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Consumer Behavior
A set of value seeking activities that take place as people go about addressing their needs
Want
A specific desire representing a way a consumer may go about addressing a recognized need
Costs
Negative results of consumption experiences
Benefits
The positive results of consumption experiences
Consumption
The process by which consumers use and transform goods, services, or ideas into value
Economics
The study of production and consumption
Psychology
The study of human reactions to their environment
Social Psychology
The study that focuses on thoughts, feelings, and behaviors that people have as they interact with other people
Cognitive Psychology
The study of the intricacies of mental reactions involved in information processing
Neuroscience
The study of the central nervous system including brain mechanisms associated with emotion
Sociology
The study of groups of people within a society, such as consumption that takes place within group settings or is affected by group behavior
Marketing
The multitude of value- producing seller activities that facilitate exchanges between buyers and sellers, including production, pricing, promotion, distribution, and retailing
Anthropology
The field of study involving interpretation of relationships, between consumers and the thing they purchase, the products they own, and the activities in which they participate
Marketing Strategy
The way a company goes about creating value for customers
Value
A personal assessment of the net worth obtained from an activity
Utilitarian Value
The gratification derived because something helps a consumer solve a problem or accomplish a task
Hedonic Value
The value derived from the immediate gratification that comes from some activity
Strategy
A planned way of doing something to accomplish some goal
Corporate Strategy
The way a firm is designed and its general goals
Total Value Concepts
Companies operate with the understanding that products provide value in multiple ways
Value Co-Creation
The realization that a consumer is necessary and must play a part in producing value
Liquid Consumption
The notion that today’s consumers extract value move from immediacy and virtual connections than from ownership or networks of family and friends
Marketing Mix
The combination of product, pricing, promotion, and distribution strategies used to implement a marketing strategy
Target Market
The identified segment or segments of a market in some product characteristic
Backward Sloping Demand
A positive relationship between price and quantity
Product Differntiation
Marketplace condition in which consumers do not view all competing products as identical to one another
Product Positioning
The way a product is perceived by a consumer
Perpetual Map
Tool used to graphically depict the position of competing products
General Data Protection Regulation
A regulation aimed at protecting European customers’ privacy, including a “right to be forgotten” requiring erasure of personal data
Consumer Orientation
The way of doing business in which the actions and decision making of the institution prioritize consumer value and satisfaction above all other concerns
Market Orientation
An organizational culture that embodies the importance of creating value for customers among all employees
Stakeholder Marketing
An orientation in which firms recognize that more than just buyer and seller are involved in the marketing process, and a host of primary and secondary entities affect and are affected by the value creation process
Relationship Marketing
The activities based on the belief that the firm’s performance is enhanced through repeat business
Touchpoints
The direct contact between the firm and a customer
Resource-Advantage Theory
A theory that explains why companies succeed or fail; the firm goes about obtaining resources from consumers in return for the value the resources create
Attribute
A part or tangible feature of a product that potential delivers a benefit of consumption
Product
A potentially valuable bundle of benefits
Undifferentiated Marketing
A type of marketing wherein the same basic product is offered to all customers
Product Orientation
An approach where innovation is geared primarily toward making the production process as efficient and economical as possible
One-to-One Marketing
A type of marketing wherein a different product is offered for each individual customer so that each customer is treated as a segment of one
Niche Marketing
A plan wherein a firm specializes in serving one market segment with particularly unique demand characteristics
Interpretive Research
The approach that seeks to explain the inner meanings and motivations associated with specific consumption experiences
Qualitative Research Tools
The means for gathering data in a relatively unstructured and non-quantified way, including case analysis, clinical interviews, and focus group interviews
Research Dependent
The data that requires a researcher’s subjective opinion to interpret meaning
Ethnography
The qualitative approach to studying consumers that relies on interpretation of artifacts to draw conclusions about consumption
Netnography
A branch of ethnography that studies the behavior of online cultures and communities
Quantitative Research
The approach that addresses questions about consumer behavior using numerical measurement and analysis tools
