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23 Cards in this Set
- Front
- Back
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The Consumer Value Framework (CVF)
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Represents consumer behavior theory illustrating factors that shape consumption related behaviors and ultimately determine the value associated with consumption.
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Exhibit 2.1: The Consumer Value Framework (CVF)
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Psychology of the Consumer
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1. Cognition
2. Affect |
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Cognition
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the thinking or mental processes that go on as we process and store things that can become knowledge
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Affect
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he feelings experienced during consumption activities or associated with specific objects
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Cognition and Affect 1
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Cognition and Affect 2
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Relationship Quality
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Reflects the contentedness between a consumer and a retailer, brand, or service provider
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Consumer relationship management
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customers from relationships with companies as opposed to companies conducting individual transactions with customers
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Consumption Process
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Deciding what is needed, what options are available, reaction to consumption. (factors influencing this process: Internal and external
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Internal Influences
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1. Psychology of the consumer
2. Personality of the consumer Memory, attitudes, information processing |
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External Influences: Interpersonal Influences
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1. Social Environment
2. Situational Influences Culture, cultural values, media |
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Consumer Value
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Value is a personal assessment of the net worth obtained from an activity.
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The Value Equation
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Types of Value
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1. Utilitarian
2. Hedonic |
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What type of value do consumers get from this product?
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More utilitarian, less hedonic
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Examples of low and high Hedonic and Utilitarian Value
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Exhibit 2.4: Business Strategy Exists at Different Levels
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Social Enviornment
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People and groups who help shape a consumers everyday experiences
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Situational Influences
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Unique to time and place that affect decision making and value received
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Relevant Value
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activities involving interactions between consumers and the firm or its products
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Utilitarian Value
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Something worth while as a means to an end; the object or activity allows something else good to happen or be accomplished.
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Hedonic Value
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The immediate gratification that comes from experiencing activity
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