Title: 3 Key Terms
Course: Principles of Marketing > Section: Chapter 3

Key Terms

4Ps

the “marketing mix”—product, price, promotion, and place

attitudes

a learned set of emotions, beliefs, and behaviors developed toward a particular brand, object, person, thing, or event

beliefs

ideas that a person holds as being true

buyer’s black box

a model used in the study of the buying behavior of consumers

cognitive dissonance

the mental conflict that occurs when a person’s behaviors and beliefs do not align; also referred to as buyer’s remorse

complex buying behavior

the consumer buying behavior that occurs when the consumer is highly involved with the purchase and perceives significant differences between brands

consumer buying behavior

the actions taken by consumers before buying a product or service

consumer decision process

the process through which consumers become aware of and identify their needs, collect information on how to best solve those needs, evaluate alternative options, make a purchasing decision, and evaluate their purchase

consumer market

a market where consumers purchase products and/or services for consumption

cultural factors

a set of values or ideologies of a particular community or group of individuals that include culture, subcultures, social class, and gender

culture

the pattern of learned and shared behavior and beliefs of a particular social, ethnic, or age group

dissonance-reducing buying behavior

any activity aimed at decreasing the tension or feelings of discomfort and unease that accompany an unfamiliar purchase

economic situation

a measure of a consumer’s income and financial situation

environmental factors

factors such as music, lighting, ambient noise, and smell that can either discourage or encourage a consumer’s purchase decision

family

a group of persons united by ties of marriage, blood, or adoption, or those who live in the same household

gender

the socially constructed roles, behaviors, and norms of individuals, which vary between societies and over time

habitual buying behavior

consumer buying decisions made out of “habit” and without much deliberation or product comparison

heuristics

mental shortcuts that allow people to solve problems and make judgments quickly and efficiently

learning

the acquisition of knowledge or skills through experience, study, or being taught

life cycle stages

various stages in a human’s life, including fetus, baby, childhood, adolescence, adulthood, and elderly

lifestyle

the habits, attitudes, tastes, moral standards, economic level, etc. that together constitute the mode of living for an individual or group

Maslow’s hierarchy of needs

a theory of motivation by Abraham Maslow which states that five categories of human needs dictate an individual’s behavior

motivation

the process that initiates, guides, and maintains goal-oriented behaviors

occupation

an activity or task with which one occupies oneself, usually the productive activity, service, trade, or craft for which one is regularly paid

perception

the manner in which sensory information is organized, interpreted, and consciously experienced

personality

the combination of characteristics or qualities that form an individual’s distinctive character

product differentiation

a marketing strategy in which a brand identifies the one thing that makes it genuinely different from competitors

reference groups

groups that consumers compare themselves to or associate with

roles

the set of norms, values, behaviors, and personality characteristics attached to a status

selective attention

the process of directing one’s awareness to relevant stimuli while ignoring irrelevant stimuli in the environment

selective distortion

a tendency of people to interpret information in a manner that supports what they already believe

selective retention

the tendency of people to retain only part of the information to which they are exposed

social class

a group of people within a society that possesses the same or similar socioeconomic status

social factors

factors that are prevalent in the society where a consumer lives

status

the relative social, professional, or other standing of an individual

subculture

a cultural group within a larger culture, often having beliefs or interests at variance with those in the larger culture

variety-seeking buying behavior

the buying tendencies of consumers who do not have a high involvement with a product when there are significant differences between brands