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| is the difference b/w the benefits a customer expects to receive from a product and the total cost incurred from acquiring, and disposing of the product |
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| Customer perceived value formula |
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| =expected benefits-expected costs |
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1) functional- the reason you buy the product
2) brand- emotional (loyalty/trust) ex. color of car, high heels
3) service- added value that comes with the purchase of a product |
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Definition
is a degree to which a product meets or exceeds customer expectations
results: |
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| produce loyalty, word of mouth, lowest costs |
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| people will market against you-customers act in predictable ways |
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| (most surprisingly) still willing to switch "they're ok" |
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| Continuous customer satisfaction - becoming product champions |
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| is the degree to which a customer will select a particular brand when a purchase from that product category is being considered |
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Lifetime value of a customer
(causes-how they treat people)
(firing customers) |
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| a lot of firms try to calculate the $ value of a customer's lifetime value |
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an organizational commitment to developing and enhancing long-term mutually beneficial relationships with profitable or potentially profitable customers
-building loyalty
-increasing retention |
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| 1 to 1 Marketing (relationship marketing) |
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| Customer relationship management (CRM) |
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| compromises the activities that are used to establish, develop, and maintain customer sales |
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| Frequent flier miles example |
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| dynamic interaction of affect and cognition, behavior, and the environment in which human beings conduct the exchange aspects of their lives |
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Decision making process (STEPS) for consumers
(what is/isn't) |
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Definition
1. Need recognition- problem recognition want/feel you need (internal/external indications)
2. Information search- how much you have, how easy to access, how much we value it
3. Evaluate alternatives- options, brands, alternatives
4. Purchasing decision- the act of buying a product
5. Post-purchase evaluation- determining the value/worth of your product (do you like it?) |
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Things that influence the individuals process of decisions
attitudes/beliefs |
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| an individual's financial means determines the opportunity to purchase certain products or services, or the limitations on such purchases |
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shared values, beliefs, and preferences about the society
choice, diversity, change, time, control |
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| The MOST fundamental influence on individuals behavior |
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culture= refers to shared values, beliefs, and preferences of a particular society
sub-culture= are groups of people within a broader society who share similar behaviors and values |
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| is perceived meanings of data connected from the study of human behavior |
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| Qualitative/quantitative data |
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Definition
-gain info by observing people
-conducted through focus groups
quantitative- useful for predicted behavior |
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Definition
1) define the problem
2) design the research
3) conduct the actual research
4) analyse the data
5) address the problem |
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| Primary vs. Secondary research |
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| Steps in the marketing research process |
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Term
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Definition
a specific promise to deliver benefits associated w/a product or services to consumers
equity= the power of a brand, through creation of a distinct image, to influence customer behavior
loyalty= the equity ascribed to a brand is reflected behaviorally through loyalty. 2 components:
-purchase loyalty
-attitudinal loyalty |
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