MKTG 5 Notes

MKTG 5 Notes - Chapter 5 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11....

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Chapter 5 1. Consumer Behavior 2. Information Search 3. A consumer begins to search for information about what product or service might satisfy the newly discovered need. 4. Internal search: scanning memory for previous experiences with products or brands. 5. External search: needed when past experience and knowledge are insufficient. a. Primary sources: personal sources (relatives, friends), public sources (TV consumer programs, Consumer Reports), marketer-dominated sources (information from sellers that include advertising, company websites). 6. Alternative Evaluation: Assessing Value 7. The information search stage may be inadequate because it does not contain all the factors you might consider when evaluating the product. a. These factors: evaluative criteria represent both the objective attributes of a brand and the subjective ones you use to compare different products and brands. 8. Consideration Set: the group of brands that a consumer would consider acceptable from among all the brands in the product class in which he or she is aware. 9. Purchase Decision: Buying Value 10. You’re almost ready to buy; two choices remain from whom to buy and when to buy. 11. “When to buy” depends on store atmosphere, price (sale?), pleasantness of shopping experience, etc. 12. “From whom to buy” depends on terms of sale, past experience when buying from this seller, and return policy. 13. Women are the driving force in the US automotive industry. 14. By meeting women’s expectations, the company exceeds those of most men. 15. Consumer behavior: actions a person takes in purchasing and using products and services. 16. Consumer Purchase and Decision Process 17. Purchase decision process: stages a buyer passes through in making choices about which products or services to buy. a. Five stages: problem recognition, information search, alternative evaluation, purchase decision, postpurchase behavior. 18. Problem Recognition: Perceiving a Need 19. Perceived Risk 20. Perceived risk: anxiety felt when a consumer cannot anticipate possible negative outcomes of a purchase. 21. Possible negative consequences: financial outlay of purchase (can I afford it?), risk of physical harm (is it safe?), performance of product (will is work?). 22. Perceived risks affect information search: the greater the risk, the more extensive the search. 23. Companies develop strategies to reduce the consumer’s risk: a. Obtaining seals of approval. b. Securing endorsements from influential people. c. Providing free trials of the product. d. Giving extensive usage instructions. e.
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This note was uploaded on 05/05/2008 for the course BUAD 307 taught by Professor Morristowns during the Spring '07 term at USC.

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MKTG 5 Notes - Chapter 5 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11....

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