Marketing; 1B - Marketing; 1B Understanding Consumer...

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Marketing; 1B Understanding Consumer Behavior What is Consumer Behavior? o How consumers reach their decisions o Studying factors that affect how we behave as consumers Why Study Consumer Behavior? o An understanding of consumers and their needs, and purchasing behavior, shapes successful marketing Decision Making Process: 1. Need Recognition 2. Alternative Search 3. Alternative Evaluation 4. Purchase Decision 5. Post-Purchase Evaluation Ex) Choice of College Data Sources: o Internal Sources; comes from experience o Group Sources; communication from other people o Marketing Sources; advertising, sales people and packaging o Public Sources; publicity from articles and independent ratings o Experiential Sources; handling, examining and trying the actual product Alternative Evaluation: *What attributes are most important? *Age?* o A Process; Consumer completes information gathering Consumer identifies alternative(s) Must understand how consumers in your target/product market do their research Differences in alternative characteristics identified Alternative characteristics compared to the characteristics deemed most needed and relevant The favored brand generally offers the most desirable attributes The consumer buys the alternative with the greatest number of desired characteristics
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Purchasing: o Traditional risk theorists believe that consumers tend to make risk minimizing decisions based on their perception of risk associated with a
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This test prep was uploaded on 04/21/2008 for the course MKT 2300 taught by Professor Biswass during the Fall '07 term at Wayne State University.

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Marketing; 1B - Marketing; 1B Understanding Consumer...

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