Consumer Behavior – MKTG 305 Exam 1 Study Guide and Key
Concepts
Consumer Behavior - correct answer ✔✔ the study of individuals, groups, or organizations and
the processes they use to select, secure, use, and dispose of products, services, experiences, or
ideas to satisfy needs and the impacts that these processes have on the consumer and society
Successful marketing decisions require... - correct answer ✔✔ organizations to collect
information about the specific consumers involved in the marketing decision at hand
Marketing practices designed to influence consumer behavior... - correct answer ✔✔ to involve
ethical issues that affect the firm, the individual, and society
Social Marketing - correct answer ✔✔ the application of marketing strategies and tactics to
alter or create behaviors that have a positive effect on the targeted individuals or society as a
whole
Informed Consumers - correct answer ✔✔ People consume a lot of media and ads, which make
them more informed about marketing strategies and harder to convince than previous periods
in time
Market Strategy - correct answer ✔✔ Market Analysis -> Market Segmentation -> Marketing
Strategy -> Consumer Decision Process -> Outcomes for individuals, firms, and society
Customer Value - correct answer ✔✔ the difference between the benefits a customer sees from
a market offering and the costs of obtaining those benefits; critical a customer considers value
from the customer's perspective
Market Analysis Components - correct answer ✔✔ consumers, company, competitors,
conditions
, Market Analysis: Consumer - correct answer ✔✔ Discovering Consumer needs and desires
Market Analysis: Company - correct answer ✔✔ Company's ability to meet needs
Market Analysis: Competitors - correct answer ✔✔ Understanding their capabilities and
strategies
Market Analysis: Conditions - correct answer ✔✔ Physical environment, government
regulations, technological advancements
Market Segment - correct answer ✔✔ a portion of a larger market whose needs differ
somewhat from the larger market
4 Steps of Market Segmentation - correct answer ✔✔ 1. Identifying product-related need sets
2. Grouping customers with similar need sets
3. Describing each group
4. Selecting an attractive segment(s) to serve
Product Brand - correct answer ✔✔ Image of the product or brand in consumer's mind relative
to competing products and brands
Injurious Consumption - correct answer ✔✔ when individuals or groups make consumption
decisions that have negative consequences for their long-run well-being
self-concept - correct answer ✔✔ totality of thoughts and feelings that an individual has about
himself or herself
Concepts
Consumer Behavior - correct answer ✔✔ the study of individuals, groups, or organizations and
the processes they use to select, secure, use, and dispose of products, services, experiences, or
ideas to satisfy needs and the impacts that these processes have on the consumer and society
Successful marketing decisions require... - correct answer ✔✔ organizations to collect
information about the specific consumers involved in the marketing decision at hand
Marketing practices designed to influence consumer behavior... - correct answer ✔✔ to involve
ethical issues that affect the firm, the individual, and society
Social Marketing - correct answer ✔✔ the application of marketing strategies and tactics to
alter or create behaviors that have a positive effect on the targeted individuals or society as a
whole
Informed Consumers - correct answer ✔✔ People consume a lot of media and ads, which make
them more informed about marketing strategies and harder to convince than previous periods
in time
Market Strategy - correct answer ✔✔ Market Analysis -> Market Segmentation -> Marketing
Strategy -> Consumer Decision Process -> Outcomes for individuals, firms, and society
Customer Value - correct answer ✔✔ the difference between the benefits a customer sees from
a market offering and the costs of obtaining those benefits; critical a customer considers value
from the customer's perspective
Market Analysis Components - correct answer ✔✔ consumers, company, competitors,
conditions
, Market Analysis: Consumer - correct answer ✔✔ Discovering Consumer needs and desires
Market Analysis: Company - correct answer ✔✔ Company's ability to meet needs
Market Analysis: Competitors - correct answer ✔✔ Understanding their capabilities and
strategies
Market Analysis: Conditions - correct answer ✔✔ Physical environment, government
regulations, technological advancements
Market Segment - correct answer ✔✔ a portion of a larger market whose needs differ
somewhat from the larger market
4 Steps of Market Segmentation - correct answer ✔✔ 1. Identifying product-related need sets
2. Grouping customers with similar need sets
3. Describing each group
4. Selecting an attractive segment(s) to serve
Product Brand - correct answer ✔✔ Image of the product or brand in consumer's mind relative
to competing products and brands
Injurious Consumption - correct answer ✔✔ when individuals or groups make consumption
decisions that have negative consequences for their long-run well-being
self-concept - correct answer ✔✔ totality of thoughts and feelings that an individual has about
himself or herself
