Arkansas Marketing Unit 5 – Consumer Behavior – Flashcards
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Competition
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a term that encompasses the notion of individuals and firms striving for a greater share of a market to sell or buy
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Consumer Behavior
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the study of consumers and how they make decisions
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Demographics
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the descriptive characteristics of a market such as age, gender, race, income, and educational level
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Discretionary Income
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the amount of income left after paying basic living expenses and taxes
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Disposable Income
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amount of income left after paying taxes, available for saving and spending
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Emotional Motives
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the forces of love, affection, guilt, fear, or passion that compel consumers to buy
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Geographic Segmentation
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dividing consumers into markets based on where they live
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Market Segmentation
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a way of analyzing a market by specific characteristics in order to create a target market
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Mass Marketing
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directs a company's marketing mix at a large and heterogeneous group of consumers
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Monopoly
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the type of market in which there is only one supplier offering a unique product
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Needs
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anything you require to live
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Non-price Competition
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de-emphasizes price by developing a unique offering that meets an important customer nneed
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Price Competition
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rivalry among businesses on the basis of price and value
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Psychographics
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people's interests and values
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Rational Motives
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the reasons to buy based on facts or logic
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Target Market
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group of customers with very similar needs to whom the company can sell its products
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Wants
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unfulfilled desires
