The Consumer Flashcards
What are the 5 components of Maslow’s Hierarchy of Needs?
- Self-Actualisation.
- Self-Esteem.
- Belonging.
- Safety.
- Physiological.
What is the rational model of consumption?
The concept of rational consumers is based around the idea of the ‘economic man’ who tends towards maximising total utility with limited income by seeking value for money.
What is the “Utility theory”?
The feeling of satisfaction as a result of consumption.
Explain what is meant by “Marginal Utility”.
Satisfaction gained as a result of additional consumption, which decreases with increasing purchase.
We reside in something that needs to be replaced.
Explain Traditional Replacement theory.
- Wear and Tear.
- Improved Utility.
- Improved expression and new desires are emotionally significant.
What are the 7 stages of the consumer decision making process?
- Needs recognition.
- Search for information.
- Evaluation of alternatives.
- Purchase.
- Consumption.
- Post - consumption evaluation.
- Divestment.
What is “tension”?
Tension is the measure of discomfort or a measurement of need. I.e. the bigger the difference between the actual state and desired state, the greater the tension.
What is the goal objective of consumption?
To reduce discomfort or provide satisfaction through a product, service or experience.
What is a “dynamic need?”
A need driven by the decision to buy a product based on a hierarchy of needs - which in turn are driven by functional, emotional and cultural factors.
What are the 4 themes that make up the complexity of needs for clothing?
- Observable features.
- Physical Performance.
- Expressive.
- Extrinsic.
What are the main functions of desire?
- Satisfy needs and indulge desires.
- Compensates for individual’s insecurities.
- Symbolises achievement and success.
- Communicates and reinforces social position.
- Expresses attitude and state of mind.
- Communicates specific messages to other individuals.
- Confirms an individual sense of self.
What are the 4 ways in which we can define needs?
- Biogenic: to maintain life - water, food, shelter.
- Utilitarian: desire to achieve some practical benefit.
- Hedonic: Experiential needs involving emotional response (aspects of excitement, self-confidence, fantasy).
- Psychogenic: power status, affiliation.
What is a reference group for consumption?
‘An actual or imaginary individual or group conceived of having significant relevance upon an individual’s evaluation, aspirations or behaviour ’
Why do reference groups such as celebrities drive further consumption?
The fact that the reality cannot live up to the dream drives immediate craving for further consumption.
What has the dominance of marketing powerhouses such as Apple and Louis Vuitton led to?
Created a globalised consumption ethic - people are surrounded by the tempting images of Western success stories that symbolise prosperity.