RTL 2340 CH. 1

what is consumer behavior?

-buyers recognition of a desire for product/service
-buyers actions and decision-making process
-buyers search, evaluation, purchase, use, and disposal of product/use

consumption

the using up of a resource

design

a creative process that leads to an invention of some kind

fashion

-anything that is "of the moment" and subject to change
-whatever members of a group deem appropriate and desirable at a given time
-strongly influenced by the zeitgeist, the spirit of the times

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

what is the goal of marketing?

To create a competitive advantage-deliver benefits that exceed those of competitors

Integrated Marketing System

The continuous, efficient sharing of accurate and up-to-date information and ideas among team members (and with customers!)

Word of Mouth

Marketing technique based on the sharing habits of humans, including: buzz, hype, viral marketing

buzz

Creation of ongoing chatter designed to get the word out about products (e.g., Coca-Cola)

Hype

Activities put in motion to create excitement before the actual appearance of a new product or service

Viral Marketing

Passing along a marketing message to others, much like passing along a virus

Finding your audience

-identify market segment
-select target market

consumer are inconsistent

fickle consumers want to be up to date with the latest trend

Buyers often stick together

Consumers determine which goods will succeed through collective selection

Culture

All the shared beliefs, values, and traditions learned and practiced by a particular group of people

Forecasting

A marketing tool used by industry professionals to make predictions as to what trends are most likely to come to the forefront in the future. they can be wrong ex; Gap's failed Forth & Towne chain

positioning

Creating a certain perception or image about a product in the minds of consumers

Product differentiation

Making a product appear unique when compared to competitors' offerings

Brand

A recognizable name, logo, slogan, packaging plus the power it holds in peoples' minds

Brand image

The deliberate and consistent way a company communicates a product's qualities and essence

Brand loyalty

Buying behavior that consumers exhibit when they feel a strong connection to a favorite brand

Brand equity

The power a brand derives from strong assets including value, esteem, customer satisfaction

Innovation

Something new or different being seen or experienced for the first time
-Newness alone does not guarantee success
-Adopting something new requires a change in consumer behavior

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is the decision-making process buyers go through prior to making actual purchases

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is used to persuade prospective buyers to choose one product or company over others

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Marketers___consumers most likely to need to need or want their goods, and ___their products favorably in those customers minds