Podcast
Questions and Answers
Which of the following is the best example of how a consumer's personality might influence their purchasing decisions?
Which of the following is the best example of how a consumer's personality might influence their purchasing decisions?
- A consumer with a high income purchases luxury vehicles regardless of their practical needs.
- An individual who identifies as highly adventurous consistently buys travel packages focused on extreme sports. (correct)
- A family chooses to buy a minivan based on their need for a larger vehicle to transport their children.
- An elderly person purchases products recommended by their peers in a retirement community.
According to Maslow's Hierarchy of Needs, what must a consumer fulfill before they are likely to be motivated by luxury goods?
According to Maslow's Hierarchy of Needs, what must a consumer fulfill before they are likely to be motivated by luxury goods?
- Social needs like love and belonging.
- Basic physiological and safety needs. (correct)
- Esteem needs such as recognition and respect from others.
- Self-actualization needs, involving achieving one's full potential.
A marketing company is trying to understand how consumers perceive their new product. What psychological factor are they primarily investigating?
A marketing company is trying to understand how consumers perceive their new product. What psychological factor are they primarily investigating?
- Memory
- Motivation
- Attitude
- Perception (correct)
Which of these factors is considered an internal influence on consumer behavior?
Which of these factors is considered an internal influence on consumer behavior?
A consumer consistently purchases products from companies that actively support environmental sustainability. Which personal factor primarily influences this behavior?
A consumer consistently purchases products from companies that actively support environmental sustainability. Which personal factor primarily influences this behavior?
Which scenario best exemplifies the impact of situational factors as an intervening step between evaluating alternatives and making a purchase decision?
Which scenario best exemplifies the impact of situational factors as an intervening step between evaluating alternatives and making a purchase decision?
A consumer buys a new laptop after extensive research. Which action would MOST likely reduce post-purchase dissonance?
A consumer buys a new laptop after extensive research. Which action would MOST likely reduce post-purchase dissonance?
What distinguishes high-involvement purchases from low-involvement purchases in the consumer buying process?
What distinguishes high-involvement purchases from low-involvement purchases in the consumer buying process?
Which action is LEAST likely to be a response to post-purchase dissatisfaction?
Which action is LEAST likely to be a response to post-purchase dissatisfaction?
A consumer is considering buying a hybrid car. Their friend, a mechanic, strongly advises against it due to potential repair costs. According to the stages between evaluation of alternatives and a purchase decision, this is an example of:
A consumer is considering buying a hybrid car. Their friend, a mechanic, strongly advises against it due to potential repair costs. According to the stages between evaluation of alternatives and a purchase decision, this is an example of:
A consumer impulsively buys a candy bar at the checkout. What does this say about information valuation?
A consumer impulsively buys a candy bar at the checkout. What does this say about information valuation?
What is the relationship between product involvement and cognitive dissonance?
What is the relationship between product involvement and cognitive dissonance?
What consumer behavior will MOST likely follow the purchase of a car if the owner is experiencing cognitive dissonance?
What consumer behavior will MOST likely follow the purchase of a car if the owner is experiencing cognitive dissonance?
A marketing firm is attempting to understand the cultural influences on purchasing decisions in a specific region. Which of the following approaches would provide the MOST relevant insights?
A marketing firm is attempting to understand the cultural influences on purchasing decisions in a specific region. Which of the following approaches would provide the MOST relevant insights?
A consumer consistently seeks advice from a particular tech blogger before making any electronic purchases. According to the information provided, what role does this blogger primarily play in the consumer's decision-making process?
A consumer consistently seeks advice from a particular tech blogger before making any electronic purchases. According to the information provided, what role does this blogger primarily play in the consumer's decision-making process?
A retail store strategically uses warm lighting and pleasant scents to encourage customers to spend more time browsing. Which of the following factors are they primarily manipulating?
A retail store strategically uses warm lighting and pleasant scents to encourage customers to spend more time browsing. Which of the following factors are they primarily manipulating?
A consumer is considering purchasing a new car. They start by researching different models online, then ask friends for their opinions, and finally visit a dealership for a test drive. Which of the following BEST describes the sequence of information sources used by the consumer?
A consumer is considering purchasing a new car. They start by researching different models online, then ask friends for their opinions, and finally visit a dealership for a test drive. Which of the following BEST describes the sequence of information sources used by the consumer?
A company is launching a new line of organic baby food. Which of the following strategies would BEST leverage 'personal sources' of information to reach potential customers?
A company is launching a new line of organic baby food. Which of the following strategies would BEST leverage 'personal sources' of information to reach potential customers?
A consumer is deciding between two smartphones. One has a better camera, while the other has longer battery life. According to the provided information, which part of the consumer buying process is the customer currently engaging in?
A consumer is deciding between two smartphones. One has a better camera, while the other has longer battery life. According to the provided information, which part of the consumer buying process is the customer currently engaging in?
A consumer intends to buy a particular brand of laptop based on online reviews and recommendations. However, upon arriving at the store, they discover that the laptop is out of stock and opt for a different brand recommended by the salesperson. Which stage of the consumer buying process was MOST affected by the situational factor?
A consumer intends to buy a particular brand of laptop based on online reviews and recommendations. However, upon arriving at the store, they discover that the laptop is out of stock and opt for a different brand recommended by the salesperson. Which stage of the consumer buying process was MOST affected by the situational factor?
What is the correct order of the first 3 steps in the Five-Stage Model of the Consumer Buying Process?
What is the correct order of the first 3 steps in the Five-Stage Model of the Consumer Buying Process?
Flashcards
Consumer Behavior
Consumer Behavior
The study of how individuals/groups select, buy, use, and dispose of items to satisfy their needs/wants.
Influences on Consumer Behavior
Influences on Consumer Behavior
Internal (personal, psychological) and external (cultural, social, situational) characteristics.
Personal Factors
Personal Factors
Age, education, occupation, income, lifestyle, values, gender, and personality.
Psychological Factors
Psychological Factors
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Maslow's Hierarchy of Needs
Maslow's Hierarchy of Needs
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Cultural Factors
Cultural Factors
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Social Factors
Social Factors
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Opinion Leader / Influencer
Opinion Leader / Influencer
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Situational Factors
Situational Factors
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Consumer Buying Process
Consumer Buying Process
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Need Recognition
Need Recognition
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Information Search
Information Search
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Evaluation of Alternatives
Evaluation of Alternatives
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Intervening Factors
Intervening Factors
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Post-Purchase Dissonance
Post-Purchase Dissonance
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Post-Purchase Behavior
Post-Purchase Behavior
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High-Involvement Products
High-Involvement Products
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Low-Involvement Products
Low-Involvement Products
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Cognitive Dissonance
Cognitive Dissonance
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Consumer Buying Process Model
Consumer Buying Process Model
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Consumer decision making
Consumer decision making
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Study Notes
- Analyzing Consumer Markets
Factors Influencing Consumer Behavior
- Consumer behavior is how individuals, groups, and orgs select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.
- Factors are internal (personal and psychological) or external (cultural, social, and situational).
Internal Factors: Personal
- Personal factors include age, education, occupation, income, lifestyle, and values.
- Gender and personality also influence personal factors.
- Personality is a set of unique personal qualities that produce distinctive responses across similar situations.
Internal Factors: Psychological
- Psychological factors include motivation (needs/wants), perception, emotions, and memory.
- Maslow's Hierarchy of Needs suggests individuals aren't interested in luxuries until basic needs are met.
External Factors: Cultural
- Cultural factors are cultural values, subcultures (Hispanics, African-American, Asians in the U.S.).
External Factors: Social
- Social factors are family and reference groups.
- Family, friends, co-workers, neighbors, church-goers influence attitudes or behavior.
- Opinion leaders/influencers offer informal advice or information about a specific product or product category.
- Social media influencers are highly confident, socially active, and frequent users.
External Factors: Situational
- Situational factors are physical surroundings (lighting, color, retail store location) and personal circumstances.
- Ready-meal options for time-pressured dual-income couples are an example of situational factors.
Five-Stage Model of the Consumer Buying Process
- The consumer decision-making process includes problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.
- Consumers may follow different steps depending on the product/service, personality, or situations.
Consumer Buying Process: Problem/Need Recognition
- The first step in the consumer buying process.
- Recognize a problem or need for hunger, thirst, security, or self-fulfillment.
Consumer Buying Process: Information search
- Consumers identify information by seeking out Personal(personal associations): such as family, friends, co-workers, neighbors.
- They also seek out Commercial(market-created information): such as advertising, web sites, salespeople.
- They seek out Public (independent): mass media, social media...
- They seek out Experiential(personal experience): handling, examining, trial or using the product...
Consumer Buying Process: Evaluation of Alternatives
- Consumers evaluate products as bundles of attributes and brand attributes.
- Safety, image, reputation, product features, fuel economy, and prices are examples of attributes.
Consumer Buying Process: Purchase Decision
- Consumers form intention to purchase preferred brand/product/service.
- The purchase includes what, where, when, and how.
- Intervening Factors include opinions of others.
- A close friend's negative opinion or customer reviews on blogs impact purchase preferences.
- Situational factors such as losing a job or moving impact major purchase preferences.
Consumer Buying Process: Post-Purchase Behavior
- Consumers experience post-purchase satisfaction or dissatisfaction.
- Post-purchase dissonance involves doubt or anxiety about dissatisfaction of the purchase.
- It may include a feeling of anxiety, regret, discomfort, or uneasiness after making a purchase.
- Level of involvement influences the decision process.
- High involvement products require more info, where low products often devalue/ignore new information.
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Description
Explore consumer behavior, influenced by internal (personal, psychological) and external (cultural, social) factors. Personal aspects involve age, education, income, lifestyle, gender and personality. Psychological aspects include motivation, perception, emotions, and memory.
