Consumer Behavior. Chapter 1: What is CB and Why Should I Ca

An understanding of consumer behavior can translate into better public policy for governments.

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While consumer behavior refers to human thought and action, it is not considered a field of study.

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• False

Consumer behavior is the set of value-seeking activities that take place as people go about addressing realized needs.

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A need is a specific desire that spells out a way a consumer can go about addressing a recognized want.

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• False

The basic consumption process begins with the consumer recognizing that he or she wants something new.

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An exchange is the acting out of a decision to give something up in return for something of equal value.

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The final step in the consumption process is exchange.

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Consumer behavior has family roots in anthropology.

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A market-oriented firm stresses the importance of creating value for customers among all employees.

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A product is a potentially valuable bundle of benefits.

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• False