consumer markets and buyer behaviour

Question 1

what is a consumer market

Answer 1

all the individuals and households that buy or acquire goods and services for personal consumption

Question 2

what is a buyer’s black box

Answer 2

buyer’s characteristics and decision process

Question 3

factors/characteristics affecting consumer behaviour

Answer 3

cultural
social
personal
psychological

Question 4

culture includes…

Answer 4

subculture
social class

Question 5

social includes…

Answer 5

reference groups
family
roles and status

Question 6

personal includes…

Answer 6

age and lifecycle
occupation
lifestyle
personality
self

Question 7

psychological

Answer 7

motivation
perception
learning
belief

Question 8

what is culture

Answer 8

the set of basic values, perceptions, wants and behaviours learned by a member of society from family and other important institutions

Question 9

what are subcultures

Answer 9

group of people with shared value systems based on common life experiences/situations

Question 10

what is social class

Answer 10

relative permanent and ordered divisions in a society whose members have similar values, interest and behaviours

Question 11

maslow’s hierarchy of needs

Answer 11

self actualisation
esteem
social
safety
biological and physiological

Question 12

what is motive

Answer 12

need that is sufficiently pressing to direct the person to seek satisfaction of the need

Question 13

age and lifecycle entails

Answer 13

boomers
gen X
millenials
gen Z

Question 14

boomers

Answer 14

post ww2, rich, retired, large generation, work ethic

Question 15

gen x

Answer 15

financial difficulties, near retirement, independent, entrepreneurs, slackers

Question 16

millenials

Answer 16

web 2.0, mid-career, delayed milestones, educational focus, globalists

Question 17

shrinkflation

Answer 17

reducing the size of a product while maintaining its price sticker. thus increasing the price per given amount

Question 18

buyer’s decision behaviour

Answer 18

high involvement + significant difference between brands = complex buying behaviour
low involvement + significant difference between brands = variety seeking buyer behaviour
high involvement + few difference between brands = dissonance reducing buyer behaviour
low involvement + few differences between brands = habitual buyer behaviour

Question 19

buyer behaviour process steps

Answer 19

need recognition> info search> evaluation of alternatives> purchase decision> post-purchase behaviour

Question 20

what is the adoption process

Answer 20

mental process through which an individual passes, from first hearing about to product to final adoption

Question 21

adaption process steps

Answer 21

awareness> interest> evaluation> trial> adoption (?)

Question 22

crossing the charm sections

Answer 22

early market - innovators
the chasm - early adopters
mainstream market - 1. early majority, 2. late majority, 3. laggards