Arkansas Marketing Unit 5 – Consumer Behavior – Flashcards

Unlock all answers in this set

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