Consumer Behavior by Barry J. Babin and Eric G. Harris
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Course
Consumer Behavior
Institution
Consumer Behavior
their real needs
Want - answer-a specific desire representing a way a consumer may go about addressing a recognized need.
Exchange - answer-acting out of the decision to give something up in return for something perceived to be of greater value.
Costs - answer-negative results of consumpti...
Consumer Behavior by Barry J. Babin and Eric G. Harris
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Consumer Behavior by Barry J. Babin and Eric G. Harris exam
,Consumer behavior - answer-set of value-seeking activities that take place as people go about addressing
their real needs
Want - answer-a specific desire representing a way a consumer may go about addressing a recognized
need.
Exchange - answer-acting out of the decision to give something up in return for something perceived to
be of greater value.
Costs - answer-negative results of consumption experiences.
Benefits - answer-positive results of consumption experiences.
Consumption - answer-process by which consumers use and transform goods, services, or ideas into
value.
Consumer behavior as a field of study - answer-study of consumers as they go about the consumption
process; the science of studying how consumers seek value in an effort to address real needs.
Economics - answer-study of production and consumption.
Psychology - answer-study of human reactions to their environment.
Social psychology - answer-study that focuses on the thoughts, feelings, and behaviors that people have
as they interact with other people.
Cognitive psychology - answer-study of the intricacies of mental reactions involved in information
processing.
Neuroscience - answer-the study of the central nervous system including brain mechanisms associated
with emotion.
Marketing - answer-multitude of value-producing seller activities that facilitate exchanges between
buyers and sellers, including production, pricing, promotion, distribution and retailing.
Sociology - answer-the study of groups of people within a society, with relevance for consumer behavior
because a great deal of consumption takes place within group settings or is affected by group behavior.
Anthropology - answer-field of study involving interpretation of relationships between consumers and the
things they purchase, the products they own, and the activities in which they participate.
Consumer (customer) orientation - answer-way of doing business in which the actions and decision
making of the institution prioritize consumer value and satisfaction above all other concerns.
Market orientation - answer-organizational culture that embodies the importance of creating value for
customers among all employees.
Stakeholder marketing - answer-an orientation in which firms recognize that more than just the buyer and
seller are involved in the marketing process, and a host of primary and secondary entities affect and are
affected by the value creation process.
,Relationship marketing - answer-activities based on the belief that the firm's performance is enhanced
through repeat business.
Touchpoints - answer-direct contacts between the firm and a customer.
Resource-advantage theory - answer-theory that explains why companies succeed or fail; the firm goes
about obtaining resources from consumers in return for the value the resources create.
Attribute - answer-a part, or tangible feature, of a product that potentially delivers a benefit of
consumption.
Product - answer-potentially valuable bundle of benefits.
Undifferentiated marketing - answer-plan where the same basic product is offered to all customers.
Production orientation - answer-approach where innovation is geared primarily toward making the
production process as efficient and economic as possible.
Differentiated marketers - answer-firms that serve multiple market segments, each with a unique product
offering.
One-to-one marketing - answer-plan where a different product is offered for each individual customer so
that each customer is treated as a segment of one.
Niche marketing - answer-plan wherein a firm specializes in serving one market segment with
particularly unique demand characteristics.
Interpretive research - answer-approach that seeks to explain the inner meanings and motivations
associated with specific consumption experiences.
Qualitative research tools - answer-means for gathering data in a relatively unstructured way, including
case analysis, clinical interviews, and focus group interviews.
Researcher dependent - answer-subjective data that requires a researcher to interpret the meaning.
Phenomenology - answer-qualitative approach to studying consumers that relies on interpretation of the
lived experience associated with some aspect of consumption.
Ethnography - answer-qualitative approach to studying consumers that relies on interpretation of artifacts
to draw conclusions about consumption.
Netnography - answer-a branch of ethnography that studies the behavior of online cultures and
communities.
Quantitative research - answer-approach that addresses questions about consumer behavior using
numerical measurement and analysis tools.
Big data - answer-term used to represent the massive amounts of data available to companies, which can
potentially be used to predict consumer behaviors.
, Predictive analytics - answer-the application of statistical tools in an effort to discover patterns in data
that allow prediction of consumer behavior.
Internet of things - answer-the automatic recording of data from everyday products that signal consumers
patterns of behavior.
Sharing economy - answer-the global consumer trend toward rental (temporary usage for hire) rather than
ownership.
Collaborative consumption - answer-the term used for rental transaction activity that is consumer to
consumer, rather than business to consumer or business to business.
Consumer Value Framework (CVF) - answer-consumer behavior theory that illustrates factors that shape
consumption-related behaviors and ultimately determine the value associated with consumption.
Customer Relationship Management (CRM) - answer-systematic information management system that
collects, maintains, and reports detailed information about customers to enable a more customer-oriented
managerial approach.
Relationship quality - answer-degree of connectedness between a consumer and a retailer, brand, or
service provider.
Service - answer-an organization's efforts and resources applied toward value creation.
Internal influences - answer-things that go on inside the mind and heart of the consumer or that are truly
part of the consumer psychologically.
Cognition - answer-thinking or mental processes that go on as we process and store things that can
become knowledge.
Affect - answer-feelings associated with objects or activities.
Individual differences - answer-characteristic traits of individuals, including demographics, personality,
and lifestyle.
External influences - answer-social and cultural aspects of life as a consumer.
Social environment - answer-elements that specifically deal with the way other people influence
consumer decision making and value.
Zero moment of truth - answer-the point when a shopper moves from passive to active and seeks out
exchange alternatives.
Situational influences - answer-things unique to a time or place that can affect consumer decision making
and the value received from consumption.
Value - answer-a personal assessment of the net worth obtained from an activity. What you get = What
you give.
Utilitarian value - answer-gratification derived because something helps a consumer solve a problem or
accomplish some task.
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