Consumer Behavior Chapter #1

Consumer Behavior

The study of the process involved when individuals or groups select, purchase, use, or dispose of products, service, ideas, or experiences to satisfy needs and desires and to define and express their identities.

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 on society.

Brand

Enables consumers to identify a particular company, product, or individual: it uses identifying markers to tell potential buyers not only what it does but also what it means and perhaps even the cultural value it stands for.

Megacity

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

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.

Lifelog

Tiny cameras that allow people to create a record of every event they experience throughout the day.

Internet of Thing (IOT)

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

Machine-to-Machine Communication (M2M)

Artificial intelligence applications that get better over time via machine learning.

Machine Learning

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

Big Data

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

Metaverse

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

Nonfungible Tokens (NFTs)

A digital certificate of ownership with unique identification coeds and metadata that distinguish them from one another.

Cultural Distinctiveness

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

In-Group Bias

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

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.

Transmedia

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

Consumer Trends

Patterns of shopping habits that changes over time, driven by the underlying values that drive consumers toward certain product and services and away from others.

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 plant).

Consumer Centricity

The focus on meeting consumers’ needs.