Marketing Chapter 6 (Perreault)

Economic Buyers
People who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money.
Economic Needs
The best use of a consumer’s time and money as the consumer judges it.
Needs
The basic forces that motivate a person to do something.
Wants
Needs that are learned during a person’s life.
Drive
A strong stimulus that encourages action to reduce a need.
Physiological needs
Biological needs (food, drink, rest, and sex)
Safety Needs
Protection and physical well-being (potentially involving health, food, medicine, and exercise).
Social Needs
Things that involve a person’s interaction with others (love, friendship, status, and esteem)
Personal Needs
An individual’s need for personal satisfaction – unrelated to what others think or do (self-esteem, accomplishment, fun, freedom, and relaxation).
Perception
How we gather and interpret information from the world around us
Selective Exposure
Seeking and noticing only information that interests us
Selective Perception
Screening out or modifying ideas, messages, and information that conflict with previously learned attitudes and beliefs
Selective Rentention
We remember what we we want to remember.
Learning
A change in a person’s thought processes caused by prior experience. It comprises of drive, cues, response, and reinforcement.
Cues
products, signs, ads, and other stimuli in the environment
Response
An effort to satisfy a drive
Reinforcement
When the response is followed by satisfaction (reduction in the drive)
Attitude
A person’s point of view toward something (usually has action implications)
Belief
A person’s opinion about something (may shape a consumer’s attitudes but no explicit idea of like or dislike)
Expectation
An outcome or event that a person anticipates or looks forward to.
Psychographics (lifestyle analysis)
The analysis of a person’s day-to-day pattern of living as expressed in that person’s Activities, Interests, and Opinions (AIOs)
Social Class
A group of people who have approximately equal social position as viewed by others in the society.
Reference Group
The people 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
They put much effort into deciding how to satisfy a need. Usually done when trying to satisfy an important need or a completely new purchase.
Limited Problem Solving
Some effort is required in deciding how to satisfy the need. The customer has had previous experience but isn’t sure which choice to currently make.
Routinized Response Behavior
When consumers regularly select a particular way of satisfying a need when it occurs. The consumer has had considerable experience on how to meet that need.
Low-Involvement Purchases
Purchases that have little importance or relevance for the customer. Buying a box of salt for example
Dissonance
A feeling of uncertainty about whether the correct decision was made. It is up to marketing managers to reduce this tension by reassuring customers.
Adoption Process
The steps individuals go through on the way to accepting or rejecting a new idea. There are six general steps
1. Awareness
2. Interest
3. Evaluation
4. Trial
5. Decision
6. Confirmation