ICON 3800 Exam One

Study Guide Version for Flascards


Define the following:

1.) consumer behavior : set of value seeking activities that take place as people address their needs


2.) consumption : The process of which customers aqquire and use a product or service.


3.) relationship quality : The level of connection between a business and consumer.

  • Strong : high levels of satisfaction

  • Low : Switching between brands


4.) value

Utilitarian : functional, objective, solves practical problems

Hedonic : expirience, subjective, guided by feelings

Both = total value concept


5.) corporate strategy : how the company defines itself


6.) marketing strategy : how value is created for the consumer


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Basic Consumption Process


What are the steps and order of steps in the Basic Consumption Process (BCP)?

1.) Need

2.) Want

3.) Exchange

4.) Cost and Benefit

5.) Recation

6.) Value

 

Need: When the current state does not match the desired state

Want: To feel motivated enough to want to do something about it.


Echange: The decision to give up something in return for something of greater value.

What do people exchange?

  • Time

  • Money

  • Effort


Costs: time, money, effort

Benefits =

tangible : a physcial product/ byproduct

intangible : a feeling


What happens at the 'reaction' stage of the BCP? 

Evaluation of the costs versus the benefits.


As consumers, we perceive to have received value when what occurs? 

Value is when the benefits outweigh the costs.


Internal Influences : Personal influences in the mind and heart of a consumer

External Influences : Social aspects that affect a consumer, temporary situational influences.
Situational influences? : Economic stability, time of year, store enviornment/ ambience


What is the difference between tangible and intangible benefits?

Tangible Benefits: : measurable gains

Intangible Benefits : hard to measure abstract things, morale, trust

 
How does 'experience' fit in to the concept of 'value'? 

Exprience is the primary vehicle through which a consumer percieves value


What are some ways that consumer behavior has a greater effect on society as a whole? 

diriving the economy, culutre & enviornmental health on a mass scale


What are the major parts or sections of the Consumer Value Framework (CVF)?

1.) Internal / External Influences

2.) Consumption Process

3.) Value

4.) Relationship Quality


Understand the flow or relationship between corporate strategy, marketing strategy, and marketing tactics. 

Coroporate strategy —> Marketing Strategy —> Tatics



Perceptual Map : Visualizes the perceptions that consumers have about a company

Use : Benchmarks a company versus competitiors

what are the Attributes in a perceptual map : Two most important attributes to the consumer