MGKT Chapter 6

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MGKT Chapter 6
2011-07-01 03:49:41

Cards from the slides and possibly the terms, this is a very long chapter
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  1. Consumer Decision-Making Process
    A five-step process used by consumers when buying goods or services.
  2. Need Recognition
    Result of an imbalance between actual and desired states.
  3. Stimulus
    • Any unit of input affecting one or more of the five senses:
    • •sight
    • •smell
    • •taste
    • •touch
    • •hearing
  4. When does Recognition of Unfulfilled Wants happen
    • •When a current product isn’t performing properly
    • •When the consumer is running out of a product
    • •When another product seems superior to the one currently used
  5. Internal Information Search
    Recall information in memory
  6. External Information search
    •Seek information in outside environment
  7. Evoked Set
    Group of brands, resulting from an information search, from which a buyer can choose
  8. Evaluation of Alternatives and Purchase
    • Analyze product attributes
    • Use cutoff criteria
    • Rank attributes by importance
  9. To buy or not to buy Marketing
    Determines which attributes are most important in influencing a consumer’s choice
  10. Cognitive Dissonance
    Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.
  11. Consumers can reduce dissonance by:
    • Seeking information that reinforces positive ideas about the purchase
    • Avoiding information that contradicts the purchase decision
    • Revoking the original decision by returning the product
  12. Five Factors Influencing Decisions
    • Level of consumer involvement
    • Length of time to make decision
    • Cost of good or service
    • Degree of information search
    • Number of alternatives considered
  13. Routine Response Behavior
    • Little involvement in selection process
    • Frequently purchased low cost goods
    • May stick with one brand
    • Buy first/evaluate later
    • Quick decision
  14. Limited Decision Making
    • Low levels of involvement
    • Low to moderate cost goods
    • Evaluation of a few alternative brands
    • Short to moderate time to decide
  15. Extensive Decision Making
    • High levels of involvement
    • High cost goods
    • Evaluation of many brands
    • Long time to decide
    • May experience cognitive dissonance
  16. Factors Determining the Level of Consumer Involvement
    • Previous Experience
    • Interest
    • Perceived Risk of Negative Consequences
    • Situation
    • Social Visibility
  17. High-involvement purchases require:
    Extensive and informative promotion to target market
  18. Low-involvement purchases require:
    In-store promotion, eye-catching package design, and good displays.Coupons, cents-off, 2-for-1 offers
  19. Components of Culture
    • Values
    • Language
    • Myths
    • Customs
    • Rituals
    • Laws
    • Material artifacts
  20. Culture is. . .
    • Pervasive
    • Functional
    • Learned
    • Dynamic
  21. Value
    Enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct.
  22. Subculture
    A homogeneous group of people who share elements of the overall culture as well as unique elements of their own group.
  23. Social Class
    A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms.
  24. Social Class Measurements
    • Occupation
    • Income
    • Education
    • Wealth
    • Other Variables
  25. The Impact of Social Class on Marketing
    • Indicates which medium to use for advertising
    • Helps determine the best distribution for products
  26. Social Influences
    • Reference Groups
    • Opinion Leaders
    • Family Members
  27. Opinion Leaders
    An individual who influences the opinion of others.
  28. Purchase Process Roles in the Family
    • •Initiators
    • •Influencers
    • •Decision Makers
    • •Purchasers
    • •Consumers
  29. Selective Exposure
    Consumer notices certain stimuli and ignores others
  30. Selective Distortion
    Consumer changes or distorts information that conflicts with feelings or beliefs
  31. Selective Retention
    Consumer remembers only that information that supports personal beliefs
  32. Maslow’s Hierarchy of Needs
    A method of classifying human needs and motivations into five categories in ascending order of importance.
  33. Experiential Learning
    An experience changes behavior
  34. Conceptual Learning
    Not learned through direct experience
  35. Belief
    An organized pattern of knowledge that an individual holds as true about his or her world.
  36. Attitude
    A learned tendency to respond consistently toward a given object.
  37. Explain Changing Attitudes
    • •Change beliefs about the brand’s attributes
    • •Change the relative importance of these beliefs
    • •Add new beliefs