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Essentials of Marketing (Chapter 5)
Final Consumers and Their Buying Behavior
42
Marketing
Post-Graduate
11/07/2012

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Term
Economic Buyers
Definition
Consumers who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money.
Term
Economic Needs
Definition
Making the best use of a consumer's time and money - as the consumer judges it.
Term
What is economic-buyer theory?
Definition
Consumers decide what to buy based on economic needs.
Term
What are some economic needs?
Definition
Economy of purchase or use, Efficiency in operation or use, Dependability in use, Improvement of earnings, Convenience.
Term
What are different categories of consumer behavior that impact buying decisions?
Definition
Economic needs, Psychological variables, Social influences, and Purchase situation.
Term
What are some psychological variables that impact consumer behavior?
Definition
Motivation, Perception, Learning, Attitude, Trust, Lifestyle.
Term
What are social influences that impact consumer behavior?
Definition
Family, Social Class, Reference groups, Culture, and Ethnic groups
Term
What are purchase situations that impact consumer behavior?
Definition
Purchase reason, Time, Surroundings
Term
Discretionary Income
Definition
What is left of income after paying taxes and necessities.
Term
Needs
Definition
Basic forces that motivate a person to do something.
Term
Wants
Definition
"Needs" that are learned during a person's life.
Term
Drive
Definition
A strong stimulus that encourages action to reduce a need.
Term
What are the four levels in the hierarchy of needs?
Definition
Physiological needs, Safety needs, Social needs, Personal needs.
Term
Physiological needs
Definition
Concerned with biological needs - food, liquid, rest, and sex.
Term
Safety needs
Definition
Concerned with protection and physical well-being (perhaps involving health, financial security, medicine, and exercise).
Term
Social needs
Definition
Concerned with love, friendship, status, and esteem - things that involve a person's interaction with others.
Term
Personal needs
Definition
Concerned with an individual's need for personal satisfaction - unrelated to what others think or do.

Examples include accomplishment, fun, freedom, and relaxation - as well as desire to make the world a better place.
Term
Perception
Definition
How we gather and interpret information from the world around us.
Term
What are the different selective processes for perceiving the world around us?
Definition
Selective exposure, Selective perception, Selective retention.
Term
Selective Exposure
Definition
Seek out and notice only information that interests us.
Term
Selective Perception
Definition
Screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs.
Term
Selective Retention
Definition
Remember only what we want to remember.
Term
Learning
Definition
Change in a person's thought process caused by prior experience.
Term
Cues
Definition
Products, signs, ads, and other stimuli in the environment that elicit a response.
Term
Response
Definition
An effort to satisfy a drive.
Term
Reinforcement
Definition
When a response is followed by satisfaction - reduction in a drive. Reinforcement strengthens the relationship between the cue and the response.
Term
Attitude
Definition
A person's point of view toward something.
Term
Belief
Definition
A person's opinion about something.
Term
Expectation
Definition
An outcome or event that a person anticipates or looks forward to.
Term
Trust
Definition
Confidence a person has in the promises of actions of another person, brand, or company.
Term
Psychographics (or lifestyle analysis)
Definition
Analysis of a person's day-to-day pattern of living as expressed in that person's Activities, Interests, and Opinions (AIOs).
Term
Empty Nesters
Definition
People whose children are grown and who are now able to spend their money in other ways.
Term
Social Class
Definition
A group of people who have approximately equal social position as viewed by others in the society.
Term
Reference Group
Definition
People to whom an individual looks when forming attitudes about a particular topic.
Term
Opinion Leader
Definition
Person who influences others.
Term
Culture
Definition
The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people.
Term
What are the steps in the consumer decision process?
Definition
Identify need, problem solve, make purchase decision.
Term
What are the basic problem-solving steps a consomer may go through to satisfy a need?
Definition
Search for information, Identify alternatives, Set Criteria, Evaluate alternatives.
Term
Low-Involvement Purchases
Definition
Purchases that have little importance or relevance for the customer.
Term
Dissonance
Definition
A feeling of uncertainty about whether the correct decision was made.
Term
Adoption Process
Definition
The steps individuals go through on the way to accepting or rejecting a new idea.
Term
What are the steps of the adoption process?
Definition
Awareness, Interest, Evaluation, Trial, Decision, Confirmation.
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