SPMT 370 Waltemyer Unit 1 test Exam
Questions and Answers
Course Behavior - -is a dynamic process, that can involve many people,
involves many decisions, and involves consumer emotions
- consumer behavior as a field of study - -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
- Segmentation Types - -Behavior, Demographic, Psychographic
- Behavior segmentation type - -Need-based, discount, new, and potential
- Demographic - -Age, race/ethnicity, social class/income, sex/gender
- Psychographic - -Believer, Experiencer, Innovator, Impulsive, Socialite,
Wanderer
- Touchpoint - -direct contacts between the firm and a customer
- What affects consumer behavior? - -External influences, internal
influences, decision making process, outcomes and issues
- What are the approaches to studying consumer behavior? - -Description,
Explanatory, and Exploratory (Quantitative- survey/questionnaire Qualitative-
Ethnography, interviews, focus groups, secret shoppers)
- What does STP stand for? - -Segmentation, Targeting, Positioning
- why is consumer behavior dynamic? - -Economy, technology, and
globalization
- Consumer behavior theory - -illustrates factors that shape consumption-
related behaviors and determine the value associated with consumption
- What is consumption? - -the process by which consumers use and
transform products into value
- Value= - -benefits - costs
- Utilitarian Value - -a value derived from a product or service that helps the
consumer solve problems and accomplish tasks
, - Hedonic Value - -value derived from the gratification that comes from
some task
- Total value concept (TVC) - -practiced when companies operate with the
understanding that products provide value in multiple ways
- TVC - -Every produts value proposition is made up of the augmented
elemets, plus the ancillary elements
- 4 P's - -Product, Price, Place, Promotion
- Product Differentiation - -creating and designing products so that
customers perceive them as different from competing products
- product positioning - -the way a product is designed to create a perception
in the mind of the consumer
- Perceptual map - -the tool used to graphically depict the positioning of
competing products
- Blue Ocean Strategy - -positioning a firm far away from competitors'
positions so that it creates an industry of its own and, at least for a time,
isolates itself from competitors
- Consumer personality - -individual characteristics (motivation, values,
personality, lifestyle, self-image, and emotions)
- consumer psychology - -processes of the mind (attitudes, learning,
perceptions, memory)
- Motivation - -inner reasons that provide energy needed to achieve a goal
- Regulatory focus theory - -consumer behavior is centered around two
primary orientations (Homeostasis and Self Improvement)
- Homeostasis - -prevention focused (Utilitarian)
- Self-improvement - -Promotion focused (Hedonic)
- Are sport products a want or need? - -they are a want
- Need/want satisfaction is - -subjective and dynamic
- Maslow's Hierarchy of Needs - -(level 1) Physiological Needs, (level 2)
Safety and Security, (level 3) Relationships, Love and Affection, (level 4) Self
Esteem, (level 5) Self Actualization
Questions and Answers
Course Behavior - -is a dynamic process, that can involve many people,
involves many decisions, and involves consumer emotions
- consumer behavior as a field of study - -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
- Segmentation Types - -Behavior, Demographic, Psychographic
- Behavior segmentation type - -Need-based, discount, new, and potential
- Demographic - -Age, race/ethnicity, social class/income, sex/gender
- Psychographic - -Believer, Experiencer, Innovator, Impulsive, Socialite,
Wanderer
- Touchpoint - -direct contacts between the firm and a customer
- What affects consumer behavior? - -External influences, internal
influences, decision making process, outcomes and issues
- What are the approaches to studying consumer behavior? - -Description,
Explanatory, and Exploratory (Quantitative- survey/questionnaire Qualitative-
Ethnography, interviews, focus groups, secret shoppers)
- What does STP stand for? - -Segmentation, Targeting, Positioning
- why is consumer behavior dynamic? - -Economy, technology, and
globalization
- Consumer behavior theory - -illustrates factors that shape consumption-
related behaviors and determine the value associated with consumption
- What is consumption? - -the process by which consumers use and
transform products into value
- Value= - -benefits - costs
- Utilitarian Value - -a value derived from a product or service that helps the
consumer solve problems and accomplish tasks
, - Hedonic Value - -value derived from the gratification that comes from
some task
- Total value concept (TVC) - -practiced when companies operate with the
understanding that products provide value in multiple ways
- TVC - -Every produts value proposition is made up of the augmented
elemets, plus the ancillary elements
- 4 P's - -Product, Price, Place, Promotion
- Product Differentiation - -creating and designing products so that
customers perceive them as different from competing products
- product positioning - -the way a product is designed to create a perception
in the mind of the consumer
- Perceptual map - -the tool used to graphically depict the positioning of
competing products
- Blue Ocean Strategy - -positioning a firm far away from competitors'
positions so that it creates an industry of its own and, at least for a time,
isolates itself from competitors
- Consumer personality - -individual characteristics (motivation, values,
personality, lifestyle, self-image, and emotions)
- consumer psychology - -processes of the mind (attitudes, learning,
perceptions, memory)
- Motivation - -inner reasons that provide energy needed to achieve a goal
- Regulatory focus theory - -consumer behavior is centered around two
primary orientations (Homeostasis and Self Improvement)
- Homeostasis - -prevention focused (Utilitarian)
- Self-improvement - -Promotion focused (Hedonic)
- Are sport products a want or need? - -they are a want
- Need/want satisfaction is - -subjective and dynamic
- Maslow's Hierarchy of Needs - -(level 1) Physiological Needs, (level 2)
Safety and Security, (level 3) Relationships, Love and Affection, (level 4) Self
Esteem, (level 5) Self Actualization
