Chapter 5 notes - Chapter 5 Understanding Consumer Behavior...

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Chapter 5 Understanding Consumer Behavior Consumer behavior - the actions and decision processes of individuals and households in discovering, evaluating, acquiring, consuming, and disposing of products Involvement- a function of how important, complex, and/or time-consuming a purchase may be. Decision making varies with the degree of involvement. Low-involvement purchases - require only simple decision making. It is a routine buying decision. Examples: cereal, soap, soft drinks. Passive decision making purchase brand evaluation High-involvement purchases - demand more extensive and complex decision making. A complex decision made after extensive thought. Examples: buying a car or computer. Active decision making brand evaluation purchase Passive learning- characterizes the passive decision making process. It is learning in which little energy is devoted to thinking about or elaborating on information. Only when they acquire and use the product, they learn more about it. Active learning - part of the active decision making process. It is learning in which substantial energy is devoted to thinking about and elaborating on information. Consumer decision making- broken into a process of 5 steps. Low-involvement purchases may skip the first 3 steps. As involvement increases, each stop takes on greater importance, and more active learning occurs. Problem recognition information search alternative evaluation decision purchase purchase evaluation Problem recognition- occurs when a consumer becomes aware of an unfulfilled desire Information search- consists of thinking through the situation, calling up experiences stored in memory (internal search), and probably seeking information from friends, sales people, advertisements, online services, and other sources (external search). Alternative evaluation- based on decision rules about which product or service is most likely to satisfy goals. The rules are personal and complex thinking is likely to occur. The consumer weighs the pros and cons of each choice. Purchase decision- emerges from the evaluation of alternatives. The decision to buy often occurs some time before the actual purchase - the actual financial commitment and transaction made to acquire the product. Purchase evaluation- results in satisfaction or dissatisfaction. Positive feedback reinforces the consumer’s decision and affirms their expectations, making it more likely that they will make a similar purchase in the future. Psychological factors that influence consumer decisions
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Chapter 5 notes - Chapter 5 Understanding Consumer Behavior...

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