Exam 1: Consumer Behavior: Information-Driven Consumer Behavior

Sophisticated marketers today practice selective relationship building, which can lead to companies rejecting or firing certain types of consumers.

$\text{CAR MINI CASE}$ : In the early 1900s, Henry Ford made a fortune manufacturing Model T cars and selling them cheaply, making the automobile affordable for a much larger proportion of the population than had previously been the case. He accomplished this by producing only one model of car and doing so cheaply and at high volumes through the utilization of assembly line manufacture. In 1923, General Motors decided to increase its market share in the automobile industry by offering, instead of just one model, as Ford did, a variety of affordable mass-produced models to meet the various differing needs of different types of consumers. -In the CAR MINI CASE, Ford's business approach exhibited a ________.

Define consumer behavior. What is the scope of consumer behavior?

The internet offers marketers the ability to customize their products, services, and promotional messages to individual consumers, as seen in how Amazon.com sends emails to customers who are interested in a product category telling them about a new promotional offer.

Provide three specific examples of how the Internet and related technologies improve marketing transactions by adding value that benefits marketers and/or customers.

When consumers use online sites to compare models and brands of products and click for more technical information, companies gain information about ________.

Of the four Ps of the marketing mix, price includes ________.

Emerging digital technologies are allowing consumers to have more power than ever before. This means that now customers ________.

Norman dislikes the health insurance plan provided by his employer, but is unwilling to switch to a different health insurer because obtaining private health insurance would be significantly more expensive than the employer-subsidized plan in which he is currently enrolled. With regard to health insurance, Norman is best described as a(n)________.

________ refers to the development of a distinct image for the product in the mind of the consumer.

An individual's perception of the performance of a product or service in relation to one's expectations is known as ________.

Identify the three conditions under which customization is most likely to be effective and provide an example of a successful customizable offering that meets these criteria.

Identify and discuss the reasons for which small reductions in customer defections produce significant increases in profits.

The actions that consumers display in searching for, purchasing, using, evaluating, and disposing of products and services that they expect will satisfy their needs is known as ________.

The three distinct but interlocking steps of the consumer decision-making process are ________.

Cookies are used to track who is interested in what online and sold on exchanges like ________ to other companies who are interested in targeting people based on their interests.

Identify and briefly describe five of the factors that determine customer satisfaction with online websites and merchants while shopping online.

Technology enables marketers to do which of the following?

Which of the four disciplines that helps shape our understanding of consumer behavior is defined as the study of the development, structure, functioning and problems of human society?

The key assumption underlying the marketing concept is that ________.