Chapter 5

Question 1

Economic buyers

Answer 1

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

Question 2

Examples of Economic Needs

Answer 2

1. Economy of purchase or use
2. Efficiency in operation or use
3. Dependability in use
4. Improvement of earnings
5. Convenience

Question 3

Discretionary income

Answer 3

Left over income after paying taxes and paying for necessities

A familes purchase of luxuries comes from discretionary income

Question 4

Needs

Answer 4

Basic forces that motivate a person to do something

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

Question 5

Wants

Answer 5

Needs that are learned during a person’s life

Question 6

Drive

Answer 6

A strong stimulus that encourages action to reduce a need

Internal - they are the reason behind certain behavior patterns

Question 7

Physiological needs

Answer 7

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

Question 8

Safety needs

Answer 8

Concerned with protectioin and physical well-being

health, security, medicine, and exercise

Question 9

Social needs

Answer 9

Concerned with love, friendship, status, and esteem

Things that involve a person’s interaction with others

Question 10

Personal needs

Answer 10

Concerned with an idnvidual’s need for personal satisfaction

Unrelated to wha tothers think or do

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

Question 11

Motivation theory suggests:

Answer 11

We never reach a state of complete satisfaction

Question 12

Perception

Answer 12

How we gather and interpret information from the world around us

Question 13

Selective exposure

Answer 13

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

Question 14

Selective perception

Answer 14

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

Question 15

Selective retention

Answer 15

We remember only what we want to remember

Question 16

Learning

Answer 16

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

Question 17

Cues

Answer 17

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

Question 18

Response

Answer 18

An effort to satisfy a drive

Question 19

Reinforcement

Answer 19

Occurs when the response is rollowed by satisfaction

Question 20

Attitude

Answer 20

A person’s point of view toward something

Question 21

Belief

Answer 21

A person’s opinion about something

Question 22

Expectation

Answer 22

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

Question 23

Psychographics

or Lifestyle analysis

Answer 23

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

Question 24

Empty nesters

Answer 24

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

Question 25

Social class

Answer 25

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

Question 26

Reference group

Answer 26

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

Question 27

Opinion leader

Answer 27

A person who influences others

Question 28

Extensive problem solving

Answer 28

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

Question 29

Limited Problem Solving

Answer 29

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

Question 30

Routinized Response Behavior

Answer 30

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

Question 31

Low-involvement purchases

Answer 31

Purchases that have little importance or relevance for the customer

Buying a box of salt

Question 32

Dissonance

Answer 32

A feeling of uncertainty about whether the correct decision was made

Question 33

Adoption process

Answer 33

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