Mktg Chpt 5

Consumer Market

The market consisting of individuals and households that buy goods and services for personal use.

Buyer Behavior Model

A framework that explains how marketing stimuli and various factors influence buyer decisions.

Stimulus-Response Model

A model that illustrates how marketing stimuli (4 Ps) and external factors impact buyer decisions.

Cultural Factors

Core values and subcultures (like age and ethnicity) that shape consumer preferences.

Social Factors

Influences from reference groups, social networks, and opinion leaders that affect purchasing decisions.

Psychological Factors

Internal influences including motivation, perception, learning, beliefs, and attitudes that drive decision-making.

Need Recognition

The first stage in the buyer decision process where the consumer identifies a problem or need.

Information Search

The stage where consumers seek additional information regarding their potential purchases.

Alternative Evaluation

The stage in which consumers assess different brands based on gathered information.

Purchase Decision

The stage when the buyer decides on which brand to purchase.

Postpurchase Behavior

The consumer's actions after purchasing based on satisfaction or dissatisfaction with the product.

Complex Buying Behavior

A buying behavior characterized by high involvement and significant perceived differences among brands.

Dissonance-Reducing Buying Behavior

Buying behavior with high involvement but minimal perceived differences among brands.

Habitual Buying Behavior

Behavior involving low involvement and few significant brand differences.

Variety-Seeking Buying Behavior

Low involvement behavior marked by significant perceived differences across brands.

Adoption Process

Stages consumers go through from first awareness of a new product to final adoption.

Relative Advantage

The perceived benefits of a new product over existing solutions that encourage adoption.

Compatibility

The degree to which a new product fits into potential customers' existing habits and lifestyles.

Trialability

The extent to which consumers can sample a new product before full adoption.

Observability

The visibility of the benefits of a new product to potential consumers.

Perceived Risk

Consumers' concerns regarding the potential negative consequences of purchasing a product.

Cognitive Dissonance

The discomfort felt by buyers due to conflicting ideas related to their purchase decision.

Customer Journey

The entire experience that a consumer has with a brand that affects their buying behavior over time.

Word-of-Mouth Influence

The impact of personal recommendations from friends or trusted individuals on consumer behavior.

Influencer Marketing

The practice of using influencers to spread information and promote brand products.

Lifestyle

A person's living pattern expressed through their activities, interests, and opinions.

Motivation (Drive)

An urgent need prompting consumers to seek satisfaction.

Perception

The process through which consumers interpret information and form a meaningful view of the world.

Learning

Behavior changes that occur as a result of experiences.

Belief

A descriptive thought a person holds about something.

Attitude

A person's consistent evaluation, feelings, and actions toward an object or idea.