MKT Test 2 Study sheet

MKT Test 2 Study sheet - Chapter 6 • Most economists...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Chapter 6 • Most economists assume that consumers are 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—concerned w/ making the best use of a consumer’s time and money—as the consumer judges it • Some economic needs are: o Economy of purchase or use o Convenience o Efficiency in operation or use o Dependability in use o Improvement of earnings • Consumer behavior for marketing strategy planning o Customers Final Consumers • Chapter 5: demographic dimensions of global consumer markets • Chapter 6: Final consumers and their buying behavior o Person making decisions --( variables lead to ) Consumer decision process Economic needs • Economy of purchase • Convenience • Efficiency • dependability Psychological variables • Motivation • Perception • Learning • Attitude • Personality/lifestyle Social influences • Family • Social class • Reference groups • Culture Purchase situation • Purchase reason • Time • surroundings Organizational Customers • Chapter 7 : Business and organizational customers and their buying behavior • Psychological variables: • Wants are “needs” that are learned during a person’s life • Drive: a strong stimulus that encourages action to reduce a need • A 4 level hierarchy similar to Maslow’s hierarchy of needs that is easier to apply to consumer behavior: o Physiological needs are concerned w/ biological needs—food, drink, rest and sex (“Got Milk?”) o Safety needs are concerned w/ protection and physical well-being (perhaps involving health, food, medicine and exercise) (“Learn and live”) o Social needs—are concerned w/ love, friendship, status and esteem—things that involve a person’s interaction with others. (“When you care enough to send the very best”) o Personal needs—concerned w/ an individual’s need for personal satisfaction—unrelated to what others think or do, such as self-esteem, accomplishment, fun, freedom and relaxation. (“So it costs a bit more. But I’m worth it!”) • Perception—how we gather and interpret info from the world around us • A selective process we go through in order to respond to stimuli around us: o 1. Selective exposure—our eyes and minds seek out and notice only info that interests us. How often have you closed a pop-up ad at a website without even noticing what it was for? o 2. Selective perception—we screen out or modify ideas, messages, and info that conflict with previously learned attitudes and beliefs o 3. Selective retention—we remember only what we want to remember • Learning—a change in a person’s thought processes caused by prior experience • Cues—products, signs, ads and other stimuli in the environment • Response—an effort to satisfy a drive. The specific response chosen depends on the cues and the person’s past experience •...
View Full Document

This note was uploaded on 04/27/2008 for the course MKT 320 taught by Professor Miller during the Fall '08 term at University of Texas.

Page1 / 5

MKT Test 2 Study sheet - Chapter 6 • Most economists...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online