Key Terms
Consumer buying behavior
The decisions and actions people take before buying products or services for personal use.
Consumer market
All consumers combined who purchase products/services for personal use.
Five factor categories
Cultural, Social, Personal, Psychological, Situational
Culture
Learned values, ideas, and attitudes shared among members of a group. Shapes buying behavior from childhood.
Subculture
Cultural group within a larger culture with distinct beliefs or values.
Social class
Group within a society sharing similar socioeconomic status; influences price sensitivity and product preferences.
Gender
Influences both what people buy and how they shop. Research suggests male shoppers tend toward utilitarian/logic-based a
Family
Two family types matter.
Reference groups
Groups consumers compare themselves to or aspire to join; influence brand and product choices.
Roles and status
Each person plays multiple roles (employee, parent, student). Buying behavior shifts depending on which role is active a
Age and generational cohort
Needs and wants shift with age. Four cohorts currently in the consumer market:
Life cycle stage
Single renter vs. homeowner with kids = completely different buying patterns.
Economic situation
Higher income = more disposable income = higher-end purchases. Lower/middle income = spending concentrated on basic need
Occupation
Profession drives appropriate purchases. Blue-collar workers buy work boots; white-collar workers buy business attire; h
Lifestyle
Reflects attitudes and values. Active/healthy lifestyle = different food and fitness purchases than someone with a diffe