MKTG 4204 Consumer Behavior Final Exam notes

CB Study Guide for Final Exam Test is comprehensive but mostly from Chapters 9-16 Why is value important to shoppers?  Value is what consumers ultimately pursue, because valuable actions address motivations that manifest themselves in needs and desires. Value captures how much gratification a consumer receives from consumption. Compare hedonic and utilitarian value. o Utilitarian Value-  Derived from a product that helps the consumer solve problems and accomplish tasks that are a part of being a consumer. (a means to an end) o Hedonic Value:  The immediate gratification that comes from experiencing some activity. Emotional and subjective. Hard to explain objectively.  Know the steps in the basic consumption process o Need­Want­exchange­Cost and Benefits­Reaction­Value  Be familiar with the Consumer Value Framework Chart on page 24 Lifetime value  Roughly defined, LTV is the projected revenue that a customer will generate during their lifetime. What is brand personality?  Refers to human characteristics that can be associated with a brand. Competence, excitement, ruggedness, sincerity, and sophisticated. What is consumer culture? Cultural norms? Cultural sanctions?  Consumer Culture: Represents the commonly held societal beliefs that define what is socially gratifying within a specific society.  Cultural Norms: Refers to a rule that specifies the appropriate behavior in a given situation within a specific culture. Most, but not all, cultural norms are unwritten and simply understood by members of a cultural group