Chapter 1 buyer behavior Questions and Answers Distinction level 2023

Consumer behavior - -set of value-seeking activities that take place as people go about addressing their real needs -Consumption - -Process by which consumers use goods, services, or ideas and transform the experience into value -Consumer orientation - -way of doing business in which the actions and decision making prioritize consumer value and satisfaction -Market Orientation - -organizational culture that embodies the importance of creating value for customers among all employees -Stakeholder marketing - -Firms recognize that more than just the buyer and seller are involved in the marketing process -Relationship marketing - -Activities based on the belief that the firm's performance is enhanced through repeat business -Interpretive research - -Seeks to explain the inner meaning and motivations associated with specific consumption experiences