Reading...
Play button
Play button
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;
25 Cards in this Set
- Front
- Back
|
LO1
|
Describe the consumer value framework, including its basic components.
|
|
|
The Consumer Value Framework (CVF)
|
Represents consumer behavior theory illustrating factors that shape consumption related behaviors and ultimately determine the value associated with consumption.
|
|
|
Exhibit 2.1: The Consumer Value Framework (CVF)
|
|
|
|
Your IPOD is Calling!
|
Apple has successfully capitalized on loyal consumer segments by extending their products to provide value to consumers in new ways.
|
|
|
Internal Influences
|
1. Psychology of the consumer
2. Personality of the consumer |
|
|
Psychology of the Consumer
|
1. Cognition
2. Affect |
|
|
Cognition
|
the thinking or mental processes that go on as we process and store things that can become knowledge
|
|
|
Affect
|
he feelings experienced during consumption activities or associated with specific objects
|
|
|
Cognition and Affect 1
|
|
|
|
Cognition and Affect 2
|
|
|
|
Personality of the Consumer
|
Individual differences include things like personality and lifestyles.
|
|
|
External Influences: Interpersonal Influences
|
1. Social Environment
2. Situational Influences |
|
|
LO2
|
Define consumer value and compare and contrast two key types of value.
|
|
|
Consumer Value
|
Value is a personal assessment of the net worth obtained from an activity.
|
|
|
The Value Equation
|
|
|
|
Types of Value
|
1. Utilitarian
2. Hedonic |
|
What type of value do consumers get from this product?
|
More utilitarian, less hedonic
|
|
|
Exhibit 2.3: Consumption Activities Can Fall Into Any of These Categories
|
|
|
|
LO3
|
Apply the concepts of marketing strategy and marketing tactics to describe the way firms go about creating value for consumers.
|
|
|
Exhibit 2.4: Business Strategy Exists at Different Levels
|
|
|
|
Total Value Concept
|
Every product’s value is made up of the basic benefits, plus the augmented product, plus the “feel” benefits.
|
|
|
LO4
|
Explain the ways market characteristics like market segmentation and product differentiation affect marketing strategy.
|
|
|
Market segmentation
|
the separation of a market into groups based on different demand curves associated with each group
|
|
|
Product differentiation
|
a marketplace condition in which consumers do not view all competing products as identical to one another
|
|
|
Elasticity
|
Cheaper products don’t always outsell their higher-priced alternatives.
|
