MKTG 330 Exam 1

Consumer Behavior
set of value-seeking activities that take place as people go about addressing their real needs
Want
a specific desire representing a way a consumer may go about addressing a recognized need
Exchange
acting out of the decision to give something up in return for something perceived to be of greater value
Consumption
process by which consumers use and transform goods, services, or ideas 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
Economics
study of production and consumption
Psychology
study of human reactions to their environment
Social Psychology
study that focuses on the thoughts, feelings, and behaviours that people have as they interact with other people
Cognitive Psychology
study of the intricacies of mental reactions involved in information processing
Neuroscience
the study of the central nervous system including brain mechanisms associated with emotion
Marketing
multitude of value-producing seller activites that facilitate exchanges between buyers and sellers, including production, pricing, promotion, distribution, and retailing
Sociology
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
Anthropology
field of study involving interpretation of relationships between consumers and the things they purchase the products they own, and the activities in which they participate
Consumer orientation
way of doing business in which the actions and decision making of the institution prioritize consumer value and satisfaction above all other concerns
Market Orientation
organizational culture that embodies the importance of creating value for customers among all employees
Stakeholder Marketing
an orientation in which firms recognize that more than just the buyer and seller are involved in the marketing process, and a host of primary and secondary entities affect and are affected by the value creation process
Relationship Marketing
activities based on the belief that the firm’s performance is enhanced through repeat business
Touchpoints
direct contacts between the firm and a customer
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
a part, or tangible feature, of a product that potentially delivers a benefit of consumption
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
Differentiated Marketers
firms that serve multiple market segments, each with a unique product offering
One-to-One Marketing
plan wherein a different product is offered for each individual customer so that each customer is treated as a segment of one
Niche Marketing
plan wherein a firm specializes in serving one market segment with particularly unique demand characteristics
Interpretive Research
approach that seeks to explain the inner meanings and motivations associated with specific consumption experiences
Qualitative Research Tools
means for gathering data in a relatively unstructured way, including case analysis, clinical interviews, and focus group interviews
Researcher Dependent
subjective data that requires a researcher to interpret the meaning
Phenomenology
qualitative approach to studying consumers that relies on interpretation of the lived experience associated with some aspect of consumption
Ethnography
qualitative approach to studying consumers that relies on interpretation of artifacts to draw conclusions about consumption
Quantitative Research
approach that addresses questions about consumer behavior using numerical measurement and analysis tools
Big Data
term used to represent the massive amounts of data available to companies, which can potentially be used to predict customer behaviors
Predictive Analytics
the application of statistical tools in an effort to discover patterns in data that allow prediction of consumer behavior
Consumer Value Framework
consumer behavior theory that illustrates factors that shape consumption-related behaviors and ultimately determine the value associated with consumption
Customer Relationship Management
systematic information management system that collects, maintains, and reports detailed information about customers to enable a more customer-oriented managerial approach
Relationship Quality
degree of connectedness between a consumer and a retailer, brand, or service provider
Service
an organization’s efforts applied toward value creation
Internatl influences
things that go on inside the mind and heart of the consumer or that are truly a part of the consumer psychology
Cognition
thinking or mental processes that go on as we process and store things that can become knowledge
Affect
feelings associated with objects or activities
Individual Differences
characteristic traits of individuals, including demographics, personality, and lifestyle
External Influences
Social and cultural aspects of life as a consumer
Social Environment
elements that specifically deal with the way other people influence consumer decision making and value
Situational Influences
things unique to a time or place that can affect consumer decision making and the value received from consumption
Value
a personal assessment of the net worth obtained from an activity
Utilitarian Value
gratification derived because something helps a consumer solve a problem or accomplish some task
Hedonic Value
value derived from the immediate gratification that comes from some activity
Marketing Strategy
way a company goes about creating value for customers
Marketing Myopia
a common condition in which a shortsighted company views itself in a product business rather than in a value-or-benefits-producing business