Chapter 1: What is CB, and Why Should I Care? Flashcards
Set of value-seeking activities that take place as people go about addressing realized needs.
Consumer Behavior
Way a consumer goes about addressing a recognized need.
Want
Acting out of the decision to give something up in return for something of greater value
Exchange
Negative results of consumption
Costs
Positive results of consumption
Benefits
Process by which goods, services, or ideas are used and transformed into value
Consumption
Study of production and consumption
Economics
Study of human reactions to environments including behavior and mental processes
Psychology
Study that focuses on the thoughts, feelings, and behaviors that people have as they interact with other people
Social Psychology
Study of the intricacies of mental reactions involved in information processing
Cognitive Psychology
Multitude of value-processing seller activities that facilitate exchanges between buyers and sellers
Marketing
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
Sociology
Study in which researchers interpret relationships between consumers and the things they purchase, the products they own, and the activities in which they participate
Anthropology
Way of doing business in which the actions and decision making of the institution prioritize consumer value and satisfaction above all other concerns
Consumer (Customer) Orientation
Organizational culture that embodies the importance of creating value for customers among all employees
Market Orientation
Activities based on the belief that the firm’s performance is enhanced through repeat business
Relationship Marketing
Direct contacts between the firm and the customer
Touchpoints
Theory that explains why companies succeed or fail; the firm goes about obtaining resources from consumers in return for the value the resources create
Resource-Advantage Theory
A product feature that delivers a desires consumer benefit
Attribute
Potentially valuable bundle of benefits
Product
Plan wherein the same basic product is offered to all customers
Undifferentiated Marketing
Approach where innovation is geared primarily toward making the production process as efficient and economic as possible
Production Orientation
Firms that serve multiple market segments each with a unique product offering
Differentiated Marketing
Plan wherein a different product is offered for each individual customer so that each customer is treated as a segment of one
One-To-One Marketing
Plan wherein a firm specializes in serving one market segment with particularly unique demand characteristics
Niche Marketing
Approach that seeks to explain the inner meanings and motivations associated with specific consumption experiences
Interpretative Research
Means for gathering data in a relatively unstructured way, including case analysis, clinical interviews, and focus group interviews
Qualitative Research
Subjective data that requires a researcher to interpret the meaning
Researcher Dependent
Qualitative approach to studying consumers that relies on interpretation of the lived experiences associated with some aspect of consumption
Phenomenology
Qualitative approach to studying consumers that relies on interpretation of artifacts to draw conclusions about consumption.
Ethnography
Approach that addresses questions about consumer behavior using numerical measurement and analysis tools
Quantitative Research
