Basic Concepts 1
The negative and positive results of consumption.
What are costs and benefits?
Social and cultural aspects of life as a consumer
What are external influences?
Set of value-seeking activities that occur as people seek to find desirable ways to fill needs
What is Consumer Behavior (CB)?
A potentially valuable bundle of benefits
What is a product?
A part, or tangible feature, of a product that potentially delivers a benefit of consumption
What is an attribute?
Direct contacts between the firm and the customer
What are touchpoints?
Things that go on inside the mind and heart of the consumer
What are internal influences?
Multitude of value-producing seller activities that facilitate exchanges between buyers and sellers
What is marketing?
The difference between an actual state and a desired state
What is a need?
This drives consumer orientation
What is competition?
Combination of product, pricing, promotion, and distribution/placement strategies used to implement a marketing strategy.
What is marketing mix?
Theory that explains why companies succeed or fail; companies succeed by acquiring more resources from consumers, then using the resources to gain competitive advantages
Resource Advantage Theory
Value derived from a product that helps the consumer with some task
What is utilitarian value?
A specific desire that spells out a way a consumer can go about addressing a need
What is a want?
A systematic information management system that collects, maintains, and reports detailed information about customers
Customer Relationship Management (CRM)
Plan wherein a firm specializes in serving one market segment with particularly unique demand characteristics
What is niche marketing?
Approximate worth of a customer to a company in economic terms; overall profitability of an individual consumer
What is Customer Lifetime Value (CLV)?
Value derived from the immediate gratification that comes from some activity.
What is hedonic value?
The way a company goes about creating value for customers
What is marketing strategy?
The societal and professional standards of right and fair practices that are expected of marketing managers as they develop/implement marketing strategies.
What are marketing ethics?
Research approach that addresses questions about consumer behavior using numerical measurement and analysis tools
What is quantitative research?
A CB theory that illustrates factors that shape consumption related behavior/determine value
Consumer Value Framework (CVF)
Not focusing on the production of value
What is marketing myopia?
Research approach that gathers data in a less structured (or unstructured) way & requires more interpretation by the researcher, who asks participants open-ended questions and probes for insights
What is qualitative research?
An organization's activities and status related to its societal obligations.
What is CSR (Corporate Social Responsibility)?