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99 Cards in this Set
- Front
- Back
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Consumer Value Framework |
Factors that shape consumption-related behaviors & determine the value associated with consumption |
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Customer Relationship Management |
Customers form relationships with a company; rather than the company doing individual transactions with a costumer |
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Cognition |
The thinking or mental processes that go on as we process and store things that can become knowledge |
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Affection |
The feelings experienced during consumption activities or associated with specific objects |
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Value |
It is a personal assessment of the net worth a consumer obtains from an activity |
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Value (equation) |
Value= what you get- what you give |
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Total Value Concept |
When companies operate with the understanding that products provide value in multiple ways |
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Market Segmentation |
The separation of a market into groups |
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Product Differentiation |
Consumers do not view all competing products as identical to one another
ex. cereals- sugary=kids, nutritious=adults |
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Marketing Mix |
Product, pricing, promotion and distribution strategies used to position some product offering or brand in the marketplace |
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Target Market |
Market segment a company will serve with a specific marketing mix |
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Perceptual Map |
Used to see where are competing products |
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Customer Lifetime Value |
The approximate worth of a customer to a company in economic terms |
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Learning |
A change in behavior resulting from the interaction between a person and stimulus |
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Perception |
A consumer's awareness and interpretation of reality |
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Exposure (consumer perception) |
The process of bringing the product within the proximity of a consumer so that it can be sensed by one of the five senses |
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Attention |
Purposefully trying to understand the stimulus |
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Comprehension |
When consumers attempt to derive meaning from information they receive |
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Organizing |
When the human brain assembles the sensory evidence into something recognizable |
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Selective exposure |
Screening out most stimuli and exposing oneself to only a small portion of stimuli |
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Selective Attention |
Involves paying attention to only certain stimuli |
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Selective Distortion |
Consumers interpret information in ways that are biased towards their previously held beliefs |
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Exposure |
Marketers share information to consumers about their product |
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Subliminal Processing |
The way in which the human brain senses low-strength stimuli
(Stimuli that occur below the level of conscious awareness) |
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Just Noticeable Difference (JND) |
Represents how much stronger one stimulus has to be relative to another so that someone can notice that the two are not the same |
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Just Meaningful Difference (JMD) |
Represents the smallest amount of change in a stimulus that would influence consumer consumption and choice |
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Explicit Memory |
When someone tries to remember something |
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Implicit Memory |
When someone remembers something they weren't paying attention to |
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Mere Exposure Effect |
The more you see something the more you'll want/recognize/prefer it
(Consumers prefer familiar objects) |
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Attention |
Purposefully trying to understand something |
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Involuntary Attention |
Attention beyond the conscious control of the consumer |
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Comprehension |
When a consumer understands something about the product |
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Intentional Learning |
Consumers set out to specifically learn info for a certain subject |
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Unintentional Learning |
Consumers simply sense and react to the environment |
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Classical Conditioning |
A change in behavior that occurs through associating some stimulus with another that naturally causes reaction |
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Instrumental Conditioning |
Behavior that is conditioned through reinforcement |
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Comprehension |
A person intentionally understands something in order to assign meaning |
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Factors Affecting Consumer Comprehension: |
Characteristics of the message Characteristics of the message receiver Characteristics of the environment |
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Characteristics of the message |
Physical characteristics: color, font, numbers, shapes, spacing, intensity |
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Simplicity-complexity |
The simpler the message, the more likely a consumer develops meaningful comprehension |
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Message congruity |
The extent to which a message is consistent and fits surrounding info |
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Message source |
Can influence comprehension
based on: likeability, attractiveness, expertise, trustworthiness |
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Message Receiver Characteristics |
Intelligence/ability, prior knowledge, involvement, familiarity |
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Environmental Characteristics |
Information intensity, framing, timing |
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Information Intensity |
The amount of info available for a consumer to process within a given environment |
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Framing |
The meaning of something is influenced by the information environment |
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Memory |
Process by which knowledge is recorded |
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Multiple Store Theory of Memory |
Views the memory process as utilizing three different storage areas within the human brain |
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Sensory Memory |
Area in memory where we store what we encounter with our senses |
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Workbench Memory |
Where info is stored and encoded for placement in long-term memory |
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Repetition |
A process in which a thought is held in short-term memory by mentally repeating the thought |
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Dual Coding |
A process in which two different sensory "traces" are available to remember something |
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Meaningful Encoding |
When preexisting knowledge is used to store new information |
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Chunking (Mental Process Assisting Learning) |
A Process of grouping stimuli by meaning so that multiple stimuli can become a single memory unit |
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Elaboration |
When one continues processing a message even after he/she develops an initial understanding in the comprehension stage |
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Personal Elaboration |
A person imagines him or herself associating with a stimulus being processed |
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Associative Network |
A network of mental pathways linking knowledge within memory |
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Motivation |
The inner reasons or driving forces behind human action |
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Regulatory Focus Theory |
Consumers orient their behavior either through a prevention or promotion focus |
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Prevention Focus |
Orients consumers toward avoiding negative consequences |
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Promotion Focus |
Orients consumers toward the pursuit of their aspirations or ideals |
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General Hierarchy of Motivation (Maslow) |
Physiological safety and security belongingness and love Esteem Self-actualization |
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Utilitarian Motivation
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A drive to acquire products that consumers can use to accomplish things
WHAT YOU NEED |
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Hedonic Motivation
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Involves a drive to experience something personally gratifying
WHAT YOU WANT |
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Consumer Involvement |
Degree of personal relevance a consumer finds in pursuing value from a given consumption act
Types: Product, shopping, situational, enduring, emotional |
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Mood |
A temporary and changing general affective state |
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Affect |
The feelings a consumer has about a particular product or activity |
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Flow |
When a consumer experiences enjoyment in an activity, consumer becomes engrossed in an activity |
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Emotional Expressiveness |
Extent to which a consumer shows outward behavioral signs and otherwise reacts obviously to emotional experiences |
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Emotional Intelligence |
Capture one's awareness of the emotions experienced in a situation, and an ability to control these emotions |
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Semantic Wiring |
Storage of knowledge is influenced by emotions |
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Mood-congruent recall |
Events are associated with moods |
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Nostalgia |
Events in the past may be remember more positively than they were in reality |
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Schema-Based Affect |
Emotions become stored as part of the meaning for a category |
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Personality |
Thoughts, emotions, intentions and behaviors that a person exhibits consistently as they adapt to their environment |
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Psychoanalytic Approach |
Applicable to both motivation and personality inquiry (id, ego, superego) |
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Id |
Focuses on pleasure-seeking and immediate gratification |
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Ego |
Focuses on resolving the conflicts between the id and the superego |
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Superego |
Works against the id by motivating behavior that matches societal norms and expectations |
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Trait |
A distinguishable characteristic that describes one's tendency to act in a relatively consistent manor |
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Value Consciousness |
Tendency for consumers to focus on maximizing what is received from a transaction instead of what is given |
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Materialism |
Extent to which material goods are important in a consumer's life |
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Innovativeness |
Degree to which consumers are open to new ideas |
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Need for Cognition |
When consumers tend to engage in effortful cognitive information processing |
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Competitiveness |
Tendency to strive to be better than others |
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Self-monitoring |
People try and behave in ways that agree with social cues and influence |
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Brand Personality |
Human characteristics that can be associated with a brand
Can be described across five dimensions: Competence, Excitement, Ruggedness, Sincerity, Sophistication |
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Lifestyles |
Ways consumers live and spend their time and money
(useful in identifying viable market segments) |
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Psychographics |
Way consumer lifestyles are measured
(to understand consumers' activities, interests, and opinions) |
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VALS "Values and Lifestyles" |
Research method used for psychographic market segmentation, to help companies figure out who their products will appeal to |
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VALS Segments |
Innovators, thinkers, achievers, experiencers, believers, strivers, makers, survivors |
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PRIZM "Potential Ratings Index by ZIP Market" |
People with similar backgrounds and means tend to live close to one another and emulate each other's behaviors. |
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Demographics |
Aspects of people including age, gender, or income |
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Self- Concept |
Thoughts and feelings that a person has about themselves |
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Self- Concept types |
Actual self Ideal self Social self Ideal social self Possible self Extended self |
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Self- esteem |
Positivity of an individual's self-concept |
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Body esteem |
Positivity with which one holds their body image |
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Self-Congruency Theory |
Consumer behavior can be explained by how a person compares themselves to the image of a typical user |
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Marketers use self-congruency theory to... |
Segment markets into groups of consumers who link high self-concept congruence with their product image |
