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Marketing Exam 2
Chapter 5: Final Consumers and Their Buying Behavior
| Question | Answer |
|---|---|
| Describe how economic needs influence the buyer decision process. | > Buyers seek the best uses of time and money. >Income affects needs >Consumer confidence affects spending |
| What are the characteristics of economic needs? | >Economy of Purchase (less expensive) >Efficient >Dependable >Convenient >Improvement of Earnings |
| Economic Buyers | People who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money. |
| Economic Needs | Needs concerned with making the best use of a consumer's time and money--as the consumer judges it. |
| Discretionary Income (after gross pay) | What is left of income after paying taxes and paying for necessities. |
| What psychological variables affect an individual's buying behavior? | Needs motivate consumers. Consumers seek benefits to meet needs. Marketing managers appeal to customer needs and create a better world. Perception determines what consumers see and feel. Learning determines what response is likely. Many needs are cultural |
| Needs | The basic forces that motivate a person to do something |
| Wants | "needs" that are learned during a person's life |
| Drive | A strong stimulus that encourages action to reduce a need |
| Psychological Needs | Biological needs(food, drink, rest, sex) |
| Safety Needs | protection & physical well-being |
| Social Needs | love, friendship, status. Interactions with other people. |
| Perception | How we gather and interpret information from the world around us |
| Selective Exposure | Our eyes and minds seek out and notice only information that interests us |
| Selective Perception | People screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs |
| Learning | A change in a person's thought processes caused by prior experience |
| Cues | Products, signs, ads, and other stimuli in the environment |
| Response | An effort to satisfy a drive |
| Reinforcement | Occurs in the learning process when the consumer's repsonse is followed by satisfaction-- that is, reduction in the drive |
| Attitude | A person's point of view towards something |
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