ONE Flashcards
What is Consumer Behavior?
Set of value-seeking activities that take place as people go about addressing their real needs
It involves multiple psychological events
Thinking, feeling, and behaving; the entire process culminates in value
What is Consumption?
Process by which consumers use goods, services, or ideas and transform the experience into value
What is the basic consumption process?
Need - Want - Exchange - Cost & Benefits - Reaction - Value
Competition drives companies toward a high degree of consumer orientation.
What is consumer orientation?
Way of doing business in which actions and decision making prioritize consumer value and satisfaction
What is market orientation?
Organizational culture that embodies the importance of creating value for customers among all employees
What is Stakeholder marketing? Primary and Secondary?
Firms recognize that more than just the buyer and seller are involved in the marketing process
Primary - Customers, employees, owners, suppliers, and regulating agencies
Secondary - Mass media, communities, and trade organizations
What is Relationship Marketing?
Activities based on the belief that the firm’s performance is enhanced through repeat business
Consumer behavior is the set of value seeking activities that take place as people go about addressing realized needs. Describe Hedonic needs?
Hedonic goods are consumed for luxury purposes, which are desirable objects that allow the consumer to feel pleasure, fun, and enjoyment from buying the product.
Consumer behavior is the set of value seeking activities that take place as people go about addressing realized needs. Describe Utilitarian needs?
Utilitarian goods are purchased for their practical uses and are based on the consumer’s needs
Studying CB helps consumers make better decisions by understanding:
Consequences of poor budgeting Role of emotions Avenues for redress Social influences Environmental effects
What is interpretive research?
Seeks to explain the inner meanings and motivations associated with specific consumption experiences
Falls into the broader category of qualitative research
What is Qualitative research tools?
Means for gathering data in a relatively unstructured way
Case analysis, clinical interviews, and focus group interviews
What is Phenomenology
Study of consumers that relies on interpretation of their lived experience associated with some aspect of consumption
Relies on casual interviews with consumers by winning their confidence and trust.
What is netnography?
Branch of ethnography that studies the behavior of online cultures and communities
Results help to explore the interplay between brands, products, and belonging based on virtual relationships
What is Quantitative research?
Addresses questions about consumer behavior using numerical measurement and analysis tools
Data are not researcher dependent
Enables researchers to test hypotheses as compared to interpretive research
Stands on its own and does not require deep interpretation
