Ch. 6 Consumer Behavior MKTG 300

This set of flashcards covers key concepts and details from Ch. 6 Consumer Behavior, focusing on the consumer decision process, vital attributes of needs and wants, types of risks, and the influence of various factors on decision-making.

What are the five stages of the Consumer Decision Process?

Need recognition, Information search, Alternative evaluation, Purchase and consumption, Post-purchase.

What triggers the Consumer Decision Process?

The process begins with need recognition, when consumers realize they have an unsatisfied need.

How do 'needs' differ from 'wants'?

Needs are essential, while wants are desired items that fulfill those needs.

What is the effect of having an internal locus of control on information search?

Consumers with an internal locus of control believe they can influence the outcomes of their actions and tend to engage in more search activities.

List some types of risks associated with consumption.

Performance risk, Financial risk, Social risk, Safety risk, Psychological risk.

What do compensatory decision rules imply in consumer evaluations?

They assume that consumers trade off one characteristic against another, allowing good characteristics to compensate for bad ones.

What factor is critical for determining whether a consumer uses compensatory or non-compensatory decision rules?

The importance of particular product characteristics or attributes.

What is meant by 'purchase intent'?

It signifies the consumer's decision on what to buy and is not always aligned with actual market share.

What are some components of post-purchase outcomes?

Customer satisfaction, post-purchase cognitive dissonance, and customer loyalty.

What is cognitive dissonance?

The discomfort a person feels when their behavior does not align with their values or beliefs.

What role does customer loyalty play in marketing?

Companies benefit from loyal customers through repeat purchases and positive recommendations.

What are the different types of customer loyalty?

Heart loyalty (emotional connection), Head loyalty (benefits), and Hand loyalty (habitual repurchase).

How can marketing influence the consumer decision process?

Through promotion, which influences various stages, and product and price, which affect alternative evaluations.

What is the Net Promoter Score (NPS)?

A metric used to measure customer loyalty based on the likelihood of customers recommending a product or service.

What factors influence the consumer decision-making process?

Marketing mix, psychological factors, social factors, and situational factors.

What is an example of a psychological factor affecting consumer decision-making?

Motives, such as Maslow's needs, that lead to need recognition.

What is an example of a social factor impacting the consumer decision process?

Family, reference groups, and cultural influences that shape needs and evaluations.

How might situational factors affect consumer decision-making?

They may lead to impulse buying, habitual purchasing, or low involvement buying, often skipping some decision-making stages.