This study was undertaken to provide basic data to aid product development and marketing by identifying purchasing behaviors and performing Important Performance Analysis (IPA) according to the consumption values of rice cakes. This study was conducted on 426 consumers who purchased rice cakes. Analysis was performed to determine general characteristics, consumption behaviors, preference for rice cakes, material preferences for rice cake development, need for rice cake development, and importance and satisfaction when selecting rice cakes. Cluster analysis classified consumption values into three clusters. The high and middle consumption value groups contained the greatest proportions of consumers aged over fifty. The high and medium consumption value groups preferred rice cakes more than the low consumption value group. Higher rice cake consumption value was positively associated with the greater preference for rice cakes. Furthermore, the perceived need to develop rice cakes was greatest in the high consumption value group. In addition, importance and satisfaction were positively associated with consumption value. IPA analysis showed that the attributes that require continuous attention because of their contributions to importance and satisfaction were taste, quantity, and hygiene. Different rice cake marketing and product development strategies are required for different consumption values.