AP®︎ Business with Personal Finance: Topic 2.2 Flashcards

Why consumers buy goods and services, how they choose among alternatives, and why their purchasing routines change

Something a consumer considers necessary or important

A particular way a consumer would prefer to satisfy a need or improve their circumstances

Products that compete to meet the same or similar consumer need or want

Characteristics such as quality, design, reliability, convenience, or service that distinguish a product from its rivals

Systematically identify the need and criteria, gather information, compare alternatives, and select the best fit

Making repeated purchases through habit or a simple rule with little comparison, saving time and mental effort

Individual characteristics and circumstances, such as age, income, budget, occupation, and lifestyle, that shape needs, wants, and affordability

Internal attitudes and thought processes, including values, beliefs, perceptions, learning, and motivations, that shape willingness to buy

Principles or priorities that a consumer considers important

Ideas that a consumer accepts as true

The way a consumer notices, interprets, and gives meaning to information

Associations and expectations developed through prior experience that influence future buying behavior

The internal drive to satisfy a need or pursue a goal

Influences from peers, family, status, cultural norms, and media that shape what consumers consider acceptable or desirable

Temporary, context-specific conditions such as store design, timing, and product availability that encourage or discourage buying

A consumer’s typical purchasing routine, including when, how often, and how much the consumer buys

Laws that change what consumers may buy or when and where they may buy it, sometimes encouraging substitutes

Laws intended to help consumers avoid fraudulent or unsafe products through standards, disclosures, warnings, or remedies

An alternative product or method that addresses the same or a similar need or want

Technology and innovation change product access, information search, payment, delivery, and the timing, frequency, or quantity of purchases

Seven psychological tendencies that cause people to comply with requests and that marketers use to motivate purchases

A specific action or message used to encourage a sale

The rarer or more limited an item seems, the more people tend to want it

People tend to follow authority figures, so relevant expertise, credentials, or professional status can make a recommendation persuasive

People tend to follow social-group norms and treat others’ behavior or approval as evidence that a choice is appropriate

People are more likely to be influenced by individuals they like or to whom they relate

People feel obligated to return something when they receive something of value

People tend to act in ways that align with their self-image, prior commitments, and past behavior

People are more likely to be influenced by those they perceive as members of the same group