Chapter 5 Flashcards
Economic buyers
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
Examples of Economic Needs
- Economy of purchase or use
- Efficiency in operation or use
- Dependability in use
- Improvement of earnings
- Convenience
Discretionary income
Left over income after paying taxes and paying for necessities
A familes purchase of luxuries comes from discretionary income
Needs
Basic forces that motivate a person to do something
Physical well-being, individual’s self view, and relatioship with others
Wants
Needs that are learned during a person’s life
Drive
A strong stimulus that encourages action to reduce a need
Internal - they are the reason behind certain behavior patterns
Physiological needs
Concerned with biological needs - food, liquid, rest, and sex
Safety needs
Concerned with protectioin and physical well-being
health, security, medicine, and exercise
Social needs
Concerned with love, friendship, status, and esteem
Things that involve a person’s interaction with others
Personal needs
Concerned with an idnvidual’s need for personal satisfaction
Unrelated to wha tothers think or do
Ex. Self-esteem , accomplsihment, fun, freedom, and relaxation
Motivation theory suggests:
We never reach a state of complete satisfaction
Perception
How we gather and interpret information from the world around us
Selective exposure
Our eyes and minds seek out and notice only information that interests us
Selective perception
We screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs
Selective retention
We remember only what we want to remember
Learning
A change in a person’s thought process caused by prior experience
Cues
Products, signs, ads, and other stimuli in the environment
Response
An effort to satisfy a drive
Reinforcement
Occurs when the response is rollowed by satisfaction
Attitude
A person’s point of view toward something
Belief
A person’s opinion about something
Expectation
An outcome or event that a person anticipates or looks forward to
Psychographics
or Lifestyle analysis
Is the analysis of a person’s day-to-day pattern of living as expressed in that person’s Activities, Intrests, and Opinions
Empty nesters
PEople whose children are grown and who are now able to spend their money in other ways
Social class
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
Reference group
The people to whom an individual looks when forming attitudes about a particular subject
Opinion leader
A person who influences others
Extensive problem solving
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
Limited Problem Solving
Used by consumers when some effort is required in deciding the best way to satisfy a need
Routinized Response Behavior
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
Low-involvement purchases
Purchases that have little importance or relevance for the customer
Buying a box of salt
Dissonance
A feeling of uncertainty about whether the correct decision was made
Adoption process
The steps individuals go through on the way to accepting or rejecting a new idea
- Awareness
- Interest
- Evaluation
- Trial
- Decision
- Confirmation
