Mktg 367 Babin Test 1 Questions With
Consumer behavior - ANSWER a set of value-seeking activities that take place
as people go about addressing their real needs
Consumption - ANSWER the process by which consumers use and transform
goods, services, or ideas into value
Economics - ANSWER is the study of production and consumption
exchange - ANSWER the acting out of the decision to give something up in return
for something perceived to be of greater value
Costs - ANSWER the negative results of consumption experiences
Consumer behavior as a field of stud - ANSWER the 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
want - ANSWER a specific desire representing a way a consumer may go about
addressing a recognized need
Psychology - ANSWER the study of human reactions to their environment
Benefits - ANSWER the positive results of consumption experiences
Social psychology - ANSWER the study that focuses on the thoughts, feelings,
and behaviors that people have as they interact with other people
Sociology - ANSWER the study of groups of people within a society, such as
consumption that takes place within group settings or is affected by group
behavior
Neuroscience - ANSWER the study of the central nervous system including brain
mechanisms associated with emotion
Marketing - ANSWER the multitude of value-producing seller activities that
facilitate exchanges between buyers and sellers, including production, pricing,
promotion, distribution, and retailing
, Anthropology - ANSWER the 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
Cognitive psychology - ANSWER the study of the intricacies of mental reactions
involved in information processing
General Data Protection Regulation (GDPR) - ANSWER a regulation aimed at
protecting European consumers' privacy, including a "right to be forgotten"
requiring erasure of personal data.
Market orientation - ANSWER an organizational culture that embodies the
importance of creating value for customers among all employees
Consumer (customer) orientation - ANSWER the way of doing business in which
the actions and decision making of the institution prioritize consumer value and
satisfaction above all other concerns
stakeholder marketing - ANSWER 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
attributes - ANSWER a part, or tangible feature, of a product that potentially
delivers a benefit of consumption
Touchpoints - ANSWER the direct contacts between the firm and a customer
resource-advantage theory - ANSWER a theory that explains why companies
succeed or fail; the firm goes about obtaining resources from consumers in
return for the value the resources create
product - ANSWER a potentially valuable bundle of benefits
relationship marketing - ANSWER the activities based on the belief that the
firm's performance is enhanced through repeat business
undifferentiated marketing - ANSWER a type of marketing wherein the same
basic product is offered to all customers
niche marketing - ANSWER a plan wherein a firm specializes in serving one
market segment with particularly unique demand characteristics
Interpretive research - ANSWER the approach that seeks to explain the inner
meanings and motivations associated with specific consumption experiences
Consumer behavior - ANSWER a set of value-seeking activities that take place
as people go about addressing their real needs
Consumption - ANSWER the process by which consumers use and transform
goods, services, or ideas into value
Economics - ANSWER is the study of production and consumption
exchange - ANSWER the acting out of the decision to give something up in return
for something perceived to be of greater value
Costs - ANSWER the negative results of consumption experiences
Consumer behavior as a field of stud - ANSWER the 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
want - ANSWER a specific desire representing a way a consumer may go about
addressing a recognized need
Psychology - ANSWER the study of human reactions to their environment
Benefits - ANSWER the positive results of consumption experiences
Social psychology - ANSWER the study that focuses on the thoughts, feelings,
and behaviors that people have as they interact with other people
Sociology - ANSWER the study of groups of people within a society, such as
consumption that takes place within group settings or is affected by group
behavior
Neuroscience - ANSWER the study of the central nervous system including brain
mechanisms associated with emotion
Marketing - ANSWER the multitude of value-producing seller activities that
facilitate exchanges between buyers and sellers, including production, pricing,
promotion, distribution, and retailing
, Anthropology - ANSWER the 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
Cognitive psychology - ANSWER the study of the intricacies of mental reactions
involved in information processing
General Data Protection Regulation (GDPR) - ANSWER a regulation aimed at
protecting European consumers' privacy, including a "right to be forgotten"
requiring erasure of personal data.
Market orientation - ANSWER an organizational culture that embodies the
importance of creating value for customers among all employees
Consumer (customer) orientation - ANSWER the way of doing business in which
the actions and decision making of the institution prioritize consumer value and
satisfaction above all other concerns
stakeholder marketing - ANSWER 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
attributes - ANSWER a part, or tangible feature, of a product that potentially
delivers a benefit of consumption
Touchpoints - ANSWER the direct contacts between the firm and a customer
resource-advantage theory - ANSWER a theory that explains why companies
succeed or fail; the firm goes about obtaining resources from consumers in
return for the value the resources create
product - ANSWER a potentially valuable bundle of benefits
relationship marketing - ANSWER the activities based on the belief that the
firm's performance is enhanced through repeat business
undifferentiated marketing - ANSWER a type of marketing wherein the same
basic product is offered to all customers
niche marketing - ANSWER a plan wherein a firm specializes in serving one
market segment with particularly unique demand characteristics
Interpretive research - ANSWER the approach that seeks to explain the inner
meanings and motivations associated with specific consumption experiences
