MCS 2600 Study Guide - Midterm Guide: Biogenic Substance, Snickers, Brand

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2600
• Professor: Nicole Mc Callum

Document Summary

Customer retention: customers perceived benefits and the resources needed to obtain them, relative and subjective, value proposition (statements that tell consumers what the product means to them, consumer perception vs. expectations, loyalists: will come back, apostles: let everyone know to shop there (spread the word, defectors might move to competition, terrorists spread bad word, mercenaries go between companies, objective of providing value retain highly satisfied customers, loyal customers are key (loyalists pay less attention about competitor, don"t care about expenses) Perceived quality: product quality (intrinsic/extrinsic cues, service quality, price/quality relationship, store image, manufacturer image, services: difficult due to characteristics of service (intangible, variable, perishable) Types: functional (product wont work, physical (is it risky to you, financial (is it going to be worth the cost, social (is it going to lead to social embarrassment, psychological (poor product choice may hurt ego, time (did i waste my time)