MKT 340 Study Guide - Midterm Guide: Micromarketing, Psychographic, Life Insurance
Document Summary
Consumer buying behavior: the buying behavior or final consumers. Consumer markets: people who buy or acquire goods and services for personal consumption. Characteristics affecting consumer behavior: culture (culture, subculture, social class, social factors (small groups, family, and social roles and status, personal factors (age, life-cycle stage, occupation, economic situation, lifestyle, and personality and self-concept, psychological factors. Motives (drive): a need that is sufficiently pressing to direct the person to seek satisfaction. Perception: process by which people select, organize, and interpret information to form a meaningful picture of the word. Buyer decision process: need recognition: start where buyer realizes they have a problem or a need, information search: for some purchases consumers to search for more info before they are willing to make a decision. Cognitive dissonance: after making a purchase, buyers often doubt whether they made the right decision. Minimized by: reassuring customers they made the right choice, offering mechanisms for lodging complaints, being responsive to problems and questions.
