[MARK 305] - Final Exam Guide - Everything you need to know! (106 pages long)

• School: Concordia University
• Department: Marketing
• Course: MARK 305
• Professor: Zeynep Arsel

Document Summary

Consumption community - web group where members share views and product recommendations online. Consumer behavior - study of processes involved when individuals or groups select/purchase/ use/dispose of products/services/experiences to satisfy needs/desires. Exchange - where two or more organizations or people give and receive something of value. Marketing segmentation - identi(cid:1833)es groups of consumers who are similar to one another in one or more ways and then devises marketing strategies that appeal to one or more groups. 80/20 rule - 20% of users account for 80% of sales. Demographics - statistics that measure observable aspects of a population. Psychographics - differences in consumers" personalities, attitudes, values, and lifestyles. Relationship marketing - making effort to interact with customers on regular basis, giving giving them reasons to maintain bond with company over time. Database marketing - tracks speci(cid:1833)c consumers" buying habits very closely and crafts products and messages tailored precisely to people"s wants and needs based on this info.