Consumer Decision-Making and Influencing Factors Quiz

Consumer decision-making involves stages like problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation. Product development is not part of this process.

While factors like culture, social class, and personal preferences influence consumer decisions, government regulations typically have minimal direct influence.

Consumer perception is influenced by factors like product quality, brand reputation, and price, whereas product placement typically pertains to marketing tactics.

Reference groups are social groups that influence an individual's behavior, attitudes, and aspirations through direct or indirect interaction.

A loss leader is a pricing strategy where a product is sold at a loss to attract customers who are then likely to buy more profitable items.

Social class is a demographic characteristic, whereas lifestyle refers to a person's pattern of living, including activities, interests, and opinions.

Information Processing Theory posits that consumers have limited cognitive resources, affecting how they process and respond to information.

Complex Decision Making occurs when consumers are highly involved and there are substantial differences between brands, leading to extensive evaluation.

Motivation, the internal drive to satisfy needs and desires, plays a significant role in influencing consumer behavior, often leading to purchasing decisions driven by emotions and desires.

Scarcity marketing involves creating a perception of limited availability to encourage consumers to act quickly, driving up demand.

Specialty goods are products with unique characteristics or brand identification for which a significant group of buyers is willing to expend considerable effort to purchase.

The marketing concept revolves around identifying and fulfilling the needs and wants of target markets while also achieving organizational objectives, such as profitability and growth.

Perceived risk relates to consumers' subjective evaluation of potential negative outcomes, including financial loss, associated with a purchase.

Cognitive dissonance occurs when there's a discrepancy between a consumer's beliefs or attitudes and their actions, leading to psychological discomfort and a desire to resolve the inconsistency.

Consumer socialization is the process through which individuals acquire the knowledge, skills, and attitudes necessary to become competent consumers within their society.

Ethics in consumer behavior refers to the principles and standards that guide individuals' actions and decisions regarding what is right and wrong in the marketplace.

Maslow's Hierarchy of Needs posits that individuals prioritize physiological needs before higher-level needs like self-actualization, but the order and importance of needs can vary among individuals and cultures.