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Key Terms

4Ps
the “marketing mix”—product, price, promotion, and place
attitudes
a learned set of emotions, beliefs, and behaviors developed toward a particular brand, object, person, thing, or event
beliefs
ideas that a person holds as being true
buyer’s black box
a model used in the study of the buying behavior of consumers
cognitive dissonance
the mental conflict that occurs when a person’s behaviors and beliefs do not align; also referred to as buyer’s remorse
complex buying behavior
the consumer buying behavior that occurs when the consumer is highly involved with the purchase and perceives significant differences between brands
consumer buying behavior
the actions taken by consumers before buying a product or service
consumer decision process
the process through which consumers become aware of and identify their needs, collect information on how to best solve those needs, evaluate alternative options, make a purchasing decision, and evaluate their purchase
consumer market
a market where consumers purchase products and/or services for consumption
cultural factors
a set of values or ideologies of a particular community or group of individuals that include culture, subcultures, social class, and gender
culture
the pattern of learned and shared behavior and beliefs of a particular social, ethnic, or age group
dissonance-reducing buying behavior
any activity aimed at decreasing the tension or feelings of discomfort and unease that accompany an unfamiliar purchase
economic situation
a measure of a consumer’s income and financial situation
environmental factors
factors such as music, lighting, ambient noise, and smell that can either discourage or encourage a consumer’s purchase decision
family
a group of persons united by ties of marriage, blood, or adoption, or those who live in the same household
gender
the socially constructed roles, behaviors, and norms of individuals, which vary between societies and over time
habitual buying behavior
consumer buying decisions made out of “habit” and without much deliberation or product comparison
heuristics
mental shortcuts that allow people to solve problems and make judgments quickly and efficiently
learning
the acquisition of knowledge or skills through experience, study, or being taught
life cycle stages
various stages in a human’s life, including fetus, baby, childhood, adolescence, adulthood, and elderly
lifestyle
the habits, attitudes, tastes, moral standards, economic level, etc. that together constitute the mode of living for an individual or group
Maslow’s hierarchy of needs
a theory of motivation by Abraham Maslow which states that five categories of human needs dictate an individual’s behavior
motivation
the process that initiates, guides, and maintains goal-oriented behaviors
occupation
an activity or task with which one occupies oneself, usually the productive activity, service, trade, or craft for which one is regularly paid
perception
the manner in which sensory information is organized, interpreted, and consciously experienced
personality
the combination of characteristics or qualities that form an individual’s distinctive character
product differentiation
a marketing strategy in which a brand identifies the one thing that makes it genuinely different from competitors
reference groups
groups that consumers compare themselves to or associate with
roles
the set of norms, values, behaviors, and personality characteristics attached to a status
selective attention
the process of directing one’s awareness to relevant stimuli while ignoring irrelevant stimuli in the environment
selective distortion
a tendency of people to interpret information in a manner that supports what they already believe
selective retention
the tendency of people to retain only part of the information to which they are exposed
social class
a group of people within a society that possesses the same or similar socioeconomic status
social factors
factors that are prevalent in the society where a consumer lives
status
the relative social, professional, or other standing of an individual
subculture
a cultural group within a larger culture, often having beliefs or interests at variance with those in the larger culture
variety-seeking buying behavior
the buying tendencies of consumers who do not have a high involvement with a product when there are significant differences between brands
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