Study of individuals, groups, or oganization that processes they use and dispose of products, services, experiences or ideas that satisfy the needs & impacts that theses processes have on the consumer & society
The different between all the benefits derived from a total products and all the costs of acquiring those benefits.
The product features, price, communications, distributions, and services that will provide customers w/superior value (Customer service)
By what means do firms try to influence customers?
Ads, packaging, location, sales pitch
A portion of a larger market whose needs differ somewhat from the larger market
Market Segmentation (4 steps)
Identifying product related need sets
Grouping customers w/ similar need sets
Describing each group
Selecting an attractive segements to serve
Used to reflect the fact that most products in developed economics satisfy more than one need
What types of categorizations do marketers describe a group of consumers with a similar need set?
Moderately priced, fun, sporty automobiles appears to appear in many young single individuals, young couples whose children have left home
In which consumers online activity is tracked & specific banner ads are delivered based on that activity
The complex whole that includes knowledge, belief, art, law, morals, customs, & any after capablities & habits acquired by humans as members of society