Understanding Consumers: Key Concepts in MKTG102

A set of key vocabulary terms and definitions relevant to consumer behavior, regulation, and marketing strategies.

Cross-Cultural Marketing

The practice of including ethnic themes and cross-cultural perspectives within mainstream marketing to appeal to consumer similarities across subcultures.

Psychological Factors

Internal factors influencing consumer behavior including beliefs, attitudes, motivation, and perception.

Maslow’s Hierarchy of Needs

A theory proposing that people are driven by specific needs at particular times, often depicted as a pyramid from basic physical needs to self-actualization.

Intervening Factors

Types of perceived risk (functional, physical, financial, social, psychological, and time risk) that can influence consumer decisions.