Consumer Behavior Study: Purchase Decisions & Influences, Study notes of Marketing Management

Download Consumer Behavior Study: Purchase Decisions & Influences and more Study notes Marketing Management in PDF only on Docsity! Chapter Five Study Guide I. Consumer Purchase Decisions a. Purchase Decision Process 1) Problem Recognition: Perceiving a Need Perceiving a difference between a person’s ideal situations big enough to trigger a decision 2) Information Search: Internal Search: Scanning your memory for previous experiences with products or brands External Search: (3 Types) 1. Personal Sources: Relatives and Friends 2. Public Sources: Consumer Reports 3. Marketer-Dominated sources: info. From sellers that include advertisements company websites, and sales people 3) Alternative Evaluation: Assessing Value Additional Criteria a consumer takes into account when going through a purchase decision. This is often subjective as opposed to objective criteria. Consideration Set is the group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware. 4) Purchase Decision: Buying Value Two Choices: 1)From whom to Buy and 2) When to buy 5) Postpurchase Behavior: Value in Consumption or Use Cognitive Dissonance- postpurchase anxiety. Companies must consider postpurchase customer service to encourage repeat purchases from the same buyer. Involvement- Personal, Social, and economic significance of a purchase to the consumer. High Involvement purchases are likely to occur if the item is 1) expensive 2) can have serious personal consequences, or 3) reflect on one’s social image Extended Problem Solving, Limited Problem Solving, or Routine Problem Solving 5 Situational Influences (p.103): purchase task, social surroundings , physical surroundings, temporal effects and antecedent states. II. Psychological Influences on Consumer Behavior Motivation-energizing force that stimulates behavior to satisfy a need (H. of Needs) Personality-consistent behaviors or responses to recurring situations Perception- process by which an individual selects, organizes and interprets info. To create a meaningful picture of the world Selective Perception-filtering of info. So that only some of it is understood or remembered or even available to the conscious mind Perceived Risk-represents the anxieties felt because the consumer cannot anticipate the negative outcomes of a purchase Learning-behaviors that result from repeated experience or reasoning