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Lecture 6

ECON 344 Lecture 6: ECON344_Chapter 5

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University of Waterloo
ECON 344
Bharat Sud

Definitions Attitude: Predisposition to react to an object in a consistent manner Beliefs: Subjective perception of how well a product performs Brand loyalty: Favourable attitude and consistent purchase of one brand over time Cognitive dissonance: Post purchase psychological tension Consideration se: Group of brands a customer would consider acceptable Consumer behaviour: Actions taken to purchase products Customer socialization: How people get the skills and knowledge to function as consumers Evaluative criteria: Represent the obsubjective attributes of a brand Family life cycle: Distinct phases that a family progresses through (formation to retirement) Involvement: Personal, social, economic significance of a purchase to a customer Learning: Behaviour that results from repeated experience and thinking Lifestyle: Mode of living based on how timeresources is spent Motivation: Energizing force that causes one to satisfy a need National character: Distinct traits common to people in a countrysociety Opinion leaders: Exert social influence over others Perceived risk: Anxiety felt because purchase outcomes cant be anticipated Perception: How someone selects, organizes and interprets information Personality: Consistent behaviour to recurring situations Purchase decision process: Stages a buyer goes through while making purchase choices Reference groups: Someone looks to this group as a basis for personal standards Selfconcept: Way people see themselves and believe others see them Situational influences: Have an impact on purchase task, socialphysical surroundings, temporal effects, antecedent states Social class: Divisions of society where people share similar valuesbehaviour Subcultures: Within the larger culture, with unique values and attitudes Subliminal perception: SeeHear messages without being aware of them Values: PersonalSocial preference of modes of conduct Viral marketing: Infectious messages (online word of mouth) that customers want to pass them along Word of mouth: Influencing other in face to face conversations (creates buzz marketing) Purchase decision process 1: Problem recognition: Perceiving a need 2: Information search: Seeking value 3: Alternative evaluation: Assessing value based on evaluative criteria and consideration set 4: Purchase decision: Buying value 5: Post behaviour decision: Cognitive dissonance of value in consumption Problem solving variations include: Extended, (high involvement) limited (mid involvement), routine (low involvement), marketing Based on brands, sellers, product attributes, information, time) Purchase influences Hierarchy of needs
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