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Definition
| interdisceplinary science designed to investigate the decision-making units and the processes involved in the consumption of goods, services, experiences, and ideas |
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Term
| Consumer Behavior studies... |
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Definition
Psychology social psychology sociology economics anthropology |
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Term
| Consumer Behavior is important to consumers, marketers, and public policy makers for what reasons? |
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Definition
consumers: better choices/decisions marketers: better marketing strategies Public Policy makers: better establishment of public policy-market efficiency and fairness |
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Term
| Describe the marketer vs. consumer perspective difference in Point of View |
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Marketer=external ("buyers") Customer=internal ("me") |
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| Describe the marketer vs consumer perspective difference in level of interest |
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Marketer=aggregate ("market") Consumer=individual ("myself") |
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| Describe the marketer vs. consumer perspective difference in Scope of Interest |
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Marketer=product specific ("what I make") consumer=across products ("what I buy") |
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Term
| Describe the marketer vs. consumer perspective difference in "Correct" choice |
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Marketer:Brand Specific ("my brand") Consumer:Best Alternative ("best brand for me") |
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| Describe the marketer vs. Consumer perspective difference in Role of influence |
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Marketer: influence behavior Consumer: handle behavioral influence (consumer empowerment) |
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| Describe public policy makers perspective |
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Definition
Point of view: External (buyers and sellers) Level of interest: Aggregate (affected groups) Scope of interest: Across products (all products) "Correct" choice: Neutral (maximize utility) Role of influence: Neutral (must be fair and not deceptive) |
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| What are factors that marketers control? |
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Definition
4 "P"s (product, price, place, promotion) create opportunity for the consumer to buy make consumer aware of opportunity |
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What are the factors marketers do not control? |
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Definition
-5 "C"s (competition, company constraints, channel members, market conditions) |
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Term
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| ratio between PERCEIVED BENEFITS and RESOURCES used to obtain those benefits |
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| reception of product PERFORMANCE in relation to consumer EXPECTATIONS |
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| Objective of providing value is to retain highly satisfied customers |
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| relationship between an advertiser and a consumer |
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Term
| Describe consumer empowerment through the web |
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Definition
*instantaneous *24/7 shopping without leaving home *use "intelligent agents" to locate best prices *Bid on various market offerings *Permission Marketing *C2C activities (virtual brand communities, consumer reviews and chat rooms) |
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Term
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Definition
marketing centered around obtaining consumer consent to receive information froma marketer >applies to marketing on the web >opposite to traditional "interruption" marketing |
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| Public Policy makers' perspective is based on what |
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Term
| What were the rights in JFK's declaration of Consumer Rights? (1962) |
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1) Right to safety 2)Right to be informed 3)Right to choose 4)Right to be heard |
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Federal Trade Commission Responsible for protecting businesses and consumers from deceptive advertising |
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| any ad that contains misrepresentation, omission, or any other practice that can mislead a significant number of reasonable consumers to their detriment |
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| false claims made intentionally (fraudulent) |
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| relevant information is omitted, leading to misrepresentation (false) |
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| Claim/belief discrepancies |
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| no deceptive claim explicitly made, but a deceptive belief is created (misleading) |
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| ads that are ordered by the FTC to remove the residual effects of misleading claims on consumers |
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Term
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| A managerial philosophy that an organization should try to satisfy customer needs through activities that allow the organization to achieve its goals |
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| the process and tools used to study consumer behavior |
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Dividing potential market into homogeneous subsets of consumers with common needs and/or characteristics -Bases:demographic (age, gender, income, etc.), geographic, psychographic lifestyle, benefit sought, usage rate, etc. |
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| selecting one or more segments to pursue with distinct marketing mix |
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Term
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| developing a distinct image in the mind of target market as satisfying needs better than other competitive offerings |
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