MKT 337 Lecture Notes - Lecture 7: Predictive Analytics, Psychographic, Social Class
Document Summary
Psychographics (lifestyle analysis): the analysis of a person"s day-to-day pattern of living. Empty nesters: people whose children are grown and who are now able to spend their money in other ways. Social class: a group of people who have approximately equal social position as viewed by others in the society. Extensive problem solving: when consumers put much effort into deciding how to satisfy a need. Limited problem solving: when a consumer is willing to put some effort into deciding the best way to satisfy a need. Routinized response behavior: when consumers regularly select a particular way of satisfying a need when it occurs. Low-involvement purchases: purchases that have little importance or relevance for the customer. Dissonance: tension caused by uncertainty about the rightness of a decision. Predictive analytics: a process to analyze data to make predictions about unknown future events. Adoption process: the steps individuals go through on the way to accepting or rejecting a new idea.
