Consumer Behavior and Technology

These flashcards cover key concepts related to consumer behavior and technology as discussed in the lecture.

What is the marketing concept?

It consists of satisfying consumers’ needs, creating value, and retaining customers while producing goods that meet consumer needs and organizational goals.

What is the production concept?

Conceived by Henry Ford, it states that companies must produce goods at the lowest possible cost, with a focus on uniformity.

What does 'Marketing Myopia' refer to?

A focus on the product rather than on the needs it is supposed to satisfy.

What is market segmentation?

The process of dividing a market into subsets of consumers with common needs or characteristics.

What is targeting in marketing?

Selecting specific market segments to pursue with tailored offerings.

What does positioning involve?

Creating a distinct image and identity for a product in the consumers’ minds, differentiating it from competitors.

What are the 4 Ps of the marketing mix?

Product, Price, Place, and Promotion.

How has technology benefited marketers and consumers?

It has transformed consumer behavior and marketing strategies, enabling a two-way interaction and instant assessment of effectiveness.

What is the value exchange in marketing?

A reciprocal relationship where marketers provide value to consumers, who in turn give their information for better targeting.

What is customer retention?

Turning individual consumer transactions into long-term relationships to encourage loyalty.

What are emotional bonds in customer engagement?

High levels of personal commitment and attachment to a company.

What distinguishes loyals from delighted customers?

Loyals are frequent purchasers without high emotional bond; delighted customers have high bonds but modest purchase levels.

What are some determinants of customer satisfaction?

Adaptation, Interactivity, Nurturing, Commitment, Network, Assortment, Transaction ease, Engagement, Loyalty, Inertia, Trust.

What is the purpose of qualitative research in consumer behavior?

To understand hidden motivations and encourage expressive responses from participants.

How can observational research provide insights?

By gaining an in-depth understanding of the relationship between people and products through direct observation.

What is the significance of customer complaints?

They serve as valuable feedback for improving products and customer service.

What are some methods of contacting respondents for surveys?

In-person, by mail, by telephone, or online.

What does a Likert scale measure?

The level of agreement or disagreement with a series of statements.

How does a focus group operate?

Consists of 8 to 10 participants who interact with a moderator to explore thoughts on a topic.

What characterizes high-involvement purchases?

They are very important to the consumer and involve a high degree of perceived risk.

What is a convenience sample?

A nonprobability sample where the researcher selects the most accessible members of the population.

What is causal research?

Experiments that identify cause-and-effect relationships among factors.