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Terms in this set (92)
What are the components of the immediate environment?
the firm and its immediate influences, such as competition and corporate partners
What are the six key macroeconomic factors?
culture, demographics, economic, technology, political/legal
involves visual nuances of a country's culture such as artifacts, behavior, dress, symbols, physical settings, ceremonies, language differences, colors and tastes, and food preferences, as well as language.
involves the region in which people live in a particular country.
What are some important social trends shaping consumer values these days?
health and wellness concern, greener consumer, and privacy concerns
What are the three of the business cycles and an influence?
prosperity, recession, recovery, and inflation
a group of people of the same generation is what?
purchasing power is tied to income
what is the most common form of segmentation and provides an easily understood snapshot of the typical consumer in a specific target market
what is related to income, which determines spending power?
need recognition, information search, alternative evolution, purchase, and post purchase are apart of what type of decision process?
consumer decision process
What are two of need recognition's two sub groups?
functional needs and psychological needs
what pertain to the performance of a product or service?
what pertain to the personal gratification consumers associate with a product and/or service?
The consumer decision process begins when consumers recognize they have an unsatisfied need. What consumer decision process is this?
After a consumer recognizes a need, he or she must search for information about the various options that exist to satisfy that need. What consumer decision process is this?
search for information
what are the two subsets for search of information?
internal search and external search
what happens when the buyer examines his or her own memory and knowledge about the product or service?
what happens when buyer seeks information outside his or her personal knowledge base to help make the buying decision?
factors affecting consumer search processes are?
perceived benefits and costs
What are involved in actual or perceived risks?
performance risk, financial risk, social risk, physiological (or safe) risk, and psychological risk
What involves the perceived danger inherent in a poorly performing product or service
what is associated with a monetary outlay and includes the initial cost of the purchase, as well as the costs of using the item or service?
what are the fears that consumers suffer when they worry others might not regard their purchases positively?
what refers to the fear of an actual harm should the product not perform properly?
physiological (or safety) risk
what risks associated with the way people will feel if the product or service does not convey the right image?
what are the evaluation of alternative: attribute sets?
evoked, universal, retrieval
what set includes all possible choices for a product category?
what are those brands or stores that can be readily brought forth from memory?
what comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision?
what consists of a set of important attributes about a particular product?
what are product or service features that are important to the buyer and on which competing brands or stores are perceived to differ?
what are a set of criteria that consumers use consciously or subconsciously to quickly and efficiently select among several alternatives?
consumer decision rules
what assumes that the consumer, when evaluating alternatives, trades off one characteristic against another, such that good characteristics compensate for bad characteristics?
compensatory decision rules
what chooses a product or service on the basis of a subset of its characteristics, regardless of the values of its other attributes?
non-compensatory decision rules
what measures how well they convert purchase intentions into actual purchases?
what is the psychologically uncomfortable state produced by an inconsistency between beliefs and behaviors that in turn evokes a motivation to reduce the dissonance?
post-purchase dissonance or buyers remorse
Demonstrating correct product use, building realistic expectations, providing a money back guarantee, encouraging feedback, and periodically making contact with customer ensure what type of post-purchase?
what are the subsets of post-purchase?
customer satisfaction, dissonance, customer loyalty, and undesirable consumer behaviro
what are the factors influencing the consumer decision process?
marketing mix, situational factors, social factors, and psychological factors
what are the four p's of the marketing mix?
promotion, place, price, product
what are social factors?
family, reference groups, culture
what are situational factors?
purchase situation, shopping situation, temporal state
What are personal factors?
family life cycle, occupation, lifestyle
what are psychological factors?
motives, attitudes, perceptions, learning
what are maslows hierarchy of needs?
physiological, safety, love, esteem, self-actualization
what is the process by which we select, organize, and interpret information to form a meaningful picture of the world?
what affects both attitudes and perceptions?
What are the three subsets of perception?
Selective attention, selective distortion and selective retention
what are the shared meanings, beliefs, morals, values, and customers of a group of people. Like reference groups, cultures influence consumer behavior?
what are factors specific to the situation?
what occurs during a purchase decision that calls for a lot of effort and time?
extended problem solving
what occurs during a purchase decision that calls for, at most, a moderate amount of effort and time?
limited problem solving
what is a buying decision made by customers on the spot when they see the merchandise?
what describes a purchase decision process in which consumers engage little conscious effort?
habitual decision making
What are the four types of B2B markets?
resellers, institutions, government, manufacturers and service providers
who buys raw materials, components or parts and manufactures there own goods? (ex: burts bees)
manufacturers and service providers
who aggregates goods from manufacturers and sell them to retailers or, in the case of retailers, they sell them to consumers?
what are the three steps of the reselling process?
manufacturer, reseller, retailer
schools, museums, and religious organizations are examples of?
what firm sell exclusively to government entities and therefore are adept at meeting the unique needs of governmental buyers? And spend a lot of money
What is the B2B buying process?
need recognition, product specification, RFP process, proposal analysis and supplier selection, order specification, vendor / performance assessment using metrics
What are the three buying stations?
new buy, modified rebuy, straight rebuy
who are participants are people responsible for the buying decisions?
what are the categories of buying center?
influencer, decider, buyer, user, gatekeeper, initiator
Close relationships may produce what kind of mutual benefits?
mutual trust, long term outlook, and share tasks at lower total cost
relationships that make not make sense deal with?
reduced flexibility, some purchases are too small or infrequent, and some purchases require much special attention
who is the person who first suggests buying the particular product or service?
what person views influence other members of the buying center in making the final decision?
what person ultimately determines any part of or the entire buying decision—whether to buy, what to buy, how to buy, or where to buy?
what person who handles the paperwork of the actual purchase?
the persons who consumes or uses the product or service?
the persons who controls information or access, or both, to decision makers and influencers?
a customer purchases a good or service for the first time, the buying decision is likely to be quite involved is what type of situation?
the buyer has purchased a similar product in the past but has decided to change some specifications, such as the desired price, quality level, customer service level, options, or so forth is what type of situation?
when the buyer or buying organization simply buys additional units of products that had previously been purchased is what type of situation?
what are the five steps of the segmentation, targeting, and position process?
1. strategy or objectives, 2. segmentation methods, 3. evaluate segment attractiveness, 4. select target market, 5. identify and develop positioning strategy
Any strategy must be consistent with the firm's mission statement and be based on the current assessments from SWOT analyses is what step in the segmentation, targeting, and position process?
step one establish overall strategy or objectives
what are groups consumers according to easily measured, objective characteristics such as age, gender, income, and education?
what is the most common segmentation strategy?
what allows people to describe themselves using characteristics that help them choose how they occupy their time (behavior) and what underlying psychological reasons determine these choice?
what factors of psychographic segmentation are?
psychographic, self values, self concept, and lifestyles
what is a psychographic tool that classifies consumers into eight categories based on their answers to a questionnaire?
value and lifestyle survey (VAL)
what are groups consumers on the basis of the benefits they derive from products or services?
what divides customers into groups based on how they use the product or services?
the two factors of behavioral segmentation are?
occasion and loyalty segmentaion
what uses a combination of geographic, demographic, and lifestyle characteristics to classify consumers?
what are the factors of segment attractiveness?
substantial, reachable, responsive, profitable, identifiable
what are the targeting strategies?
differentiated, concentrated, micro marketing, or one to one, and undifferentiated or mass marketing
what generally focus on either how the product or service affects the consumer or how it is better than competitors' products and services?
what are positioning methods?
value, salient attributes, symbol, competition
what are the positioning steps?
1. determine consumers perceptions and evaluations in relation to competitors, 2. identify the market's ideal points and size, 3. identify competitors' positions, 4. determine consumer preferences, 5. select the position, 6. monitor the positioning strategy
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