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48 Cards in this Set
- Front
- Back
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Consumer Market |
A market that consists of all individuals and house holds who buy or aquire goods and services or personal consumption |
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Consumer Behaviour |
Consumer Behaviour is the behaviour consumers undertake is seeking, purchasing, using, evaluating and disposing of products |
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Consumer descision - making process |
The process of selecting from several choices, products, brands and ideas |
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Involvment |
The relative importance of percieved consequences of the purchase to consumers |
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Percieved risk |
The degree of uncertainty percieved by an individula consumer as to the consequences or outcomes of a specific purchase |
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Problem Recognition |
The process that occurs whenever the consumer sees a significant difference between his or her current state of affairs and ideal state |
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Information Search |
The process whereby a consumer searches for appropriate information to makre a resonable decision |
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Evaluative Criteria |
The dimensions used by consumers to compare competing product alternatives |
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Heuristics |
A mental rule of thumb that leads to a speedy decision by simplifying the process |
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Brand loyalty |
A pattern of repeat product purchchases, accompanied by an underlying postivive attitude towards the brand |
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Perception |
The process by which people select, organise and interpret information from the outside world |
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Motivation |
An internal state that drives us to satisfy needs |
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Hierachy of needs |
Approach that catergorises motives according to five levels of importance |
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Hireachy of needs levels |
1. Self Actualisation (most important) 2. Ego Needs 3. Belonginess 4. Safety 5. Physiological (least important) |
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Behavioural learning theories |
Theories of learning that focus on how consumer behaviour is change by eternal events or stimuli |
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Classical Conditioning |
Learning that occurs as a result of association between two stimuli |
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Operant conditioning |
Leaning that occurs as a result of rewards or punishment |
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Stimulus Generalisations |
Feelings associated with one stimules are transferred to similar stimuli |
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Cognitive learning theory |
Theory of learning that stresses the importance of internal mental processes |
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Attitude |
A learned predispotion to respond favourably or unfavourbly to stimuli |
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Personality |
The physchological charecteristics that consistantly influence the way a person responds to sitautions in his or her enviroment |
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Self - concept |
An individulas self-image which is composed of a mixture of beliefs, observations and feelings about personal attributes |
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Psychographics |
The use of psychological, sociological, and anthropological factors to construct market segments |
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Culture |
The values, beliefs, customs and tasts vlaued by a group of people |
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Subculture |
A group within a society whose memebers share a distincitve set of values, attitudes and behaviours |
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Reference Group |
An actual or imaginary individula or group that has a significant effects on an individuals evaluations, aspirations or behaviours |
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Conformity |
A change in beliefs or actions as a reaction to real or imagined group pressure |
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Opinion leader |
A person who is frequently able to influence others' attitudes or behaviours by virtue of his or her active interest and espertise in onr or more product categories |
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gender Roles |
Societys expectations regarding the appropriate attitudes beahviours and appearnce for men and women |
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Buisness to consumer (B2C) e-commerce |
Online exchanges between companies and individula consumers |
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Consumer to consumer (C2C) e-commerce |
Purchases that occur among individuals without directly involving the manufacture or retailer |
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buisbess-to-buisness markets |
The group of customers that includes manufacturesrs, wholesalers, retailers and other organisations |
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Derived Demand |
Demand for buisness or organisational product derived from demand for consumer goods or services |
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Inelastic Demand |
Demand situations where changes in price have little or no effect on the amount demanded |
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Elastic Demand |
Demand situations where changes in price directly affect the amound demanded |
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Joint Demand |
Demand for two or more goods that are used together to create a product |
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Producers |
The individuals or organisations that purchse products for use in the production of other goods and services |
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government markets |
The national and local govenrments that buy goods and services to carry out public objectives and to support their operations |
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Straight rebuy |
A buying situation in which buisness buyers make routine purchases that require minimal decision making |
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Modified Rebuy |
A buying situation classification used by buisness buyers to catergorise a previoulsy made purchase that involves some change and that require limited decision making |
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New-task buy |
A new buisness-to-buisness purchse that is complex or risky and that require extensive decision making |
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Buying centre |
The group of people in an organisation who participate in a purchaisng decision |
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Steps in the Buisness-to-Buisness buying process |
1. Problem Recognition 2. Information Search 3. Evaluation for alternatives 4. Product and supplier selection 5. Post-purchase evaluation |
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Single sourcing |
The business practice of buying a particular product form only one supplier |
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Multiple Sourcing |
The buisness practice of buying a particular product from many suppliers |
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Reciprocity |
A trading partnership in which two companies agree to buy from one another |
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Outsourcing |
The buisness buying process of obtaining outside vendors to provide goods or serivces that otherwise might be supplied in-house |
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Reverse marketing |
A practice in which a buyer frim attempts to identify suppliers who will produce products accoridng to the buyer firms specifications |
