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Marketing300chap5
| Question | Answer |
|---|---|
| Need Recognition | the beginning of the consumer decision process; occurs when consumers recognize they have an unsatisfied need and want to go from their actual, needy state to a different, desired state. |
| Functional needs | pertain to the performance of a product or service |
| Psychological needs | Pertain to the personal gratification consumers associate with a product or service. |
| Internal search for information | Occurs when the buyer examines his or her own memory and knowledge about the product or service, gathered through past experience |
| External search for information | Occurs when the buyer seeks information outside his or her personal knowledge base to help make the buying decision |
| Internal locus of control | refers to when consumers believe they have some control over the outcomes of their actions, in which case they generally engage in more search activities. |
| external locus of control | refers to when consumers believe that fate or other external factors control all outcomes |
| performance risk | involves the perceived danger inherent in a poorly performing product or service. |
| financial risk | risk associated with monetary outlay includes the initial cost of the purchase as well as the costs of using the item or service. |
| social risk | the fears that consumers suffer when they worry others might not regard their purchases positively |
| physiological risk or Safety risk | the fear of an actual harm should a product not perform properly |
| psychological risks | associated with the way people will feel if the product or service does not convey the right image |
| Universal sets | includes all possible choices for a product category |
| retrieval sets | includes those brands or stores that the consumer can readily bring forth from memory. |
| evoked set | comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision |
| Consumer Decision process | 1. Need Recognition 2. Information Search 3. Alternative Evaluation 4. Purchase 5. Post Purchase |
| Types of need recognition | Functional needs Psychological needs |
| Type of Information search | Internal Search of information External Search of information |
| Evaluative criteria | consist of a set of salient, or important, attributes about a particular product |
| Determinant attributes | product or service features that are important to the buyer and on which competing brands or stores are perceived to differ. |
| Consumer decision rules | the set of criteria that consumers use consciously or subconsciously to quickly and efficiently select form among several alternatives. |
| Compensatory decision rule | at work when the consumer is evaluating alternatives and trades off on characteristic against another, such that good characteristics compensate for bad ones |
| multi attribute model | a compensatory model of customer decision making based on the notion that customers see a product as a collection of attributes or characteristics. the model uses a weighted average score based on the importance of various attributes and performance. |
| Noncompensatory decision rule | At work when consumers choose a product or service on the basis all subset of its characteristics, regardless of the values of its other attributes |
| Decision Heuristics | Mental shortcuts that help consumers narrow down choices; examples include price brand and product presentation |
| Conversion rate | Percentage of customers who buy the product after viewing it |
| Postpurchase cognitive dissonance | psychologically uncomfortable state produced by incomes consistency between beliefs and behaviors that in turn evil and motivation to reduce the dissonance; buyers remorse |
| negative word of mouth | occurs when consumers spread negative information about a product, service, or store to others. |
| motive | a need or want that is strong enough to cause the person to seek satisfaction |
| physiological needs | those relating to the basic biological necessities of life: food, drink, rest, and shelter. |
| Safety needs | one of the needs in the PSSP hierarchy of needs; pertain to protection and physical well-being. |
| Maslow's Hierarchy of Needs | a paradigm for classifying people's motives. It argues that when lower-level, more basic needs (physiological and safety) are fulfilled, people turn to satisfying their higher-level human needs (social and personal). |
| Love needs | needs expressed through interactions with others |
| esteem needs | needs that enable people to fulfill inner desires |
| Self-actualization | when a person is completely satisfied with his or her life. |
| attitude | a person's enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea; consists of three components: cognitive, affective, and behavioral. |
| cognitive component | a component of attitude that reflects what a person believes to be true. |
| affective component | a component of attitude that reflects what a person feels about the issue at hand-his or her like or dislike of something. |
| behavioral component | a component of attitude that comprises that actions a person takes with regard to the issue at hand |
| Perception | the process by which people select, organize, and interpret information to form a meaningful picture of the world. |
| Learning | refers to a change in a persons thought process or behavior that arises from experience and takes place throughout the consumers decision process |
| lifestyle | a component of psychographics; refers to the way a person lives his or her life to achieve goals. |
| reference group | one or more persons whom an individual uses as a basis for comparison regarding beliefs, feelings, and behaviors. |
| Culture | the set of values, guiding beliefs, undersatanding and ways of doing things shared by members of a society. |
| situational factor | factor affecting the consumer decision process, those that are specific to the situation that may override, or at least influence, psychological and social issues. |
| Involvement | consumer's interest in a product or service |
| extended problem solving | a purchase decision process during which the consumer devotes considerable time and effort to analyzing althernatives; often occurs when the consumer perceives that the purchase decision entails a lot of risk. |
| Limited problem solving | occurs during a purchase decision that calls for, at most, a moderate amount of effort and time. |
| impulse buying | a buying decision made by customers on the spot when they see the merchandise. |
| Habitual decision making | a purchase decision process in which consumers engage with little conscious effort. |
Created by:
Jylkasonga
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