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ch5notes - Ch.5 Consumer Decision Making The Importance of...

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Ch.5 – Consumer Decision Making The Importance of Understanding Consumer Behavior Consumers’ product and service preferences are constantly changing- important for marketers to have a thorough knowledge of consumer behavior Consumer Behavior - describes how consumers make purchase decisions and how they use and dispose of the purchased goods or services; also includes an analysis of factors that influence purchase decisions and product use The Consumer Decision-Making Process Consumer Decision-Making Process - 5 step process used when buying goods or services: o Need Recognition Need Recognition - occurs when consumers are faced with an imbalance between actual and desired states Triggered when exposed to an Internal Stimulus (occurrence you experience- hunger) or External Stimulus (influence from an outside source- recommendation, advert) Want - exists when someone has an unfulfilled need and has determined that a particular good or service will satisfy it- can be for a specific product, or feature of a product Ex: If your cell phone goes through the wash, you need a replacement and want one with Bluetooth Marketer’s goal is to get consumers to recognize an imbalance between their present status and their preferred state Ways consumers recognize unfulfilled wants: current product isn’t performing properly, when their about to run out of something, when they become aware of a product that seems superior to the one currently used o Information Search After recognizing a need or want, consumers search for info about alternatives available Info search can occur internally, externally, or both Internal Info Search - person recalls info stored in the memory (previous experiences) External Info Search - seeks info from outside environment. Two types: Nonmarketing Controlled Info Source - not associated with marketers promoting a product (friends, trying new product, Consumer Reports) Marketing Controlled Info Source - biased toward a specific product, originates with marketers promoting that product (adverts, salespeople, the internet, packaging) The extent to which an individual conducts an external search depends on his or her perceived risk, knowledge, prior experience, and level of interest in the good or service Info search should yield a group of brands, called buyer’s Evoked Set (Consideration Set)- consumer’s most preferred alternatives 1
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Ch.5 – Consumer Decision Making
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ch5notes - Ch.5 Consumer Decision Making The Importance of...

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