Consumer & Business Markets Summary

A set of flashcards covering key concepts and terms from the lecture on consumer and business markets.

What is consumer behavior?

The process individuals or groups go through to select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires.

What are the three types of decision-making approaches in consumer behavior?

Habitual decision making, limited problem solving, and extensive problem solving.

What influences the consumer decision-making process?

Internal, situational, and social factors influence consumer behavior.

What is the evoked set in the information search step?

All of the alternative brands a consumer is aware of when making a decision.

What are determinant attributes?

The most important features to differentiate and compare among product choices.

What does buyer's remorse refer to?

The anxiety or regret a consumer may feel after making a purchase.

What is the zero moment of truth (ZMOT)?

The moment when a consumer decides to make a purchase, often online.

How does artificial intelligence (AI) influence consumer behavior?

AI enables personalized recommendations, automated responses, and tailored marketing strategies based on individual customer preferences.

What is sensory marketing?

Using sensory experiences to enhance consumer connection with a product or service.

What is the hierarchy of needs according to Maslow?

A categorization of motivation into five levels: physiological, safety, belongingness, ego, and self-actualization.

What is gamification in marketing?

Applying game design techniques to engage consumers and enhance loyalty programs.

What is the primary difference between organizational and consumer markets?

Organizational markets involve purchases made for purposes other than personal consumption, while consumer markets involve individual or household purchases.

What is derived demand in B2B markets?

Demand that stems directly or indirectly from consumer demand for another good or service.

What is the role of opinion leaders?

Individuals who frequently influence the attitudes and behaviors of others through their knowledge and interest in a product category.

What is conscientious consumerism?

The trend of consumers being more aware of the social and environmental consequences of their purchases and making decisions accordingly.