consumer markets and buyer behaviour Flashcards
what is a consumer market
all the individuals and households that buy or acquire goods and services for personal consumption
what is a buyer’s black box
buyer’s characteristics and decision process
factors/characteristics affecting consumer behaviour
cultural
social
personal
psychological
culture includes…
subculture
social class
social includes…
reference groups
family
roles and status
personal includes…
age and lifecycle
occupation
lifestyle
personality
self
psychological
motivation
perception
learning
belief
what is culture
the set of basic values, perceptions, wants and behaviours learned by a member of society from family and other important institutions
what are subcultures
group of people with shared value systems based on common life experiences/situations
what is social class
relative permanent and ordered divisions in a society whose members have similar values, interest and behaviours
maslow’s hierarchy of needs
self actualisation
esteem
social
safety
biological and physiological
what is motive
need that is sufficiently pressing to direct the person to seek satisfaction of the need
age and lifecycle entails
boomers
gen X
millenials
gen Z
boomers
post ww2, rich, retired, large generation, work ethic
gen x
financial difficulties, near retirement, independent, entrepreneurs, slackers
millenials
web 2.0, mid-career, delayed milestones, educational focus, globalists
shrinkflation
reducing the size of a product while maintaining its price sticker. thus increasing the price per given amount
buyer’s decision behaviour
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
buyer behaviour process steps
need recognition> info search> evaluation of alternatives> purchase decision> post-purchase behaviour
what is the adoption process
mental process through which an individual passes, from first hearing about to product to final adoption
adaption process steps
awareness> interest> evaluation> trial> adoption (?)
crossing the charm sections
early market - innovators
the chasm - early adopters
mainstream market - 1. early majority, 2. late majority, 3. laggards
