Consumer Behavior Smartbook chapter 1

______ studies the processes that people use to choose, secure, utilize, and dispose of products, services, experiences, or ideas to satisfy needs and the effect of these processes on the consumer and society.

Consumer behavior

It is important for individuals in consumption societies to be aware of the marketing strategies and tactics that influence their decisions so as to _____.

be more effective as consumers

The difference between all the benefits derived from a total product and all the costs of obtaining those benefits is known as

customer value.

The application of not-for-profit marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole is referred to as

social marketing

Which of the following are the most likely responses from competing companies if your company is successful?

-Competitors will reduce prices on their products. -Competitors will increase their advertising.