Mktg Exam Review
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What are the 5 steps of the Consumer Decision-Making Process?
- 1) Need Recognition ---"Why we buy"
- 2) Information Search
- 3) Evaluation of Alternatives
- 4) Purchase
- 5) Post-purchase Behavior
Explain step 1 of the Consumer Decision-Making Process: Need Recognition.
This is triggered when a consumer is exposed to either an internal or external stimulus. Internal stimuli are occurances that you experience (hunger) & External stimuli are outside influences (a friend recommends a great new restaurant).
Explain step 2 of the Consumer Decision-Making Process: Information Search.
Once a need or want is recognized, information is sought after for the various alternatives available to satisfy it. Internal Information Search (recalls info stored in the memory-primarily from past experience) & External Information Search (seeks info in the outside environment).
What are the two basic types of external information sources? Explain each.
- Nonmarketing-controlled: is not associated with marketers promoting a product (ex. personal experiences, personal sources, public sources-Consumer Reports)
- Marketing-controlled: is biased toward a specific product because it originated with the promotion of that product (ex. mass-media advertising, salespeople, etc.)
What factors determine the extent to which an individual conducts an external search?
- Perceived risk
- Prior experience
- Level of Interest
What should be the outcome of an external search?
An evoked set (or consideration set)
What 5 Factors Influence Consumer Buying Decisions?
- Cultural Factors
- Individual Factors
- Social Factors
- Psychological Factors
- Situational Factors
How does Previous Experience effect the Level of Consumer Involvement?
When consumers have had previous experience with a good or service, the level of involvement typically decreases. (ex. buying Special K cereal)
How does Interest effect the level of consumer involvement?
It has a direct effect (ex. Bike racers more involved in bicycle purchase)
How does Perceived Risk effect the level of consumer involvement?
- As the perceived risk in purchasing a product increases, so does a consumer's level of involvement. (ex. new car)
- Three types of perceived risks: Financial, Social & Psychological
How does Situation effect the level of consumer involvement?
(ex. Buy cheap wine normally until the boss is coming to dinner)
How does Social Visibility effect the level of consumer involvement?
Items that make a statement and have social visibility increase consumer involvement (ex. clothing brands)
What are the 4 Factors Influencing Consumer Buying Decisions?
What are the three components of Cultural Factors influencing buying decisions?
- YOUR culture (values, language, myths, customs) (ex. Swedish food)
- Subculture: A group that share overall cultural traits but also has group specific traits (ex. ethnic groups in the US)
- Social Class: status, based on occupation, income, education & wealth.
What are some components making up the Individual Factors influencing buying?
- Famiily Life-Cycle Stage
What are the Social Factors?
- Reference Groups both Direct & Indirect.
- Direct include Primary (friends, family & coworkers) & Secondary (clubs, professional groups, religious groups)
- Indirect include Aspirational (those a person would like to join - ex. athlete) & Non-Aspirational (those a person would not like to be associated with - ex. criminal)
What are some Psychological Factors influencing buying?
- Belief & Attitudes
What are the two forms of learning?
- Experiential (Behavioral) Learning: occurs when an experience changes your behavior (ex. new cold medicine does not relieve symptoms)
- Conceptual (Cognitive) Learning: learning by thinking (ex. don't buy diet drink although never tried it because someone told you artificial sweeteners leave an aftertaste)
Explain the difference between Stimulus Generalization & Stimulus Discrimination.
- Generalization expands the brand (ex. Crayola now has markers, chalk, etc. all determined good because of Crayola's reputation)
- Discrimination sets itself clearly apart (ex. Method brand clearly different from Lysol)
What are some Situational Factors that affect the consumer's decision while in the process of making purchase decisions?
- Sale signs
- Cues in the in-store environment
- Sales person behavior
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