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D174 Module 6

Consumer Buying behavior

TermDefinition
What are Internal forces affecting consumer choices Personal characteristics and Psychological attributes
What are Personal characteristics affecting consumer choices Age, Education, Occupation, Income, Lifestyle, Gender
What are Psychological attribute affecting consumer choices Motivation, Attitude, Perception, Learning, Personality
Demographics The characteristics of human populations and population segments, especially when used to identify consumer markets.
Family Life cycle The changes in life stage that transform an individual’s buying habits.
Lifestyle An individual’s perspective on life that manifests itself in activities, interests, and opinions.
AIO statements An individual’s perspective on life that manifests itself in activities, interests, and opinions.
Gender roles Behaviors regarded as proper for men and women in a particular society.
Motivation The stimulating power that induces and then directs an individual’s behavior.
Maslow's Hierarchy of Needs Theory Humans have wants and needs that influence their behavior
Key elements in Maslow's Hierarchy of needs Physiological need; safety needs; Love/social need; Self-Esteem needs; Self-Actualization
Herzberg's two factor theory Certain factors in workplace result in job satisfaction
Attitude Learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way.
Multiattribute model A model that measures an individual’s attitudes toward an object by evaluating it on several important attributes.
Perception A system to select, organize, and interpret information to create a useful, informative picture of the world.
Selective awareness A psychological tool an individual uses to help focus on what is relevant and eliminate what is not relevant.
Selective distortion The process in which an individual can misunderstand information or make it fit existing beliefs.
Selective retention The process of placing in one’s memory only those stimuli that support existing beliefs and attitudes about a product or brand.
Memory Where people store all past learning events.
Learning Any change in the content or organization of long-term memory or behavior.
Conditioning The creation of a psychological association between two stimuli.
Cognitive learning Active learning that involves mental processes that acquire information to work through problems and manage life situations.
Personality An individual’s set of unique personal qualities that produce distinctive responses across similar situations.
External factors shaping consumer choices Cultural factors, situational factors, Social factors,
Opinion Leaders Part of Social factors- Individuals with expertise in certain products or technologies who classify, explain, and then bestow information to a broader audience.
Market Mavens Individuals who have information about many kinds of products, places to shop, and other facets of markets, and initiate discussions with consumers and respond to requests from consumers for market information.
Reference groups A group of individuals whose beliefs, attitudes, and behavior influence (positively or negatively) the beliefs, attitudes, and behavior of an individual.
Desirability The extent and direction of the emotional connection an individual wishes to have with a particular group.
Degree of affiliation The amount of interpersonal contact an individual has with the reference group.
High involvement learning The learning process in which an individual is stimulated to acquire new information
Low involvement learning The learning process in which an individual is not prompted to value new information, characterized by little or no interest in learning about a new product offering.
Steps in Consumer decision-making process Problem recognition; search for information; evaluation of alternatives; product choice decisions; post-purchase decision
B2B Markets in which a firm’s customers are other firms, characterized by few but large customers, personal relationships, complex buying processes, less price-sensitive demand.
Buying decisions Decisions made throughout the purchase decision process that vary widely and are based on factors such as nature of the purchase, number of people involved in the decision, understanding of the product being purchased, and time frame for the decision.
Straight rebuy A buying decision that requires little evaluation because the products are purchased on a consistent, regular basis.
Modified rebuy Customer is familiar with the product and supplier in a purchase decision but is looking for additional information
New purchase A buying decision in which the purchase of a product or service by a customer is for the first time.
Buying center A number of individuals with a stake in a purchase decision who manage the purchase decision process and ultimately make the decision.
User Actual customers of a product or service who have a great deal of input at various stages of the buying decision process but are typically not decision makers.
Initiator The individual who starts the buying decision process.
Influencer An individual, either inside or outside the organization, with relevant expertise in a particular area who provides information used by the buying center in making a final buying decision.
Gatekeeper An individual who controls access to information and relevant individuals in the buying center.
Decider An individual within the buying center who ultimately makes the purchase decision
Electronic data Interchange (EDI) Sophisticated programs that link a customer with its suppliers to manage inventories and automatically replenish supplies.
E-procurement The process of online business purchasing.
Created by: mkale
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