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Consumer Behavior Notes covering Weeks 1-5

by: Jodi Grosberg

Consumer Behavior Notes covering Weeks 1-5 32300

Jodi Grosberg


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About this Document

These notes cover what is going to be on the first exam.
Consumer Behavior
Dr. Alison Shields
Study Guide
terms, Examples
50 ?




Popular in Consumer Behavior

Popular in Marketing

This 6 page Study Guide was uploaded by Jodi Grosberg on Monday April 25, 2016. The Study Guide belongs to 32300 at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months taught by Dr. Alison Shields in Spring 2016. Since its upload, it has received 24 views. For similar materials see Consumer Behavior in Marketing at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months.


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Date Created: 04/25/16
Consumer Behavior Exam 1 Study Guide Marketing: An organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and stockholders. Consumer Behavior: Set of value-seeking activities that take place as people go about addressing their real needs. Consumption: Process by which consumers use goods, services, or ideas and transform the experience into value. Process: NEED WANT EXCHANGE COSTS & BENEFITS REACTION VALUE Consumer Orientation: Way of doing business in which actions and decision making prioritize consumer value and satisfaction. Market Orientation: Organizational culture that embodies the importance of creating value for customers among all employees. Stakeholder Marketing: Firms recognize that more than just the buyer and seller are involved in the marketing process. Primary: Customers, employees, owners, suppliers, and regulatory agencies. Secondary: Mass media, communities, and trade organization. Relationship Marketing: Activities based on the belief that the firm’s performance is enhanced through repeat business. Interpretive Research: Seeks to explain the inner meanings and motivations associated with specific consumption experiences. Qualitative Research Tools: Means for gathering data in a relatively unstructured way. Phenomenology: Study of consumers that relies on interpretation of their lived experience associated with some aspect of consumption. Ethnography: Study of consumers that relies on interpretation of artifacts to draw conclusions about consumption. Netnography: Branch of ethnography that studies the behavior of online cultures and communities. Quantitative Research: Addresses questions about consumer behavior using numerical measurement and analysis tools. Internalization: Companies are required to deal with geographical and cultural distances. Changing Technology: Internet has made geographic distance a non- issue. Big Data: Represents massive amounts of data available to companies that can be used to predict customers’ behaviors. Predictive Analytics: Application of statistical tools to discover patterns in data that allow prediction of consumer behavior. Touch Points: Any interaction between companies and their consumers. Value: Personal assessment of the net worth obtained from an activity. Captures how much gratification a consumer receives from consumption. Utilitarian Value: Gratification derived because something helps a consumer solve a problem or accomplish some tasks. Consumers provide a rational explanation for their purchases. Value is provided because the object or activity allows something good to happen or be accomplished. Hedonic Value: Value derived from immediate gratification that comes from some activity. Value is provided by the actual experience and emotions associated with consumption. Marketing Myopia: Condition where a company views itself in a product business rather than in a value-or-benefits-producing business. Corporate Strategy: Way a firm is defined and sets its general goals. Orientation Management: Deals with implementation of strategies. Marketing Tactics: Way by which marketing management is implemented. Involved: price, promotion, product, and distribution decisions. Marketing Mix: Combination of product, promotion, and distribution strategies used to implement a marketing strategy. Target Market: Identified segments of a market that a company serves. Marketing Segmentation: Separation of a market into groups based on the different demand curves associated with each group. Product Differentiation: Consumers do not view all competing products as identical to one another. Perceptual Map: Graphical depiction of the positioning of competing products. Customer Lifetime Value (CLV): Approximate worth of a customer to a company in economic terms. Overall profitability of an individual consumer. Equality to the net present value (NPV) of the stream of profits over a customer’s lifetime, plus the worth attributed to the equity. CLV = npv (sales – costs) + npv (equity) Learning: A change in behavior resulting from the interaction between a person and a stimulus. Perception: A consumer’s awareness and interpretation of reality. Value involved learning, and consumer learning begins with perception. Learning can be intentional or unintentional. Sensing: Immediate response to stimuli that have come into contact with one of the consumer’s five senses. Necessary for learning. Cognitive Organization: Process by which the human brain assembles sensory evidence into something recognizable. Reacting: End of perceptual process. Occurs as a response or behavior. Includes physical or mental responses to the stimuli encountered. Just Noticeable Difference (JND): Condition in which one stimulus is stronger than another so that one can notice that the two are not the same. Webster’s Law: The ability to detect differences between two levels of a stimulus is affected by the original intensity of the stimulus. Marketing Implications: Pricing: Consumers do not perceive small differences in price as truly different. Quantity: Small differences are not perceived as being different. Quality: Small improvements may not have any impact of consumers. Add-on purchases: Small additional purchases tacked onto a large purchase may not create the perception of increased spending. Change in product design: Small changes tend to go unnoticed. Just Meaningful Difference (JMD): Represents the smallest amount of change in a stimulus that would influence consumer consumption and choice. Mere Exposure Effect: Consumers will prefer an object to which they have been exposed. Relevant points: pre-attentive, easy to elicit, greatest effect of novel objects, weak effect and best when consumer has lower involvement. Implication: Memory for things that a person did not try to remember. Pre-attentive Effects: Learning that occurs without attention. Explicit: Memory that develops when a person is exposed to, attends, and tries to remember information. Attention: The purposeful allocation of cognitive capacity toward understanding some stimulus. Types: pre-attentive, selective, involuntary. Orientation Reflex: A natural reflex that occurs as a response to a threat. Intensity of Stimuli: Consumers tend to pay attention to stronger stimuli than to weaker stimuli. Contrast: Marketers show consumers who stand out from the crowd as a means of capturing attention. Movement: Flashing lights and “pointing.” Surprising Stimuli: Unexpected stimuli gain customers’ attention. Size of Stimuli: Larger items garner more attention than smaller ones. Involvement: Personal relevance a consumer feels toward a particular product. Intentional Learning: Process by which consumers set out to specifically learn information devoted to a certain subject. Unintentional Learning: Occurs when behavior is modified through a consumer-stimulus interaction without any effortful allocation of cognitive processing capacity toward that stimulus. Classic Conditioning: A change in behavior that occurs simply through associating some stimulus with another stimulus that naturally causes a reaction. Ivan Pavlov’s Dogs: Russian Scientist that conditioned dogs to salivate at the sound of a bell conditioning them to associate a ringing bell with food. Instrumental Conditioning: Behavior is conditioned through reinforcement. Comprehension: Refers to the interpretation or understanding that a consumer develops about some attended stimulus in order to assign meaning. Expectation: Belief of what will happen in the future. Brain Dominance: Phenomenon of hemispheric lateralization. Framing: Meaning of something is influenced by the environment. Sensory Memory: Area where a consumer stores encounters exposed to one of the five senses. Workbench (or Short-Term) Memory: Storage area where information is stored while being processed and encoded of later recall. Long-Term Memory: Repository for all information that a person has encountered. Repetition: Holding a thought in short-term memory by mentally repeating the thought. Dual Coding: Two different sensory “traces” are available to remember something. Meaningful Encoding: Occurs when preexisting knowledge is used to store new information. Chunking: Group stimuli by meaning so that multiple stimuli become a single memory unit. Declarative Knowledge: Cognitive components that represent facts. Nodes: Concepts found in an association network. Paths: Representative of the association between nodes. Schema: Portion of an association network that represents a specific entity and thereby provides it with meaning. Brand Schema: Part within one’s total associative network responsible for defining a marketing entity. Product Schema: Each time a consumer encounters a snack, the mind compares all associations to see if the thought is correct. Exemplars: Concept within a schema that is the single best representative of some category. Differs based on consumers’ unique experiences. Provide consumers with a basis of comparison for judging whether something belongs to a category. Prototypes: Schema best representative of some category but that is not represented by an existing entity. Script: Schema representing an event. Episodic Memory: Memory for past events in one’s life. Stores brands associated with positive events and tend to be preferred by consumers. Social Schema: Cognitive representation that gives a specific type of person meaning. Can be based on a person’s occupation, age, sex, ethnicity, religion, and product ownership.


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