Marketing: Consumer Behavior Concepts

• This document provides a vocabulary list and topics for study, likely for a test, covering marketing and consumer behavior concepts.

Maslow's Hierarchy of Needs

• A motivational theory in psychology comprising a five-tier model of human needs, often depicted as hierarchical levels within a pyramid

Perception Process

• The sequence of steps a consumer takes to become aware of and interpret information about the environment

Dissociative Reference Groups

• Groups that individuals avoid or reject, and do not want to emulate

Social Network

• A structure made of individuals or organizations connected by various social interdependencies

Culture

• The shared values, beliefs, norms, and customs of a group or society

Cognitive Dissonance

• The mental discomfort experienced by a person who holds conflicting beliefs, ideas, or values

Types of Purchases

• Different categories of buying decisions consumers make, which can range from impulse to extensive problem solving

Growth of Search Marketing

• The increasing importance and expansion of marketing efforts focused on improving visibility in search engine results

System 2 Thinking

• A mode of thinking that is slow, deliberate, analytical, and consciously effortful

B2B Marketing

• Marketing focused on transactions between businesses, rather than between a business and individual consumer

System 1 Thinking

• A mode of thinking that is fast, automatic, frequent, emotional, and stereotypic

Values, Value System, and Norms

• Guiding principles, organized sets of values, and accepted standards of behavior in a culture

Extensive External Search

• A thorough information-gathering process undertaken by consumers when making a high-involvement purchase

B2C to B2B Buying

• The shift and differences in strategies and approaches when marketing from individual consumers to businesses

Culture & International Marketing System

• Study of cultural differences and their impact on international marketing strategies

Types of Research

• Different methodologies used to gather data and insights, including exploratory, descriptive, and causal research

Forms of Quantitative Research

• Structured data collection methods that involve numerical or statistical analysis

Sampling

• Selecting a subset of a population to represent the whole in research, with various types like random, stratified, or convenience sampling

Steps of Market Research Process

• A sequence of actions, including defining the problem, developing an approach, designing the research, collecting data, analyzing data, and reporting findings

Sales Forecast

• A prediction of future sales revenue, typically based on historical data, market trends, and anticipated marketing efforts

Designing Research Study

• Planning the methodology, data collection methods, and analysis techniques for a specific research project

Data Gathering

• The process of collecting information for research, which can be primary (collected firsthand) or secondary (existing data)

Primary and Secondary Data

• Data collected directly for a specific purpose versus data that already exists and was collected for another purpose

Statistical Analysis

• Using mathematical methods to summarize, analyze, and interpret data

New Product Development Stages

• The sequence of steps a company takes to conceive, design, develop, and launch a new product

Product Adoption

• The process by which consumers decide to accept and regularly use a new product, including stages like awareness, interest, evaluation, trial, and adoption

Product Life Cycle

• The stages a product goes through from when it was first thought of until it finally is removed from the market (introduction, growth, maturity, decline)

Risk Associated with Product-Line Extensions

• Potential downsides, such as cannibalization or brand dilution, when expanding a product line

Segmentation

• Dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics and needs

Demographic Segmentation

• Dividing the market based on factors such as age, gender, income, and education

Geographic Segmentation

• Dividing the market based on location, such as region, city size, or climate

Psychographic Segmentation

• Dividing the market based on lifestyle, values, personality, and interests

B2B Segmentation

• Segmenting business customers based on factors such as industry, company size, or purchasing behavior

Target Market Selection

• Evaluating the attractiveness of each segment and choosing which one(s) to focus marketing efforts on

Positioning a Product

• Creating a clear and distinctive image for a product in the minds of target consumers

Perceptual Map

• A visual tool used to understand how consumers perceive different brands or products relative to each other

80/20 Rule

• Also known as the Pareto principle, it states that roughly 80% of effects come from 20% of causes; in marketing, it often means 80% of sales come from 20% of customers