MatO's Marketing 101 Ch 05

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Anonymous
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238419
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MatO's Marketing 101 Ch 05
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2013-10-02 18:01:58
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Marketing
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Vocab Ch 05
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  1. Economic Buyers
    People who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money
  2. Economic Needs
    Needs concerned with making the best use of a consumer's time and money - as the consumer judges it
  3. Discretionary Income
    What is left of income after paying taxes and paying for necessities
  4. Needs
    The basic forces that motivate a person to do something
  5. Wants
    Needs that are learned during a person's life
  6. Drive
    A strong stimulus that encourages action to reduce a need
  7. Physiological Needs
    Biological needs such as the needs for food, drink, rest, and sex
  8. Safety Needs
    Needs concerned with protection and physical well-being
  9. Social Needs
    Needs concerned with love, friendship, status, and esteem -- things that involve a person's interaction with others
  10. Personal Needs
    An individual's need for personal satisfaction unrelated to what others think or do
  11. Perception
    How we gather and interpret information from the world around us
  12. Selective Exposure
    Our eyes and minds seek out and notice only information that interests us
  13. Selective Perception
    People screen out or modify ideas, messages, and information that conflicts with previously learned attitudes and beliefs
  14. Selective Retention
    People remember only what they want to remember
  15. Learning
    A change in a person's thought processes caused by prior experience
  16. Cues
    Products, signs, ads, and other stimuli in the environment
  17. Response
    An effort to satisfy a drive
  18. Reinforcement
    Occurs in the learning process when the consumer's response is followed by satisfaction - that is, reduction in the drive
  19. Attitude
    A person's point of view towards something
  20. Belief
    A person's opinion about something
  21. Expectation
    An outcome or event that a person anticipates or looks forward to
  22. Trust
    Confidence a person has in the promises or actions of another person, brand, or company
  23. 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
  24. 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
  25. Empty Nesters
    People whose children are grown and who are now able to spend their money in other ways
  26. Social Class
    A group of people who have approximately equal social position as viewed by others in the society
  27. Reference Group
    The people to whom an individual looks when forming attitudes about a particular topic
  28. Opinion Leader
    A person who influences others
  29. Culture
    The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people
  30. 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
  31. Limited Problem Solving
    When a consumer is willing to putĀ someĀ effort into deciding the best way to satisfy a need
  32. Routinized Response Behavior
    When consumers regularly select a particular way of satisfying a need when it occurs
  33. Low-Involvement Purchases
    Purchases that have little importance or relevance for the customer
  34. Dissonance
    Tension caused by uncertainty about the rightness of a decision
  35. Adoption Process
    The steps individuals go through on the way to accepting or rejecting a new idea

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