Chapter 1 Flash cards
What is consumer behavior?
set activities that take place as people go about addressing their real needs
What is a want?
a desire representing a way a consumer may go about addressing a recognized need
What is an exchange?
the decision to give something up in return for something of greater value
What is costs?
negative results of consumption experiences
What is benefits?
positive results of consumption experiences
What is consumption?
process by which consumers use and transform goods, services, or ideas into value
What is consumer behavior as a field of study?
study of consumers as they go about the consumption process
What is economics?
study of production and consumption
What is psychology?
study of human reactions to their environment
What is social psychology?
study that focuses on the thoughts, feelings, and behaviors that people have as they interact with other people
What is cognitive psychology?
study of the intricacies involved in information processing
What is neuroscience?
the study of the central nervous system associated with emotion
What is marketing?
value-producing seller activities that help exchanges between buyers and sellers, including production, pricing, promotion, distribution, and retailing
What is sociology?
the study of groups of people within a society. Relevant to CB because a lot of consumption takes place in groups
What is anthropology?
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
What is Consumer (customer) orientation
way of doing business in which the actions prioritize consumer value and satisfaction above all other concerns
What is market orientation?
creating value for customers among all employees
What is stakeholder Marketing?
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.
What is relationship marketing?
activities based on the belief that the firm’s performance is enhanced through repeat business
What are touch points?
direct contacts between the firm and a customer. example social media page or store.
What is resource advantage theory?
theory that explains why companies succeed or fail; the firm goes about obtaining resources from consumers in return for the value the resources create
what is an attribute?
a part or feature of a product that delivers benefits to the customer.
what is product?
valuable bundle of benefits
What is undifferentiated marketing?
plan wherein the same basic product is offered to all customers
What is product orientation?
approach where innovation is geared toward making product cheap and efficent.
What are differentiated marketers?
firms that serve multiple market segments, each with a unique product offering
What is one to one marketing?
different product is offered for each customer. Making each customer one market segment.
What is niche marketing?
plan wherein a firm specializes in serving one market segment with particularly unique demand characteristics
What is interpretive research?
approach that seeks to explain the inner meanings and motivations associated with specific consumption experiences
What is qualitative research tools?
means for gathering data in a relatively unstructured way, including case analysis, clinical interviews, and focus group interviews
What is researcher dependent?
subjective data that requires a researcher to interpret the meaning
what is penomenology?
qualitative approach to studying consumers that relies on interpretation of the lived experience associated with some aspect of consumption
What is enthography?
qualitative approach to studying consumers that relies on interpretation of artifacts to draw conclusions about consumption
what netnography?
a branch of ethnography that studies the behavior of online cultures and communities
What is quantitative research?
approach that addresses questions about consumer behavior using numerical measurement and analysis tools
What is big data?
term used to represent the massive amounts of data available to companies, which can potentially be used to predict customer behaviors
What is predictive analytics?
the application of statistical tools in an effort to discover patterns in data that allow prediction of consumer behavior
What is internet of things?
the automatic recording of data from everyday products that signal consumers patterns of behavior
What is sharing economy?
the global consumer trend toward rental (temporary usage for hire) rather than ownership
What is collaborative consumption?
the term used for a rental transaction activity that is consumer to consumer, rather than business to consumer or business to business
