Lecture 1 Flashcards
(13 cards)
What is consumer behaviour?
The study of how individuals or groups select, buy, use, or dispose of products to satisfy needs and desires.
What are the main goals of studying consumer behaviour?
Understand, apply, assess, and evaluate ethical issues in consumer behaviour.
What does the consumer value equation state?
Perceived Value = Perceived Benefits – Perceived Sacrifices.
Give examples of perceived benefits.
Functional, service, psychological, image/self-identity.
Give examples of perceived sacrifices.
Cost, time, effort, stress, and risk.
What is utilitarian value?
Value from usefulness or task completion.
What is hedonic value?
Value from experience or emotional gratification.
What is the Consumer Value Framework (CVF)?
A model showing how internal and external factors shape consumption and value.
List internal influences on consumer behaviour.
Personality, lifestyle, motivation, perception, attitudes.
List external influences on consumer behaviour.
Social (friends, culture, influencers) and situational factors.
What is consumption in marketing terms?
A value-producing process involving product use and meaning creation.
What is the difference between a need and a want?
Need = essential; Want = specific form shaped by culture/personality.
Why do marketers study consumer behaviour?
To better satisfy customer needs and deliver value.
