Quiz 1 Flashcards
Anthropology
study of humankind in its habitat; how culture develops
Sociology
study of social systems
Psychology
study of human mind and mental process
Economics
study of goods and resource allocation
Qualitative
in depth understanding why
Quantitative
systematic investigation using statistical, mathematical, or computational techniques
4 types of value
utilitarian, social value, ego/identity value and recreation/hedonic value
Utilitarian
tangible outcomes of a products function or usage (razors/lotions)
Social Value
harmonious relationships, fitting in, projecting a good image (donating blood/buying a gift/wearing a brand)
Ego/Identity Value
construct and manage our self concepts (vegetarian/recycle/watches/wearing a brand)
Recreation/Hedonic Value
create moods, rejuvenate mind, make an experience (hotels/wine/sports/music)
Marketing Research
collecting and interpreting informations
Secondary Data
existing data already collected and available to the entrepreneur. Obtained more quickly and cost effectively
Primary Data
new data gathered by you
Maslow
Psychological needs (food/shelter)
Safety and Security (protected from danger
Belonging and Love (friends/family)
Esteem and Ego (respect/feeling good about one’s self)
Self Actualization (realize one’s potential and be at peace)
Innate Needs
born for survival
Learned Needs
biogenic and psychogenic
Biogenic Needs
discomfort with our body sickness, dry skin, fatigue, physical cravings
Psychogenic Needs
stemming from our mental makeup; what we think about ourselves and the world
Ditcher’s List of Subconscious Consumption Decisions
- master over environment
- status
- rewards
- individuality
- social acceptance
- love and affection
- security
- masculinity
- femininity
- eroticism
- disalienation
- moral purity/cleanliness
- magic/mystery
4 functions of attitude
- utilitarian - the object serves a utility
- value expressive - the object expresses one’s values
- knowledge - reduces uncertainty
- ego defense - the object helps protect our ego
Murray’s List of Psychological Needs
- autonomy - independent and free to act
- dominance - to direct behaviors of others
- nurturance - to give sympathy or help
- exhibition - to make an impression or excite
- cognizance - to explore or ask questions
- exposition - to give information and explain
Consumer Attitudes
- learned predispositions to respond to an object in a consistent way
- favorable or unfavorable
- learned
- targeted
- consistent
- cause response
ABC Model of Attitude
A –> affect (feelings/how you feel)
B –> beliefs (cognitions/what you know)
C –> conation (intentions/what you will do)
Masculine features
independent, competitive, assertive, selfish, instrumentality
Feminine features
compassionate, sensitive, nurturing, emotional, expressive
- 1945
retirees
1946-1964
baby boomers
1965-1979
generation x
1980-1999
generation y
2000 +
new millennials
white
competitive, aggressive, prideful
black
focused on self image, flashy, family, religion and respect
hispanic
leisure over work, family, tradition, religion, appearance and technology
asian
sophisticated, intelligent, self control
european
individualism over family or society
bachelor stage
emphasis on looks. eats out
young married couple
their life project is building a starter home. budget
full nesters
structured at the needs of children. convenience
single parent
have no time. convenience
empty nesters
they have time. leisure activities, more disposable income
survivor stage
retired, family dependant
retirees
frugal, read, loyal
baby boomers
spenders, youth
generation x
discounts, responsible
generation y
individuals, high tech
new millennials
high tech, causes, green, individual
money attitudes
flaunters, big spenders, planners and savers, tightwads
flaunters
hoping to impress and arouse envy. buy conspicuous items
big spenders
personally enjoy buying, usually send beyone means/ in debt. impulse buyers.
planners and savers
look to the future. comparison shop and coupons
tightwads
obsessive about savings. will reuse old items and avoid unnecessary buying
consumer sentiment
a consumers expectations about his/her financial well being in the near future
social class
money (not the most determining factor), education, occupation, talent, accomplishments, social capital
psychology of poverty
insecurity, helplessness, fatalism, present orientation
