Want
A specific desire representing a way a consumer may go about addressing a recognized need
Exchange
Acting out of the decision to give something up in return for something of greater value
Costs
Negative results of consumption
Benefits
Positive results of consumption
Consumption
Process by which goods, services, or ideas are used and transformed into value
Consumer behavior as a field of study
Study of consumers as they go about the consumption process; the science of studying how consumers seek value in an effort to address real needs
Economics
Study of production and consumption
Psychology
Study of human reactions to their environment
Social psychology
Study that focuses on the thoughts, feelings, and behaviors that people have as they interact with other people.
Cognitive psychology
Study of the intricacies of mental reactions involved in information processing
Marketing
Multitude of activities that facilitate exchanges between buyers and sellers, including production, pricing, promotion, distribution, and retailing, which are all focused on providing value for consumers and other stakeholders
Sociology
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
Anthropology
Study in which researchers interpret relationships between consumers and the things they purchase, the products they own, and the activities in which they participate
Neuroscience
The study of the central nervous system including the brain
Consumer (customer) orientation
Way of doing business in which the actions and decision making of the institution prioritize consumer value and satisfaction above all other concerns
Market orientation
Organizational culture that embodies the importance of creating value for customers among all employees
Stakeholder marketing
An orientation in which firms recognize that more than just the buyer and seller are involve in the marketing process and a host of primary and secondary entities affect and are affected by the value creation process
Relationship marketing
Activities based on the belief that the firm’s performance is enhanced through repeat business
Touchpoints
Direct contacts between the firm and a customer
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
Attribute
A product feature that delivers a desired consumer benefit
Product
Potentially valuable bundle of benefits
Undifferentiated marketing
Plan wherein the same basic product is offered to all customers
Production orientation
Approach where innovation is geared primarily toward making the production process as efficient and economic as possible
Differentiated marketers
Firms that serve multiple market segments each with a unique product offering
One-to-one marketing
Plan wherein a different product is offered for each individual customer so that each customer is treated as a segment of one
Niche marketing
Plan wherein a firm specializes in serving one market segment with primarily unique demand characteristics
Interpretative research
Approach that seeks to explain the inner meanings and motivations associated with specific consumption experiences
Qualitative research tools
Means for gathering data in a relatively unstructured way, including case analyses, clinical interviews, and focus group interviews
Researcher dependent
Subjective data which requires a researcher to interpret the meaning
Phenomenology
Qualitative approach to studying consumers that relies on interpretation of the “lived experience” associated with some aspect of consumption
Ethnography
Qualitative approach to studying consumers that relies on interpretation of artifacts to draw conclusions about consumption
Netnography
A branch of ethnography that studies the behavior of online cultures and communities
Quantitative research
Approach that addresses questions about consumer behavior using numerical measurement and analysis tools
Consumer behavior
Set of value-seeking activities that take place as people go about addressing their real needs