Test Bank for W1 Consumer behaviour
introduction - buying, having and being
8th Canadian Edition by Solomon
Consumer behaviour definition - ANSIt is 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 (Solomon, 2020)
- As consumers we are always looking for value
Consumer behaviour is a process - ANSBuyer behaviour:
- The exchange, a transaction in which two or more organisations or people give and receive
something of value
- Although exchange theory remains an important part
- The expanded view: the entire consumption process, the issues that influence the consumer
before, during and after a purchase
Consumers look to satisfy their needs
- From a markets perspective, they will look to identify the factors that consumers consider when
selecting a product to satisfy their needs
Definitions of marketing - ANSThe basic function of marketing is to attract and retain customers
at a profit (Drucker, 1954)
The management process of identifying, anticipating and satisfying requirements profitably
(Chartered Institute of Marketing, 2009)
The importance of Value - ANSValue is the consumer's overall assessment of the utility of a
product/service based on perceptions of what is received and what is given (Zeithaml, 1988)
Customer Perceived Value = Perceived Benefits - Perceived Sacrifices
- Delivering customer value is the key to building a successful business
List - ANSPerceived benefits:
- Product benefits (functional features)
- Associated service benefits (during sale and after)
- Psychological benefits (Image benefits, self identify or social meaning) e.g. branded items
Perceived sacrifices:
- Monetary costs
- Time costs (searching)
- Energy costs (in use)
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