MKT350 Consumer Behavior Exam Study 1

Includes Chapters 1-4, 5, Res. and Segmentation

Anthropology

the study of humankind in its habitat

Consumer

anyone engaged in the acquisition and use of products and services available in the marketplace

Consumer Behavior

the mental and physical activities undertaken by consumers to acquire and consume products so as to fulfill their needs and wants

Ego/Identity Value

comes from out need to construct and nurture our identity or self-concept, our sense of ego, out idea of who we are

Exchange

an interchange between two parties where each receives from the other something of more value and gives up something of less value

Hedonic Value/Recreational Value

comes from objects and activities when they recreate our moods and regenerate out mental ability — removing our fatigue and boredom, stimulating the senses, and rejuvenating our minds

Mental Activities

acts of the mind, and they relate to what we think, feel, and know about products

Need

a discomforting human condition

Physical Activities

acts of the human body, and they relate to what we physically do to acquire and consume products

Product

any physical or nonphysical product or service that offers some benefit to the consumer including place, person, or idea offered for exchange

Psychology

the study of the human mind and mental processes that influence a person’s behavior

Resource

something we own or possess that people value

Social Capital

the network of friends and professional connections that can be of help in our hour of need; your social connections and the people you know

Social Value

a product’s ability to enable us to manage out social worlds (as opposed to the physical world)

Sociology

the study of social systems (groups, organization, societies)

Utilitarian

the concrete (not symbolic) outcomes of a product or activity

Utilitarian Value

the set of tangible outcomes of a product usage (or an activity)

Value

the sum total of net benefits we receive from an activity or an exchange

Want

a desire for a specific object or product

Market Segmentation

the practice of dividing a broad target market into smaller, distinct groups based on shared traits, needs, or behaviors

Marketing Concept

premise that marketing consists of satisfying needs, creating value, and retaining customers; companies must produce only those goods that are already determined to satisfy consumer needs and meet organizational goals

Customer Value

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

Unique Value Proposition

clear statement explaining customers what a product or service does, how it solves customers’ problems, and why it’s better than other choices

Customer Satisfaction

indiv’s perception of performance of the product or service in relation to expectations

Loyalists

people who are very satisfied and who will keep purchasing you prroduct repeatedly

Apostles

loyal customers who provide very positive word of mouth

Defectors

neutral or just satisfied customers who are likely to switch when opportunities rise

Terrorists

customers with negative experiences who will spread negative word of mouth

Hostages

generally unhappy customers that stay due to a lack of options; usually high maintenance customers

Mercenaries

very satisfied but will go where they get most financial benefits; generally swayed by price

Motivation Research

research directed at discovering the reasons for a person’s behavior

Ethnographic Studies

method where researchers observe/interact with consumers in their natural environments to understand how they use products and make decisions

Consumer Narratives

first-hand, story-based accounts written or shared by customers about real-world experience with a product, service, or company

Information Board

a physical or digital display surface used to share brand messages, product details, or announcements with an audience

Protocol

research method designed to track consumer’s internal decision-making process by having them think out loud

Concurrent Protocol

protocol when the consumer’s thoughts are recorded at the time of decision making

Retrospective Protocol

protocol when the consumer reports on decision process they made in the recent past

Galvanic Skin Response (GSR)

measures how easily a tiny electrical current flows through the skin caused by sweat gland activity to gauge consumer emotional arousal and engagement

AIO Inventory

“activities, interests, and opinion” and it comprises a set of statements wo which respondents indicate their agreement or disagreement on a numerical scale

PRIZM (Potential Rating Index by Zip Market)

a geodemographic market segmentation system that classifies US households into distinct lifestyle groups based on where they live