Chapter 3

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Chapter 3
2015-09-08 23:32:10
Buyer Behavior
Buyer Behavior
Buyer Behavior Chapter 3- Branding Strategies and Consumer Behavior
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  1. Diffusion of Innovation
    The rate at which a new product spreads or is adopted across the marketplace.
  2. Entry Strategies
    Strategies for bringing a new product to market.
  3. Brand Equity
    The value that a brand accrues based on the goodwill attached to associations with the brand name.
  4. Brand Extensions
    Different products with the same brand name (e.g., Coke Classic, Cherry Coke, Vanilla Coke, Coke Zero).
  5. Cannibalization
    When sales of one product on the line "eat up" or reduce sales of another product on the same line.
  6. Brand Loyalty
    The strong preference for a specific brand.
  7. Attribute Loyalty
    The strong preference for a specific attribute.
  8. Trial Pricing
    A large price discount on a single unit of a particular brand.
  9. Young & Rubicam Brand Asset Valuator
    An instrument that uses a set of scales to measure differentiation (How unique is the brand?), esteem (Is the brand the best?), and knowledge (Does the brand have a clear and consistent image?).
  10. Source of Volume
    Where future purchases of products will come from.
  11. Acquisition strategies
    Strategies that focus on attracting new customers.
  12. Retention strategies
    Strategies that focus on retaining current customers.
  13. Loyalty Program
    Programs that provide rewards to customers for repeat purchases.
  14. Differentiation Advertising
    Advertising that emphasizes the differences in quality among brands.
  15. Pricing Strategy
    Strategies that manipulate product prices to attract customers.
  16. Brand Resonance
    A consumer's intense and actively loyal relationship with a brand.
  17. Continuity Pricing
    Offering a lower price for multiple units of a product.
  18. Channel Length
    The number of intermediaries (e.g., wholesalers, distributors, and retailers) needed to get the product from the manufacturer tot he consumer.
  19. Confirmation Bias
    The tendency for consumers to interpret ambiguous evidence as consistent with their current beliefs.