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Marketing Final Exam 2


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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.
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.
The selection of a distinct market segment at which to direct a marketing strategy.

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