Consumer Behavior Ch. 1-4 Flashcards Questions and Answers 2023

Needs - -Necessary to live -Wants - -way a consumer goes about addressing a recognized need -Exchange - -acting out of the decision to give something up in return of greater value -Benefits - -positive results of consumption -Consumption - -process by which goods, services, or ideas are used and transformed into value -Consumer orientation - -way of doing business in which the actions of the institution proritize consumer value and satisfaction above all other concerns -Market Orientation - -organizational culture that embodeis the importance of creating value for customers among all employees -Product Orientation - -apporach where innovation is geared primarily toward making the production process as efficient and economic as pos