M1-Topic 2: Marketing Influences part 1 : factors influencing customer choice, consumer law

Question 1

what are the types of factors that influence a consumers choice (4)

Answer 1

Psychological
Sociocultural
Economic
Government

Question 2

What are psychological influences

Answer 2

internal factors within a buyer which affect his/her buying behaviour

Question 3

list some types of psychological influences (5)

Answer 3

perception
motives
attitudes 
Personality + self-image
Learning

Question 4

what is perception

Answer 4

how someone sees something’s value,quality etc and how that influences the buyers decisions

Question 5

what is motive

Answer 5

what motivates a buyer to buy something

Question 6

list types of motive(4)

Answer 6

fear
comfort
safety
health

Question 7

How is personality and self image used in marketing

Answer 7

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

Question 8

what is learning

Answer 8

refers to the brand/product exposure, provides information + experiences enhance the success of marketers

Question 9

what are sociocultural influences

Answer 9

forces exerted by other people of groups that affect buying decisions

Question 10

types of sociocultural influences (4)

Answer 10

socioclass + socioeconomic
culture
family + roles
peer groups

Question 11

how does socioclass and socioeconomic status affect a customer

Answer 11

it influences the type, quality and quantity of products that customers buy

Question 12

how do family roles affect a customers buying habits

Answer 12

mothers,fathers, and children all want different things as they are all in different demographics

Question 13

how do peer groups affect someones buying behaviour

Answer 13

buying decisions change to match values + attitudes of peer groups.

Question 14

What are Economic influences

Answer 14

They are how the economic cycle affects the buying habits of buyers.

Question 15

What is the economic cycle

Answer 15

the downward (recessions) and upward (booms) movement of gross domestic product around its long-term growth trend

Question 16

what happens to customers during an economic boom (3)

Answer 16

buyers have higher disposable incomes
higher demand for products
spending confidence is higher

Question 17

what happens to customers during an economic recession (3)

Answer 17

buyers have lower disposable incomes
lower Job security
spending confidence is lower

Question 18

What are government influences

Answer 18

influences consumer + marketing decision through their management of the economy through economic policies and through consumer laws + regulation

Question 19

Types of government influences(3)

Answer 19

Fiscal policy
Monetary Policy
Consumer laws + Regulations

Question 20

what is fiscal policy

Answer 20

is when the government manipulate their expenditure levels to manipulate the economy

Question 21

what is monetary policy

Answer 21

refers to the setting of interest rates in our economy to maintain steady growth levels

Question 22

what are consumer laws + regulations

Answer 22

They are the laws that determine the marketing practices used for businesses

Question 23

What is the Australian consumer law

Answer 23

the main part of the Australian consumer law is the competition and consumer act (2010)

Question 24

what is Deceptive + Misleading advertising

Answer 24

it refers to a sellers use of confusing, misleading of false statements when promoting their products

Question 25

list types of deceptive + Misleading Advertising (6)

Answer 25

``` fine print before + after images country of origin packaging special offers bait + switch advertising ```

Question 26

how can fine print mislead buyers

Answer 26

it can hide thing from customers, which makes it less transparent which misleads customers into buying it.

Question 27

how can before and after images mislead customers

Answer 27

results can be falsified which can deceive customers to buy the product in good faith

Question 28

how does Bait + switch advertising manipulate buyers

Answer 28

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.

Question 29

what is price discrimination

Answer 29

the setting of different prices for the same product/service in different markets.

Question 30

what are Implied conditions

Answer 30

the unspoken + unwritten terms of a contract

Question 31

list examples of some unwritten terms in a contract(2)

Answer 31

products must be fit for purpose | must be sold at an acceptable quality

Question 32

what happens if a business fails to meet the unwritten term

Answer 32

businesses must offer a refund or exchange the good

Question 33

what does the competition and consumer act have inn it

Answer 33

promotes fair + competitive behaviour in the market place.