Business > EXAM > Consumer Behavior Ch. 1-4 Flashcards Questions and Answers 2023 (All)

Consumer Behavior Ch. 1-4 Flashcards Questions and Answers 2023

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Needs - -Necessary to live -Wants - -way a consumer goes about addressing a recognized need -Exchange - -acting out of the decision to give something up in return of greater value -Benefits -... -positive results of consumption -Consumption - -process by which goods, services, or ideas are used and transformed into value -Consumer orientation - -way of doing business in which the actions of the institution proritize consumer value and satisfaction above all other concerns -Market Orientation - -organizational culture that embodeis the importance of creating value for customers among all employees -Product Orientation - -apporach where innovation is geared primarily toward making the production process as efficient and economic as possible -Undifferentiated Marketing - -plan wherein the same basic product is offered to all customers -Differentiated Marketing - -firms that serve multiple market segments each with a unique product offering -Customer Value Framework - -consumer behavior theory that illustates factors that shape consumption related behaviors and ultimately determine the value associated with consumption -Customer Relationship Management - -systematic management information system that collects, maintains, and reports detailed information about customers to enable a more customer oriented managerial apporach -Cognition - -thinking or mental processes that fo on as we process and store things that can become knowledge -Affect - -feelings associated with objects or experienced during events -Value - -a personal assessment of the net worth obtained from an activity [Show More]

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