Consumer Behavior and Decision Making Terms, Quizzes of Principles of Marketing

Download Consumer Behavior and Decision Making Terms and more Quizzes Principles of Marketing in PDF only on Docsity! TERM 1 Need Recognition DEFINITION 1 The beginning of the consumer decision process; occurs when consumers recognize they have an unsatisfied need and want to go frm their actual needy state to a different desired state TERM 2 functional needs DEFINITION 2 pertain to the performance of a product or service TERM 3 Psychological needs DEFINITION 3 pertain to the personal gratification consumers associate with a product or service TERM 4 internal search for information DEFINITION 4 occurs when the buyer examines his or her own memory and knowledge about the product or service, gathered through past experiences TERM 5 external search for information DEFINITION 5 occurs when the buyer seeks information outside his or her personal knowledge base to help make the buying decision TERM 6 Internal Locus of Control DEFINITION 6 refers to when consumers believe they have some control over the outcomes of their actions, in which case they generally engage in more search activities TERM 7 External Locus of Control DEFINITION 7 refers to when consumers believe that fate or other external factors control all outcomes TERM 8 Performance Risk DEFINITION 8 involves the perceived danger inherent in a poorly performing product or service TERM 9 Financial Risk DEFINITION 9 Risk associated with a monetary outlay; includes the initial cost of the purchase, as well as the costs of using the item or service TERM 10 Social Risk DEFINITION 10 the fears that consumers suffer when they worry others might not regard their purchases positively TERM 21 Noncompensatory Decision Rule DEFINITION 21 at work when consumers choose a product or service on the basis of a subset of its characteristics, regardless of the values of its other attributes TERM 22 Decision Heuristics DEFINITION 22 Mental shortcuts that help consumers narrow down choices, examples incl price, brand, and product presentation TERM 23 Conversion Rate DEFINITION 23 Percentage of consumers who buy a product after viewing it TERM 24 Postpurchase cognitive dissonance DEFINITION 24 the psychologically uncomfortable state produced by an inconsistency betwwen beliefs and behaviors that in turn evokes a motivation to reduce the dissonance; buyer's remorse TERM 25 Negative Word of Mouth DEFINITION 25 occurs when consumers spread negative information about a product, service, or store to others TERM 26 motive DEFINITION 26 a need or want that is strong enough to cause the person to seek satisfaction TERM 27 Maslow's Hierarchy of Needs DEFINITION 27 a paradigm for classifying people's motives. It argues that when lower-level, more basic needs are fulfilled, people turn to satisfying their higher-level human needs TERM 28 Physiological Needs DEFINITION 28 those relating to the basic biological necessities of life: food, drink, rest, shelter TERM 29 Safety Needs DEFINITION 29 one of the needs in the PSSP hierarchy of needs; pertain to protection and physical well-being TERM 30 Love Needs DEFINITION 30 Needs expressed through interactions with others TERM 31 Esteem Needs DEFINITION 31 needs that enable people to fulfill inner desires TERM 32 Self- Actualization DEFINITION 32 When a person is completely satisfied with his or her life TERM 33 Attitude DEFINITION 33 a person's enduring evaluation of his or her feelings about and behavioral tendencies toward an objet or idea TERM 34 Cognitive Component DEFINITION 34 A component of attitude that reflects what a person believes to be true TERM 35 Affective Component DEFINITION 35 a component of attitude that reflects what a person feels about the issue at hand-- his or her dislike of something