Fashion Consumption Theory Ch. 2 vocab

buyer’s market

a marketplace in which there are more sellers than buyers and an excess of supply over demand results in lower prices for consumers

seller’s market

a marketplace in which there are more buyers than sellers; therefore increased demand and low supply gives sellers an advantage so they can charge more.

value

tangible or intangible attributes that improve the desirability of a product or service; increases the likelihood that customers will buy

perceived cost

the balance between the benefits received and the actual price paid

costumiztion

the integration of individual requirements into a product

marketing customization

the crafting of marketing campaigns and messages to address a particular market

primary data

original information that is collected firsthand via personal interviews, focus groups, surveys, or digital device tracking

secondary data

information that has previously been collected from other studies or sources such as textbooks, magazines, the internet, and other published materials

quantifying

measuring responses and expressing a result as a number equivalent.

strategic marketing plan

a document that identifies a specific target market, the preferences of that market’s members, and specific ways to connect with and keep them.

strategy

a plan of action for reaching a specific goal; in marketing, it addresses how companies respond to consumers and competitors in the marketplace

market segmenttion

the method for dividing markets into smaller homogeneous clusters of possible customers who reflect similar characteristics, wants, and needs.

target

a defined segment of the market that is the strategic focus of a business or a marketing plan

target marketing

promoting a product or service only to specific segment(s), not the entire marketplace

buyer persona

a generalized semi-fictional representation of the brand’s ideal client

stakeholder

any person or organization with an interest in the company

supply chain

the organizations and related activities associated with the manufacture and delivery of a product or service

marketing concept

a design that focuses on knowing your customers, satisfying their needs, and doing so more effectively than the competitors; makes the buyer the center of all business initiatives.

market research

the collecting of information to define the size, location, and/or makeup of the market for a product or service; helps marketers to identify consumer needs and wants.

selling concept

focuses on trying to sell what the company had already made, not what the customer wanted; not widely used today because of it’s low effectiveness

societal marketing concept

considers the interests of all of an organization’s stakeholders as well as the greater good to society as a whole

IKEA effect

describes how people tend to value an object more if they make (or assemble) it themselves

cause-related marketing

the public association of a for-profit company with a nonprofit organization in which a for-profit company pairs with a nonprofit’s social cause

mass customization

the personalization of the products and servicesat a mass-production price