Download Consumer Behavior: Terms, Definitions, and Applications and more Quizzes Marketing in PDF only on Docsity! TERM 1 Consumer Behavior DEFINITION 1 Defined as the study of the buying units (ind or group) and the exchange process involved in acquiring, consuming and disposing of goods, services, experiences, and ideas. TERM 2 Exchange Process DEFINITION 2 Resources are transferred between two parties. I.e.: between doctor and patient. It is either tangible, intangible, actual or symbolic. Intangible could be buying a luxury car not only for the exchange of money, but for the intangible value of symbolic meaning. TERM 3 Acquisition Phase DEFINITION 3 When researchers analyze this, they study the factors that influence the product and service choices of consumers. "Product Symbolism". TERM 4 Consumer Phase DEFINITION 4 How consumers actually use the product or service and the experiences that they obtain from use. TERM 5 Disposition Phase DEFINITION 5 What they do with the product once they are done using it. TERM 6 4 Applications of CB DEFINITION 6 1. Marketing Strategy2. Regulatory Policy- (government)- FDA warnings about tobacco, FTC-misleading ads.3. Social Marketing- how does society use marketing tech. to increase societal welfare (anti-smoking, drunk driving).4. Informed Individuals- Consumer TERM 7 Elements of Exchange DEFINITION 7 1. Goods2. Service3. Money4. Information5. Status6. Feelings TERM 8 3 Research Perspectives DEFINITION 8 1. Decision-making perspective- buying results from consumers perceiving that they have a problem and then move through series of steps to solve problem. (Prob recog, search, altern eval, choice, postasq eval)2. Experiential Perspective- buying results from consumers need for fun, fantasies, emotions or feelings. (Impulse buys).3. The Behavioral Influence Perspective- assumes strong env forces (social, cultural, econ) propel consumers to make purchases without developing strong feelings or beliefs about product. (i.e. teens bc of social pressures. TERM 9 4 types of consumer exchange Relationships DEFINITION 9 1. Restricted vs Complex- 2 parties, or 3+. 3+ is more B2B setting. (movie industry ex).2. Internal vs External- internal within business.3. Formal vs. informal- contract is formal.4. Relational vs. Discrete- Discrete is 1 time only, relational-long term.Relational- long term, market embeddedness (social ties between buyer and seller increase perceived value of exchange). (Mary Kay parties). TERM 10 Ethical Issues DEFINITION 10 Morally right or wrong. I.E.: Plastic surgeons are obligated to think first of clients interests rather than their own. Or marketers produce unsafe products, provide misleading info, or bribery.
