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Flashcards in Chapter 5 Deck (34):
1

Economic buyers

Peope who know all the facts and logically compare choices to get the greater satisfaction from spending their time and many

many economists assume consumers are this

2

Examples of Economic Needs

1. Economy of purchase or use

2. Efficiency in operation or use

3. Dependability in use

4. Improvement of earnings

5. Convenience

3

Discretionary income

Left over income after paying taxes and paying for necessities

A familes purchase of luxuries comes from discretionary income

 

4

Needs

Basic forces that motivate a person to do something

Physical well-being, individual's self view, and relatioship with others

5

Wants

Needs that are learned during a person's life

 

6

Drive

A strong stimulus that encourages action to reduce a need

Internal - they are the reason behind certain behavior patterns

7

Physiological needs

Concerned with biological needs - food, liquid, rest, and sex

8

Safety needs

Concerned with protectioin and physical well-being

health, security, medicine, and exercise

9

Social needs

Concerned with love, friendship, status, and esteem

Things that involve a person's interaction with others

10

Personal needs

Concerned with an idnvidual's need for personal satisfaction

Unrelated to wha tothers think or do

Ex. Self-esteem , accomplsihment, fun, freedom, and relaxation

11

Motivation theory suggests:

We never reach a state of complete satisfaction

12

Perception

How we gather and interpret information from the world around us

13

Selective exposure

Our eyes and minds seek out and notice only information that interests us

14

Selective perception

We screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs

15

Selective retention

We remember only what we want to remember

16

Learning

A change in a person's thought process caused by prior experience

17

Cues

Products, signs, ads, and other stimuli in the environment

18

Response

An effort to satisfy a drive

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Reinforcement

Occurs when the response is rollowed by satisfaction

20

Attitude

A person's point of view toward something

21

Belief

A person's opinion about something

22

Expectation

An outcome or event that a person anticipates or looks forward to

23

Psychographics

or Lifestyle analysis

Is the analysis of a person's day-to-day  pattern of living as expressed in that person's Activities, Intrests, and Opinions

24

Empty nesters

PEople whose children are grown and who are now able to spend their money in other ways

25

Social class

A group of people who have approximately equal social position as viewed by others in the society

People with the same income may be in different social classes

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Reference group

The people to whom an individual looks when forming attitudes about a particular subject

27

Opinion leader

A person who influences others

28

Extensive problem solving

When they put much effort into deciding how to satisfy a need - as is likely for a completely new purchase or to satsify an important need

29

Limited Problem Solving

Used by consumers when some effort is required in deciding the best way to satisfy a need

30

Routinized Response Behavior

When a consumer regularly selects a particular way of satisfying a need when it occurs.

Routinized response behavior is typical when a consumer has considerable experience in how to meet a specific need and requires no new information

31

Low-involvement purchases

Purchases that have little importance or relevance for the customer

Buying a box of salt

32

Dissonance

A feeling of uncertainty about whether the correct decision was made

33

Adoption process

The steps individuals go through on the way to accepting or rejecting a new idea

1. Awareness

2. Interest

3. Evaluation

4. Trial

5. Decision

6. Confirmation

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