MGT 3300 Lecture Notes - Lecture 22: Disposable And Discretionary Income, Automobile Safety
Document Summary
Chapter 5 final consumers and their buying behavior. This chapter explores the influences on final consumers and their buying behavior. Consumers are economic buyers who buy goods and services to satisfy economic needs* and: * low prices, convenience, efficiency of use, dependability of use, etc. Economic buyers: people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money. Economics is often cited as a key source of consumer decision making/thought, but marketing also derives a great deal of knowledge about consumer behavior from psychology, sociology, anthropology, and other social sciences. The basic model of consumer behavior shown here integrates many of these influences. Psychological variables: things that are going on in the mind of the consumer that affect purchase. Examples: attitudes, personality, learning processes, trust and perceptions. Social influences: have to do with the associations that the buyer might have with other people. Examples: culture, social class, and family influences.
