Consumer Behavior and Market Segmentation - Flashcards

Flashcards covering key concepts from the lecture notes on consumer behavior, the Howard-Sheth model, and the Engel-Kollat-Blackwell (EKB) model of consumer decision making.

What does consumer behavior study?

The study of how individuals, groups, or organizations select, purchase, use, and dispose products and services to satisfy needs and desires.

Which factors influence consumer behavior?

Personal, psychological, social, and cultural factors.

Name personal factors that influence buying decisions.

Age, lifestyle, occupation, income, and personality.

What psychological factors shape purchasing decisions?

Emotions, perception, motivation, learning, beliefs, and attitudes.

How do social factors affect consumer behavior?

Family, friends, social groups, and societal norms influence preferences and brand choices.

How do cultural factors influence consumer behavior?

Culture, subculture, and societal values shape needs, wants, and buying behavior.

What is the Howard-Sheth model?

A comprehensive framework explaining how consumers make purchasing decisions, especially for complex and high-involvement products; it integrates psychological, social, and marketing influences.

What types of stimuli are considered in the Howard-Sheth model?

Marketing stimuli (ads, price, product quality, packaging) and social stimuli (family opinions, peer recommendations, cultural factors).

What are the perceptual and learning constructs in the Howard-Sheth model?

Inputs are processed based on past experiences, personal perceptions, and learning to interpret product information and form attitudes.

What are the outcomes in the Howard-Sheth model?

The final phase involving attitudes, motives, intentions, brand comprehension, confidence, and the purchase decision leading to satisfaction or dissonance.

What is the Engel-Kollat-Blackwell (EKB) model?

A comprehensive model outlining a structured consumer decision process used to analyze purchasing decisions, especially for many consumer purchases.

Who developed the EKB model?

James Engel, Roger Blackwell, and David Kollat in the 1960s.

What are the stages of the EKB model?

Problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.

What happens in problem recognition (EKB)?

The consumer recognizes a need or problem that needs solving.

What happens during information search (EKB)?

The consumer seeks information either from internal sources (recalling past experiences) or external sources (friends, family, reviews, ads).

What occurs during evaluation of alternatives (EKB)?

The consumer compares options, considers features and benefits, forms beliefs and attitudes, and narrows choices.

What factors influence the purchase decision in the EKB model?

Price, quality, brand reputation, personal preferences, and external influences like discounts or peer recommendations.

What is post-purchase behavior (EKB)?

The consumer assesses satisfaction; satisfaction can lead to loyalty while dissatisfaction may cause regret, complaints, or returns.