Marketing and Consumer Behavior Terms and Definitions, Quizzes of Consumer Behaviour

Download Marketing and Consumer Behavior Terms and Definitions and more Quizzes Consumer Behaviour in PDF only on Docsity! TERM 1 Market segment DEFINITION 1 portion of a larger market who needs differ from somewhat from the larger market four steps TERM 2 4 steps of market segment DEFINITION 2 1. Identify product related need sets2. grouping customers with similar needs set3. describing each group4. selecting an attractive segment to serve TERM 3 marketing strategy DEFINITION 3 satisfies the question: how will we provide superior customer value to our target market? The answer required formulation of a consistent marketing mix TERM 4 marketing mix DEFINITION 4 product, price, communications, distribution, and services provided to the target market, the combination of these elements meet the compares needs and provides customer value TERM 5 marketing communications DEFINITION 5 include adv, the sales force, PR, packaging, and any other signal that the firm provides about itself and its product. An effective communication strategy answers the 5 questions TERM 6 need set DEFINITION 6 used to reflect the fact that most products in developed economies satisfy more than one need TERM 7 product DEFINITION 7 anything the consumer acquires or may acquire to meet a perceived need TERM 8 consumer behavior DEFINITION 8 the study of individuals, groups or organizations and the process they use to select, secure, use and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society TERM 9 conceptual model DEFINITION 9 general process and structure of consumer behavior TERM 10 Customer Value DEFINITION 10 the dif between all the benefits derived from a total product and all the cost of acquiring those benefits TERM 21 Brand extension DEFINITION 21 an existing brand extends to a new product category with the same name TERM 22 brand familiarity DEFINITION 22 an ability factor related to attention. those with high brand familiarity may require less attention to the brands ad because of their high existing knowledge TERM 23 cognitive interpretation* DEFINITION 23 Process by which stimuli are placed into exiting categories of meaning. categories like expected and unexpected TERM 24 contextual cues* DEFINITION 24 are present in the situation play a role in a consumer interpretation independent of the actual stimulus that play off of temporary and physical characteristics of the individual like time pressure, mood, and there number of other individuals present TERM 25 elaborative activities* DEFINITION 25 the use of previously stored valued, attitudes, beliefs, and feelings to interpret and evaluate information in working memory as well as to add relevant previously stored information TERM 26 Individual characteristic DEFINITION 26 - Traits- drive our needs and desireslearning and knowledge meaning vary widely across culturesexpectations- interpretations seem to be consistent with what they already expect. (expectation bia) TERM 27 situational characteristics DEFINITION 27 temporary things like time, space, mood TERM 28 stimulus characteristics DEFINITION 28 consumer rect to the traits of the stimulus and how it is organizedexamples:Traitsorganizationproximityclosurechanges TERM 29 traits) DEFINITION 29 size shape color etc TERM 30 organization) DEFINITION 30 physical arrangement TERM 31 proximity) DEFINITION 31 things close together are perceived as belonging to the same category TERM 32 closure) DEFINITION 32 presenting as incomplete stimuli and getting consumers to complete it increasing engagement TERM 33 changes) DEFINITION 33 new stimulus relative to old (sensory discrimination, just noticeable difference) TERM 34 consumer inferences DEFINITION 34 quality signals (price perceived quality) heavily advertised brands must be of higher quality TERM 35 Missing information and ethical concerns DEFINITION 35 comparing the product to other without actually giving information