Ch5 Notes - Consumers are complex and irrational creatures...

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Consumers are complex and irrational creatures who cannot always explain our own choices and actions Consumer decision process model: represents the steps that consumers go through before, during, and after making purchases. o Need recognition Functional needs (i.e. snow boots in the snow) Psychological needs (i.e. latest clothing trend) o Search for Information Internal search for info (i.e. what they remember about the product) External search for info (i.e. consumer reports or Google) Affected by: Perceived benefits versus perceived costs of search (house v. dollhouse) Locus of control (do you believe gathering info matters?) Actual or perceived risks (higher the risk, longer the search) o Performance risk (i.e. phone dies while waiting for important call) o Financial risks (extended warranties reduce risk) o Psychological risks (i.e. Toyota doesn’t make girl look “cool or fun” to friends Type of product or service o Specialty goods/services (i.e. environmentally conscious consumer buys Prius)
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Ch5 Notes - Consumers are complex and irrational creatures...

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