for a product

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penetration pricing

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A pricing strateg that includes a plan to sequentially raise prices after introduction at a relatively low price.

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price elasticity

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A measure of the relative change in demand for a product for a given change in dollar price.

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price perceptions

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How price info is comprehended by consumers and made meaningful to them.

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skimming pricing

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A pricing strategy that includes a plan to systematically lower prices after a high-price introduction.

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baseline

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The level of consumers' responses prior to implementing a new strategy.

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consumer promotion

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Marketing tactics, such as coupons and fre samples, designed to have a direct impact on consumer purchase behavior.

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sales promotion

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A direct inducement to consumers to make a purchase, such as coupons or cents-off deals.

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scanner cable method

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A commercially available retail marketing research approach that documents household purchases by recording items scanned in supermarkets and other stores.

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social marketing

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The application of commercial marketing technologies to the analysis, planning, execution, and evaluation of programs designed to influence the voluntary behavior of target audiences to improve their personal welfare and that of their society.

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trade promotion

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Marketing tactics, such as advertising or display allowances, designed to get channel members to provide special support for products or services.