Marketing 301- Chapter 6

need recognition
the beginning of the consumer decision process; occurs when consumers recognize they have an unsatisfied need and want to go from their actual, needy state to a different desired state
functional needs
pertain to the performance of a product or service
psychological needs
pertain to the personal gratification consumers associate with a product or service
internal search for information
occurs when the buyer examines his or her own memory and knowledge about the product or service, gathered through past experience
external search for information
occurs when the buyer seeks information outside his or her personal knowledge base to help her make the buying decision
internal locus of control
refers to when consumers believe they have some control over the outcomes of their actions, in which case they generally engage in more search activities
external locus of control
refers to when consumers believe that fate or other external factors control all outcomes
performance risk
involves the perceived danger inherent in a poorly performing product or service
financial risk
risk associated with a monetary outlay; includes the initial cost of the purchase, as well as the costs of using the item or service
retrieval sets
includes those brands or stores that the consumer can readily bring forth from memory
evoked set
comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision
evaluative criteria
consist of a set of salient or important, attributes about a particular product
physiological risk
the fear of an actual harm should a product not perform properly (also called safety risk)
psychological risk
associated with the way people will feel if they product or service does not convey the right image
universal sets
includes all possible choices for a product category
determinant attributes
product or service features that are important to the buyer and on which competing brands or stores are perceived to differ
consumer decision rules
the set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives
conversion rate
percentage of consumers who buy a product after viewing it
post purchase cognitive dissonance
the psychologically uncomfortable state produced by an inconsistency between beliefs and behaviors that in turn evokes a motivation to reduce the dissonance; buyers remorse
negative word of mouth
occurs when consumers spread negative information about product, service, or store to others
motive
a need or want that is strong enough to cause the person to seek satisfaction
Maslow’s Hierarchy of Needs
a paradigm for classifying people motives. IT argues that when lower level more basic needs are fulfilled, people turn to satisfying their higher level human needs and personal needs
physiological needs
those relating to the basic biological necessities of life, food drink, rest, shelter
safety needs
one of the needs in the PSSP hierarchy of needs; pertain to protection and physical well being
love needs
needs expressed through interactions with others
esteem needs
needs that enable people to fulfill inner desires
self actualization
when a person is completely satisfied with his or her life
attitude
a persons enduring evaluation of his of her feelings about and behavioral tendencies toward an object or idea; consists of three components; cognitive, affective, and behavioral
cognitive component
a component of attitude that reflects what a person believes to be true
affective component
a component of attitude that reflects what a person feels about the issue at hand- his or her like or dislike of something
behavioral component
a component of attitude that comprises the actions a person takes with regard to the issue at hand
perception
the process by which people select, organize, and interpret information to form a meaningful picture of the world
learning
refers to a change in a person’s thought process of behavior that arises from experience and takes place throughout the consumer decision process
lifestyle
a component of psychographics; refers to the way a person lives his or her life to achieve goals
reference group
one or more persons whom an individual uses as a basis for comparison regarding beliefs, feelings, and behaviors
culture
the set of values, guiding beliefs, understandings and ways of doing things shared by members of a society
situational factors
factors affection the consumer decision process; those that are specific to the situation that may override, or at least influence, psychological and social issues
involvement
consumers interest in a product or service
extended problem solving
a purchase decision process during which the consumer devotes considerable time and effort to analyzing alternatives; often occurs when the consumer perceives that the purchase decision entails a lot of risk
limited problem solving
occurs during a purchase decision that calls for, at most, a moderate amount of effort and time
impulse buying
a buying decision made by customers on the spot when they see the merchandise
habitual decision making
a purchase decision process in which consumers engage with little conscious effort