consumers november 2023 Flashcards
consumer rights- information + choice
- right to equality: quality in products and services
-right to be charged fair prices: price needs to meet quality
-right to be treated with respect
type of decisions
spur of the moment: made in a hurry
-habitual: habit
-intuitive: intuition
-rational: logical thinking
consumer definition
-a person who buys products or services
consumers can fulfil their needs by
-they can buy and use different products and services to satisfy their needs
-the use of the “Maslow hierarchy of needs”
-self actualisation needs
-esteem needs
-social needs
-safety and security needs
-physiological needs
main objective of advertising
-persuade and provide information about product quality, availability and price or AIDA
market segmentation
-segmentation means to divide
-market segmentation involves dividing the market into groups of people who share needs, interests, likes and dislikes
each segment needs to
-have an identity that describes its members
-display behaviour that differs from other segments
-behave consistently
problems and concerns with packaging materials
-packaging may be bigger than the actual product which misleads the consumer
-the materials used are made from limited natural resources
-pollution
ways to protect the environment
-reduce reuse recycle
-conservation and sustainability
-use of products that preserve biodiversity
definition of sustainable
-to be maintained well so the product can be used in the future
definition of universal design
-designed for all people
definition of mass marketing
-the process of appealing to an entire market rather than one targeted group
definition of profit
-financial gain
maslows hierarchy of needs
-self actualisation needs
-esteem needs
-social needs
-security needs
-physiological needs
conformity
-compliance with standards, rules, or laws.
cultural factors
-the set of values, ideologies, belief systems, norms, and practices that are learned and shared among members of a group or society
peer group
-a group of people of approximately the same age, status, and interests.
individuality
-the quality or character of a particular person or thing that distinguishes them from others of the same kind, especially when strongly marked.
reference group
-collection of people who act as a baseline that individuals or other groups use for comparison
economic factors
-a factor that can affect and influence an individuals’ financial status.
difference between a need and a want
-need: is something that is necessary to live and function.
-want: A want is something that can improve your quality of life.
Maslows hierarchy of needs info
-physiological needs ( bottom part of triangle): basic things we need for survival
:food, water, air, shelter
-security and safety needs ( 2 bottom block): physical and psychological safety
:locks and keys, insurance, education
-social needs (middle block): love and affection or products that tend to make you happy
:cosmetics, fashionable clothing etc
ego/ self esteem needs (fourth level): need for respect and appreciation or need for status recognition etc from others
:self esteem- academic success
:reputation- cars, house, jewellery etc
self actualisation needs (highest level): boosts possibility of becoming a better person
:educational programs, musical instruments etc
why consumers should take their time deciding purchases
- recognise the problem or need
- search for information
- evaluate alternatives
- make a choice or purchase decision
- do a post choice analysis
-being rational/ taking your time when making purchasing decisions can lead to more informed, cost-effective, and satisfying choices. in conclusion saving money and time
be able to name + explain psychological factors that influence consumer buying behavior.
-there are 9 physiological factors
- motivation or needs: motivation is the driving force that drives action, tension produces the driving force which comes from unfulfilled needs, needs and desires. One way we can reduce tension is by buying possessions we feel will fulfils our needs.
- personality: personality is the characteristics that determines how a person behaves and responds to the environment, which influences products, shops and advertisements
- symbolism: products have symbolic value to the consumer
- perception: process in which the brain selects, organises and interprets information to produce meaning
- knowledge: when making a decision, the consumer needs to process information about the product
- values: standard that guides your actions, attitudes, comparisons, evaluations and justifications
- beliefs and feelings: these affect our consumer behaviour, whether we have positive or negative beliefs
- attitude: a construct that represents an individuals degree of like or dislike for something
- lifestyle: the consistent pattern you follow in your life