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Marketing Ch. 5 terms
N/A
34
Business
Undergraduate 4
09/23/2012

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Term
economic buyers
Definition
people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money
Term
economic needs
Definition
needs concerned with making the best use of a consumer's time and money- as the consumer judges it
Term
discretionary income
Definition
what is left of income after paying taxes and paying for necessities
Term
needs
Definition
basic forces that motivate a person to do something
Term
wants
Definition
"needs" that are learned during a person's lifetime
Term
drive
Definition
strong stimulus that encourages ation to reduce a need
Term
physiological needs
Definition
concerned with biological needs - food, liquid, rest, ad sex
Term
safety needs
Definition
concerned with protection and physical well-being
Term
social needs
Definition
concerned with love, friendship, status, and esteem - things that involve a person's interaction with others
Term
personal needs
Definition
concerned with an individual's need for personal satisfaction - unrelated to what others think or do
Term
perception
Definition
how we gather and interpret information from the world around us
Term
selective exposure
Definition
our eyes and minds seek out and notice only information that interests us
Term
selective perception
Definition
we screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs
Term
selective retention
Definition
we remember only what we want to remember
Term
learning
Definition
change in a person's thought processes caused by prior experience
Term
cues
Definition
products, signs, ads, and other stimuli in the environment
Term
response
Definition
an effort to satisfy a drive
Term
reinforcement
Definition
occurs when a response is followed by satisfaction - that is reduction in the drive
Term
attitude
Definition
person's point of view toward something
Term
belief
Definition
person's opinion on something
Term
expectation
Definition
an outcome or event that a person anticipates or looks forward to
Term
trust
Definition
the confidence a person has in the promises or actions of another person, brand, or company
Term
psychographics or lifestyle analysis
Definition
the analysis of a person's day-to-day pattern of living as expressed in that person's activities, interests, and opinions - sometimes referred to as AIOs.
Term
empty nesters
Definition
people whose children are grown and who are now able to spend their money in other ways
Term
social class
Definition
group of people who have approximately equal social positions as viewed by others in society
Term
reference group
Definition
the people to whom an individual looks when forming attitudes about a particular topic
Term
opinion leader
Definition
person who influences others
Term
culture
Definition
the whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people
Term
extensive problem solving
Definition
the type of problem solving consumers use for a completely new or important need - when they put much effort into deciding how to satisfy it
Term
limited problem solving
Definition
used by consumers when some effort is required in deciding the best way to satisfy a need
Term
routinized response behavior
Definition
when consumers regularly select a particularway of satisfying a need when it occurs
Term
low-involvement purchases
Definition
purchases that have little importance or relevance for the customer
Term
dissonance
Definition
a feeling of uncertainty about whether the correct decision was made
Term
adoption process
Definition
the steps individuals go through on the way to accepting or rejecting a new idea
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