Chapter 5 Flashcards
What are causes of a person’s wants and behvior?
Values
Perceptions
Subcultures
Social Class
What affects do reference groups have on consumer decisions?
Individuals attitudes, aspirations, or behavior
What is one factor that influences consumer behavior?
Personality
What are psychological factors that affect consumer behavior?
Motivation
Perception
Learning
Attitudes
What are the 3 lifestyle dimensions?
Activities
Interests
Opinions
What are is Maslow’s Hierarchy of Needs?
Physiological Needs: hunger
Safety needs: Security
Social Needs: sense of love
Esteem Needs: self-esteem
Self actualization: self-development
What are 2 types of learning styles?
Behavioral learning
Cognitive Learning
What’s classical conditioning?
Pavlov’s experiment in psychology
-Bell+food = salvation (hunger response)
-Over time bell makes dog salivate
What’s unconditioned stimulus?
Select image that brings a positive response
What is conditioned stimulus?
Over time, the brand by itself will elicit the same positive response
What is cognitive learning?
Emphasizes problem-solving and insight, complex and demanding process
What is the Component Model of Attitudes?
Affective: feel
Cognitive: do
Conative: think
What is perception?
How people select, organize and interpret information from the environment
What are the 3 processes of perception?
Selective Exposure: relevance at that point in time
Selective Distortion: tendency to interrupt info that supports our prior beliefs
Selective Retention: limited storage capacity of short-term memory
What are the 2 levels of problem solving?
Low involvement: Frequently bought, inexpensive, little risk
High involvement: Infrequently bought, expensive, high risk
What are the 4 types of buying decisions?
-Complex buying behavior: high involvement, sig diff between brands
-Dissonance-reducing buying behavior: high involve, few diff
-Variety-seeking behavior: low involve, sig diff
-Habitual buying behavior: low involve, few diff
What are the steps in the buying decision process?
Need for recognition
Information search
Evaluation of altern
Purchase Decision
Post purchase behavior
What are the stages in the adoption process?
Awareness
Interest
Evaluation
Trial
Adoption
What is an opinion leader?
A person who influences others attitudes or behaviors
What are 5 product characteristics?
Compatibility
Complexity
Divisibility
Communicability
Relative Advantage
What does the Innovation Theory do?
Firms can predict which types of consumers will buy their new product immediately after introduction. They can develop their promotions, marketing strategies and pricing.
What are 4 types of customers?
Producers: Manufacturers
Middlemen: retailers
Government: State/federal
Nonprofits: National/local
What are the 3 business buying situations?
New Buying task: Reorder from current supplier
Modified Rebuy: Evaluate alternative suppliers of previous purchased product
Straight rebuy: First time product purchase
What people are involved in the buying center?
Gatekeeper: Secretaries
Users
Influencers
Deciders: decide what to buy
Buyers
What are the stages in the Business Buying Process?
Problem recognition
General Need Description
Product Specifications
Supplier Search
Proposal Solicitation
Supplier Selection
Order Routine Specification
Performance Review
What are the methods in organizational buying?
Inspection
Sampling
Description
Negotiated Contracts
What’s Derived Demand?
Business-to-business product’s demand depends on demand for consumer products (demand for tires can be predicted from demand of cars)
What is Inelastic Demand?
Certain products are essential to production process that small price changes do not affect quantity demanded. (price x quantity demanded = revenue)
What is a product?
Anything that can be offered to a market for attention, acquisition, use or consumption
What are 3 product classifications for industrial products?
Component Parts and Materials: windshields->car->customer
Capital Items: Heavy equipment, real estate
Supplies and Services: Inexpensive items bought frequently
What are the levels of products?
Augmented Product: after sale service - warranty
Actual Product: Packaging, design
Core Product: Main benefit of product or service
What are the 5 individual product decisions?
Product attributes
Branding
Packaging
Labeling
Product support services
What is product mix?
All products that a company markets
What is a product line width?
Number of different product lines
