Intro to Consumer Behaviour

Question 1

Define Consumer Behaviour

Answer 1

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

Question 2

Marketing Segmentation

Answer 2

identifies groups of consumers who are similar to one another in one or more ways and then devises marketing strategies that appeal to one or more groups.

Question 3

80/20 Rule

Answer 3

20% of users account for 80% of sales.

Question 4

Demographics

Answer 4

statistics that measure observable aspects of a population, such as birth rate, gender, age, income.

Question 5

Psychographics

Answer 5

Differences in consumers’ personalities, attitudes, values, and lifestyles.

Question 6

Relationship Marketing

Answer 6

making an effort to interact with customers on a regular basis, giving them a reason to maintain a bond with the company over time.

Question 7

Database Marketing

Answer 7

A way of creating relationship with consumer via tracking specific consumer buying habits very closely and crafting products and messages perfectly to consumer needs.

Question 8

Self-concept attachment

Answer 8

The product helps to establish the users identity

Question 9

Nostalgia-attachment

Answer 9

The product serves as a link with a past self

Question 10

Interdependance

Answer 10

The product is a part of the user’s daily routine

Question 11

Love

Answer 11

The product elicits emotional bonds of warmth, passion, or strong positive feelings.

Question 12

Consumer-generated content

Answer 12

Consumers themseslves voice their opinions about products, brands, and companies on social media is an important part of marketing influence on culture.

Question 13

U-commerce

Answer 13

is the use of ubiquitous networks, whether in the form of wearable technology or customized ads beamed on our cell phones (“hey you walking by mcdonalds want a burger?”)

Question 14

horizontal revolution

Answer 14

information flowing across people

Question 15

Business ethics

Answer 15

rules of conduct that guide actions in the marketplace. Universal values include: honesty, trustworthiness, fairness, respect, justice, integrity, concern for other, accountability, and loyalty.

Question 16

culture jamming

Answer 16

aims to disrupt efforts by the corporate world to dominate our cultural landscape.

Question 17

Corporate Social Responsibility

Answer 17

voluntarily choosing to protect or enhance their positive social and environmental impacts as they go about their business activities. Driven by consumer demand to be a unique selling point (lush)

Question 18

Corporate giving

Answer 18

donating to good causes

Question 19

cause-related marketing

Answer 19

promise to donations to charity as purchase incentives

Question 20

Social marketing

Answer 20

marketing techniques to inform better behaviour amongst people

Question 21

Transformative Consumer Research

Answer 21

promotes research projects that include the goal of helping people or bringing about social change.

Question 22

Consumer addiction

Answer 22

physiological or psychological dependancy on products or services. This addiction includes addiction to alcohol, drugs, and cigarettes any company profiting from selling addictive products.

Question 23

Compulsive Consumption

Answer 23

repetitive shopping, often excessive, done as an antidote to tension, anxiety, depression, or boredom. The distinction between compulsive consumption & impulse buying is the process of buying, not the purchase themselves.

Question 24

Shrinkage

Answer 24

industry term for inventory and cash losses from shoplifting and employee theft.

Question 24

anticonsumption

Answer 24

rebelling against the idea of consumption itself. can take the form of political protest

Question 25

Primary research

Answer 25

when data os collected by a researcher specifically for the research question at hand. techniques include, surveys, focus groups, interviews, experiments. main goal is to uncover consumer insights.

Question 26

Secondary research

Answer 26

pre existing source of information collected for another purpose.

Question 27

Classical economics perspective

Answer 27

Consumers are rational, behave based on calculations (they can maximize their utility)

Question 28

Consumer behaviour perspective:

Answer 28

consumers are mostly irrational. behave based on desires, psychological needs, emotions, cognitive biases, social influences.