Exam 1 Study Sheet

Exam 1 Study Sheet - Chapter 1 & 2 Consumer Behavior -...

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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. Two Consumer Entites: - Personal Consumer: The individual who buys good and services for hs or her own use, for household use, for the use of a family member, or for a friend. - Organizational Consumer: A business government agency, or other institution that buys the gods, services and or equipment necessary for the organization to function Societal Marketing Concept – Considered consumers’ long-run best interest, good corporate citizenship The Marketing Concept - Consumer Research: the Process and tools used to study consumer behavior - Segmentation: Process of dividing the market into subsets of consumers with common needs or characteristics - Market Targeting: The selection of one or more of the segments identified to pursue - Positioning: Developing a distinct image for the product in the mind of the consumer. . Successful positioning includes communicating the benefits of the product and communicating a unique selling proposition Successful Relationships: Customer Value, customer satisfaction, customer trust, customer retention Attitude Scales: - Likert Scale: asked to agree or disagree w a statement, easy to prepare & interpret and simple for consumers - Semantic differential scales: includes bipolar adjectives, relatively easy to construct and administer - Behavior intention scales: measures likelihood consumers will act a certain way, easy to construct and administer - Rank-order scales : items ranked in order of preference in terms of some criteria Chapter 3 Segmentation: consumer needs differ, differentiation helps products compete, segmentation helps identify media Positioning is the unifying element of each marketing mix. Product, place, price, and promotional strategies must work to state the product or service’s ability to deliver benefits to the consumer. Criteria for effective targeting : First the target must be identifiable . This means that the marketer must be able to see or find the characteristic they have chosen for segmentation. The segment must also be sizeable . It must be large enough to be profitable to the marketer. A stable segment means that the consumers are not “fickle” and likely to change very quickly. A group of consumers must
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Exam 1 Study Sheet - Chapter 1 & 2 Consumer Behavior -...

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