Midterm 2 - Midterm 2 Ch. 6 Economic buyers-people who know...

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Midterm 2 Ch. 6 Economic buyers -people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money. The economic-buyer theory assumes that economic needs guide most consumer behavior. Economic needs -concerned with making the best use of a consumer’s time and money-as the consumer judges it. Some economic needs are 1) economy of purchase or use 2) efficiency in operation or use 3) dependability in use 4) improvement of earnings 5) convenience 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. Drives are internal Physiological needs- concerned with biological needs-food, liquor, rest, and sex Safety needs- concerned with protection and physical well-being Social needs- concerned with love, friendship, status, and esteem-things that involve a person’s interaction with others. Personal needs- concerned with an individual’s need for personal satisfaction-unrelated to what others think or do. Perception- how we gather and interpret information from the world Selective exposure- our eyes and minds seek out and notice only information that interests us Selective perception- we screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs Selective retention- we remember only what we want to remember Learning- change in a person’s thought processes caused by prior experience Cues- products, signs, ads, and other stimuli Response- an effort to satisfy a drive Reinforcement- occurs when the response is followed by satisfaction-that is, reduction in drive Attitude- a person’s point of view toward something Belief- a person’s opinion about something Expectation- an outcome or event that a person anticipates or looks forward to.
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Psychographics- the analysis of a person’s day-to-day pattern of living as expressed in that person’s activities, interests, and opinions Social class- a group of people who have approximately equal social position as viewed by others in the society Reference group- people to whom an individual looks when forming attitudes about a particular topic Opinion leader- person who influences others Culture- whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of
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Midterm 2 - Midterm 2 Ch. 6 Economic buyers-people who know...

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