CH1: regulation aimed at protecting European consumers privacy including a “right to be forgotten” requiring erasure of personal data

General Data Protection Regulation (GDPR)

CH1: doing business in which the actions and the decision making of an institution prioritize consumer value and satisfaction above all other concerns

Consumer (Customer) Orientation

20% of consumers account for 80% of sales

CH 2: systematic information management system that collects, maintains, and reports detailed information about customers to enable a more customer-oriented managerial approach

Customer Relationship Management (CRM)

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MRKT 310 Test 1

Question	Answer
CH1: : A set of value-seeking activities that take place as people go about addressing their real needs	Consumer behavior
CH1: Specific desire representing a way a consumer may go about addressing a recognized need	Want
CH1: The acting out of the decision to give something up in return for something perceived to be of greater value	Exchange
CH1: The negative results of consumption experiences	Costs
CH1: The positive results of consumption experiences	Benefits
CH1: The process by which consumers use and transform goods, services, or ideas into value	Consumption
CH1: : Is the study of production and consumption o. Seeing how something performs, state of the economy, etc are all important things to deal with and consider with consumer behavior	Economics
CH1: The study of human reactions to their environment o. Explain the thoughts feeling and behaviors that represent human reaction	Psychology
CH1: Psychological factors that influence consumer behavior o. Ex: purchase behavior, social influence	Social Psychology
CH1: – study of the intricacies of mental reactions involved in info processing	Cognitive Psychology
CH1: study of central nervous system including brain mechanisms associated with emotions. Can show how various parts of the brain react to different stimuli to create better products, advertisements, etc to better consumer approach	Neuroscience
CH1: – multitude of value-producing seller activities that facilitate exchanges between buyers and sellers, including producting, pricing, promotion, distribution, and retailing	Marketing
CH1: - study of groups of people in society: consumption that takes place within a group/how group consumption affects group behavior is how it relates to CB	Sociology
CH1: the field of study involving interpretation of relationships between consumers and the things they purchase, the products they own, and the activities in which they participate. The symbolic meaning behind our possessions	Anthropology
CH1: regulation aimed at protecting European consumers privacy including a “right to be forgotten” requiring erasure of personal data	General Data Protection Regulation (GDPR)
CH1: doing business in which the actions and the decision making of an institution prioritize consumer value and satisfaction above all other concerns	Consumer (Customer) Orientation
CH1: an organizational culture that embodies the importance of creating value for customers among all employees. They listen to consumers and watch competitors to stay competitive and healthy in the market	Market Orientation
firms recognize it is more than the buyer and seller involved, but primary and secondary stakeholders that affect and are affected by the value creation process	Stakeholder Marketing
Marketers interact with customers on a regular basis and give them solid reasons to maintain a bond with a company over time	Relationship Marketing
- direct contacts between the firm and a consumer. Ex: – email, phone calls, face to face, online, social media, etc	Touchpoints
explains why companies succeed or fail: the firm goes about obtaining resources from consumers in return for the value the resources create. In short, making sure that companies emphasize their value so that consumers keep giving them money/time/etc	Resource Advantage Theory
a part or tangible feature, pf a product that potentially delivers a benefit of consumption	Attribute
a potentially valuable bundle of benefits	Product
same basic product is offered to all customers o Ex - Coca-Cola: use mass marketing and does not really have a specific target audience	Undifferentiated Marketing
innovation is geared towards making the production process as efficient and economical as possible. Aka serving customers with minimum costs Ex - Costco does this by having their stores act as both stores and warehouses	Product Orientation
- firms that serve multiple marketing segments, each with a unique product offering Ex – Anheuser-Bush has lines like Ultra and Budweiser that appeal to different consumers	Differentiated Marketers
type of marketing where a different product is offered to each individual customer, so each customer is treated as a segment of one Ex – Selling someone a computer based on what they need it for (school, data entry, graphic design, etc.)	One-to-One Marketing
a firm that specializes in serving one market segment with a particularly unique demand of interests. A company that only makes putters for golfers	Niche Marketing
means for gathering data in a relatively unstructured and nonquantified way, including case analysis, clinical interviews, and focus group interviews	Qualitative Research Tools
data that requires researchers' subjective opinion to interpret meaning	Research Dependent
: Qualitative Research, Phenomenology, Ethnography, Netnography	Interpretive Consumer Research
Relies on interpretation of the lived experiences	Phenomenology
Relies on Interpretation of Artifacts to draw conclusions about consumption	Ethnography
A branch of ethnography that studies the behavior of online cultures and communities	Netnography
Gathers numerical and quantifiable data	Quantitative Consumer Research
term used to represent massive amounts available to companies, which can be used to predict customer behaviors	Big Data
application of statistical tools to discover patterns in data to predict consumer behavior	Predictive Analytics
the automatic recording of data from everyday products that signal consumers patterns of behavior	Internet of Things
the application of AI to automate tasks otherwise performed by humans	Machine Learning
– the global consumer trend toward rental (temporary usage for hire) rather than ownership or rather than doing the task yourself o Ex – Companies like Airbnb and Uber offering this service in leu of doing it themselves	Sharing Economy
– rental transaction activity that is consumer to consumer rather than business to consumers o Ex – Airbnb, Uber, etc	Collaborative Consumption
80/20 Rule	20% of consumers account for 80% of sales
READ THE REST OF CHAPTER 1 CONCEPTS
CH 2: consumer behavior theory that illustrates factors that shape consumption-related behaviors and ultimately determine the value associated with consumption	Consumer Value Framework
CH 2: systematic information management system that collects, maintains, and reports detailed information about customers to enable a more customer-oriented managerial approach	Customer Relationship Management (CRM)
CH 2: degree of connectedness between a consumer and a retailer	Relationship quality
CH 2: organizations efforts and resources applied toward value creation	Service
CH 2: things that go on inside the mind and heart of the consumer or that are truly a part of the consumer psychologically	Internal Influences
CH 2: thinking or mental processes that go on as we process and store things that can become knowledge	Cognition
CH 2: feelings associated with objects or activities	Affect
CH 2: characteristic traits of individuals, including demographics, personality, and lifestyle	Individual differences
CH 2: social and cultural aspects of life as a consumer	External influences
CH 2: - the point when a shopper moves from passive to active and seeks out exchange alternatives	Zero moment of truth
CH 2: - elements that specifically deal with the way other people influence consumer decision making and value	Social environment
CH 2: a personal assessment of the net worth one obtains from making a purchase, or the enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct	Value
CH 2: gratification derived because something helps a consumer solve a problem or accomplish some task	Utilitarian value
CH 2: value derived from the immediate gratification that comes from some activity	Hedonic value
a planned action toward a goal	Strategy
way a company goes about creating value for customers	Marketing strategy
the ways marketing strategy is implemented; involves price, promotion, product, and distribution decisions	Marketing tactics
way a firm is defined and its general goals	Corporate strategy
a common condition in which a company views itself in a product business rather than a value- or benefits-producing business. In this way, it is short sighted.	Marketing Myopia
actual physical product purchased plus any services such as installation and warranties necessary to use the product and obtain its benefits	Augmented product
- business practice wherein companies operate with the understanding that products provide value in multiple ways	Total value concept
the realization that a consumer is necessary and must play a part in order to produce value	Value co-creation
captures the notion that today's consumers extract value more from immediacy and virtual connections than from ownership or networks of family and friends	Liquid consumption
a combination of product, price, distribution, and promotion developed to satisfy a particular target market	Marketing Mix
identified segment or segments of a market that a company serves	Target Market
separation of a market into groups based on the different demand curves associated with each group	Market Segmentation
- degree of sensitivity the consumer has to changes in some product characteristic	Elasticity
positive relationship between price and quantity	Backward (upward) sloping demand
- marketplace condition in which consumers do not view all competing products as identical to one another	Product differentiation
way a product is perceived by a consumer	Product positioning
the tool used to graphically depict the positioning of competing products	Perceptual map
- 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	Blue Ocean Strategy
combination of product characteristics that provide the most value to an individual consumer or market segment	Ideal point
a perceptual mapping technique involving more than two dimensions used to identify uncontested market space	Strategy canvas
approximate worth of a customer to a company in economic terms; overall profitability of an individual consumer	Consumer lifetime value
Value Equation	Value = what you get - what you give
GO THROUGH THE REST OF CH2 CONCEPTS
CH 3: a consumer's awareness of and interpretation of reality	Perception
CH 3: the process of bringing some stimulus within proximity of a consumer so that the consumer can sense it with one of the five human senses	Exposure
CH 3: : a consumer’s immediate autonomic response to a stimulus	Sensation
CH 3: a type of marketing actively seeking to engage customers’ sense as a primary aspect of the value proposition	Sensory Marketing
CH 3: : the purposeful allocation of information-processing capacity toward developing an understanding of some stimulus	Attention
CH 3: an immediate response to stimuli that have come into contact with one of consumer’s five senses - Sight, Smell, Touch, Taste, Sound	Sensing
CH 3: a theory that suggests that bodily sensations influence thoughts and meaning independent of effortful thinking	Grounded Cognition
CH 3: a process by which the human brain assembles sensory evidence into something recognizable	Cognitive Organization
CH 3: when a stimulus has characteristics that consumers readily recognize it as belonging to some specific category	Assimilation
CH 3: when stimulus shares some but not all the characteristics of it fitting into an existing category	Accommodation
CH 3: when stimulus do not share enough in common with existing categories to allow categorization	Contrast
CH 3: reactions can be both physical and mental to different stimuli	Reacting
CH 3: giving humanlike characteristics to inanimate objects Example: Geico gecko	Anthropomorphism
CH 3: consumers selection of what they attend to, and what they expose themselves to	Selective perception
CH 3: exposing oneself to only a small portion of stimuli	Selective exposure
Involves paying attention to only certain stimuli	Selective attention
consumers interpret information in ways that are biased according to previous beliefs	Selective distortion
the way the human brain deals with low-strength stimuli that has no conscious awareness	Subliminal Processing
minimum strength of a stimulus that can be perceived	Absolute threshold
a behavior change induced by subliminal processing	Subliminal persuasion
how much stronger a stimulus has to be relative to another so someone can notice the two aren’t the same Example: Stereo volume	Just Noticeable Difference (JND)
law that states when the intensity of the initial stimulus increases, a consumer's ability to detect differences between two levels of the stimulus decreases	Weber's Law
the transfer of meaning between objects that are similar only by accidental association EX: Mayo Clinic and Mayo the spread	Mere Association Effect
the attention that is automatic, meaning beyond the conscious control of the consumer	Involuntary Attention
a natural response to a threat from the environment	Orientation Reflect
The personal relevance toward, or interest in, a particular product	Involvement
: Intentional (paid) insertions of branded products within media content not otherwise seen as advertising	Product (Brand) Placement
The learning process that focuses on deliberative cognitive processes associated with comprehension and how these precipitate behavioral changes.	Information Processing (Cognitive Perspective)
The change in behavior that occurs simply through associating some stimulus with another stimulus that naturally causes some reaction - A type of unintentional learning	Classical Conditioning
An object or event that does not cause the desired response naturally but that can be conditioned to do so by pairing with an unconditioned stimulus	Conditioned stimulus
The response that occurs naturally as a result of exposure to an unconditioned stimulus	Unconditioned response
- The response that results from exposure to a conditioned stimulus that was originally associated with the unconditioned stimulus	Conditioned response
The type of learning in which behavioral response can be conditioned through reinforcement - either punishment or reward associated with undesirable or desirable behavior (ex: Jim from office)	Instrumental Conditioning
The reinforcers that take the form of a reward.	Positive reinforcers
The stimuli that occur solely in the presence of a reinforcer	Discriminative stimuli
Ivan Pavlov came up with a method that states that behaviors are learned by connecting a neutral stimulus with a positive one.	Pavlov's Clasical Conditioning
The type of learning in which a behavioral response can be conditioned through reinforcement. Both positive reinforcements and negative stimuli/reinforcements	Instrumental Conditioning
The process through which a desired behavior is altered over time, in small increments. Ex. A major credit card company might shape its consumers' behaviors by offering customers “cash-back” incentives if they spend a certain amount each month	Shaping
The stimuli that decrease the likelihood that a behavior will persist. Ex. Sending a student to detention for drawing on school property.	Punishers
: The process through which behavior ceases due to a lack of reinforcement. Ex. if a passenger learns that yelling at check-in personnel no longer gets her upgraded to first class, she will probably stop that behavior.	Extinction
Occurs when behavior is modified through intuitive processes without any effortful allocation of cognitive processing capacity toward that stimulus. Consumers simply sense and react (or respond) to the environment. Learn without trying to learn.	Unintentional learning
set out to deliberately learn information devoted to a certain subject. Try to learn.	Intentional learning
The theory of learning that focuses on changes in behavior due to association without great concern for the cognitive mechanics of the learning process	Behaviorist approach to learning
- The learning perspective that focuses on deliberative cognitive processes associated with comprehension and how these precipitate behavioral changes	Information processing (or cognitive) perspective
A intuitive psychological process that motivates consumers to complete sets, whether the sets are real or imagined	Pseudo-set framing
The ways consumers can be influenced through subtle stimuli that do not involve deep and intentional cognitive processing	Nudge Marketing
The stimulus with which a behavioral response is already associate	Unconditioned stimulus
GO THROUGH CONCEPTS OF CH3!
CH4: an acronym for price matching guarantee	PMG
CH4: the tangible elements or the parts of a message that can be sensed	Physical characteristics
CH4: the thoughts that further support a message	Support arguments
CH4: the thoughts that contradict a message	Counterarguments
CH4: : the extent to which a source is considered to be both an expert in a given area and trustworthy	Credibility
CH4: the theory that suggest that a decision, or argument, can be framed in different ways and that the framing affects risk assessments consumers make	Prospect theory
CH4: the cognitive process in which context or environment activates concepts and frames thoughts and therefore affects both value and meaning	Priming
CH4: in a consumer context, an ad claim that is not literally true but figuratively communicates a message	Metaphor
CH4: interpretation/understanding a consumer develops about some attended stimulus based on the way a meaning is assigned	Comprehension
CH4: theoretical work that explains ways in which communications convey meaning beyond the explicit/obvious interpretation	Signal Theory
CH4: A preferred ratio of objects that is equal to 1.62 to 1.00	Golden Section
CH4: the extent to which a message is internally consistent and fits surrounding info	Message Congruity
CH4: An object intended to capture attention : the focal part of any message	Figure
CH4: : background of the message	Ground
CH4: : notion that each message can be separated into focal point (figure) and the background (ground)	Figure-Ground Distinction
use of expressions intended to send a nonliteral meaning	Figurative Language
A source influences comprehension to varying degrees based on characteristics	Message Source
convey a sense of likeability through use of influencers	Likeability
similar to likeability	Attractiveness
amount of knowledge a source is perceived to have about a subject	Expertise
measurement of honesty/unbiased the source is perceived to be	Trustworthiness
extent to which a message meshes well together	Congruence
Well-educated consumers are more likely to comprehend a message	Intelligence/Ability
provides a way for stimuli to be comprehended	Prior Knowledge
involved consumers show a better recall of product info than consumers with lower levels of involvement	Involvement
process by which continuous exposure to a stimulus affects the comprehension of, and response to, the stimulus	Habituation
: level of a stimulus to which a consumer has become accustomed	Adaptation level
beliefs about what will happen in some future situation	Expectations
limits of a consumer's ability to hear, see, smell, taste, and think	Physical limits
some people are left brain dominant (verbal processors - words), others are right brain dominant (visual processors - images)	Brain Dominance
: the amount of info available for a consumer to process within a given environment	Information Intensity
meaning of something is influenced (perceived differently) by the info environment - The same event can produce mult. meanings depending on how the info is presented	Framing
type of media by which consumers encounter a message	Message Media
level to which we are thinking about something using a concern or an abstract mindset	Construal Level Theory
: amount of time a consumer has to process a message and the point in time at which the consumer receives the message	Timing
The psychological process by which knowledge is recorded.	Memory
the theory that explains memory as utilizing three different storage areas within the human brain.	Multiple stores theory of memory
an area in memory where a consumer stores things exposed to one of the 5 senses	Sensory memory
Sensory--- storage of visual information in sensory memory and the idea that things are stored with a one-to-one representation with reality.	Iconic storage
Sensory--- storage of auditory information in sensory memory	Echoic storage
Sensory---interpretations created by the way some object feels.	Haptic perception
the storage area in the memory system where information is stored while it is being processed and encoded for later recall	Workbench (working) memory
Workbench (working) memory---process by which information is transferred from workbench memory to long-term memory for permanent storage.	Encoding
Workbench (working) memory---process by which information is transferred back into workbench memory for additional processing when needed.	Retrieval
repository for all information that a persona has encountered	Long-term memory
Long-term memory---type of coding wherein stimuli are converted to meaning that can be expressed verbally.	Semantic coding
Long-term memory---mental path by which some thought becomes active.	Memory trace
Long-term memory--- way cognitive activation spreads from one concept (or node) to another.	Spreading activation
: when a thought is kept alive in short-term memory by mentally repeating the thought.	Repetition
coding that occurs when two different sensory traces are available to remember something.	Dual coding
when information from long-term memory is placed on the workbench and attached to the information on the workbench so the consumer can recall that information later	Meaningful encoding
grouping stimuli by meaning so that multiple stimuli can become one memory unit.	Chunking
single memory unit.	Chunk
Other things are vying for processing capacity when consumer rehearses information.	Cognitive inference
The reconstruction of memory traces into a formed representation of what they are trying to remember or process.	Response generation
a small piece of coded information that helps with the retrieval of knowledge	Tag
The unintentional but recurrent memory of long-ago events that are spontaneously triggered. ○ Are not evoked by the environment.	Rumination
a yearning to relive the past that can produce lingering emotions.	Nostalgia
The extent to which a consumer continues processing a message even after an initial understanding is achieved.	Elaboration
the process by which people imagine themselves somehow associating with a stimulus that is being processed	Personal elaboration
The network of mental pathways linking knowledge within memory. ○ Sometimes referred to as semantic network.	Associative network
The cognitive components that represent facts.	Declarative knowledge
concepts found in an associative network.	Nodes
representations of the association between nodes in an associative network.	Paths
A portion of an associative network that represents a specific entity and thereby provides it with meaning	Schema
within a schema. ■ The single best representative of some category. ■ A schema for something that really exists	Exemplars
schema that is the best representative of some category that is not represented by an existing entity	Prototype
schema representing an event	Script
memory for past events in one’s life.	Episodic memory
cognitive representation that gives a specific type of person meaning.	Social schema
another word for social schema.	Social stereotype
idea that one’s individual identity is defined in part by the social groups to which one belongs.	Social identity
GO THROUGH CONCEPTS FOR CH4!
CH5: A variable that changes the nature of the relationship between two other variables. Exp. You are going to buy something, but prior knowledge has a different influence.	Moderating Variable
CH5: The extent of a consumer's interest and effort put in for purchasing a product or brand	Product Involvement
CH5: The personal relevance of shopping activities	Shopping Involvement
CH5: – A temporary interest in some imminent purchase situation.	Situational Involvement
CH5: An ongoing interest in some product or opportunity	Enduring Involvement
CH5: A type of deep personal interest that evokes strongly felt feelings.	Emotional Involvement
CH5: The school of thought proposes that specific types of appraisal thoughts can be linked to specific types of emotions.	Cognitive Appraisal Theory
CH5: focuses on the future and can elicit anticipatory emotions like hopefulness or anxiety	Anticipation appraisal
CH5: reviews responsibility for events and can evoke consequential emotions like gratefulness, frustration, guilt, or sadness	Agency appraisal
CH5: considers how fair some event is and can evoke emotions like warmth or anger	Equity appraisal
CH5: considers how something turned out relative to one’s goals and can evoke emotions like joyfulness, satisfaction, sadness, or pride	Outcomes appraisal
CH5: The evaluations in which the value of a target is influenced in a consistent way by one’s mood	Mood-Congruent Judgments
CH5: – The way a consumer thinks about the self as either an independent person or an interdependent self within a network of others	Consumer Self-Construal
CH5: The feeling a consumer has about a particular product or activity. This is often expressed as tone or liking	Consumer Affect
CH5: – Recording responses based on either automatic visceral reactions or neurological brain activity	Autonomic Measures
CH5: technology that allows for the measurement and analysis of eye movements and gaze points of an individual as they look at a visual stimulus, such as a computer screen, a webpage, a video, or physical objects.	Eye tracking technology
CH5: – Represents the degree to which one feels happy or pleased.	Pleasure
CH5: Represents the degree to which one feels energized, excited or interested.	Arousal
CH5: Represents the degree that one feels in control of the environment	Dominance
CH5: key touch points to marketers	Omnichannel: Face to face, phone, online, mobile apps
CH5: - the extent to which a consumer shows outward behavioral signs and obvious reactions to emotional experiences	Emotional expressiveness
the awareness of the emotions experienced in a given situation and the ability to control reactions to these emotions.	Emotional intelligence
An extremely high emotional involvement in which a consumer is engrossed in an activity	Flow
emotion-evoking images in advertising and packaging can contribute to better recall	Emotional effect on memory
memories of pervious life, meaningful events in one’s life	Autobiographical memories
: The extent that a consumer's mood can be controlled, Consumers will remember information better when the mood they are currently in matches the mood they were originally exposed to the information	Mood-Congruent Recall
The emotions that become stored as a part of the meaning for a category (a schema), Helps provide meaning	Schema-based Affect
Employees who most carefully manage their own personal appearance as a requisite to performing their job well, and fitting what managers see as the stereotype for their particular company’s service (Example: flight attendants)	Aesthetic Labor
The effort put forth by service workers who must overtly manage their own emotional displays as a part of the requirements of the job. o Example: flight attendants must calm passengers o Example: nurses must calm patients	Emotional Labor
The extent to which an emotional display by one person influences the emotional state of a bystander.	Emotional Cognition
Consumers feel uneasy about buying things that others have previously touched. o Consumers will often reach to the back of the shelf to grab the product in the back	Product Contamination
Procedures that search online sources and social media to try to match sentences or phrases to consumer feelings. * Including AI	Sentiment Analysis
The inner reasons or driving forces behind human actions that drive consumers to address real needs	Motivations
The way the body naturally reacts in a way so as to maintain a constant, normal bloodstream	Homeostasis
The motivations aimed at changing the current state to a level that is more ideal, not at simply maintain the current state	Self-Improvement
A theory that puts forward the notion that consumers orient their behavior either through a prevention or promotion focus.	Regulatory Focus
pursuing a degree during retirement	Self-actualization
Posting achievements in online gaming	Esteem
Fitting in with college group	Belongness and love
Gated apartment complex	Safety and Security
Dining on ramen noodles in the dorm	Physiological needs
the drive to acquire products that can be used to accomplish something.	Utilitarian motivation
The drive to experience something personally (emotionally) gratifying.	Hedonic motivation
The degree of personal relevance a consumer finds in pursuing value from a particular category of consumption	Consumer involvement
Brand-related activities performed by the consumer, including purchasing, that help create value for the brand	Consumer engagement

Created by: EdensDumervil

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