Consumer Behavior Terms and Concepts, Quizzes of Production and Operations Management

Download Consumer Behavior Terms and Concepts and more Quizzes Production and Operations Management in PDF only on Docsity! TERM 1 Drive to acquire DEFINITION 1 a person's need to buy new things TERM 2 sunk cost fallacy DEFINITION 2 a decision making bias once a person has bought something you have lost that money and can't get it back so you push yourself to use the product or service ex. buy ticket to sporting event but there is a snowstorm, person is more likely to brave the snowstorm and attend the event reluctance to waste TERM 3 gifting DEFINITION 3 human nature to give people want to give things to other people on average Americans give six birthday gifts a year drive to bond TERM 4 cramming DEFINITION 4 a negative applied to phone companies when a phone company adds extra charges to your bill TERM 5 slamming DEFINITION 5 a negative applied to phone companies when a phone company moves you to another company without telling you or receiving your permission to do so TERM 6 stealth marketing DEFINITION 6 "under the radar" a company tries to introuduce something new without making it obvious to competitors the goal is for the general public and consumer to be informed about the project without them knowing they are being advertised to TERM 7 natural capital DEFINITION 7 natural resources and ecological systems land, air, water, fertile soil, forests, fisheries, mineral resources, ecological life support systems these resources make economic activity and life possible TERM 8 voluntary simplicity DEFINITION 8 conscious effort to live more modestly, with fewer possessions and at lower consumption levels people are voluntarily choosing to simplify their life socially conscious and environmentally responsible decisions meet their basic needs and don't add on to that TERM 9 Four Drives Impacting Consumer Behavior DEFINITION 9 1. drive to acquire 2. drive to bond 3. drive to learn and make sense of the world and ourselves 4. drive to defend TERM 10 brands DEFINITION 10 important in consumer decision making helps determine quality for a consumer perceived by many as better than generic or store brands