Consumer Behavior & Insights - Vocabulary

Vocabulary flashcards covering key concepts, terms, and trends from the Consumer Behavior lecture notes.

Consumer

A person who purchases goods and services for personal use.

Consumer Behavior

The study of people and the products that help shape their identities, encompassing buying, having, and being.

Purchaser

The individual who actually buys a product or service.

User

The person who ultimately uses or consumes a product or service.

Influencer

Someone who affects the purchase decision even if they do not buy or use the product.

Branded World

An environment where brands enable consumers to identify specific companies, products, or individuals and often inspire strong loyalty.

Popular Culture (in Marketing)

Movies, music, idols, fashion, food, sports, and other cultural elements whose preferences are shaped by marketers.

Consumer-Generated Content

Media and opinions created by consumers on social platforms that influence others' perceptions of products and brands.

Digital Natives

Individuals who have grown up in a digital environment and are comfortable with technology from an early age.

Internet of Things (IoT)

A network of physical objects embedded with sensors and connectivity that enables them to collect and exchange data.

Machine-to-Machine Communication (M2M)

Automated data exchange between devices without human intervention.

Artificial Intelligence (AI)

Computer systems able to perform tasks that normally require human intelligence, used in marketing for personalization and prediction.

Lifelog

A continuous digital record of a person’s daily life captured by mobile devices and wearable technology.

Database Marketing

Tracking consumers’ buying habits closely to create detailed customer databases for targeted messaging.

Relationship Marketing

Using consumer data to craft personalized products and messages that foster long-term customer relationships.

Metaverse

An always-on, real-time virtual environment—often VR/AR-based—with its own digital economy and user-created identities and worlds.

Consumer Trend

A broad cultural shift that influences how and why people buy; marketers must adapt to keep pace.

Sharing Economy

A trend where consumers prefer accessing or renting goods and services rather than owning them outright.

Authenticity and Personalization

Consumer desire for genuine, customized products and experiences.

Blurring of Gender Identity and Roles

A trend in which traditional gender distinctions in products and marketing are becoming less defined.

Diversity and Multiculturalism

Recognition and inclusion of multiple ethnicities and cultures within marketing and product development.

Social Shopping

Purchasing behavior influenced by social networks and online community engagement.

Income Inequality

The economic gap that affects consumer purchasing power and market segmentation.

Healthy and Ethical Living

Consumer focus on wellness and socially responsible choices.

Simplification

A preference for minimalism and reducing complexity in products and lifestyles.

Interconnection (IoT)

The seamless linking of devices and systems, enabling continuous data flow and smart experiences.

Anonymity

A consumer desire to protect personal identity and data in digital interactions.

Heavy Users

Consumers who purchase or use a product far more frequently than the average customer.

80/20 Rule (Pareto Principle)

A concept stating that roughly 80% of sales come from 20% of customers.

Market Segmentation

Dividing a market into distinct groups based on age, gender, family structure, income, race, geography, or lifestyle.

Role Theory

The idea that people choose products that fit the roles they are playing at a given time.

Self-Concept Attachment

A relationship where a product helps form a consumer’s identity or self-image.

Nostalgic Attachment

A bond where a product serves as a link to a consumer’s past self.

Interdependence (Product Relationship)

When a product becomes part of a user’s daily routine, creating habitual reliance.

Love (Product Relationship)

A strong emotional bond that a consumer feels toward a product or brand.

Consumption

The process that moves from recognizing a problem to finding and using a solution via products or services.

Needs and Wants

Needs are essential requirements for living; wants are desires shaped by culture and individual personality.

Responsible Consumption

Choosing products with consideration for social, environmental, and ethical impacts.

Responsible Marketing

Business practices that promote products ethically, aiming to meet genuine consumer needs without harm.