MKMR 201: Marketing Management - Lecture 10

Flashcards for reviewing factors influencing consumer decision processes, including psychological, situational and social factors, motives, attitudes, perceptions, learning, memory, lifestyle, family, reference groups, culture, purchase situations, temporal states, sensory situations, social surroundings, decision context, compromise effect, and framing effects.

What are the main categories of factors influencing consumer decisions?

Factors influencing the consumer during the decision-making process include psychological, situational, and social factors.

What are the psychological factors that influence the Consumer Decision Process?

Marketing Mix (Product, Price, Place, Promotion), Motives, Attitudes, Perceptions, Learning/Memory, and Lifestyle.

What are the situational factors that influence the Consumer Decision Process?

Purchase situation, sensory situation, and temporal state.

What are the social factors that influence the Consumer Decision Process?

Family, reference groups, and culture.

What is a motive?

A need or want strong enough to prompt effortful satisfaction seeking.

What are the levels in Maslow's Hierarchy of Needs?

Physiological, Safety, Love, Esteem, and Self-Actualization.

According to Maslow's Hierarchy, what do physiological needs deal with?

Basic biological necessities of life—food, drink, rest, and shelter.

According to Maslow's Hierarchy, what do safety needs pertain to?

Protection and physical well-being.

According to Maslow's Hierarchy, what do love needs relate to?

Interactions with others.

According to Maslow's Hierarchy, what do esteem needs allow people to do?

Allows people to satisfy their inner desires.

According to Maslow's Hierarchy, what is self-actualization?

Feeling completely satisfied with your life and how you live.

How does motivation impact behavior and information processing?

Motives greatly impact behavior and information processing. High motivation leads to high involvement and vice versa.

What is an approach motive?

Positively-valued goal.

What is an avoidance motive?

Negatively-valued goal.

What is an attitude?

Overall evaluative judgment.

Why are attitudes important?

Attitudes guide our thoughts, feelings, and actions.

What are the components of attitude?

Beliefs, emotions, and actions.

What are the characteristics, regarding attitudes, of high involvement?

Greater attention, deeper processing, and development of strong attitudes and purchase intentions.

What are the characteristics, regarding attitudes, of low involvement?

Weak attitudes, increased use of cues, and superficial processing.

What is the Elaboration Likelihood Model?

High involvement leads to greater attention and deeper processing, developing strong attitudes, conversely low involvement leads to less attention and peripheral processing, generating weak attitudes and increased use of cues.

What are the different types of buying decisions based on involvement?

Extended problem solving (high risk), limited problem solving (moderate effort), impulse buying (on the spot), and habitual decision making (little conscious effort).

What is perception?

Process by which we select, organize, and interpret information to form a meaningful picture of the world.

What influences perception?

Actual stimulus, prior information and knowledge, expectations, desires, and goals.

What is learning?

Change in thought process or behavior that occurs from experience.

What are memories?

Psychological factors that affect decision making that consist of information that has been acquired and stored in the brain, to be available and utilized when needed.

What are the memory development stages?

Information Encoding Stage, Information Storage Stage, and Retrieval Stage.

What is the information encoding stage?

Where consumers transform information that they receive about products and services into storable information.

What is the information storage stage?

How that knowledge gets integrated and stored with what consumers already know and remember.

What is the retrieval stage?

Consumers access desired information.

What is a lifestyle?

The way consumers spend their time and money to live.

What should marketers consider when family is involved in decision purchasing?

Marketers must consider the needs of all family members, how families make purchase decisions, how specific family members influence decisions, and what roles members hold in the decision process.

What is a reference group?

Actual or imaginary individual or group used as a basis for comparison regarding beliefs, feelings, and behaviors.

What is an aspirational reference group?

Group with whom we want to be associated.

What is a dissociative reference group?

Group with whom we do NOT want to be associated.

How do reference groups impact purchase behavior?

Offering information, enhancing a consumers’ self-image, rewarding or criticizing particular purchase behaviors.

What is culture?

Shared meanings, beliefs, morals, values, and customs of a group of people.

What characteristics of the purchase situation can influence consumer choices?

Frequency, purpose, requested, and recipient.

What characteristics of the temporal situation can influence consumer choices?

Time of day, day of week, time pressure, time horizon and mood swings.

What characteristics of the sensory situation can influence consumer choices?

Visual, auditory, olfactory, tactile and taste.

What are atmospherics?

How managers manipulate the design of the building, interior space, layout, texture of carpets and walls, scents, colors, shapes, and sounds experienced by customers.

How can consumer decisions be influenced by social surroundings?

Consumer decisions can be influenced by attitudes and observed choices of others as well as crowding

What is the Mere Presence Effect?

The presence of other shoppers nearby impacts our shopping decisions.

What is consumer contamination?

Belief that the “essence” of another consumer transfers to a product via physical contact.

How can the decision context influence a consumer?

Consumer decisions can be influenced by how choices are presented.

What is the compromise effect?

Tendency to choose the “middle” option in a choice set.

What are framing effects?

When choices differ depending on the way a set of options are described

How does loss vs. gain framing work?

Consumer perceptions and choices are influenced by whether choices are framed as losses vs. gains

What is loss aversion?

Tendency to prefer avoiding losses to acquiring equivalent gains.