Basic Concepts
The negative and positive results of consumption.
What are costs and benefits?
Value derived from a product that helps the consumer with some task
What is utilitarian value?
Products that have been placed conspicuously in movies, tv shows, music or video games.
What is product placements?
_____ between a business and consumer constitutes a relationship.
What is Exchange?
This is used to describe the activities of various groups to protect basic consumer rights.
What is Consumerism?
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?
This occurs when a consumer actively seeks out someone to share an opinion with regarding a negative consumption event?
What is complaining behavior?
Convictions about the perceived ethical behaviors of others
What are moral beliefs?
Combination of product, pricing, promotion, and distribution strategies used to implement a marketing strategy.
What is marketing mix?
Value derived from the immediate gratification that comes from some activity.
What is hedonic value?
Process in which two different sensory traces are available to remember something.
What is dual coding?
This refers to the extent that consumers believe the steps involved in processing a transaction, performing a service, or handling a complaint are fair.
What is procedural justice?
Behavior that is in some way unethical and can potentially harm one's self or others.
What is consumer misbehavior?
Plan wherein a firm specializes in serving one market segment with particularly unique demand characteristics
What is niche marketing?
Social and cultural aspects of life as a consumer
What are external influences?
Approximate worth of a customer to a company in economic terms; overall profitability of an individual consumer.
What is CLV (Customer Lifetime Value)?
When procedural justice exists in the eye of the consumer during a critical incident, ______will likely result.
What is loyalty?
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?
Things unique to a time or place that can affect consumer decision making and the value received from consumption.
What are situational influences?
A common condition in which a company views itself in a product business rather than in a value, or a benefits producing, business. In this way, it is shortsighted.
What is marketing myopia?
This type of switching cost occurs when consumers feel emotional and psychological consequences of changing from one brand or retailer or service provider to another.
What is relational switching cost?
An organization's activities and status related to its societal obligations.