Consumer Behavior Chapter 1 MKT 4305
Ability to manage our social worlds is
Social Value
We spend time and money to build
Social Capital
Consumers as problem solvers are looking for the
"solution product"
5 categories of consumers
1) Consumer as Problem-solver 2) Consumer as Economic Creature 3) Consumer as Computer 4) Consumer as Shopper 5) Consumer as Reveler
4 major types of value
1) utilitarian 2) social 3) ego/identity 4) recreational
USER stands for
4 major types of VALUE 1) utilitarian 2) social 3) ego/identity 4) recreational
Anyone engaged in the acquisition and use of products and/or services available in the market place
Consumer
Mental and physical activity done by consumerism to fulfill their every need and want
Consumer Behavior
Customers, Clients, Patrons, Patients, Students, Donors, are all
Consumers
Used to refer to users of all products or services, consumable or durables
Consumers
Consumers loaded with bags, enchanted by all merchandise and displays, unless products for them to enjoy
Consumers as Shoppers
Consumers that gather information on products by reading labels, instructions, watching ads, pondering on information are
Consumers as computers
Consumers that always want to maximize their utility; may not always buy lowest priced product but usually do
Consumers as economic creatures
Consumers who are planners and managers of personal finances and want to use money wisely are
Consumers as economic creatures
Consumers who are searching for solutions to the needs of daily life are
Consumers as problem solvers
Consumer who is all about having a good time, smelling and looking good. money as no object
Consumers as revelers
Our need to construct and nurture our identities or self-concept, our sense of ego, our ideas of who we are
Ego/Identity Value
When a consumer is contemplating about a product this consumer is
Engaging in mental activities
Three essentials of Consumer Behavior
Exchange, Resource, and Value
Without these 3 elements no consumer behavior can take place
Exchange, Resource, and Value
Most often used resource for market place exchanges is
Money
5 types of resources
Money, Time, Skills/Knowledge, Body/Physical Energy, Social Capital
The felt discomfort of a hungry stomach is a _____, desire for a specific food is a ______.
NEED, WANT
Discomforting to human condition
Need
Is a very personal feeling
Need
A product is NOT a _____, it is a SOLUTION to a ____.
Need, Need
Verbiage used to indicate their desires or intent to possess and/or consume something
Needs and Wants
Visiting stores, cutting coupons, talking to salespeople, surfing the net, placing a item in a shopping cart, saving empty cartons are all activities of
Physical Activities
Term used broadly to refer to any physical or nonphysical product or service
Product
A network of friends and professional connections that can be of help in our hours of need
Social Capital
Filing your belly with food, A computer that prints, digital camera provides what kind of value?
Utilitarian Value
Functional Value is also known as
Utilitarian Value
Total sum of net benefits we receive from an activity or an exchange
Value
Desire for a specific object or item
Want
Physical activities
are acts of the human body, and they relate to what we do physically to acquire and to consume products
Mental activities
are acts of the mind, and they relate to what we think, feel and know about products
Exchange
refers to an interchange between two parties where each receives from the other something of more value and gives up something of less value
Resource
something we own or possess that people value
Utilitarian Value
tangible outcome
Consumer behavior is
the mental and physical activities undertaken by consumers to acquire and to consume products so as to fulfill their needs and wants