Consumer Behavior-Chapter 1 Flashcards Questions and Answers 2023

Consumer Behavior - -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. -Marketing Strategy, Regulatory Policy, Social Marketing, and Informed Individuals - -What are the 4 Applications of Consumer Behavior? -Marketing Strategy - -marketing decisions based on explicit consumer behavior theory, assumptions, and research are more likely to be successful than those based on hunches or intuition, and they create a competitive advantage. -Regulatory Policy - -bodies exist to develop, interpret, and/or implement policies designed to protect and aid consumers. -Social Marketing - -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 Individuals - -individuals in these societies spend more time engaged in consumption than in any other activity, including work or sleep (both of which also involve consumption).