MKT 300 Principles of Marketing - Consumer Behavior

Flashcards covering key vocabulary related to influences on consumer behavior, including economic, psychological, social, cultural, and situational factors, as well as the consumer buying process.

Economic Needs

Needs focused on getting the best use of the consumer’s time and money, varying by price, ease of use, dependability, and convenience.

Gross income

The amount of money an individual makes before taxes and other automatic deductions.

Disposable income

Money available for saving or spending after income taxes have been paid.

Discretionary income

Money left over after using disposable income for “necessities”.

Net worth

The difference between an individual's assets and liabilities.

Needs

Basic forces motivating behavior, such as food, shelter, acceptance, power, and safety.

Wants

Learned 'needs', for example, needing a car versus wanting a specific brand like a Tesla.

Physiological needs

Basic biological requirements like food, liquid, rest, and sex.

Safety needs

The need for health, security, protection, and financial security.

Social needs

The need for friendship, status, love, and connection.

Personal needs

The need for accomplishment, freedom, purpose, and fun.

Selective exposure

The tendency to see things we’re looking for and screen out distractions.

Selective perception

The tendency to see or hear what one wants to see or hear.

Selective retention

The tendency to remember information that one wants to remember.

Learning

A change in thought processes caused by an experience.

Attitudes and Beliefs

A person’s point of view or opinion toward something, which can significantly affect buying behavior.

Expectations

Anticipated outcomes based on attitudes and beliefs.

Trust

Built by companies delivering on expectations, which further drives future expectations and consumer loyalty.

Life Stages

Stages that people and families go through where income levels and needs often change, influencing purchasing behavior.

Social Class

A group of people sharing approximately equal social position as viewed by others, which marketers can target.

Reference Group

A group whose members can influence an individual’s attitudes, such as parents, friends, or celebrities.

Opinion Leaders

Individuals, often part of a reference group, whose influence is leveraged by marketers through endorsements.

Culture

A broad influence that can shape attitudes, beliefs, and purchase behavior, requiring careful consideration in marketing efforts.

Situational Influence

Factors related to why, when, and where something is purchased, affecting consumer decisions.

Routinized Response Behavior

A consumer buying process characterized by low involvement, frequent purchases, low cost, little risk, and minimal information needed.

Extensive Problem Solving

A consumer buying process characterized by high involvement, infrequent purchases, high cost, high risk, and a desire for much information.

Post-purchase experience

The customer's experience after a purchase, where fulfilling expectations builds trust and contributes to repeat business.