M1-Topic 2: Marketing Influences part 1 : factors influencing customer choice, consumer law Flashcards
what are the types of factors that influence a consumers choice (4)
Psychological
Sociocultural
Economic
Government
What are psychological influences
internal factors within a buyer which affect his/her buying behaviour
list some types of psychological influences (5)
perception motives attitudes Personality + self-image Learning
what is perception
how someone sees something’s value,quality etc and how that influences the buyers decisions
what is motive
what motivates a buyer to buy something
list types of motive(4)
fear
comfort
safety
health
How is personality and self image used in marketing
its used to resonate or obscure someones personality and self image so that you buy a product s that it aligns with the specific personality or self image
what is learning
refers to the brand/product exposure, provides information + experiences enhance the success of marketers
what are sociocultural influences
forces exerted by other people of groups that affect buying decisions
types of sociocultural influences (4)
socioclass + socioeconomic
culture
family + roles
peer groups
how does socioclass and socioeconomic status affect a customer
it influences the type, quality and quantity of products that customers buy
how do family roles affect a customers buying habits
mothers,fathers, and children all want different things as they are all in different demographics
how do peer groups affect someones buying behaviour
buying decisions change to match values + attitudes of peer groups.
What are Economic influences
They are how the economic cycle affects the buying habits of buyers.
What is the economic cycle
the downward (recessions) and upward (booms) movement of gross domestic product around its long-term growth trend
what happens to customers during an economic boom (3)
buyers have higher disposable incomes
higher demand for products
spending confidence is higher
what happens to customers during an economic recession (3)
buyers have lower disposable incomes
lower Job security
spending confidence is lower
What are government influences
influences consumer + marketing decision through their management of the economy through economic policies and through consumer laws + regulation
Types of government influences(3)
Fiscal policy
Monetary Policy
Consumer laws + Regulations
what is fiscal policy
is when the government manipulate their expenditure levels to manipulate the economy
what is monetary policy
refers to the setting of interest rates in our economy to maintain steady growth levels
what are consumer laws + regulations
They are the laws that determine the marketing practices used for businesses
What is the Australian consumer law
the main part of the Australian consumer law is the competition and consumer act (2010)
what is Deceptive + Misleading advertising
it refers to a sellers use of confusing, misleading of false statements when promoting their products
list types of deceptive + Misleading Advertising (6)
fine print before + after images country of origin packaging special offers bait + switch advertising
how can fine print mislead buyers
it can hide thing from customers, which makes it less transparent which misleads customers into buying it.
how can before and after images mislead customers
results can be falsified which can deceive customers to buy the product in good faith
how does Bait + switch advertising manipulate buyers
a product is advertised at a low price. however, there is only a very limited number of products, and once they run out , customers are directed to more expensive alternatives.
what is price discrimination
the setting of different prices for the same product/service in different markets.
what are Implied conditions
the unspoken + unwritten terms of a contract
list examples of some unwritten terms in a contract(2)
products must be fit for purpose
must be sold at an acceptable quality
what happens if a business fails to meet the unwritten term
businesses must offer a refund or exchange the good
what does the competition and consumer act have inn it
promotes fair + competitive behaviour in the market place.
