The field of consumer behavior covers a good amount of ground and is the study of the processess involved when individuals or groups select, purchase, use or dispose of products, services, ideas, or experiences to satisfy expressed needs and desires. Given this basic definition, identify one major theory or concept studied that is vitally important to the field.

Select/identify and then define the theory/concept .

Select/identify and then define the theory/concept in your own words (do not copy, cut or paste from any source). Discuss why it is important to marketing managers to fully understand the theory/concept. Illustrate your understanding by applying to a real-world product/brand.