Ch 1

Question 1

Want

Answer 1

A specific desire representing a way a consumer may go about addressing a recognized need

Question 2

Exchange

Answer 2

Acting out of the decision to give something up in return for something of greater value

Question 3

Costs

Answer 3

Negative results of consumption

Question 4

Benefits

Answer 4

Positive results of consumption

Question 5

Consumption

Answer 5

Process by which goods, services, or ideas are used and transformed into value

Question 6

Consumer behavior as a field of study

Answer 6

Study of consumers as they go about the consumption process; the science of studying how consumers seek value in an effort to address real needs

Question 7

Economics

Answer 7

Study of production and consumption

Question 8

Psychology

Answer 8

Study of human reactions to their environment

Question 9

Social psychology

Answer 9

Study that focuses on the thoughts, feelings, and behaviors that people have as they interact with other people.

Question 10

Cognitive psychology

Answer 10

Study of the intricacies of mental reactions involved in information processing

Question 11

Marketing

Answer 11

Multitude of activities that facilitate exchanges between buyers and sellers, including production, pricing, promotion, distribution, and retailing, which are all focused on providing value for consumers and other stakeholders

Question 12

Sociology

Answer 12

The study of groups of people within a society, with relevance for consumer behavior because a great deal of consumption takes place within group settings or is affected by group behavior

Question 13

Anthropology

Answer 13

Study in which researchers interpret relationships between consumers and the things they purchase, the products they own, and the activities in which they participate

Question 14

Neuroscience

Answer 14

The study of the central nervous system including the brain

Question 15

Consumer (customer) orientation

Answer 15

Way of doing business in which the actions and decision making of the institution prioritize consumer value and satisfaction above all other concerns

Question 16

Market orientation

Answer 16

Organizational culture that embodies the importance of creating value for customers among all employees

Question 17

Stakeholder marketing

Answer 17

An orientation in which firms recognize that more than just the buyer and seller are involve in the marketing process and a host of primary and secondary entities affect and are affected by the value creation process

Question 18

Relationship marketing

Answer 18

Activities based on the belief that the firm’s performance is enhanced through repeat business

Question 19

Touchpoints

Answer 19

Direct contacts between the firm and a customer

Question 20

Resource-advantage theory

Answer 20

Theory that explains why companies succeed or fail; the firm goes about obtaining resources from consumers in return for the value the resources create

Question 21

Attribute

Answer 21

A product feature that delivers a desired consumer benefit

Question 22

Product

Answer 22

Potentially valuable bundle of benefits

Question 23

Undifferentiated marketing

Answer 23

Plan wherein the same basic product is offered to all customers

Question 24

Production orientation

Answer 24

Approach where innovation is geared primarily toward making the production process as efficient and economic as possible

Question 25

Differentiated marketers

Answer 25

Firms that serve multiple market segments each with a unique product offering

Question 26

One-to-one marketing

Answer 26

Plan wherein a different product is offered for each individual customer so that each customer is treated as a segment of one

Question 27

Niche marketing

Answer 27

Plan wherein a firm specializes in serving one market segment with primarily unique demand characteristics

Question 28

Interpretative research

Answer 28

Approach that seeks to explain the inner meanings and motivations associated with specific consumption experiences

Question 29

Qualitative research tools

Answer 29

Means for gathering data in a relatively unstructured way, including case analyses, clinical interviews, and focus group interviews

Question 30

Researcher dependent

Answer 30

Subjective data which requires a researcher to interpret the meaning

Question 31

Phenomenology

Answer 31

Qualitative approach to studying consumers that relies on interpretation of the “lived experience” associated with some aspect of consumption

Question 32

Ethnography

Answer 32

Qualitative approach to studying consumers that relies on interpretation of artifacts to draw conclusions about consumption

Question 33

Netnography

Answer 33

A branch of ethnography that studies the behavior of online cultures and communities

Question 34

Quantitative research

Answer 34

Approach that addresses questions about consumer behavior using numerical measurement and analysis tools

Question 35

Consumer behavior

Answer 35

Set of value-seeking activities that take place as people go about addressing their real needs