Chapter 1 Flash cards

Question 1

What is consumer behavior?

Answer 1

set activities that take place as people go about addressing their real needs

Question 2

What is a want?

Answer 2

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

Question 3

What is an exchange?

Answer 3

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

Question 4

What is costs?

Answer 4

negative results of consumption experiences

Question 5

What is benefits?

Answer 5

positive results of consumption experiences

Question 6

What is consumption?

Answer 6

process by which consumers use and transform goods, services, or ideas into value

Question 7

What is consumer behavior as a field of study?

Answer 7

study of consumers as they go about the consumption process

Question 8

What is economics?

Answer 8

study of production and consumption

Question 9

What is psychology?

Answer 9

study of human reactions to their environment

Question 10

What is social psychology?

Answer 10

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

Question 11

What is cognitive psychology?

Answer 11

study of the intricacies involved in information processing

Question 12

What is neuroscience?

Answer 12

the study of the central nervous system associated with emotion

Question 13

What is marketing?

Answer 13

value-producing seller activities that help exchanges between buyers and sellers, including production, pricing, promotion, distribution, and retailing

Question 14

What is sociology?

Answer 14

the study of groups of people within a society. Relevant to CB because a lot of consumption takes place in groups

Question 15

What is anthropology?

Answer 15

field of study involving interpretation of relationships between consumers and the things they purchase, the products they own, and the activities in which they participate

Question 16

What is Consumer (customer) orientation

Answer 16

way of doing business in which the actions prioritize consumer value and satisfaction above all other concerns

Question 17

What is market orientation?

Answer 17

creating value for customers among all employees

Question 18

What is stakeholder Marketing?

Answer 18

an orientation in which firms recognize that more than just the buyer and seller are involved in the marketing process, lots of other people are affected too.

Question 19

What is relationship marketing?

Answer 19

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

Question 20

What are touch points?

Answer 20

direct contacts between the firm and a customer. example social media page or store.

Question 21

What is resource advantage theory?

Answer 21

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 22

what is an attribute?

Answer 22

a part or feature of a product that delivers benefits to the customer.

Question 23

what is product?

Answer 23

valuable bundle of benefits

Question 24

What is undifferentiated marketing?

Answer 24

plan wherein the same basic product is offered to all customers

Question 25

What is product orientation?

Answer 25

approach where innovation is geared toward making product cheap and efficent.

Question 26

What are differentiated marketers?

Answer 26

firms that serve multiple market segments, each with a unique product offering

Question 27

What is one to one marketing?

Answer 27

different product is offered for each customer. Making each customer one market segment.

Question 28

What is niche marketing?

Answer 28

plan wherein a firm specializes in serving one market segment with particularly unique demand characteristics

Question 29

What is interpretive research?

Answer 29

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

Question 30

What is qualitative research tools?

Answer 30

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

Question 31

What is researcher dependent?

Answer 31

subjective data that requires a researcher to interpret the meaning

Question 32

what is penomenology?

Answer 32

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

Question 33

What is enthography?

Answer 33

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

Question 34

what netnography?

Answer 34

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

Question 35

What is quantitative research?

Answer 35

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

Question 36

What is big data?

Answer 36

term used to represent the massive amounts of data available to companies, which can potentially be used to predict customer behaviors

Question 37

What is predictive analytics?

Answer 37

the application of statistical tools in an effort to discover patterns in data that allow prediction of consumer behavior

Question 38

What is internet of things?

Answer 38

the automatic recording of data from everyday products that signal consumers patterns of behavior

Question 39

What is sharing economy?

Answer 39

the global consumer trend toward rental (temporary usage for hire) rather than ownership

Question 40

What is collaborative consumption?

Answer 40

the term used for a rental transaction activity that is consumer to consumer, rather than business to consumer or business to business