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| set of value-seeking activities that take place as people go about addressing realized needs. |
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| way a consumer goes about addressing a recognized need |
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| acting out of the decision to give something up in return for something of greater value. |
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| negative results of consumption |
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| process by which goods, services, or ides are used and transformed into value. |
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| consumer behavior as a field of study |
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Definition
| 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. |
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Term
| need-->Want-->exchange-->costs and benefits--> reaction-->Value |
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Definition
| The basic consumption process |
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| defined as the study of production and consumption |
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| the study of human reactions to their environment |
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| focuses on thoughts, feelings, and behaviors that people have as they interact with other people (group behavior). |
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| deals with the intricacies of mental reactions involved in information processing. |
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| involves the multitude of value-producing activities that facilitate exchanges between buyers and sellers. |
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| focuses on the study of groups of people within a society and thus has relevance for consumer behavior because consumption often takes place within group settings or is in one way or another affected by a group behavior. |
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| has contributed to consumer behavior research by allowing researchers to interpret the relationships between consumer and the things they purchase, the products they own, and the activities in which they participate. |
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| way of doing business in which the actions and decision making of the institution prioritize consumer value and satisfaction above all other concerns. |
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| organizational culture that embodies the importance of creating value for customers among all employees |
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| Based on the belief that firm performance is enhanced through repeat business. |
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Definition
| direct contacts between the firm and a customer |
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Term
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Definition
| direct contacts between the firm and a customer |
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Term
| resource-advantage theory |
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Definition
| theory that explains why companies succeed or fail; the firm goes about obtaining resources from consumers in return for the value the resources create. |
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| the physical parts of a product |
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| a potentially valuable bundle of benefits |
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| undifferentiated marketing |
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Definition
| that same basic product is offered to all customers |
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| approach where innovation is geared primarily toward making the production process as efficient and economic as possible |
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| firms that serve multiple market segments each with a unique product offering. |
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Definition
| Here a different product is offered for each individual customer, and each customer is essentially treated as a segment of one |
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| plan wherein a firm specialized in serving one market segment with particularly unique demand characteristics |
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