Consumer Behavior and Technology

Flashcards covering key concepts from the Consumer Behavior and Technology lecture, including definitions and important terms related to marketing and consumer decision-making.

Marketing

The activity, set of institutions, and processes for creating, communicating, and delivering offerings that have value for customers, clients, partners, and society.

Consumer Behavior

The study of consumers' choices during searching, evaluating, purchasing, and using products and services that they believe would satisfy their needs.

Marketing Concept

The premise that marketing consists of satisfying consumers’ needs, creating value, and retaining customers.

Market Segmentation

The process of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics.

Cross-Screen Marketing

A promotional strategy that consists of tracking and targeting users across their computers, cell phones, and tablets, and sending them personalized ads based on their interests.

Customer Value

The ratio between the customer’s perceived benefits and the resources used to obtain those benefits.

Customer Satisfaction

The individual's perception of the performance of the product or service in relation to his or her expectations.

Customer Retention

The objective of providing value to retain highly satisfied customers, who are key to a company's success.

Emotional Bonds

Personal commitment and attachment that consumers feel towards a product or brand.

Transactional Bonds

Mechanics and structures that facilitate exchanges between consumers and sellers.

Consumer Decision Making

The process involving inputs, processes, and outputs from marketing efforts and influences that lead to a purchase or post-purchase evaluation.

Sociocultural Influences

Factors such as reference groups, family, social class, culture, and subculture that affect consumer decision-making.

Psychological Influences

Factors like needs, motivation, personality traits, perception, and attitudes that influence consumer behavior.

Learning

The process through which consumers acquire knowledge and experience that influences their buying decisions.

Trust and Loyalty

The confidence consumers have in a brand or product, leading to repeated purchases and advocacy.