Consumer behavior Chap 1

Artificial Intelligence (AI)

(AI) The simulation of human intelligence processes: perceiving, synthesizing, and inferring information—by machines, especially computer systems

Autonomous Vehicles

self-driving cars

Big Data

the collection and analysis of extremely large datasets to identify patterns of behavior in a group of consumers.

Brand

enables consumers to identify a particular company, product, or individuals; it uses identifying markers to tell potential buyers not only what it does but also what it means and perhaps even the cultural values it stands for.

Consumer Behavior

the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires.

Consumer Centricity

the focus on meeting consumers’ needs.

Consumer Trends

patterns of shopping habits that change over time, driven by the underlying values that drive consumers toward certain products and services and away from others

Consumption

all facets of the consumer behavior process, including how people observe and make sense of the world around them, how they choose and purchase things, and how they communicate their identity and sense of self in society

Contact Points

consumers access brand and marketing messages synchronously across transmedia, allowing them to engage with content in such a variety of ways that it amounts to a make-your-own-journey.

Cultural Distinctiveness

the feeling of being different and separated from the surrounding cultural environment.

Ethnographic Research

qualitative research method that relies on participant observation and deep immersion in the researched context.

Experiential Advantage

the scientific finding that experiences make people happier than material possessions.

Generative AI

a technique that relies on algorithms to generate new content, text, images, or audio from deep-learning models pre-trained on massive datasets.

Horizontal Revolution

a fundamental change in how consumers communicate via social media, whereby information doesn’t just flow from big companies and governments; information flows across people as well.

Identity

a component of self-concept

In-group bias

when consumers prefer brands that satisfy their desire to connect with what feels like “home.”

Internet of Things (IoT)

the growing network of interconnected devices embedded in objects that speak to one another.

Machine Learning

a method of data analysis that allows a system to learn over time by analyzing patterns from prior experiences.

Megacity

a metropolitan area with a total population of more than 10 million people.

Metaverse

a virtual-reality space in which users can interact with a computer-generated environment and other users.

Natural Language Processing (NLP)

a brand of artificial intelligence that uses computer scientific methods to analyze human language.

Need

a basic biological motive

Non-fungible tokens (NFTs)

(NFTs) a digital certificate of ownership with unique identification codes and metadata that distinguish them from one another.

Paradigms

a widely accepted view or model of phenomena being studied; the perspective that regards people as rational information processors is currently the dominant paradigm, although this approach is now being challenged by a new wave of research that emphasizes the frequently subjective nature of consumer decision-making.

Popular Culture

the music, movies, sports, books, celebrities, and other forms of entertainment consumed by the mass market.

Responsible Marketing

merging consumer centricity, a focus on meeting consumers’ needs, with making a positive impact on communities—both in the small sense (local communities) and in the broad sense (the planet).

Social Media

the set of technologies that enable users to create content and share it with a large number of others.

Transmedia

media from traditional media platforms, like magazines and television, to more novel and emergent ones, like digital media, video games, and the metaverse.

Transmedia storytelling

telling a story across multiple platforms

User-generated content (UGC)

consumers voice their opinions about products, brands, and companies on blogs, podcasts, and social networking sites such as Facebook and Twitter, and film their own commercials that they post on sites such as YouTube.

Want

the particular form of consumption chosen to satisfy a need.

Web 2.0

the current version of the Internet as a social, interactive medium from its original roots as a form of one-way transmission from producers to consumers.