2001542 churchill peter 199818 and levy weitz 1998129

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Unformatted text preview: to purchase particular baby products such diapers and toys. In helping consumers during their external information search, numerous sources are at their disposal. Some of the pertinent external sources include [Hawkins et al., 2001,534 and Engel et al., 1995:185]: • the internet; • personal sources (such as friends); • experiential sources (such as product trial); 86 • general purpose media; • marketing sources (such as salespeople and advertising); and • society. The amount of information search will also depend on how consumers weigh up the cost / benefit equation. Consumers want to ensure that the value that they receive from searching will be greater than that of the cost of executing the actual search process. The cost of search includes both time and money [Swait, 2001:136; Hawkins et al., 2001:542; Churchill & Peter, 1998:18; and Levy & Weitz, 1998:129]. Consider buying a new house, for instance. Time is spent in viewing show houses and petrol is used in getting to these various locations. In addition, more money will be spent when the actual house is purchased. The benefits on the other hand, might include tangible advantages, need satisfaction, a sense of accomplishment and other psychological rewards. Similar costs and benefits in the previous example may appeal to a family looking for a reasonable garage to stop at when travelling in a foreign area. Much research has been executed with regard to the variety of factors that influence search [Bettman et al. 1998:190; Moorthy et al., 1997:263; and Kotler, 2000:179]. There are four fundamental types of influences with regard to information search and weighing up the costs and benefits involved, namely product characteristics, market characteristics, consumer characteristics and situation characteristics. Product characteristics have many influential capabilities. Firstly, the extent of differentiation between the features of products can affect the extent of consumer search. As brands become more distinct, the potential payoff from search grows larger [Kotler, 2000:288]. Secondly, the importance of price in influencing consumers varies noticeably. At times it plays a key role in the decision process [Levy 1999:15 and O’Neill & Lambert, 2001:271]. A child with little pocket money, for instance, may prefer one product to another due to it being a lot cheaper. Higher prices will generally create more concerns about the financial implications regarding the purchase [Hawkins et al., 2001:544]. One study, an exception to the norm, revealed that most shoppers were unable to recall the prices of goods that they had placed in their trolley [Dickson & Sawyer, 1990:42]. Consumers may sometimes consider convenience or a brand name 87 over a product with the lowest price [Dolliver, 2001:29; Liebman, 2001:8; and Burgess, 1998:60]. Thirdly, the stability of a product category can manipulate search. In other words, how often does the entire composition of a product change? Experienced consumers can rely more heavily on...
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This test prep was uploaded on 04/04/2014 for the course SOCIAL SCI 23 taught by Professor Salman during the Winter '10 term at University of the Punjab.

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