Consumer Behavior Chapter 1 MKT 4305

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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


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