MGT 103 Product Marketing and Management: Consumer Behavior

These flashcards cover key terms and concepts related to consumer behavior and marketing principles as discussed in the MGT 103 course.

Consumer Behavior

The process we use to select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy needs/desires.

Psychological Influences

Factors such as perception, motives, learning, attitudes, personality, and lifestyle that affect consumer decision making.

Cognitive Dissonance

The state of having inconsistent thoughts, beliefs, or attitudes, particularly in relation to decisions made.

Evaluation of Alternatives

The process consumers go through to compare different products or brands before making a decision.

Sunk Costs

Costs that have already been incurred and cannot be recovered, often influencing future purchasing decisions.

Motivation

An internal state that drives consumers to satisfy needs by activating goal-oriented behavior.

Attitudes

Learned predispositions to respond favorably or unfavorably to stimuli based on enduring evaluations.

Influencer

A person who has the power to affect the purchasing decisions of others because of their authority or knowledge.

Heuristics

Mental shortcuts or rules of thumb that simplify decision making.

Social Influences

Factors such as culture, subculture, social class, and group memberships that affect consumer behavior.