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Consumer Behavior

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set of value-seeking activities that take place as people go about addressing their real needs

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Want

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a specific desire representing a way a consumer may go about addressing a recognized need

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Exchange

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acting out of the decision to give something up in return for something perceived to be of greater value

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Consumption

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process by which consumers use and transform goods, services, or ideas into value

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Consumer Behavior as a Field of Study

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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

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Economics

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study of production and consumption

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Psychology

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study of human reactions to their environment

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Social Psychology

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study that focuses on the thoughts, feelings, and behaviours that people have as they interact with other people

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Cognitive Psychology

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study of the intricacies of mental reactions involved in information processing

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Neuroscience

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the study of the central nervous system including brain mechanisms associated with emotion

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Marketing

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multitude of value-producing seller activites that facilitate exchanges between buyers and sellers, including production, pricing, promotion, distribution, and retailing

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Sociology

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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

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Anthropology

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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

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Consumer orientation

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way of doing business in which the actions and decision making of the institution prioritize consumer value and satisfaction above all other concerns

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Market Orientation

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

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Stakeholder Marketing

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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

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Relationship Marketing

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activities based on the belief that the firm's performance is enhanced through repeat business

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Touchpoints

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direct contacts between the firm and a customer

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Resource-advantage Theory

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theory that explains why companies succeed or fail; the firm goes about obtaining resources from consumers in return for the value the resources create

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Attribute

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a part, or tangible feature, of a product that potentially delivers a benefit of consumption

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Product

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potentially valuable bundle of benefits

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Undifferentiated Marketing

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plan wherein the same basic product is offered to all customers

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Product Orientation

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approach where innovation is geared primarily toward making the production process as efficient and economic as possible

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Differentiated Marketers

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firms that serve multiple market segments, each with a unique product offering

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One-to-One Marketing

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plan wherein a different product is offered for each individual customer so that each customer is treated as a segment of one

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Niche Marketing

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plan wherein a firm specializes in serving one market segment with particularly unique demand characteristics

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Interpretive Research

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approach that seeks to explain the inner meanings and motivations associated with specific consumption experiences

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Qualitative Research Tools

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means for gathering data in a relatively unstructured way, including case analysis, clinical interviews, and focus group interviews

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Researcher Dependent

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subjective data that requires a researcher to interpret the meaning

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Phenomenology

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qualitative approach to studying consumers that relies on interpretation of the lived experience associated with some aspect of consumption

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Ethnography

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qualitative approach to studying consumers that relies on interpretation of artifacts to draw conclusions about consumption

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Quantitative Research

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approach that addresses questions about consumer behavior using numerical measurement and analysis tools

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Big Data

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term used to represent the massive amounts of data available to companies, which can potentially be used to predict customer behaviors

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Predictive Analytics

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the application of statistical tools in an effort to discover patterns in data that allow prediction of consumer behavior

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Consumer Value Framework

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consumer behavior theory that illustrates factors that shape consumption-related behaviors and ultimately determine the value associated with consumption

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Customer Relationship Management

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systematic information management system that collects, maintains, and reports detailed information about customers to enable a more customer-oriented managerial approach

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Relationship Quality

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degree of connectedness between a consumer and a retailer, brand, or service provider

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Service

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an organization's efforts applied toward value creation

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Internatl influences

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things that go on inside the mind and heart of the consumer or that are truly a part of the consumer psychology

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Cognition

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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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feelings associated with objects or activities

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Individual Differences

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characteristic traits of individuals, including demographics, personality, and lifestyle

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External Influences

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Social and cultural aspects of life as a consumer

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Social Environment

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elements that specifically deal with the way other people influence consumer decision making and value

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Situational Influences

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things unique to a time or place that can affect consumer decision making and the value received from consumption

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Value

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a personal assessment of the net worth obtained from an activity

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Utilitarian Value

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gratification derived because something helps a consumer solve a problem or accomplish some task

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Hedonic Value

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value derived from the immediate gratification that comes from some activity

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Marketing Strategy

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way a company goes about creating value for customers

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Marketing Myopia

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a common condition in which a shortsighted company views itself in a product business rather than in a value-or-benefits-producing business

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