MKT 400 Study Guide - Midterm Guide: Spreading Activation, Elaboration Likelihood Model, Jamaican Dollar

• School: Ryerson University
• Department: Marketing
• Course: MKT 400
• Professor: Steven Chuang

Document Summary

Consumer behaviour: the set of value-seeking activities that take place as people go about addressing their needs. Two perspectives: human thought and actions, a field of study (human inquiry) that is developing an accumulated body of knowledge. Consumption: process by which goods, services, or ideas are used and. Need want exchange costs and benefits reaction value repeat. Want: a specific desire that spells out a way a consumer can go about addressing a recognized need. Exchange: the acting out of a decision to give something up in return for something of greater value. Costs are the negative results of consumption: costs include price, time wasted, physical effort. Product orientation: production process must be as efficient and economic as possible, emphasis is on serving customers while incurring minimum costs. Undifferentiated marketing: same basic product is sold to all consumers, serve large segments which consumers do not have specific desires.