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