Consumer Behavior & Trends Flashcards

Which psychological concept describes consumers anchoring their price expectations based on the first number they encounter?

Answer: Anchoring bias

Anchoring bias occurs when consumers rely heavily on the first piece of information (the anchor) to make subsequent pricing judgments.

A brand notices that eco-conscious consumers in the 25-40 age segment have a high 'intention-behavior gap.' What does this mean?

Answer: They intend to buy green products but often purchase conventional ones

The intention-behavior gap refers to the disconnect between a consumer's stated eco-friendly intentions and their actual purchasing behavior.

Which type of reference group has the MOST direct influence on consumer purchasing decisions for luxury goods?

Answer: Primary groups

Primary groups (family, close friends) have the most direct and frequent personal influence on consumer behavior, including luxury purchases.

A consumer consistently buys the same laundry detergent without evaluating alternatives. This behavior is best described as:

Answer: Habitual buying behavior

Habitual buying behavior involves low involvement and low brand differentiation, where consumers repurchase out of habit rather than deliberate evaluation.

The VALS framework classifies US consumers primarily based on:

Answer: Primary motivation and resources

The VALS (Values, Attitudes, and Lifestyles) framework segments consumers by their primary motivations (ideals, achievement, self-expression) and their available resources.

Which stage of the consumer decision-making process involves comparing available options against evaluative criteria?

Answer: Evaluation of alternatives

Evaluation of alternatives is when consumers compare competing options against criteria such as price, quality, and brand reputation before making a choice.

A market analyst observes rising demand for personalized products among Gen Z consumers. This trend is BEST linked to which core need?

Answer: Esteem and uniqueness

Demand for personalized products ties to esteem needs and the desire for uniqueness and self-expression, which are prominent among Gen Z.