Consumer Markets Flashcard

Front

What are the four main factors influencing consumer behavior?

Back

Cultural, social, personal, and psychological factors.

Front

Subcultures

Back

Subcultures are groups within a larger culture that have their own distinct values, norms, and practices.

Front

What is social class, and how is it measured?

Back

Social class is a hierarchical distinction based on wealth, income, education, and occupation, measured through socioeconomic status, income levels, educational attainment, and occupational prestige.

Front

What triggers variety-seeking buying behavior?

Back

Factors like boredom, desire for new experiences, and marketing strategies.

Front

In the buyer decision process, what follows the information search stage?

Back

Evaluation of alternatives

Front

What factors can influence the final purchase decision?

Back

Price, quality, brand reputation, reviews, personal preferences, marketing, availability, peer influence.

Front

Post-purchase cognitive dissonance

Back

Post-purchase cognitive dissonance is the feeling of doubt and discomfort a consumer experiences after making a purchase, often due to concerns about whether they made the right choice.

Front

What is perception, and how does it influence buying behavior?

Back

Perception is how individuals select, organize, and interpret information to form a meaningful view of the world, influencing their decisions.

Front

What are the three processes of perception?

Back

Selective attention, selective distortion, and selective retention.

Front

Illustrate a scenario that demonstrates selective perception.

Back

A consumer only notices ads for their favorite brand while ignoring competitors.