Consumer Buyer Behaviour and Product Strategy Review

This set of 20 vocabulary flashcards covers factors affecting buyer behavior, Maslow's Hierarchy of Needs, the New Product Development process, and Product Life Cycle stages.

Cultural Factors

The values, traditions, beliefs, and customs shared by a society that influence consumers' buying behaviour.

Social Factors

Personal influences which include family members, friends, colleagues, reference groups, and social status.

Personal Factors

Individual characteristics including age, occupation, income, lifestyle, personality, and stage in life.

Psychological Factors

Elements such as motivation, perception, beliefs, attitudes, and learning experiences that affect how consumers evaluate products.

Economic Factors

External financial conditions such as inflation, cost of living, and interest rates that affect consumers' ability and willingness to spend.

Physiological Needs

The basic requirements for survival, such as food, water, shelter, and rest.

Safety Needs

Requirements for security, protection, stability, and freedom from physical, financial, or health-related harm.

Social Needs (Belongingness and Love)

The desire for friendship, relationships, affection, acceptance, and a sense of belonging to a group.

Esteem Needs

The desire for recognition, achievement, status, confidence, prestige, and respect from others.

Self-Actualization Needs

The highest level of Maslow's Hierarchy representing the desire to achieve personal growth and realize one's full potential.

Idea Generation

The systematic search for new product ideas from sources such as customers, employees, competitors, and research teams.

Idea Screening

Evaluating product ideas and eliminating those that are not feasible, profitable, or aligned with company objectives.

Concept Development and Testing

Developing promising ideas into detailed product concepts and testing them with target customers to gather feedback.

Business Analysis

Estimating sales, costs, profits, and risks to determine whether a new product is financially viable.

Product Development (NPD Stage)

The stage where a company converts a concept into a physical product and creates prototypes for testing.

Test Marketing

Introducing a new product in a limited market to evaluate customer response and potential issues before a full-scale launch.

Commercialization

Launching a final product into the market on a large scale through production, distribution, promotion, and sales activities.

Introduction Stage

The Product Life Cycle stage where a new product is launched and sales are usually low due to initial consumer awareness.

Growth Stage

The Product Life Cycle stage where sales increase rapidly as more consumers adopt the product and profits begin to rise.

Maturity Stage

The stage where sales growth slows because most potential customers have already adopted the product and competition becomes intense.