Consumer Behavior and Marketing Strategy

Flashcards reviewing key concepts from the lecture on consumer behavior and marketing strategy.

What is consumer behavior?

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.

List four applications of consumer behavior.

Marketing strategy, regulatory policy, social marketing, and informed individuals.

What is social marketing?

The application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole.

List the components of marketing analysis.

Consumers, company, competitors, and conditions.

What is market segmentation?

A portion of a larger market whose needs differ from the larger market.

What are the four steps involved in market segmentation?

Identifying product-related need sets, grouping customers with similar need sets, describing each group, and selecting an attractive segment(s) to serve.

List the components of the marketing mix.

Product, communications, price, distribution, and service.

What is the role of the consumer decision process?

It intervenes between the marketing strategy and the outcomes, affecting whether a firm succeeds.

List the external influences on the consumer described in the notes.

Culture, demographics and social stratification, ethnic, religious, and regional subcultures, families and households, and groups.

List the internal influences on the consumer described in the notes.

Perception, learning, memory, motives, personality, emotions, and attitudes.

What is self-concept?

The totality of an individual’s thoughts and feelings about oneself.

What is lifestyle?

How one lives, including the products one buys, how one uses them, what one thinks about them, and how one feels about them.

Consumption can provide:

Symbolic needs, identity, and group acceptance

The difference between benefits a consumer perceives and the cost to them acquiring those benefits describes what?

Customer value.