Ch. 1 - Buying, Having, & Being

Question 1

Consumer behavior

Answer 1

study of processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires.

Question 2

80/20 rule

Answer 2

20% of consumers account for 80% of sales

Question 3

Heavy users

Answer 3

most faithful customers

Question 4

Market segmentation strategies

Answer 4

targeting a product/service to specific groups of consumers

Question 5

Demographics

Answer 5

descriptive characteristics of a population: age, gender, income, occupation

Question 6

Consumption communities

Answer 6

members share opinions and recommendations online about any products/services

Question 7

Exchange

Answer 7

transaction in which two or more organizations or people give and receive something of value

Question 8

Consumer

Answer 8

person identifying a need or desire, making a purchase, then disposing of the product

Question 9

Consumption process

Answer 9

1. repurchase issues
2. purchase issues
3. post purchase issues

Question 10

Relationship marketing

Answer 10

marketers interact with customers on a regular basis and give solid reasons to maintain a bond with the company

Question 11

Database marketing

Answer 11

tracks specific consumers’ buying habits and crafts products/messages tailored to people’s wants and needs

Question 12

Big Data

Answer 12

collection and analysis of extremely large datasets

Question 13

Role theory

Answer 13

sociological perspective that much of consumer behavior resembles actions in a play

Question 14

Paradigm

Answer 14

set of beliefs that guide our understanding of the world

Question 15

Positivism (modernism)

Answer 15

influenced Western art and science; human reason is supreme; single, objective truth that science can discover; stress function of objects, celebrate technology, world is rational, ordered place with clearly defined past, present, and future

Question 16

Interpretivism (postmodernism)

Answer 16

questions assumptions of positivism; society emphasizes science and technology too much; ordered, rational view denies complex social and cultural world; too much emphasis on material well-being; stress importance of symbolic, subjective experience

Question 17

Pastiche

Answer 17

world we live in is a mixture of images and ideas; interpretivist

Question 18

Consumer Culture Theory (CCT)

Answer 18

research regarding consumption from a social and cultural point of view rather than as an economic exchange