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ADM 2320 > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

Consumer Decision Process

A 
Step 1: Need Recognition
Step 2: Information Search
Step 3: Alternative Evaluation
Step 4: Purchase Decision
Step 5: Postpurchase
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2
Q

Need Recognition

A

The beginning of the decision process; occurs when consumers recognize they have an unsatisfied need and want to go from their needy state to a different, desired state

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3
Q

Step 1: Need Recognition

A
  • functional needs

- psychological needs

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4
Q

Functional Needs

A

Pertain to the performance of a product or service

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5
Q

Psychological Neds

A

Pertain to the personal gratification consumers associate with a product or service

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6
Q

Step 2: Information Search

A
  • internal search for information
  • external search for information
  • internal locus of control
  • external locus of control
  • performance risk
  • financial risk
  • social risk
  • physiological risk
  • psychological risk
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7
Q

Internal Search for Information

A

Occurs when the buyer examine his or her own memory and knowledge about the profit or service, gathered through past experiences

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8
Q

External Search for Information

A

Occurs when the buyer seeks information outside his or her personal knowledge base to help make the buying decision

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9
Q

Internal Locus of Control

A

Refers to when consumers believe they have some control over the outcomes of their actions, in which case they generally engage in more search activities

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10
Q

External Locus of Control

A

Refers to when consumers believe that fate or other external factors control all outcomes

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11
Q

Performance Risk

A

Involves that perceived danger inherent in a poorly performing product or service

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12
Q

Financial Risk

A

Risk associated with a monetary outlay; includes the initial cost of the purchase; as well as the costs of using the item of service

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13
Q

Social Risk

A

Involves the fears that consumers suffer when they worry that others might not regard their purchases positively

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14
Q

Physiological Risk

A

Risk associated with the fear of an actual gain should the product not perform properly

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15
Q

Psychological Risk

A

Associated with the way people will feel if the product or service does not convey the right image

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16
Q

Step 3: Alternative Evaluation

A
  • universal sets
  • retrieval sets
  • evoked set
  • evaluative criteria
  • determinant attributes
  • consumer decision rules
  • compensatory decision rule
  • non compensatory decision rule
  • decision heuristics
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17
Q

Universal sets

A

Consist of all possible choices for a product category

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18
Q

Retrieval sets

A

Consist of those brands or stores that can be readily brought forth from memory

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19
Q

Evoked Set

A

Comprises the alternative brands or stores that the consumer states would be considered when making a purchase decision

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20
Q

Evaluative Criteria

A

Consist of a set of salient, or important, attributes about a particular product that are used to compare alternative products

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21
Q

Determinant Attributes

A

Product or service features that are important to the buyer and on which competing brands or stores are perceived to differ

22
Q

Consumer Decision Rules

A

The set of criteria consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives

23
Q

Compensatory Decision Rule

A

Is at work when the consumer is evaluating alternatives and trades off one characteristic against another, such that good characteristics compensate for bad ones

24
Q

Noncompensatory Decision Rule

A

Is at work when consumers choose a product or service on the basis of a subset of its characteristics, regardless of the values or its other attributes

25
Q

Decision Heuristics

A

Mental shortcuts that help consumers narrow down choices;

Ex: Price, Brand, Product Presentation

26
Q

Step 4: Purchase Decision

A
  • ritual consumption
27
Q

Ritual Consumption

A

Refers to a pattern of behaviours tied to life evens that affect what and how people consume

28
Q

Step 5: Postpurchase

A
  • post purchase dissonance

- negative word-of-mouth

29
Q

Postpurchase Dissonance

A

An internal conflict the arises from an inconsistency between 2 beliefs, or between beliefs and behaviour;

BUYERS REMORSE

30
Q

Negative Word-of-mouth

A

Occurs when consumers spread negative information about a product, service, or store to others

31
Q

Motive

A

A need or want that is strong enough to cause the person to seek satisfaction

32
Q

Physiological Needs

A

Relate to the basis biological necessities of life (food, drink, rest and shelter)

33
Q

Safety Needs

A

Pertain to protection and physical well-being

34
Q

Love (social) Needs

A

Relate to our interactions with others

35
Q

Esteem needs

A

Allow people to satisfy their inner desires

36
Q

Self-actualization

A

Occurs when you feel completely satisfied with your life and how you live

37
Q

Attitude

A

A person’s enduring evaluation of his or her feelings about and behavioural tendencies toward an object or idea; consists of 3 components (cognitive, affective, behavioural)

38
Q

Psychological Factors

A
  • motives
  • attitude
  • perception
  • learning
  • lifestyle
39
Q

Cognitive Component

A

A component of attitude that reflects what a person believes to be true

40
Q

Affective Component

A

A component of attitude that reflects what a person feels about the issue at hand - his or her like or dislike of something

41
Q

Behavioural Component

A

A component of attitude that comprises the actions a person takes with regard to the issue at hand

42
Q

Perception

A

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

43
Q

Learning

A

Refers to a change in a person’s thought process or behaviour that arises from experience and takes place throughout the consumer decision process

44
Q

Lifestyle

A

Refers to the way consumers spend their time and money

45
Q

Social Factors

A
  • family
  • reference groups
  • culture
46
Q

Reference group

A

One or more persons an individual uses as a basis for comparison regarding beliefs, feelings and behaviours

47
Q

Situational Factors

A

Factors affecting consumer decision process; those that are specific to the purchase and shopping situation and temporal state that may override or at least influence, psychological and social issues

48
Q

Involvement

A

The consumer’s degree of interest in or concern about the product or service

49
Q

Extended Problem Solving

A

A purchase decision process during which the consumer devotes considerable time and effort to analyzing alternatives; often occurs when the consumer perceives that the purchase decision entails a great deal of risk

50
Q

Limited Problem Solving

A

Occurs during a purchase decision that calls for, at most, a moderate amount of effort and time

51
Q

Impulse Buying

A

A buying decision made by customers on the spot when they see the merchandise

52
Q

Habitual Decision Making

A

A purchase decision process in which consumers engage with little conscious effort

ADM 2320 (16 decks)

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