Podcast
Questions and Answers
How has the Internet impacted opinion leaders in marketing?
How has the Internet impacted opinion leaders in marketing?
- It has decreased the number of product-related discussions they have with followers.
- It has reduced their overall influence on consumer decisions.
- It has helped them gain more followers and, consequently, more influence. (correct)
- It has made their opinions less relevant in purchasing decisions.
What is a key characteristic of 'empty nesters' that makes them an attractive segment for marketers?
What is a key characteristic of 'empty nesters' that makes them an attractive segment for marketers?
- They are more resistant to new products and marketing messages.
- They generally have lower disposable incomes due to retirement.
- They often have higher disposable incomes and fewer financial responsibilities. (correct)
- They have grown children who still depend on them financially.
While there's a general relationship between income and social class, why is income alone not sufficient to accurately measure social class?
While there's a general relationship between income and social class, why is income alone not sufficient to accurately measure social class?
- Social class is solely determined by a person's education level.
- Income is the primary factor, but location of housing is not relevant to determining social class.
- People with different income levels always belong to the same social class.
- Individuals with the same income may have varying occupations, educations, and lifestyles. (correct)
For which type of purchase are reference groups most likely to exert a strong influence?
For which type of purchase are reference groups most likely to exert a strong influence?
A traveler posting a detailed review of a hotel on Hotels.com and a movie fan sharing their dislike of a film on Facebook are examples of what marketing phenomenon?
A traveler posting a detailed review of a hotel on Hotels.com and a movie fan sharing their dislike of a film on Facebook are examples of what marketing phenomenon?
In a purchase situation, how does a heightened sense of urgency typically affect a customer's decision-making process?
In a purchase situation, how does a heightened sense of urgency typically affect a customer's decision-making process?
Which of the following best describes 'extensive problem solving' in the context of consumer behavior?
Which of the following best describes 'extensive problem solving' in the context of consumer behavior?
When does a consumer typically engage in limited problem solving?
When does a consumer typically engage in limited problem solving?
Which of the following best exemplifies the concept of 'selective retention' in consumer behavior?
Which of the following best exemplifies the concept of 'selective retention' in consumer behavior?
A marketing campaign emphasizes the reliability and security features of a new car model. Which level of needs, according to Maslow's hierarchy, is this campaign primarily targeting?
A marketing campaign emphasizes the reliability and security features of a new car model. Which level of needs, according to Maslow's hierarchy, is this campaign primarily targeting?
What role do 'cues' play in the context of consumer learning?
What role do 'cues' play in the context of consumer learning?
How does 'selective exposure' influence a consumer's interaction with marketing messages?
How does 'selective exposure' influence a consumer's interaction with marketing messages?
A consumer consistently purchases a particular brand of coffee because they believe it is ethically sourced, even though they have not independently verified this information. This is an example of:
A consumer consistently purchases a particular brand of coffee because they believe it is ethically sourced, even though they have not independently verified this information. This is an example of:
Which of the following is the best example of a purchase being significantly influenced by a reference group?
Which of the following is the best example of a purchase being significantly influenced by a reference group?
A company selling luxury watches uses advertising that associates its products with status and admiration from others. Which psychological need are they primarily trying to appeal to?
A company selling luxury watches uses advertising that associates its products with status and admiration from others. Which psychological need are they primarily trying to appeal to?
How might a marketer use the concept of 'reinforcement' to encourage repeat purchases?
How might a marketer use the concept of 'reinforcement' to encourage repeat purchases?
Flashcards
Economic-buyer theory
Economic-buyer theory
Assumes consumers are logical and seek maximum satisfaction in choices.
Discretionary income
Discretionary income
Income left after paying taxes and essentials.
Physiological needs
Physiological needs
Basic biological needs like food, water, and rest.
Social needs
Social needs
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Selective perception
Selective perception
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Consumer learning
Consumer learning
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Reference group
Reference group
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Opinion leader
Opinion leader
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Empty nesters
Empty nesters
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Social class
Social class
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Culture
Culture
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Consumer decision process
Consumer decision process
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Extensive problem solving
Extensive problem solving
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Limited problem solving
Limited problem solving
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Study Notes
Economic Buyer Theory
- Assumes consumers are logical, comparing choices for maximum satisfaction.
- Considers expenditure, and after-tax income.
Discretionary Income
- Remaining income after taxes and necessities.
Consumer Safety Needs
- Home alarms fulfill safety needs, related to security and well-being.
Social Needs and Online Dating
- Online dating sites target social needs fulfillment.
Psychological Factors in Buying
- Motivation, perception, learning, attitudes, trust, and lifestyles are significant factors.
- Physiological needs (biological) include food, liquid, rest and sex.
- Social needs relate to love, friendship, status, and esteem.
Safety Needs
- Safety means protection, physical well-being (health, finances, security).
Selective Perception
- Filtering out information contradicting existing attitudes and beliefs.
Selective Exposure
- Intentionally seeking information aligning with existing interests.
Selective Retention
- Remembering only what aligns with existing preferences.
Consumer Learning
- Learning is influenced by cues (products, ads, signs) evoking a response (purchase choice).
- Reinforcement strengthens the cue-response link.
Consumer Attitudes
- Attitudes reflect personal opinions and are often expressed as liking or disliking.
Reference Groups
- Reference groups influence attitudes towards products/topics.
- Teen purchases depend heavily on reference groups.
- Social class, family, influence consumer decisions.
- Opinion leaders significantly affect consumer choices.
- Opinion leaders are influenced by online platforms.
Social Influences
- Social class, family, and reference groups strongly affect consumer decisions.
- Empty nesters might have increased discretionary income.
Social Class Measurement
- Social class, in the US, is typically measured by occupation, education, and housing type/location.
- Income level isn't the sole indicator.
Importance of Social Groups
- Reference group impact is greater with products that are noticeable to others.
- Social media amplifies these influences.
- Examples of impact: traveler reviews, movie fan comments.
Consumer Decision Process - Stages
- Begins with unmet needs.
- Extensive problem solving requires extensive effort with new or important products.
- Limited problem solving requires some effort when experience is present, but some more research is required.
- Routinized response is prevalent with well-known, common choices.
Need Urgency and Purchases
- Urgency tends to reduce options considered, leading to speedier, less exhaustive evaluations.
Post-Purchase Evaluation
- Dissonance (buyer’s remorse) can follow a purchase, reflecting uncertainty about the decision.
Product Trial and Adoption
- Trial usage of a product is an important step in the adoption process.
- People may purchase a product to test it out.
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Description
Explores economic buyer theory, discretionary income, and consumer safety needs. Examines how psychological factors like motivation, perception, and social needs influence buying decisions. Covers selective perception and exposure in consumer behavior.
