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27 Cards in this Set

  • Front
  • Back
Consumer Behavior
-set of value seeking activities that take place as people go about addressing realized needs
Want
-way a consumer goes 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
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 involving information processing
Marketing
-the multitude of activities that facilitate exchanges between buyers and sellers
Consumer Orientation
-putting consumer value and satisfaction above all other concerns
Market Orientation
-embodies the importance of creating value for customers among all employees
Relationship Marketing
-activities based belief that the firm's performance is enhanced through repeat business
Touchpoints
-direct contacts between the firm and the consumer
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
-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
Product Orientation
-approach where innovation is geared primarily toward making the production process as efficient and economic as possible
One to One Marketing
-plan wherein a different product is offered for each individual so that each customer is treated as a segmented one
Niche Marketing
-plan wherein a firm specializes in serving one market segment with a particularly unique demand characteristic
Interpretive Research
-approach that attempts to explain the inner meanings and motivations associated with specific consumption experiences
Qualitative Research Tools
-means for gathering data in a relatively unstructured way
-focus groups
-clinical interviews
Researcher Dependent
-subjective data which requires the researcher to interpret the meaning
Phenomenology
-qualitative approach
-study of consumers that relies on interpretation of the lived experiences associated with some aspect of consumption
Ethnography
-qualitative approach
-study of consumers that relies on interpretation of artifacts to draw conclusions about consumption
Quantitative Research
-approach that addresses questions about consumer behavior using numerical measurement