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Consumer Behavior Essay

451 words - 2 pages

Marketing 347 – Consumer Behavior
Professor Sheridan Abraham
Michelle Ramsay
Assignment #1- Chapter 1.

1. Consumer behavior studies the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires. It takes into consideration how we fit these into our lives.
2. Demographics are the objective aspects of a population. They are the observable measurements of a population’s characteristics. Three examples of such characteristics are: age distribution, gender, and income.
3. Consumers can be segmented according to many dimensions. It is a vital aspect of consumer behavior and describes how marketers divide ...view middle of the document...

5. Exchange is a transaction in which two or more organizations or people give and receive something of value. It emphasizes the entire consumption process, which includes the issues that influence consumer behavior before, during, and after a purchase.
6. Heavy users indicate which consumers are the most faithful ones. Marketers can most often make their predictions based on these users, by using the 80/20 rule of thumb. This is key information for marketers who can determine which set of consumers us their products in large volumes.
7. Big Data refers to the collection and analysis of extremely large data sets to identify patterns of behavior in a group of consumers.
8. Popular Culture is the music, movies, sports, books, celebrities, and other forms of entertainment consumed by the mass market. This is a product as well as an inspiration to marketers. Marketers play a significant role in how we (as consumers) view the world and how we live in it.
9. Global Consumer Culture is a culture in which people around the world are united through their common devotion to brand name consumer goods, movie, stars, celebrities and leisure activities.
10. The difference between C2C and B2C e-commerce is that in the latter businesses sell to consumers whereas in the former consumers are selling to other consumers.
11. Two different disciplines that study consumer behavior are Social Psychology and Cultural Anthropology. Their approach to a similar issue would differ. With the former they are concerned with the product role in the behavior of individuals as members of social groups. The latter would examine product role in a society’s beliefs and practices.

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