Midterm Vocab

Midterm Vocab - CHAPTER 1 Consumer behavior: The behavior...

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CHAPTER 1 Consumer behavior: The behavior that consumers display in searching for, purchasing, using, evaluating, and disposing of products, services, and ideas. Consumer decision making: The process of making purchase decisions based on cognitive and emotional influences such as impulse, family, friends, advertisers, role models, moods, and situations that influence a purchase. Consumer research: Methodology used to study and interpret consumer behavior Customer retention: Providing value to customers continuously so they will stay with the company rather than switch to a competitor. 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 myopia: 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. Targeting: The selection of a distinct market segment at which to direct a marketing strategy. Organizational Consumer: A business, government agency, or other institution that buys the goods, services, 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 principles 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. CHAPTER 2 Attitude Scales: Research measurement instrument used to capture evaluative data Customer lifetime value profiles: Profiles based on the collection and analysis of internal secondary data Customer satisfaction measurement: Quantitative and qualitative measures that gauge the level of customer satisfaction and its determinants. Depth interview: A lengthy and relatively unstructured interview designed to uncover a consumer’s underlying attitudes and/or motivations
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Exploratory study: A small scale study that identifies critical issues to include in a large-scale research study Interpretivism: A postmodernist approach to the study of consumer behavior that
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This test prep was uploaded on 04/21/2008 for the course HUMA 201 taught by Professor Kemeny during the Spring '08 term at Grove City.

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Midterm Vocab - CHAPTER 1 Consumer behavior: The behavior...

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