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What are the key stages of the consumer decision-making process?
- Need recognition,
- Information search,
- alternative evaluation,
- Purchase decision,
- post purchase behavior
in the need recognition stage what is need?
It's an imbalance between actual and desired states. I am tired.
What is a want?
It is a particular product or service you think will fill the need. I want coke to stop being tired.
What is the information search?
Looking for information on ads or websites or hearing from friends
What is the evaluation of alternatives?
It can start with the consideration evoked set. from there you use different strategies like cutoff values or attributes that are used for eliminating options and then you are left with your final choice
What is the example of attribute-based decision-making?
Which brand is best on the most important attribute?
What is an example of decision heuristics?
Buy my favorite brand
What are the three categories of post purchase behavior?
Satisfied, dissatisfied, not sure
Why is it good to have a satisfied customer?
Repeat purchases, positive word-of-mouth
Why is it bad to have a dissatisfied customer?
Complaints/returns, negative word-of-mouth
What is cognitive dissonance?
Dissonance reducing behavior, looking for supported information
What are strategies that we use to purchase?
What affects involvement?
- Previous experiences,
- perceived risk of negative consequences,
What are the five factors that influence consumer buying decisions?
- Cultural factors,
- social factors,
- individual factors,
- psychological factors,
- situational factors,
What is culture,?
The essential character of a society.
What is a subculture?
It is part of the main culture but also have specific group traits.
What is a social class and how can they be grouped?
It is a group of people considered nearly equal in status and can be grouped based on occupation, income, education and wealth.
What is a reference group? Do individuals have be part of a group? And are the positive or negative?
Reference groups are important of comparison for attitudes the lease and behaviors. The individual can be part of it but doesn't have to be a member of the group and they can be positive or negative
What is an opinion leader?
Leaders of reference groups thereby they influence others/ often they can be early adopters of new trends and products or they can be celebrities.
Why is family are most important social group?
It is where the socialization process takes place. Children learn by observing their parents.
What are the decision-making roles?
What are individual factors that affect our buying decisions?
- lifecycle stage
What is the self-concept ?
- Ideal self-image: who I would like to beReal
- self-image: who I really am
What are psychological factors that affect our decision buying?
- and attitudes
What is an example of the belief?
Environmental friendly products are very expensive. or there are not many apps for the Samsung smartphone
Are beliefs based on fact?
What is an attitude?
A person's consistent favorable or unfavorable evaluation or feeling about an object. Example do I like/dislike this product/brand/company?
In what order do believes, attitudes, behavior follow?
Beliefs then attitudes then behavior
What is selective attention affected by?
Is affected by familiarity, contrast, vividness, and goals
What is perception?
Process by which people select, organize, and interpret information from the outside world
What is selective distortion?
It's when people may change or distort information that is inconsistent with the beliefs.
What is selective retention?
It's one we tend to remember what already fits with our knowledge/belief system
Businesses buy products and services that:
- Become parts of other products,
- Are used in manufacturing,
- support operations of the organization,
- are resold to end consumer
What are the four types of business customers?
What do businesses buy?
Major equipment and accessory equipment
What are examples of what businesses buy?
- Raw materials,
- process materials,
- component parts,
- business services
With business demand what does it mean to be derived?
Example demand for taxicabs depends on consumer demand for taxi rides.
What does it mean to be inelastic in business demand?
The demand for many parts and components not affected by price since the cost compared to final product price is low
What's does it mean in business demand to be joint?
Two or more products are used together in final product. The demand for one will be linked to the demand for the other
In business demand what does it mean to be fluctuating?
The multiplier effect. Small changes in consumer demand to have large effects on business demand.
How do businesses Buy?
Businesses all the same being processed as consumers, but each stage is more formalized and documented.
What are the three buying situations for businesses?
- New Buy,
- Modified Rebuy,
- Straight Rebuy