SCORE Framework and Consumer Insights

Flashcards covering vocabulary terms and key concepts from the lecture on uncertainties in customer behavior and the SCORE framework.

SCORE Framework

A tool used to address uncertainties in marketing by evaluating stakeholder needs, context, research type, and endgame outcomes.

Willingness-to-Pay

The maximum price that consumers are willing to pay for a product or service, often assessed during early launch phases.

Exploratory Research

A type of research conducted to gain insight and understanding about a situation or problem, often used when little is known.

Segmentation Strategies

Marketing approaches designed to address the differing needs and preferences of various customer groups.

Customer Journey

The process a consumer goes through from initial awareness of a product to post-purchase evaluation.

ABCE Model

A framework that breaks down experiences into Affect (feelings), Behavior (actions), Cognition (thoughts), and Environment.

Declarative Knowledge

Knowledge of facts, beliefs, preferences, and opinions about the world.

Procedural Knowledge

Knowledge of how to perform tasks, often structured as 'if-then' rules.

Consumption Situations

Contexts in which consumption occurs, including purchase, disposal, and overall consumer engagement.

AIDA Model

A marketing model that describes the stages of Awareness, Interest, Desire, and Action as a consumer goes through before making a purchase.