Economics and Consumer Behavior Terms and Definitions, Quizzes of Marketing

Download Economics and Consumer Behavior Terms and Definitions and more Quizzes Marketing in PDF only on Docsity! TERM 1 GDP DEFINITION 1 the total market value and services provided in a country economy in a year by both residents and non- residents of that country. TERM 2 GNI DEFINITION 2 does not include income earned by foreigners who's resources in that country, many managers see it as a great potential ,and less competition where the GNI is low. TERM 3 baby booms DEFINITION 3 from 1946 to 1964, the median age is growing because the percentage of population in the older groups has increased. Promises of safety and different types guarantees will appeal to this target market - boomers use the internet in researching medical care and treatment option TERM 4 generation x DEFINITION 4 after the baby boom population woment were highly more educated then men. its smaller size make it a less attractive market that the boomers who preceded it. TERM 5 generation Y DEFINITION 5 is techno savvy, deal with technology, comfortable with technology.will drive a trend toward a more digital lifestyles. TERM 6 neoclassical economics theory DEFINITION 6 by alfred marshall, buyer behavior is based on assumption. human being are economic buyer that attempt to acheieve maximum satisfacation for each dollar spent. TERM 7 marginal utility DEFINITION 7 In economics, the marginal utility of a good or service is the utility gained from an increase (or decrease) in the consumption of that good or service. TERM 8 law of diminishing returns DEFINITION 8 In economics, diminishing returns is decrease in the marginal (per-unit) output of a production process as the amount of a single factor of production is increased, while the amounts of all other factors of production stay constant. TERM 9 what influences consumer behavior DEFINITION 9 social influences, psychological factors, purchase situation. TERM 10 needs DEFINITION 10 are the basic forces that motivates a person to do something. TERM 21 reference group DEFINITION 21 consumers decsiion to buy or not buy a fur coat might depned on opinions of other in that customers reference group is the people to whom an individual looks when forming attitudes about particular group TERM 22 extensive problem solving- consumer decision process DEFINITION 22 is when the put the much effort in satisfying the needs, research TERM 23 limited problem solving- DEFINITION 23 when the customer has some previous experience, he know where to go to find a game TERM 24 routinized response behavior DEFINITION 24 he or she regular selects a particular way in satisfied a need when it occurs TERM 25 low involvement purchases DEFINITION 25 buying salt, sugar TERM 26 dissonance DEFINITION 26 a feeling of uncertainty about whether the correct decision was made buying something have second thoughts about it TERM 27 what is the six step adoption process DEFINITION 27 awareness, interest, evaluation, trail, decision, confirmation TERM 28 Characterictics of social class DEFINITION 28 hierarchical, restricts social interaction, behavior TERM 29 social class DEFINITION 29 o a permanent and homogenous group of people with similar behavior patterns and interest and lifestyles o as viewed by others in society o almost all society have social class o most people are middle class TERM 30 types of reference groups DEFINITION 30 family parents and sibling attitudes impact on a lot of thing religion p economics personal ambition is very critical membership groups affiliated with membership association once you graduate that may impact your thinking automatic age, marital status, sex, citizenship aspiration groups like to belong to but you dont you adopt a behavior do belong to the country group negative groups you democratize or republic TERM 31 What five things perception includes DEFINITION 31 size- the size of the TVcolor-intensity- bright colorsmovement - in tv bright color things moving all the timepostiion - in retail stores TERM 32 selective distortion DEFINITION 32 is a term that refers to the tendency of people to interpret information in a way that will support what they already believe. TERM 33 selective attention DEFINITION 33 we see about 1500 advertisements a day, not all television, hundreds there is no way you can process all of that we as marketing people need to understand, expose to so much stimuli that its going to be lost TERM 34 selective retention DEFINITION 34 Selective retention, in relating to the mind, is the process when people more accurately remember messages that are closer to their interests, values and beliefs, than those that are in contrast with their values and beliefs, selecting what to keep in the memory, narrowing the informational flow.