Principles of Marketing- Chapter 5

Chapter 3 Review:

According to Dr. Austin, when doing a SWOT analysis, you should...

• SW before you OT

• OT before you SW

• I should have listened better...

• What are we talking about?

One of the four major psychological factors that influence a buyer's choices is

• Motivation

• Personality

• Advertising

• Banana splits

Answer explanation

The four major psychological factors are

1. Motivation

2. Perception

3. Learning

4. Beliefs and attitudes

A product that might cause habitual buying behavior is

• MasterCraft X35 Speedboat (valued at $98,000)

• Everyday products (like salt)

• A new house in LA

• A life-size fully functioning replica of the the Millennium Falcon

Answer explanation

Habitual Buying Behavior: Consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand differences.

The Model of Buyer Behavior includes (in order)

• 1. Environment

  2. Buyer's black box

  3. Buyers responses

• 1. Buyer's black box

  2. Buyers responses

  3. Environment

• 1. Childish behavior

  2. Receptive behavior

  3. Confident behavior

Which of the following is an example of a personal factor that could influence a consumer's buying decision?

• Their beliefs

• Who is President of the United States

• Their occupation

• Influencers like Kylie Jenner

Answer explanation

Personal factors that influence a consumer's buying behavior includes-

1. Occupation

2. Age and stage

3. Economic Situation

4. Lifestyle

5. Personality

6. Self-concept