SPMT 370 Waltemyer Unit 1 test
What are the approaches to studying consumer behavior? - ✔️✔️Description,
Explanatory, and Exploratory (Quantitative- survey/questionnaire Qualitative-
Ethnography, interviews, focus groups, secret shoppers)
consumer behavior as a field of study - ✔️✔️study of consumers as they go about the
consumption process; the science of studying how consumers seek value in an effort to
address real needs
Blue Ocean Strategy - ✔️✔️positioning a firm far away from competitors' positions so
that it creates an industry of its own and, at least for a time, isolates itself from
competitors
Segmentation Types - ✔️✔️Behavior, Demographic, Psychographic
Behavior segmentation type - ✔️✔️Need-based, discount, new, and potential
Demographic - ✔️✔️Age, race/ethnicity, social class/income, sex/gender
Psychographic - ✔️✔️Believer, Experiencer, Innovator, Impulsive, Socialite, Wanderer
Touchpoint - ✔️✔️direct contacts between the firm and a customer
What affects consumer behavior? - ✔️✔️External influences, internal influences,
decision making process, outcomes and issues
Course Behavior - ✔️✔️is a dynamic process, that can involve many people, involves
many decisions, and involves consumer emotions
What does STP stand for? - ✔️✔️Segmentation, Targeting, Positioning
why is consumer behavior dynamic? - ✔️✔️Economy, technology, and globalization
Consumer behavior theory - ✔️✔️illustrates factors that shape consumption-related
behaviors and determine the value associated with consumption
What is consumption? - ✔️✔️the process by which consumers use and transform
products into value
, Value= - ✔️✔️benefits - costs
Utilitarian Value - ✔️✔️a value derived from a product or service that helps the
consumer solve problems and accomplish tasks
Hedonic Value - ✔️✔️value derived from the gratification that comes from some task
Total value concept (TVC) - ✔️✔️practiced when companies operate with the
understanding that products provide value in multiple ways
TVC - ✔️✔️Every produts value proposition is made up of the augmented elemets,
plus the ancillary elements
4 P's - ✔️✔️Product, Price, Place, Promotion
Product Differentiation - ✔️✔️creating and designing products so that customers
perceive them as different from competing products
product positioning - ✔️✔️the way a product is designed to create a perception in the
mind of the consumer
Perceptual map - ✔️✔️the tool used to graphically depict the positioning of competing
products
Consumer personality - ✔️✔️individual characteristics (motivation, values, personality,
lifestyle, self-image, and emotions)
consumer psychology - ✔️✔️processes of the mind (attitudes, learning, perceptions,
memory)
Motivation - ✔️✔️inner reasons that provide energy needed to achieve a goal
Regulatory focus theory - ✔️✔️consumer behavior is centered around two primary
orientations (Homeostasis and Self Improvement)
Homeostasis - ✔️✔️prevention focused (Utilitarian)
Self-improvement - ✔️✔️Promotion focused (Hedonic)
Are sport products a want or need? - ✔️✔️they are a want
Need/want satisfaction is - ✔️✔️subjective and dynamic
Types of consumer involvement - ✔️✔️Affective, Behavioral, Cognitive, Enduring
