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MKTG Chapter 5
Fall freshman year first exam for intro to marketing
| Term | Definition |
|---|---|
| Consumer Behavior | How people decide what to buy, when to buy it, where to buy it, and how they use products or services |
| Purchase Decision Process | Problem recognition, Information search, Evaluation of alternatives, Purchase decision, Post purchase behavior |
| High Involvement Purchase | A purchase that is important, expensive, or risky, so the consumer spends a lot of time thinking and researching before buying |
| Situational Influences | Purchase task, Social surroundings, Physical surroundings, Temporal effects, Antecedent states |
| Purchase Task Influence | The reason or purpose for buying something |
| Social Surroundings Influence | The people around you who can influence your purchase |
| Physical Surroundings Influence | The environment where you are shopping |
| Temporal Effects Influence | How the time or timing of a purchase affects your decision |
| Antecedent States Influence | Your temporary mood or condition before/during shopping |
| Problem Solving Variations | How much thought a customer puts into a purchase decision, Extended, Limited, and Routine |
| Extended Problem Solving | Lots of time spent researching and comparing options before buying a product/service |
| Limited Problem Solving | Some research and comparison, but not a ton of time deciding on a purchase |
| Routine Problem Solving | Quick purchase with little thought, usually familiar to the product |
| Perceived Risk | Anxiety felt because a consumer can't anticipate the outcome of a purchase, but believes there may be negative consequences |
| Brand Loyalty | Favorable attitude and consistent purchases for a single brand over time |
| Word of Mouth | Influencing people through conversations |
| Opinion Leaders | Individuals who share direct/indirect social influence over others |
| Family Life Cycle | Distinct phases a family progresses, from formation to retirement, bringing purchase behaviors |
| Consumer Socialization | How people learn to be consumers |
| NPS (Net Promoter Score) | Measurement of how likely people are to recommend a company to others |
| Promoters | People who rate a company 9-10/10 |
| Detractors | People who rate a company 0-6/10 |
| NPS Formula | Percentage of promoters - percentage of detractors |
| Cognitive Disonance | Post purchase anxiety about whether or not they made the right choice |
Created by:
Clare572
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