MAR4 - Consumer Decision Making Influences on consumer...

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Consumer Decision Making Influences on consumer decision making: --Psychological influences --Sociocultural forces: society’s effects on us, including parents, family, and peers. Intergenerational influence is when parents’ brand preference affects us. --Marketing mix: 4 controllable variables --Situational influence: refers to context where individual operates. They are more difficult to detect. Basic Decision-Making Concepts -Consumer behavior is goal directed. -Consumers exhibit bounded rationality (Herbert Simon). -Many of our day-to-day purchase decisions are low involvement decisions. Involvement describes how motivated consumers are to make a great decision. -Consumers exhibit selective perception. -Consumer decision-making is adaptive. Adaptivity works to correct consumers’ bounded rationality. Decision Making Unit (DMU) Typical DMU is the household. The following are major roles: -Information gatherer -Influencer: anyone who does not have decision-making authority but attempts to influence the decision. -Decision maker -Purchaser -User Decision Making Process Purchase decision process is problem-solving process viewed from standpoint of the consumer. Involves the following steps: 1. Problem recognition 2. Information search: Internal—coming up with information from memory, and external —gathering information from outside memory. 3. Alternative evaluation 4. Purchase 5. Post-purchase consumption After product is consumed, feedback loop comes into play. Feedback to problem recognition is when the decision leads the consumer into another problem. Feedback to information search is when the consumer will remember their experience, influencing future decisions.
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Alternative Evaluation Process (Multi-Attribute Model) Multi-Attribute Model is a psychological model of attitudes that is an approach to evaluation alternatives. Most often, evaluation occurs implicitly. This model has two major components: Consideration set of brands and set of evaluative criteria (attributes). --As alternatives are considered, objective (independently verified) or subjective (based
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MAR4 - Consumer Decision Making Influences on consumer...

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