2026 Consumer Behavior Study Guide
(Ch. 1–5) | Marketing Psychology
Fundamentals & Buyer Decision-Making
Review|| LATEST VERSION
How do we define Consumer Behavior? -CORRECTANSWER Set of value-seeking
activities that take place as people go about addressing and attempting to address
realized needs
How do we define consumption? -CORRECTANSWER Process by which goods and
services, or ideas are used and transformed into value
List each stage in the consumption process, and briefly describe this process. -
CORRECTANSWER Need
Want
Exchange
Cost and Benefits
Reaction
Value
What role does competition play in determining the way in which consumers are treated
in the marketplace? -CORRECTANSWER
, Define consumer orientation. How do firms become consumer oriented? -
CORRECTANSWER Consumer Orientation: A business's priority is consumer value
and satisfaction
How is niche marketing different than differentiated marketing? -CORRECTANSWER
Differentiated Marketing:
Product 1 Product 2 Product 3
Segment 1 Segment 2 Segment 3
Niche Marketing:
Product 1
Segment 1
List three main reasons why consumer behavior is such an important topic to
understand. -CORRECTANSWER Input to business/marketing strategy
Force that shapes society
Input to making responsible decisions as a consumer
Touchpoints -CORRECTANSWER Direct Contacts between the firm and the customer
Example: customers may find your business online or in an ad, ratings and reviews, visit
your website, shop at your retail store, or contact your customer service.
(Ch. 1–5) | Marketing Psychology
Fundamentals & Buyer Decision-Making
Review|| LATEST VERSION
How do we define Consumer Behavior? -CORRECTANSWER Set of value-seeking
activities that take place as people go about addressing and attempting to address
realized needs
How do we define consumption? -CORRECTANSWER Process by which goods and
services, or ideas are used and transformed into value
List each stage in the consumption process, and briefly describe this process. -
CORRECTANSWER Need
Want
Exchange
Cost and Benefits
Reaction
Value
What role does competition play in determining the way in which consumers are treated
in the marketplace? -CORRECTANSWER
, Define consumer orientation. How do firms become consumer oriented? -
CORRECTANSWER Consumer Orientation: A business's priority is consumer value
and satisfaction
How is niche marketing different than differentiated marketing? -CORRECTANSWER
Differentiated Marketing:
Product 1 Product 2 Product 3
Segment 1 Segment 2 Segment 3
Niche Marketing:
Product 1
Segment 1
List three main reasons why consumer behavior is such an important topic to
understand. -CORRECTANSWER Input to business/marketing strategy
Force that shapes society
Input to making responsible decisions as a consumer
Touchpoints -CORRECTANSWER Direct Contacts between the firm and the customer
Example: customers may find your business online or in an ad, ratings and reviews, visit
your website, shop at your retail store, or contact your customer service.
