Exam 1
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| Consumer Behaviior | the behavor that consumers display in searching for, purchasing, using, evaluating, and, disposing, of products and services that they expect will satisfy their needs.
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| The individual who buys goods and services for his or her own use, for household use, for the use of a family member, or for a friend. | personal consumer
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| a business gov. agency, or other institution (profit or noprofit) that buys, the goods, services, and\or equipment necessary for the orrrrganization to function. | organizational consumer
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| assumes that to be successful, a company must determine the needs and wants wants of specific target markets & deliver the desireeeed satisfactions better than the competition * make what you can sell * focus on buyer'S NEEDS | the marketing concept
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| * the process & tools used to study consumer behavor * two perspectives: * positivist approach * interpretivist approach | consumer research
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| process of dividing the market into subsets of consumers with common needs of characteristics | segmentation
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| the selection of one or mmmore of the segments to pursue | targeting
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| - deleveloping a distinct image for the product in the mind of the consumer. - successful........... * communcating the benefits of the product * communicating a unique selling proposition | positioning
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| marketing mix | product, price, place, promotion
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| successful relationships | customer value
customer retention
customer satisfaction
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| defined as the ratio between the customer's perceived benefits & the resources used to obtain those benefits (costs) -perceived value is relative & subjective by produuuuct/person -delevoping a value proposition is critical | customer value
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| the individual's perception of the performance of the product or service in relation to his or her expectations. must manage! wow customer - customers identified based on loyalty include loyalists, aposttties, defectors, terrorists, hostages, and merrrrc | customer satisfaction
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| obj. of providing value is to retain highly satisfied customers. -loyal customers are key * they buy more products/deepen CR * they are less price sensitive * they pay less attention to competitors' adv. * servicing them is cheaper * SPRE | customer retention
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| trackss costs & revenues of individual consumers, categ. them into their based on consumption behavior, cust. pyramid groups customers into 4 tiers | customer profitability-foccused marketing
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| -make only what you can sell instead of trying to sel what you make ; don't focus on the product; focus on the need that it satisfies; market products & services that match customers' needs better than competitors offerings | traditional marketing concept
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| use tech. that enables customers to customize what you make; focus on the products's perceived value, as well as the need that it satisfies; utilize an understanding of customer needs to develop offering that customers perceive as more valuable than compe | value & retention focused marketing
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| consumers have more power & access to info. computers smart phones; marketers can gather more info. about consumers; markets must offer more products and services | impact of digital technologies
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| marketers adhere to principles of social responsibility in the marketing of their goods & services; that is, they mustt endeavor to satisfy the needs & wants of their target markets in ways that preserve & enhance the wellbeing of consumers & society as a | societal marketing concept
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| Consists of depth interviews, focus groups, metaphor analysis, collage research, and projective techniques. Administered by highly trained interviewer-analysts. Findings tend to be subjective. Small sample sizes. | Qualitative Research
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| Descriptive in nature. Enables marketers to “predict” consumer behavior (positivism). Research methods include experiments, survey techniques, and observation. Findings are descriptive, empirical, and can be generalized to larger populations. | Quantitative Research
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| Defining purposes and objectives helps ensure an appropriate research design. A statement of objectives helps to define the type and level of information needed. | Developing Research Objectives
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| Data that has been collected for reasons other than the specific research project at hand Includes internal and external data | Secondary Data
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| Data generated in-house May include analysis of customer files Useful for calculating customer lifetime value | Secondary Data ; Internal Data
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| Data collected by an outside organization Includes federal government, periodicals, newspapers, books, search engines Commercial data is also available from market research firms | Secondary Data ; External Data
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| Include research design, data collection methods, instruments to be used, and the sample design | Quantitative Research Designs
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| Include depth interviews, focus groups, projective techniques, and metaphor analysis | Qualitative Research Designs
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| Helps marketers gain an in-depth understanding of the relationship between people and products by watching them buying and using products Helps researchers gain a better understanding of what the product symbolizes | Data Collection Methods Observational Research
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| it collects the appropriate data for the study. | validity
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| if the same questions, asked of a similar sample, produce the same findings. | reliability
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| The process of dividing a potential market into distinct subsets of consumers and selecting one or more segments as a target market to be reached with a distinct marketing mix | Market Segmentation
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| Phase 3 Product/Brand Positioning Phase 2 Target Market and Marketing Mix Selection Phase 1 Market Segmentation | Three Phases of Marketing Strategy
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| Discover the needs and wants of groups of consumers to develop specialized products to satisfy group needs Used to identify the most appropriate media for advertising | Segmentation Studies
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| Region City Size Density of area Climate | Geographic Segmentation
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| Age Sex Marital status Income Education Occupation | Demographic Segmentation
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| Needs-motivation Personality Attitudes | Psychological Segmentation
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| Lifestyle) Segmentation | Psychographic
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| Cultures Religion | Sociocultural Segmentation
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| Usage rate Awareness status Brand loyalty | Use-Related Segmentation
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| Time Location Person | Use-Situation Segmentation
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| Demographic/ Psychographics | Hybrid Segmentation
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Created by:
ChristinaSpegar
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