Term
| Consumer purchase can be seen as a = |
|
Definition
|
|
Term
|
Definition
- initiated by self-concept motive
- consumer collects extensive information
|
|
|
Term
|
Definition
| more straightforward/simple |
|
|
Term
|
Definition
| automaticity: choices made with little/no conscious effort |
|
|
Term
| steps in the decision-making process |
|
Definition
- problem recognition
- information search
- evaluation of alternatives
- product choice
|
|
|
Term
|
Definition
| consumers will gather as much data as needed to make informed decisions |
|
|
Term
biases in decision-making process
mental accounting: |
|
Definition
- framing a problem in terms of gains/losses influences our decision
|
|
|
Term
biases in decision-making process
sunk-cost fallacy: |
|
Definition
| we are reluctant to waste something we have paid for |
|
|
Term
| biases in decision-making process |
|
Definition
| loss aversion: we place more emphasis on loss than on gain |
|
|
Term
| search activity is greater when: |
|
Definition
- is important
- need to learn more about purchase
- relevant info is easy to obtain/utilize
- one is younger, better-educated, enjoys shopping
- one is female
- places greater value on own stye/image
|
|
|
Term
|
Definition
belief that a product has negative consequences
- expensive, complex, hard-to-understand products
- product choice is visible to others (risk of embarrassment for wrong choice)
|
|
|
Term
|
Definition
monetary risk
functional risk
physical risk
social risk
psycho-logical risk |
|
|
Term
|
Definition
| features we use to differentiate among our choices |
|
|
Term
|
Definition
| uses fMRI to measure consumers' reactions to movie trailers, choices about automobiles, the appeal of a pretty face, and loyalty to specific brands |
|
|
Term
|
Definition
| helps filter and organize online market information |
|
|
Term
choosing familiar brand names:
zipf's law |
|
Definition
| our tendency to prefer a number one brand to the competition |
|
|
Term
| choosing familiar brand names |
|
Definition
| consumer inertia: the tendency to buy a brand out of habit merely because it requires less effort |
|
|
Term
choosing familiar brand names
brand loyalty: |
|
Definition
| repeat purchasing behavior that reflects a conscious decision to continue buying the same brand |
|
|
