MT1 - Chapter 5 Vocab Flashcards Preview

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Flashcards in MT1 - Chapter 5 Vocab Deck (40):
1

consumer buyer behavior

the buying behavior of final consumers (individuals and households that buy goods and services for personal consumption

2

consumer market

all the individuals and households that buy or acquire goods and services for personal consumption

3

4 characteristics affecting consumer behavior

cultural
social
personal
psychological

4

culture

set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions

5

subculture

a group of people with shared value systems based on common life experiences and situations

6

cross cultural marketing

the practice of including ethnic themes and cross cultural perspectives within their mainstream marketing

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social class

relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors

8

group

two or more people who interact to accomplish individual or mutual goals

9

word of mouth influence

impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior

10

opinion leaders (influential/leading adopters)

person within a reference group who, because of special skills, knowledge, personality or other characteristics, exerts social influence on others

11

buzz marketing

enlisting or even creating opinion leaders to serve as brand ambassadors who spread the word about a company's products

12

online social networks

online social communities (blogs, social networking sites, and other online communities) where people socialize or exchange information and opinions

13

lifestyle

a person's pattern of living as expressed in his or her activities, interests, and opinions

14

personality

unique psychological characteristics that distinguish a person or group

15

brand personality

specific mix of human traits that may be attributable to a particular brand

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5 brand personality traits

sincerity
excitement
competence
ruggedness
sophistication

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motive

a need that is sufficiently pressing to direct the person to seek satisfaction of the need

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perception

the process by which people select, organize, and interpret information to form a meaningful picture of the world

19

selective attention

tendency for people to screen out most of the information to which they are exposed

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selective distortion

tendency of people to interpret information into an existing mindset

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selective retention

consumers are likely to only remember good points about a brand they favor and forget points about brands they disapprove of

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learning

changes in an individual's behavior arising from experience

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belief

a descriptive thought that a person holds about something

24

attitude

a person's relatively consistent favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea

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complex buying behavior

consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands

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dissonance reducing buying behavior

consumer buying behavior in situations characterized by high involvement but few perceived differences among brands

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habitual buying behavior

consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand differences

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variety seeking buying behavior

consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences

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5 stages of buyer decision process

need recognition
information search
evaluation of alternatives
purchase decision
post-purchase behavior

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need recognition

the consumer recognizes a problem or need

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information search

consumer is motivated to search for more information

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alternative evaluation

consumer uses information to evaluate alternative brands in the choice set

33

purchase decision

buyer's decision about which brand to purchase
2 factors: attitudes of others & unexpected situational factors

34

post-purchase behavior

consumers take further action after purchase, based on satisfaction or dissatisfaction

35

cognitive dissonance

buyer discomfort caused by post-purchase conflict

36

new product

good, service or idea that is perceived by some potential customers as new

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adoption process

mental process through which an individual passes from first hearing about an innovation to first adoption

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5 stages of adoption process

awareness
interest
evaluation
trial
adoption

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5 adopter groups

innovators
early adopters
early mainstream
late mainstream
lagging adopters

40

5 characteristics influencing adoption rate

relative advantage
compatibility
complexity
divisibility
communicability