Marketing Final Exam 2
Terms
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- Consumer Behavior
- The behavior that consumers display in searching for, purchasing, using, evaluating and disposing of products and services that they expect will satisfy their needs.
- Consumer Decision Making
- Cognititve and emotional aspects such as impulse, family, friends, advertisers, role models, moods, and situations that influence a purchase.
- Consumer Research
- Methodology used to study consumer behavior.
- Customer Retention
- Providing value to customers continuously so they will stay with the company rather than switch to another firm.
- Customer Satisfaction
- An individual's perception of the performance of the product or service in relation to his or her expectations.
- Customer Value
- The ratio between the customer's perceived benefits and the resources used to obtain those benefits.
- Marketing Concept
- A consumer-oriented philosophy that suggests that satisfaction of consumer needs provides the focus for product development and marketing strategy to enable the firm to meet its own organizational goals.
- Marketing Ethics
- Designing, packaging, pricing, advertising, and distributing products in such a way that negative consequences to consumers, employees, and society in general are avoided.
- Marketing Mix
- The unique configuration of the four marketing variables (product, promotion, price, and channels of distribution) that a marketing organization controls.
- Market Segmentation
- The process of dividing a potential market into distinct subsets of consumers and selecting one or more segments as a target market to be reached with a distinct marketing mix.
- Organizational Consumer
- A business, government agency, or other institution (profit or nonprofit) that buys the goods, sevices, and/or equipment necessary for the organization to function.
- Personal Consumer
- The individual who buys goods and services for his or her own use, for household use, for the use of a family member, or for a friend.
- Positioning
- Establishing a specific image for a brand in relation to competing brands.
- Societal Marketing Concept
- A revision of the traditional marketing concept that suggests that marketers adhere to principals of social responsibility in the marketing of their goods and services; that is, they must endeavor to satisfy the needs and wants of their target markets in ways that preserve and enhance the well-being of consumers and society as a whole.
- Targeting
- The selection of a distinct market segment at which to direct a marketing strategy.