Chapter 1

Question 1

What are consumption communities?

Answer 1

Online communities where members share opinions and recommendations about particular areas or products of interest.

Question 2

What is consumer behaviour?

Answer 2

The process by which individuals or groups identify, use, and eventually dispose of products, and services to satisfy their needs or desires.

Question 3

What is the 80/20 rule?

Answer 3

Eighty percent of your sales are generated by 20 percent of your customers.

Question 4

What is marketing segmentation?

Answer 4

Identifying groups of customers that are similar and devising marketing strategies that appeal to them.

Question 5

What are demographics?

Answer 5

Observable characteristics of a population.

Question 6

Relationship Marketing

Answer 6

Interacting with consumers on a regular basis and forming relationships thus giving them reasons to maintain a bond with the company.

Question 7

Product attachment types

Answer 7

Self-concept, nostalgic, interdependence, love

Question 8

Consumer-generated content

Answer 8

Content in which consumers themselves voice opinions on companies, brands, products on online platforms.