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Economic Buyers
People who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money
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Economic Needs
Needs concerned with making the best use of a consumer's time and money - as the consumer judges it
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Discretionary Income
What is left of income after paying taxes and paying for necessities
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Needs
The basic forces that motivate a person to do something
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Wants
Needs that are learned during a person's life
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Drive
A strong stimulus that encourages action to reduce a need
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Physiological Needs
Biological needs such as the needs for food, drink, rest, and sex
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Safety Needs
Needs concerned with protection and physical well-being
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Social Needs
Needs concerned with love, friendship, status, and esteem -- things that involve a person's interaction with others
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Personal Needs
An individual's need for personal satisfaction unrelated to what others think or do
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Perception
How we gather and interpret information from the world around us
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Selective Exposure
Our eyes and minds seek out and notice only information that interests us
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Selective Perception
People screen out or modify ideas, messages, and information that conflicts with previously learned attitudes and beliefs
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Selective Retention
People remember only what they want to remember
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Learning
A change in a person's thought processes caused by prior experience
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Cues
Products, signs, ads, and other stimuli in the environment
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Response
An effort to satisfy a drive
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Reinforcement
Occurs in the learning process when the consumer's response is followed by satisfaction - that is, reduction in the drive
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Attitude
A person's point of view towards something
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Belief
A person's opinion about something
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Expectation
An outcome or event that a person anticipates or looks forward to
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Trust
Confidence a person has in the promises or actions of another person, brand, or company
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Psychographics
The analysis of a person's day to day pattern of living as expressed in that person's activities, interests, and opinions - sometimes referred to as AIO's or lifestyle analysis
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Lifestyle Analysis
The analysis of a person's day to day pattern of living as expressed in that person's activities, interests, and opinions - sometimes referred to as AIO's or psychographics
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Empty Nesters
People whose children are grown and who are now able to spend their money in other ways
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Social Class
A group of people who have approximately equal social position as viewed by others in the society
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Reference Group
The people to whom an individual looks when forming attitudes about a particular topic
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Opinion Leader
A person who influences others
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Culture
The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people
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Extensive Problem Solving
The type of problem solving consumers use for a completely new or important need - when they put much effort into deciding how to satisfy it
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Limited Problem Solving
When a consumer is willing to put some effort into deciding the best way to satisfy a need
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Routinized Response Behavior
When consumers regularly select a particular way of satisfying a need when it occurs
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Low-Involvement Purchases
Purchases that have little importance or relevance for the customer
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Dissonance
Tension caused by uncertainty about the rightness of a decision
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Adoption Process
The steps individuals go through on the way to accepting or rejecting a new idea
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