MKTG 367 Test Questions Answered Correctly Latest Version

MKTG 367 Test Questions Answered Correctly Latest Version Consumer behavior - Answers a set of value-seeking activities that take place as people go about addressing their real needs want - Answers a specific desire representing a way a consumer may go about addressing a recognized need Exchange - Answers the acting out of the decision to give something up in return for something perceived to be of greater value Costs - Answers the negative results of consumption experiences Benefits - Answers the positive results of consumption experiences Consumption - Answers the process by which consumers use and transform goods, services, or ideas into value Consumer behavior as a field study - Answers 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 Economics - Answers is the study of production and consumption Psychology - Answers the study of human reactions to their environment Social psychology - Answers the study that focuses on the thoughts, feelings, and behaviors that people have as they interact with other people Cognitive psychology - Answers the study of the intricacies of mental reactions involved in information processing Neuroscience - Answers the study of the central nervous system including brain mechanisms associated with emotion Marketing - Answers the multitude of value-producing seller activities that facilitate exchanges between buyers and sellers, including production, pricing, promotion, distribution, and retailing Sociology - Answers the study of groups of people within a society, such as consumption that takes place within group settings or is affected by group behavior Anthropology - Answers 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 General Data Protection Regulation (GDPR) - Answers a regulation aimed at protecting European consumers' privacy, including a "right to be forgotten" requiring erasure of personal data. Consumer(customer) Orientation - Answers the 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 - Answers an organizational culture that embodies the importance of creating value for customers among all employees Stakeholder marketing - Answers 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 - Answers the activities based on the belief that the firm's performance is enhanced through repeat business Touchpoints - Answers the direct contacts between the firm and a customer Resource-advantage theory - Answers 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 Attribute - Answers a part, or tangible feature, of a product that potentially delivers a benefit of consumption Product - Answers a potentially valuable bundle of benefits Undifferentiated Marketing - Answers a type of marketing wherein the same basic product is offered to all customers Production orientation - Answers an approach where innovation is geared primarily toward making the production process as efficient and economical as possible Differentiated marketers - Answers the firms that serve multiple market segments, each with a unique product offering One-to-one marketing - Answers a type of marketing wherein a different product is offered for each individual customer so that each customer is treated as a segment of one Niche marketing - Answers a plan wherein a firm specializes in serving one market segment with particularly unique demand characteristics Interpretive research - Answers the approach that seeks to explain the inner meanings and motivations associated with specific consumption experiences Qualitative research tools - Answers the means for gathering data in a relatively unstructured and non-quantified way, including case analysis, clinical interviews, and focus group interviews Researcher dependent - Answers the data that requires a researcher's subjective opinion to interpret a meaning Phenomenology - Answers the qualitative approach to studying consumers that relies on interpretation of the lived experience associated with some aspect of consumption Ethnography - Answers the qualitative approach to studying consumers that relies on interpretation of artifacts to draw conclusions about consumption Netnography - Answers a branch of ethnography that studies the behavior of online cultures and communities Quantitative research - Answers the approach that addresses questions about consumer behavior using numerical measurement and analysis tools Big data - Answers a term used to represent the massive amounts of data available to companies, which can potentially be used to predict customer behaviors Predictive analytics - Answers the application of statistical tools in an effort to discover patterns in data that allow prediction of consumer behavior the application of statistical tools in an effort to discover patterns in data that allow prediction of consumer behavior Internet of things - Answers the automatic recording of data from everyday products that signal consumers patterns of behavior Machine learning - Answers the application of artificial intelligence to automate tasks otherwise performed by humans Sharing economy - Answers the global consumer trend toward rental (temporary usage for hire) rather than ownership or rather than doing a task yourself Collaborative Consumption - Answers the term used for a rental transaction activity that is consumer to consumer, rather than business to consumer or business to business Consumer Value Framework (CVF) - Answers consumer behavior theory that illustrates factors that shape consumption-related behaviors and ultimately determine the value associated with consumption Customer Relationship Management (CRM) - Answers a systematic information management system that collects, maintains, and reports detailed information about customers to enable a more customer-oriented managerial approach Relationship quality - Answers the degree of connectedness between a consumer and a retailer, brand, or service provider Service - Answers an organization's efforts and resources applied toward value creation Internal influences - Answers things that go on inside the mind and heart of the consumer or that are psychologically a part of the consumer Cognition - Answers thinking or mental processes that go on as we process and store things that can become knowledge Affect - Answers feelings associated with objects or activities