Marketing and Consumer Behavior

This set of flashcards covers important vocabulary related to consumer behavior, purchasing decisions, and marketing strategies as discussed in the lecture.

Buying Decision Process

The process consumers go through when making a purchase, involving various factors such as predispositions, needs, and environmental issues.

Buyer's Characteristics

Traits or qualities of buyers that influence their purchasing decisions.

Brand Loyalty

A consumer's commitment to repurchase or continue using a brand.

Influencing Factors

Various elements such as price, perception, quality, and trends that affect buyer behavior.

Hierarchy of Needs

A psychological theory that categorizes human needs into a five-tier model, from basic survival to self-actualization.

Risk Averse

Individuals who prefer to avoid risk and stick with familiar options.

Innovators

People who are willing to try new products or technologies early on, often influencing others.

Mainstream Buyers

The majority of consumers who are typically more risk-averse and tend to stick with established products.

Product Life Cycle

The progression of a product through introduction, growth, maturity, and decline phases.

Patent

A legal document granting the holder exclusive rights to an invention or design.