Principles of Marketing: Consumer Behavior

Flashcards based on the principles of marketing, specifically focusing on consumer behavior and the decision-making process.

Consumer Behavior

The study of how individuals make decisions to spend their available resources on consumption-related items.

Problem Recognition

The first stage in the consumer purchase decision process, where the consumer perceives a difference between their ideal and actual situation.

Information Search

The stage in the consumer decision process that involves internal recall of past experiences and external information gathering from various sources.

Alternative Evaluation

The stage where the consumer compares different choices based on established criteria.

Post Purchase Behavior

The stage where consumers evaluate their purchase experience against their expectations.

Consumer Involvement

The degree of personal, social, and economic significance of the purchase, influencing the decision-making process.

Extended Problem Solving

A decision-making process used for high-involvement purchases that requires all five stages to be followed.

Limited Problem Solving

A decision-making process used for moderately significant purchases where fewer steps may be involved.

Routine Problem Solving

A simple decision-making process for low-involvement purchases, often based on habitual buying.

Psychological Influences

Factors such as motivation, personality, perception, and learning that affect consumer behavior.

Selective Perception

The filtering process by which humans process and interpret information in ways that align with their beliefs.

Perceived Risk

The anxiety related to uncertainty about the potential negative outcomes of a purchase.

Consumer Learning

Behaviors that result from repeated experience and reasoning which shape future buying decisions.

Opinion Leaders

Individuals within a group who have special skills or knowledge and influence others' purchasing decisions.

Reference Groups

Groups of people that influence an individual's behaviors, beliefs, and evaluations in consumer behavior.

Sociocultural Influences

The impact of societal structures and cultural backgrounds on an individual's buying behavior.

Motivation - Hierarchy of Needs

A classification of human needs, from physiological to self-actualization, explaining consumer motivations in choices.