Bmgt350- exam 2 review

Bmgt350- exam 2 review - Chapter 5 Consumer Behavior-...

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Chapter 5 Consumer Behavior- describes how consumers make purchase decisions and how they use and dispose of the purchased goods or services. Includes an analysis of factors that influence purchase decisions and product use When buying products, consumers generally follow the consumer decision-making process: 1. Need Recognition - occurs when consumers face an imbalance between actual and desired states. a. Triggered when a consumer is exposed to an internal or external stimulus. i. Stimulus: internal stimuli are occurrences you experience (ex. Hunger); external stimuli are influences from an outside source (ex. Recommendations or TV ads) b. Marketing managers create wants. A want is an unfilled need and it is determined that a particular service or good will satisfy that want. i. Marketing managers’ objective is to get consumers to recognize an imbalance between their present status and their preferred state. Ads and sales provide this stimulus. ii. Markets create new products and services by observing trends in the marketplace. c. Ways that consumers recognize their unfilled wants: i. When a product isn’t performing properly and when the consumer is about to run out of something that is generally kept on hand. ii. When a consumer becomes aware of a product that seems superior to their current one. 2. Information Search- consumers search for info about alternatives available to satisfy their need or want a. Internal information search- the person recalls information stored in the memory (ex. From previous experience with a good or service) b. External information search- seeks info in the outside environment. 2 basic types: i. Nonmarketing-controlled information source: not associated with marketers promoting a product. Include personal experiences (memory), personal sources who may recommend a product or service (family or friends preferences), and public sources (reviews online). ii. Marketing-controlled information source: biased toward a specific product because it originates with marketers promoting that products. Sources include mass-media advertising, sales promotion, product labels and packaging, and the internet. 1. Many consumers (particularly higher income and better educated consumers) are wary of these types of info because they stress attributes and ignore faults. 2. The extent that a consumer does an external search depends on perceived risk, knowledge, prior experience, and level of interest in the good or service. Also affected by confidence in one’s decision making abilities. a. As perceived risk , consumer search , and more options are explored. (ex. Laptop/car is more researched than an energy drink) iii. Evoked set (consideration set)- a group of brands, resulting from an information search, from which a buyer can choose. From this set, the buyer will further evaluate the alternatives and make a choice. 3.
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Bmgt350- exam 2 review - Chapter 5 Consumer Behavior-...

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