Consumer Behavior Exam 1, Chapters 1 –
3|132 Q’s and A’s (Richard Strickler, Sr.)
Consumer Behavior - -set of value-seeking activities that take place as
people go about addressing their real needs
- Consumption Process - -Need, Want, Exchange, Costs and Benefits,
Reaction, Value
- Want - -Specific desire
- Exchange - -acting out, give something up in return for something
perceived as greater value
- Costs - -negative results of consumption experiences
- Benefits - -positive results of consumption experiences
- Consumption - -consumers use and transform goods, services, or ideas
into value
- Consumer behavior as a field of study - -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
- Disciplines CB has ties to.. - -economics, psychology, sociology,
anthropology
- Economics - -study of behavior and consumption
- what level to economist's study CB? - -Macro
- what level to researchers study CB? - -Micro
- Sociology's relevance for CB lies in.... - -Group Dynamics
- Anthropological consumer research often features the - -Symbolic
meanings behind people's possessions
- The study of Consumer behavior provides... - -relevant knowledge for
marketers seeking to understand consumers, which can be used to
encourage consumers to shop, buy, and consume to create opportunity for
businesses.
, - Customer Orientation - -customer value and satisfaction are prioritized
- market orientation - -focuses more solely on production than strategic
orientation
- stakeholder marketing - -primary and secondary entities are are involved
in value creation
- primary stakeholders include: - -customers, employees, owners, suppliers,
an regulating agencies
- secondary stakeholders include: - -mass media, communities, and trade
organizations
- Relationship marketing - -customers desires are recurring, and they foster
repeat business
- touch-points - -ongoing series of interaction with a customer (email, apps,
texts, social media, etc.)
- Resource-advantage theory - -success is attained by acquiring more
resources and using them to gain physical and intellectual capital
advantages (A&F example about transition clothing from outdoor, to sexy
lifestyle, to authentic american apparel)
- Products are.. - -pathways to benefits (drill example, buying drill is buying
holes in the wall)
- Successful Innovation characteristics: - -Relative Advantage, observable,
consistency, trialability, and simplicity
- relative advantage - -makes things better than before
- 3 Way of doing business - -Undifferentiated marketing, differentiated
marketing, and niche marketing
- undifferentiated marketing - -same basic product is offered to all
customers, production orientation is adopted to make production as efficient
and economical as possible
- differentiated marketing - -multiple market segments with unique product
offering, one-to-one marketing where a different product is offered for
individual customers
- niche marketing - -product oriented, produce a product that has a unique
appeal within a segment
3|132 Q’s and A’s (Richard Strickler, Sr.)
Consumer Behavior - -set of value-seeking activities that take place as
people go about addressing their real needs
- Consumption Process - -Need, Want, Exchange, Costs and Benefits,
Reaction, Value
- Want - -Specific desire
- Exchange - -acting out, give something up in return for something
perceived as greater value
- Costs - -negative results of consumption experiences
- Benefits - -positive results of consumption experiences
- Consumption - -consumers use and transform goods, services, or ideas
into value
- Consumer behavior as a field of study - -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
- Disciplines CB has ties to.. - -economics, psychology, sociology,
anthropology
- Economics - -study of behavior and consumption
- what level to economist's study CB? - -Macro
- what level to researchers study CB? - -Micro
- Sociology's relevance for CB lies in.... - -Group Dynamics
- Anthropological consumer research often features the - -Symbolic
meanings behind people's possessions
- The study of Consumer behavior provides... - -relevant knowledge for
marketers seeking to understand consumers, which can be used to
encourage consumers to shop, buy, and consume to create opportunity for
businesses.
, - Customer Orientation - -customer value and satisfaction are prioritized
- market orientation - -focuses more solely on production than strategic
orientation
- stakeholder marketing - -primary and secondary entities are are involved
in value creation
- primary stakeholders include: - -customers, employees, owners, suppliers,
an regulating agencies
- secondary stakeholders include: - -mass media, communities, and trade
organizations
- Relationship marketing - -customers desires are recurring, and they foster
repeat business
- touch-points - -ongoing series of interaction with a customer (email, apps,
texts, social media, etc.)
- Resource-advantage theory - -success is attained by acquiring more
resources and using them to gain physical and intellectual capital
advantages (A&F example about transition clothing from outdoor, to sexy
lifestyle, to authentic american apparel)
- Products are.. - -pathways to benefits (drill example, buying drill is buying
holes in the wall)
- Successful Innovation characteristics: - -Relative Advantage, observable,
consistency, trialability, and simplicity
- relative advantage - -makes things better than before
- 3 Way of doing business - -Undifferentiated marketing, differentiated
marketing, and niche marketing
- undifferentiated marketing - -same basic product is offered to all
customers, production orientation is adopted to make production as efficient
and economical as possible
- differentiated marketing - -multiple market segments with unique product
offering, one-to-one marketing where a different product is offered for
individual customers
- niche marketing - -product oriented, produce a product that has a unique
appeal within a segment
