CB

Question 1

Consumer Behavior

Answer 1

A set of value seeking activities that take place as people go about addressing their needs

Question 2

Want

Answer 2

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

Question 3

Costs

Answer 3

Negative results of consumption experiences

Question 4

Benefits

Answer 4

The positive results of consumption experiences

Question 5

Consumption

Answer 5

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

Question 6

Economics

Answer 6

The study of production and consumption

Question 7

Psychology

Answer 7

The study of human reactions to their environment

Question 8

Social Psychology

Answer 8

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

Question 9

Cognitive Psychology

Answer 9

The study of the intricacies of mental reactions involved in information processing

Question 10

Neuroscience

Answer 10

The study of the central nervous system including brain mechanisms associated with emotion

Question 11

Sociology

Answer 11

The study of groups of people within a society, such as consumption that takes place within group settings or is affected by group behavior

Question 12

Marketing

Answer 12

The multitude of value- producing seller activities that facilitate exchanges between buyers and sellers, including production, pricing, promotion, distribution, and retailing

Question 13

Anthropology

Answer 13

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

Question 14

Marketing Strategy

Answer 14

The way a company goes about creating value for customers

Question 15

Value

Answer 15

A personal assessment of the net worth obtained from an activity

Question 16

Utilitarian Value

Answer 16

The gratification derived because something helps a consumer solve a problem or accomplish a task

Question 17

Hedonic Value

Answer 17

The value derived from the immediate gratification that comes from some activity

Question 18

Strategy

Answer 18

A planned way of doing something to accomplish some goal

Question 19

Corporate Strategy

Answer 19

The way a firm is designed and its general goals

Question 20

Total Value Concepts

Answer 20

Companies operate with the understanding that products provide value in multiple ways

Question 21

Value Co-Creation

Answer 21

The realization that a consumer is necessary and must play a part in producing value

Question 22

Liquid Consumption

Answer 22

The notion that today’s consumers extract value move from immediacy and virtual connections than from ownership or networks of family and friends

Question 23

Marketing Mix

Answer 23

The combination of product, pricing, promotion, and distribution strategies used to implement a marketing strategy

Question 24

Target Market

Answer 24

The identified segment or segments of a market in some product characteristic

Question 25

Backward Sloping Demand

Answer 25

A positive relationship between price and quantity

Question 26

Product Differntiation

Answer 26

Marketplace condition in which consumers do not view all competing products as identical to one another

Question 27

Product Positioning

Answer 27

The way a product is perceived by a consumer

Question 28

Perpetual Map

Answer 28

Tool used to graphically depict the position of competing products

Question 29

General Data Protection Regulation

Answer 29

A regulation aimed at protecting European customers' privacy, including a "right to be forgotten" requiring erasure of personal data

Question 30

Consumer Orientation

Answer 30

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

Question 31

Market Orientation

Answer 31

An organizational culture that embodies the importance of creating value for customers among all employees

Question 32

Stakeholder Marketing

Answer 32

An orientation in which firms recognize that more than just buyer and seller are involved in the marketing process, and a host of primary and secondary entities affect and are affected by the value creation process

Question 33

Relationship Marketing

Answer 33

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

Question 34

Touchpoints

Answer 34

The direct contact between the firm and a customer

Question 35

Resource-Advantage Theory

Answer 35

A 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 36

Attribute

Answer 36

A part or tangible feature of a product that potential delivers a benefit of consumption

Question 37

Product

Answer 37

A potentially valuable bundle of benefits

Question 38

Undifferentiated Marketing

Answer 38

A type of marketing wherein the same basic product is offered to all customers

Question 39

Product Orientation

Answer 39

An approach where innovation is geared primarily toward making the production process as efficient and economical as possible

Question 40

One-to-One Marketing

Answer 40

A type of marketing wherein a different product is offered for each individual customer so that each customer is treated as a segment of one

Question 41

Niche Marketing

Answer 41

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

Question 42

Interpretive Research

Answer 42

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

Question 43

Qualitative Research Tools

Answer 43

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

Question 44

Research Dependent

Answer 44

The data that requires a researcher's subjective opinion to interpret meaning

Question 45

Ethnography

Answer 45

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

Question 46

Netnography

Answer 46

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

Question 47

Quantitative Research

Answer 47

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