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This 3 page Class Notes was uploaded by Annie Danyluk on Monday October 12, 2015. The Class Notes belongs to MKT 3020 at Clemson University taught by Professor Jennifer D. Siemens in Fall 2015. Since its upload, it has received 33 views. For similar materials see Consumer Behavior in Marketing at Clemson University.
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Date Created: 10/12/15
Chapter 2 part 2 09032015 Perceptual maps Graphically depicts the positioning of competing products as perceived by the consumer o Helps determine the extent to which product differentiation exists Chapter 2 09032015 What is the consumer value framework 0 A framework of the internal and external in uences that determine value of a consumption experience 0 LOOK AT THE CONSUMER VALUE FRAMEWORK HANDOUT Internal in uences Psychology of the consumer Personality of the consumer Psychology of the consumer Cognition thoughtsbeliefs about a product or experience 0 Affect the feelings associated with or felt during a consumption expenence Personality of the consumer 0 Individual differences include things like personality personal values lifestyles and motivations External in uences Social in uences Friends family etc Situational in uence buying something because you are in a hurry Consumer value equation 0 The personal net worth obtained from an activity 0 Value what you get what you give Types of value 0 Utilitarian product helps solve a problem ex lawn mower Hedonic product experience causes immediate grati cation emotional valueex skiing sports car ice cream Utilitarian value vs Hedonic value chart Market segmentation Market segmentation separation of a market into groups based on different demand curves associated with each group 0 Product differentiation a market place condition in which consumers do not view all competing products as identical to one another 0 Consumer has to perceive product as different Peppermint toothpaste vs spearmint probably no product differentiation Peppermint toothpaste vs cinnamon probably product differentiation Commodities Products that are not seen as different no matter whowhere produces them 0 Ex gasoline gold salt 0 The opposite of product differentiation