RCSC 340 Study Guide - Midterm Guide: Consumer Behaviour, Niche Market, Marketing Strategy
17 Apr 2016
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Document Summary
Consumption: (all are value seeking activities: thinking, feeling, behaving. Consumption process process by which consumers use goods, services, or ideas and transform the experience into value. Consumption process: want desire to address a need, exchange give up something in return for something perceived to be of greater value, cost- negative result of consumption, benefit positive result of consumption. Social psychology- focus on thoughts, feelings, and behaviors of people as they interact with other people. Cognitive psychology details w the intricacies of mental reactions involving info processing. Marketing- look to multitude of value-producing seller activities that facilitates and exchange between a buyer and a seller. Consumer behavior changes due to: changed technology, changed demographics, changed economy. Consumer orientation a way of transacting business in which actions of the business prioritize customer value and satisfaction above all others, including profit. Marketing activites are geared toward increasing repeat business.
