Chapter 1, Consumer Behavior

autonomous vehicle

Any vehicle equipped with autonomous technology. like a self driving car

robot companions

Computer engineers are also introducing us to robot companions that serve us drinks and help disabled people to carry out routine tasks

demographics

For some purposes, marketers find it useful to categorize her in terms of her age, gender, income, or occupation. These are descriptive characteristics of a population, or demographics

pastiche

In this view, the world in which we live is a pastiche, or mixture of images and ideas.

user-generated content

Internet messages that originate with an individual to communicate directly with a mass audience ex. mentos in coke! great for mentos, bad for coke

digital native

Someone who grew up with computers, video games, and the Internet from the time she or he was born and is comfortable using these technologies These consumers grew up "wired" in a highly networked, always-on world where digital technology had always existed

consumer trends

The habits or behaviours of consumers that determine the goods and services they buy

interpretivism

The newer paradigm of interpretivism (or postmodernism) questions these assumptions. Proponents of this perspective argue that our society emphasizes sci-ence and technology too much, and they feel that this ordered, rational view of behav-ior denies or ignores the complex social and cultural world in which we really live.

positivism

This perspective has signifi-cantly influenced Western art and science since the late 16th century. It emphasizes that human reason is supreme and that there is a single, objective truth that science can discover. Positivism encourages us to stress the function of objects, to celebrate technology, and to regard the world as a rational, ordered place with a clearly defined past, present, and future.

lifelog

Today some of us wear tiny cameras that allow us to create a lifelog of every event we experience throughout the day

paradigm

We call a set of beliefs that guide our understanding of the world a paradigm.

consumption communities

Web groups where members share views and product recommendations online

big data

a broad term for datasets so large or complex that traditional data processing applications are inadequate.

80/20 Rule

a concept that suggests 80 percent of a firm's sales are obtained from 20 percent of its customers

megacity

a metropolitan area with a total population of more than 10 million people

consumer

a person who identifies a need or desire, makes a purchase, and then disposes of the product during the three stages of the consumption process.

relationship marketing

a strategy that focuses on keeping and improving relationships with current customers interact with customers on a regular basis and give them solid reasons to maintain a bond with the company over time.

artificial intelligence

a subdiscipline of computer science that attempts to simulate human thinking Siri

exchange

a transaction in which two or more organizations or people give and receive something of value, is an integral part of marketing.

Consumers are all different! How do we divide consumers up?

age gender family structure social class and income race and ethnicity geography lifestyles segmenting by behavior: relationship marketing and big data!

want

an item that we desire but that is not essential to survival a specific manifestation of a need that personal and cultural factors determine

M2M

machine to machine communication we are witnessing a revolution in M2M!

heavy users

most faithful customers

need

something a person must have to live or achieve a goal

market segmentation strategies

targeting a brand only to specific groups of consumers who share well-defined and relevant characteristics

machine learning

the extraction of knowledge from data based on algorithms created from training data Alexa!

internet of things

the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.

popular culture

the music, movies, sports, books, celebrities, and other forms of entertainment that the mass market produces and consumes—is both a product of and an inspiration for marketers.

role theory

the perspective that much of consumer behavior resembles actions in a play The sociological perspective of role theory takes the view that much of consumer behavior resembles actions in a play

Web 2.0

the rebirth of the internet from its original roots as a form of one-way transmission from producers to consumers to a social, interactive medium. user-generated content is possible!!!

Consumer Culture Theory

the study of consumption from a cultural perspective rather than a psychological or economic focus This label refers generally to research that regards consumption from a social and cultural point of view rather than more narrowly as an economic exchange

Consumer Behavior

the study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires

database marketing

tracking and analyzing the purchasing patterns of specific customers in a computer database and then targeting advertising to their needs tracks specific consumers' buying habits closely and tailors products and messages precisely to people's wants and needs based on this information.