Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
17 Cards in this Set
- Front
- Back
|
Social Trends Faith Popcorn |
1) 99 Lives: allaying concerns over busy lifestyle by multitasking; bundle offerings into clusters 2) Save Our Society: Responsibility towards ethics, education and environment 3) Fantasy Adventure: Emotional escape from daily routine (from vacations to virtual reality) 4) Cocooning: Maintain social interactions from home via technology 5) Cashing Out: Leaving careers and stages of life to start new ones 6) Anchoring: Consumers reaching back to simpler times |
|
|
Data Collection |
-Secondary Research: database, journals, internet -Primary Research: Exploratory (focus groups), Descriptive (surveys), Causal (correlations) |
|
|
Primary Research Types |
1) Exploratory: informal discovery, looking for key relationships, focus groups/interviews, qualitative 2) Descriptive: developing conclusions, verifying findings, surveys/observations, quantitative 3) Causal: relationship among variables, correlations, experimentation |
|
|
Consumer Decision Process |
1) Need Recognition 2) Information Search 3) Evaluation of alternatives 4) Purchase 5) Post Purchase Behavior |
|
|
Influences |
- Psychological Influences: Motivation, perception, learning, attitudes, lifestyle - Sociocultural Influences: Personal, Reference Groups, Family, Social Class, Culture - Situational Influences: Purchase task, social surroundings, antecedent states, temporal effects |
|
|
Product Layers Model |
1) Core: product features/attributes 2) Functional: how the product functions 3) Augmented: addition to the product 4) Potential: the true solution the customer gets from the product |
|
|
Line extensions |
extending existing brand names (new forms, colors, flavors) |
|
|
Brand Extensions |
- leveraging the brand through new products - takes the brand to a new area: away from existing product offering |
|
|
Packaging |
-Protect -Inform -Provide convenience -Promote -Advise on Price -Meet language/consumer protection guidelines |
|
|
Product Life Cycle |
Market introduction Market growth Market maturity Sales Decline |
|
|
Extending the Product Life Cycle |
-modify the product -buy accessories to keep the product popular -find new market segments -re-position the product on an existing feature/benefit no previously emphasized change the value offered, either up or down |
|
|
Rate of Adoption (ROA) Factors |
-Complexity: degree of difficulty in understanding new product -Compatibility: degree to which new product is compatible with existing values, past, experience, etc. -Relative Advantage: degree to which a product is perceived to be superior to existing substitutes -Observability: degree to which benefits can be observed and communicated to target market -Trialability: degree to which a product can be tried on trial basis |
|
|
4 I's of Service |
Intangibility Inseparability Inconsistency Inventory |
|
|
Intangibility |
-Stress tangible cues -Use word of mouth -Create strong organizational image |
|
|
Inconsistency |
-Service standards should be created and understood |
|
|
Inseparability |
-Manage customers -Emphasize training of front line personnel |
|
|
Inventory |
-Make adjustments in supply and demand |
