Chapter%205%20Study%20Notes

Chapter%205%20Study%20Notes - Chapter 5 Consumer Behavior...

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Chapter 5 Consumer Behavior Study Notes Step One - Need Recognition consumers recognize they have an unsatisfied need Functional needs pertain to the performance of a product or service Psychological needs pertain to the personal gratification consumers associated with the product or service Step Two - Search For Information internal search for information the buyer examines his or her own memory and knowledge about the product or service gathered through past experiences. External search for information the buyer seeks information outside his or her personal knowledge base to help make the buying decision. Factors affecting consumers search processes the perceived benefits versus perceived cost of search Locus Of Control o Internal Locus Of Control consumer believes they have some control over the outcome of their actions in which case they generally engage in more search activities o External Locus Of Control consumers believe that their fate or other external factors control all outcomes Actual Or Perceived Risk o Performance Risk involves the perceived danger inherent in a poorly performing product or service o Financial Risk is risk associated with a monetary outlay and includes initial cost of the purchase as well as the cost of using the item or service o Social Risk involves the fears that consumers suffer when they worry others might not regard their purchase positively o Psychological Risk/Safety Risk refers to the fear of an actual harm show the product not perform properly or the way that people will feel if the product or service does not convey the right image. Step Three - Evaluation of alternatives
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Chapter%205%20Study%20Notes - Chapter 5 Consumer Behavior...

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