Unit 10 Principles of Marketing - Consumer Behaviour

Flashcards on Consumer Behaviour

Consumer Behaviour

The study of individuals' decision-making processes, influenced by personal, social, cultural, and psychological factors.

Consumer

The end-user who consumes a product or service for personal use, creating demand in the market.

Buyer

A person who purchases goods or services by entering into a contractual agreement, distinct from the end-user.

Customer

A person who selects and purchases a product or service, playing a key role in shaping business strategies.

User

The individual who utilises the product or service, possibly different from the buyer.

Culture

A set of shared values, norms, and beliefs influencing consumption behaviour across communities or societies.

Subculture

A distinct group within a larger culture with specific needs and preferences, such as dietary or regional groups.

Social Class

Hierarchical divisions in society based on income, education, and lifestyle that influence buying patterns.

Reference Groups

Social circles, such as friends or colleagues, that influence an individual’s purchasing decisions through direct or indirect pressure.

Roles and Status

A person’s position in society or an organisation, which shapes their choice of products or services to reflect their image.

Age and Life Cycle

A determinant of consumer needs and priorities, varying with different stages of life.

Occupation

A factor influencing the type of goods or services purchased based on professional requirements.

Economic Situation

An individual’s financial status, impacting their spending power and brand preferences.

Lifestyle

The interests, values, and activities that shape an individual’s preferences and purchasing behaviour.

Personality and Self-Concept

Traits and self-perception that drive consumer choices and brand loyalty.

Motivation

An internal drive that compels an individual to satisfy specific needs, often explained through Maslow’s hierarchy.

Perception

The way consumers interpret product information, shaping their attitudes and decisions.

Learning

The process through which past experiences influence future purchasing decisions.

Beliefs and Attitudes

Convictions and consistent evaluations toward a brand or product, shaping consumer behaviour.

Complex Buying Behaviour

High-involvement purchases with significant differences between brands, requiring detailed research.

Dissonance-Reducing Buying Behaviour

High-involvement purchases with minimal brand differences, often accompanied by post-purchase doubts.

Habitual Buying Behaviour

Routine, low-involvement purchases with minimal thought or emotional investment.

Variety-Seeking Buying Behaviour

Low-involvement purchases driven by the desire for novelty rather than loyalty.

Marketing Segmentation

Dividing the market into smaller segments to target specific consumer groups effectively.

Brand Loyalty

A consumer’s consistent preference for a particular brand due to satisfaction or trust.

Adaptive Marketing

A strategy that aligns the organisation with the evolving market environment and consumer preferences.

Product Innovation

Developing new products to meet emerging consumer needs or resolve dissatisfaction with existing offerings.

Customer Journey

The complete process of interaction between a customer and a brand, from awareness to post-purchase behaviour.

Post-Purchase Behaviour

Consumer actions and feelings after a purchase, influencing brand loyalty or dissatisfaction.

Global Consumer Behaviour

Understanding buying patterns across cultures and regions to tailor products for international markets.

Behavioural Sciences

Disciplines like psychology and sociology that contribute to understanding consumer behaviour.

Market Trends

Evolving consumer preferences and demands that guide businesses in adapting their strategies.

Customer-Centric Approach

A business strategy focused on prioritising consumer needs and preferences for sustained growth.