Consumer
Vocab
Marketing plan
Pricing
Misc.
100
Behavior expressed not the same behavior shown when real money is on the line
Hypothetical Bias
100
hamburger buns and hamburger
Complement
100
The who what when where
Explanation of your business
100
Selling two or more goods at a single price
Bundling
100
To shape consumer perceptions and attitudes about the product or commodity and to establish a long term market base.
Why we advertise
200
People often group individual choices together in sets
Choice Bracketing
200
The big picture statement
Vision Statement
200
Balance Sheets, Income Statements, Inventory
Essential Finance Statements
200
Where consumers agree to purchase specific components or complements to a good from the same firm it purchases the good
Required Tie-in Sale
200
Internal evaluation of SWOT Analysis
Strengths and Weaknesses
300
Identifying ___________ of a customer is essential in marketing. Age, beliefs for example
Demographics
300
Butter and Margarine for example
Substitute
300
What do your products emphasize? Ex. Remote start option
Features
300
Also known as incentives
Promotions
300
Decreased in trust in a product on a demand curve
Leftward shift
400
Decision making process
400
an evaluation or affective (emotional) response to a concept
Attitudes
400
Business offering in excess of the product. Ex. Charity donation with each purchase
Benefit
400
CPI
Consumer Price Index
400
Product, Price, Place, Promotion
4 Ps of Marketing
500
Bottom – water, air, food
Safety – security, shelter, order, stability
Loving – social needs, the need to be accepted by others
Esteem – ego, prestige, status, self-esteem, accomplishment
Self actualization – individuals have a need to reach their full potential and relate such needs as self-fulfillment, creativity, justice, meaning
Maslows Hierarchy of needs
500
the act of charging different prices to different people
Price Discrimination
500
Ex. “To be one of the world’s leading producers and providers of entertainment and information, using its portfolio of brands to differentiate its content, services and consumer products.”
Mission Statement
500
Firm are identify and separate all consumers into distinct groups.
Reselling between consumer groups is prevented.
The different groups have different elasticities of demand.
Must be able to avoid prosecution by antitrust authorities.
Conditions for 3rd degree price discrimination
500
How much time do consumers have for leisure is known as this type of factor in PEST analysis
Sociocultural Factors