Download Chapter 1 Terms | MKT 3350 - CONSUMER BEHAVIOR and more Quizzes Marketing in PDF only on Docsity!
Consumer Behavior
Consumer behaviour is the study of individuals, groups, or organizations and the processes they use to select, secure, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society. TERM 2
Social Marketing
DEFINITION 2 The application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole. TERM 3
Customer Value
DEFINITION 3 Is the difference between all the benefits derived from a total product and all the costs of acquiring those benefits. TERM 4
Total Product
DEFINITION 4 The total product is the entire set of characteristics of a product such as features, price, communications, distribution, and services. TERM 5
Lifestyle Centers
DEFINITION 5 Are small, convenient, open-air retailing complexes laid out to evoke the small-town shopping districts of previous generations.
Market Segment
A portion of a larger market whose needs differ somewhat from the larger market. TERM 7
Target Market
DEFINITION 7 The segment(s) of the larger market on which we focus or marketing effort. TERM 8
Marketing Strategy
DEFINITION 8 Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. How will we provide superior customer value to our target market? TERM 9
Marketing Mix
DEFINITION 9 The product, price, communications, distributions, and services, provided to the target market. TERM 10
Product
DEFINITION 10 Anything a consumer acquires or might acquire to meet a perceived need.
Product Position
In marketing, positioning is the process by which marketers try to create an image or identity in the minds of their target market for its product, brand, or organization. TERM 17
Customer Satisfaction
DEFINITION 17 Customer satisfaction, a term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation. TERM 18
Injurious Consumption
DEFINITION 18 Occurs when individuals or groups make consumption decisions that have negative consequences for their long-run well-being. TERM 19
Conceptual Model
DEFINITION 19 The model used to capture the general structure and process of consumer behavior. it does not contain sufficient detail to predict particular behaviors however it does reflect our beliefs about the general nature of consumer behavior. TERM 20
Self-Concept
DEFINITION 20 The totality of an individual's thoughts and feelings about him or herself.
Lifestyle
How one lives. TERM 22
Need Set
DEFINITION 22 Is used to reflect the fact that that most products in developed economies satisfy more than one need.
