ONE Flashcards Preview

Consumer Behavior > ONE > Flashcards

Flashcards in ONE Deck (20)
Loading flashcards...
1
Q

What is Consumer Behavior?

A

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

2
Q

What is Consumption?

A

Process by which consumers use goods, services, or ideas and transform the experience into value

3
Q

What is the basic consumption process?

A

Need - Want - Exchange - Cost & Benefits - Reaction - Value

4
Q

Competition drives companies toward a high degree of consumer orientation.
What is consumer orientation?

A

Way of doing business in which actions and decision making prioritize consumer value and satisfaction

5
Q

What is market orientation?

A

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

6
Q

What is Stakeholder marketing? Primary and Secondary?

A

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

7
Q

What is Relationship Marketing?

A

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

8
Q

Consumer behavior is the set of value seeking activities that take place as people go about addressing realized needs. Describe Hedonic needs?

A

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.

9
Q

Consumer behavior is the set of value seeking activities that take place as people go about addressing realized needs. Describe Utilitarian needs?

A

Utilitarian goods are purchased for their practical uses and are based on the consumer’s needs

10
Q

Studying CB helps consumers make better decisions by understanding:

A
Consequences of poor budgeting
Role of emotions
Avenues for redress
Social influences
Environmental effects
11
Q

What is interpretive research?

A

Seeks to explain the inner meanings and motivations associated with specific consumption experiences
Falls into the broader category of qualitative research

12
Q

What is Qualitative research tools?

A

Means for gathering data in a relatively unstructured way

Case analysis, clinical interviews, and focus group interviews

13
Q

What is Phenomenology

A

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.

14
Q

What is netnography?

A

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

15
Q

What is Quantitative research?

A

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

16
Q

What is Internationalization?

A

Companies are required to deal with geographical distances and cultural distances
Different culture’s people interpret products and behaviors differently
Consumer perception will determine the success or failure of the product

17
Q

Describe Changing Demographic Trends

A

Households include two primary income providers

Family size is decreasing throughout western culture

18
Q

Describe Big Data

A

Represents massive amounts of data available to companies that can be used to predict customers’ behaviors
Scanner purchase data, survey responses, web traffic records, social network interactions, and GPS tracking

19
Q

What is predictive analytics?

A

Application of statistical tools to discover patterns in data that allow prediction of consumer behavior

20
Q

How does the changing economy affect consumer behavior?

A

Factors contributing to stagnant income
Unemployment
Limited prospects in the workforce
Decreased opportunity to work at an acceptable wage
Consumers are cautious about expenses and react favorably to price-cutting policies
Private label brands become attractive alternatives for saving money