Ch6 and ch9 Consumer Behavior and STP Flashcards

Flashcards on Consumer Behavior and STP

Consumer Behavior

Consumer responses to products and services and the marketing of products and services

Need Recognition

Consumer decision making starts with an unsatisfied need; gap between ideal state and actual state

Internal Search

Information from Memory

External Search

Retailer, Media, Interpersonal, Experiential, WOM, INTERNET

Internal locus of control

More search activities

External locus of control

Fate, external factors

Performance risk

Poorly performing product or service

Financial risk

Initial cost of the purchase

Social risk

What if others don’t like my purchase

Physiological risk

Harm due to poorly performing products

Psychological risks

Does the product convey the right image of me

Universal Set

All possible choices for a product category

Retrieval Set

Readily brought from memory

Evoked Set

Consider at the purchase decision

Conversion rate

Measures how well purchase intentions turn into actual purchases

Increase Customer Satisfaction

Build realistic expectations, demonstrate correct product use, provide money back guarantee, encourage feedback, customer contact

Cognitive Dissonance

Buyer’s remorse; Psychologically uncomfortable state produced by an inconsistency between beliefs and behaviors.

Customer loyalty

Marketers attempt to solidify a loyal relationship; Satisfied customers purchase and buy from the same company again

Undesirable Consumer Behavior

Negative word of mouth (WOM); Rumors

STP

Segmentation, Targeting and Positioning

Geographic Segmentation

Continent, Within the United States

Demographic Segmentation

Age, gender, income

Psychographic Segmentation

Lifestyle, self-concept

Benefits Segmentation

Convenience, economy, prestige

Behavioral Segmentation

Occasion, loyalty

Differentiated Targeting

Several market segments with different offerings

Concentrated Targeting

Single, primary target

Micromarketing

Matching exact specifications

Undifferentiated Targeting

Some commodity Products (flour)

Positioning (Perceptual) Map

Show consumer perceptions of their brands versus competing products on important buying dimensions

Physiological Motives

Food, drink, rest, & shelter

Safety Motives

Protection & physical well-being

Love Motives

Interaction with others

Esteem Motives

Inner desires

Self-actualization Motives

Personal growth & fulfillment

Lifestyle

A person’s pattern of living as expressed in his or her psychographics

Membership Groups

Groups with direct influence and to which a person belongs

Aspirational Groups

Groups an individual wishes to belong to

Reference Groups

Groups that form a comparison or reference in forming attitudes or behavior