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Customer Behavior 01

Ch.1: Managerial Importance of Customer Behavior

QuestionAnswer
Customer Behavior The mental and physical activities undertaken by household and business customers that result in decisions and actions to pay for, purchase, and use products and services. p.5
Mental Activities Processing information about a product or service alternative, making inferences about it, and appraising it for purchase and use. p.5
Physical Activities Bodily actions undertaken by a customer toward buying a product or service. p.5
Customer A person or an organizational unit that plays a role in the consummation of a transation with the marketer or an entity; used to refer to household and business customers. p.5
Household Customers A consumption unit of one or more persons identified by a common location with an address. p.5
Business Customers A licensed entity engaged in the business of making, buying or selling products and services for profit or nonprofit objectives. p.5
Consumer In a financial services context, an individual or person who purchases financial products and services for his benefit or the benefit of his family. p.5
Customers: Customer Types, Behaviors, & Roles [IMGPATH:]/sdcard/StudyDroid/Customer Behavior Ch1-8-false.jpg
User A person who actually consumes or uses the product or receives the benefits of the service. p.6
Buyer A person who participates in the procurement of the product. p.6
Payer A person who pays or finances the purchase. p.6
Customer Behavior Domain [IMGPATH:]/sdcard/StudyDroid/Customer Behavior Ch1-14-false.jpg
Reasons for Understanding Customer Behavior: Business Success [IMGPATH:]/sdcard/StudyDroid/Customer Behavior Ch1-21-false.jpg
Customer Culture A culture that incorporates customer satisfaction as an integral part of the corporate mission, and utilizes an understanding of customer behavior as input to all of its marketing plans and decisions. p.13
Selling Concept A firm''s principal focus is on finding a buyer for the products it makes, and somehow "selling" that customer into parting with his or her cash in exchange for the product the firm has to offer. p.13
Marketing Concept Reflects a more contemporary view of the field; the firm''s obsession is to make what the customer wants. p.13
Customer Orientation Also referred to as Market Orientation; A thorough understanding of customers'' needs and wants, the competitive environment, and the nature of the market, used to formulate all of the firm''s plans and actions to create satisfied customers. p.15
Market Orientation Also referred to as Customer Orientation; A thorough understanding of customers'' needs and wants, the competitive environment, and the nature of the market, used to formulate all of the firm''s plans and actions to create satisfied customers. p.15
Competitive Advantages Arising From A Customer Orientation: 3 Competitive Advantages that Increase Profitability & 3 Competitive Advantages that Generate Revenue Growth [IMGPATH:]/sdcard/StudyDroid/Customer Behavior Ch1-27-false.jpg
Economies of Scale From Repeat Buying [IMGPATH:]/sdcard/StudyDroid/Customer Behavior Ch1-29-false.jpg
Sources of Value Other Than Low Price [IMGPATH:]/sdcard/StudyDroid/Customer Behavior Ch1-30-false.jpg
Lifetime Revenues The cumulative business the customer would give the firm over his or her lifetime. p.23
Created by: Tiffany619
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