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