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Flashcards in Ch 1 Deck (35)
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1
Q

Want

A

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

2
Q

Exchange

A

Acting out of the decision to give something up in return for something of greater value

3
Q

Costs

A

Negative results of consumption

4
Q

Benefits

A

Positive results of consumption

5
Q

Consumption

A

Process by which goods, services, or ideas are used and transformed into value

6
Q

Consumer behavior as a field of study

A

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

7
Q

Economics

A

Study of production and consumption

8
Q

Psychology

A

Study of human reactions to their environment

9
Q

Social psychology

A

Study that focuses on the thoughts, feelings, and behaviors that people have as they interact with other people.

10
Q

Cognitive psychology

A

Study of the intricacies of mental reactions involved in information processing

11
Q

Marketing

A

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

12
Q

Sociology

A

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

13
Q

Anthropology

A

Study in which researchers interpret relationships between consumers and the things they purchase, the products they own, and the activities in which they participate

14
Q

Neuroscience

A

The study of the central nervous system including the brain

15
Q

Consumer (customer) orientation

A

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

16
Q

Market orientation

A

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

17
Q

Stakeholder marketing

A

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

18
Q

Relationship marketing

A

Activities based on the belief that the firm’s performance is enhanced through repeat business

19
Q

Touchpoints

A

Direct contacts between the firm and a customer

20
Q

Resource-advantage theory

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

21
Q

Attribute

A

A product feature that delivers a desired consumer benefit

22
Q

Product

A

Potentially valuable bundle of benefits

23
Q

Undifferentiated marketing

A

Plan wherein the same basic product is offered to all customers

24
Q

Production orientation

A

Approach where innovation is geared primarily toward making the production process as efficient and economic as possible

25
Q

Differentiated marketers

A

Firms that serve multiple market segments each with a unique product offering

26
Q

One-to-one marketing

A

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

27
Q

Niche marketing

A

Plan wherein a firm specializes in serving one market segment with primarily unique demand characteristics

28
Q

Interpretative research

A

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

29
Q

Qualitative research tools

A

Means for gathering data in a relatively unstructured way, including case analyses, clinical interviews, and focus group interviews

30
Q

Researcher dependent

A

Subjective data which requires a researcher to interpret the meaning

31
Q

Phenomenology

A

Qualitative approach to studying consumers that relies on interpretation of the “lived experience” associated with some aspect of consumption

32
Q

Ethnography

A

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

33
Q

Netnography

A

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

34
Q

Quantitative research

A

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

35
Q

Consumer behavior

A

Set of value-seeking activities that take place as people go about addressing their real needs