Basic Marketing Chapter 5

Economic Buyers
People who know all the facts and compare them logically to get the most satisfaction from their spent time and money.
Economic Needs
needs concerned with making the best use of time and money.
Needs
Basic forces that motivate a person to do something.
Wants
“Needs” that are learned during a person’s life.
Drive
Stimulus that encourages action to reduce a need.
Physiological Needs
Biological Need deals with food, liquid, rest and sex.
Safety Needs
needs concerned with protection and well being.
Social Needs
needs concerned with love, friendship, status and esteem.
Personal Needs
Concerned with an individual’s need for personal satisfaction, as well as a desire to make the world a better place.
Perception
How we gather and interpret information from the world around us.
Selective Exposure
When our eyes and mind only seek out information that interests us.
Selective Perception
When we screen out or modify ideas that conflict with previously learned attitudes and beliefs.
Selective Retention
When we remember only what we want to remember.
Learning
A change in a person’s thought process caused by prior experience.
Cues
Stimuli in the environment.
Response
Effort to satisfy a drive.
Reinforcement
Occurs when a response is followed by satisfaction.
Attitude
A person’s point of view towards something.
Belief
A person’s opinion towards something.
Expectation
An outcome or event that a person anticipates or looks forward too.
Trust
The confidence a person has in the promises or actions of another person, brand or company.
Psychographics (Lifestyle Analysis)
The analysis of a person’s Activities, Iterests and Opinions (AIOs).
Social Class
A group of people that have approximately equal social position as viewed by others in society
Reference Group
The group of individuals to whom an individual looks when forming attitudes about a particular topic
Opinion Leader
A person who influences others.
Culture
The whole set of beliefs, attitudes and ways of doing things of a reasonably homogeneous set of people.
Extensive Problem Solving
Type of need satisfaction that involves extensive effort
Limited Problem Solving
Type of need satisfaction that involves limited effort, consumer typically has some previous experience
Routinized Response Behavior
Type of need satisfaction that involves the same purchasing behavior whenever the need arises (eg FIFA)
Low-Involvement Purchases
Type of need satisfaction that involves little effort
Dissonance
Feeling of lingering uncertainty about a product
Adoption Process
The steps individuals go through to accept or reject a new idea
lifestyle analysis
Refereed to as AIOs
empty nester
people whose children are grown and who are able to spend their money in other ways