Fashion and Consumption Theory Vocab Ch. 1

consumer behavior

the study of consumption

consumption

the using up of a resource by the person who has selected, adopted, used, discarded, and (hopefully) recycled it.

design

a creative process, driven by a need, that leads to an invention of some sort, be it practical or artistic, functional or simply attractive, devised to enhance life in some way.

fashion

anything that is of the moment and subject to change; it’s anything that members of a population deem desirable and appropriate at a given time

marketing

a process that includes the communication of all information that sellers want to share with consumers, from the time a product or service is an idea through its purchase, use, evaluation, and disposal by the customer.

competative advantage

the delivery of benefits that exceed those supplied by the competition, making your product or service the best choice for the customer and the most profitable for your organization.

integrated marketing system (IMS)

the continuous, efficient sharing of information and ideas supplied by team members. The intended result is the organized and effective communication of a consistent and unified message to the desired audience (employees, stakeholders, and, of course, targeted customers)

hype

ia set of activities put in motion before the actual appearance of a new product or service that helps create a supportive marketing environment and a spontaneously infectious kind of person-to-person image spinning

guerilla marketing

unconventional marketing tactics designed to get maximum results from minimal resources

ambush marketing

when unique marketing materials are placed in unexpected venues that result in consumer and media attention

viral marketing

promoting a marketing message to consumers with the goal of having the consumers themselves spread it widely,

stealth advertising

ads in which marketers attempt to conceal the fact that an ad is actually an ad, with the theory being that marketing is most effective when consumers don’t recognize it as such, making it even more persuasive.

word-of-mouth marketing (WOM)

guerilla, ambush, viral, and steath marketing

the passing along from person to person of a marketing message or opinions about a product that are all based on the sharing habits of human beings.

market segment

a homogeneous group of buyers displaying like needs, wants, values, and buying behaviors

target market

an incorporation of the likely groups of potential customers who share similar lifestyles and preferences, on which a company intends to focus its marketing efforts

mass marketing

the mass distribution and mass promotion of the same product to all potential customers; no longer considered efficient in reaching a target audience

collective selection

a process by which a mass of people formulate certain collective tastes reflected by the goods or services they choose, and their selections illustrate the beliefs and values of the group’s social system

culture

composed of all the shared beliefs, values, and traditions learned and practiced by a group of people, rich or poor, educated or uneducated, whether they live close to one another or far apart

zeitgeist

the spirit of the times

forecasting

compiled using information from the past and present to calculate what’s likely to happen in the future and is crucial to the success of every business.

cognitive bias

a weakness in our reasoning that leads to us to misconceive information we receive and arrive at an inaccurate conclusion (over 175 recognized kinds)

priming

when we are exposed to a particular concept, the areas of the brain related to that concept remain activated at some level, and it is easier to influence our behavior without us realizing.

anchoring effect

a type of cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the “anchor”) when making decisions

brand image

the deliberate, consistent way a company communicates a product’s qualities and essence

brand

everything that is known and felt about a product or service or organization, from its recognizable name, logo, slogan, and packaging to the power it holds in peoples’ minds

brand loyalty

behavior exhibited by customers who have strong connections to their favorite brands; includes purchasing a certain brand again and again

brand equity

brand equity, the power a brand derives from a group of strong assets that include value, esteem, worth—all of the intangibles that help create satisfaction, retention, and demand in the marketplace.

positioning

creating a certain perception or image about the product in the minds of consumers that differentiates it from the competition.

product differentiation

the way companies attempt to make their products seem unique when compared to similar products by competitors.

innovation

something new or different being seen or experienced for the first time

trend

a direction in which something is moving