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PoM
Principles of Marketing Chapter 6
| Question | Answer |
|---|---|
| What are the five stages in the consumer decision process? | Need recognition, information search, alternative evaluation, purchase and consumption, postpurchase |
| What are the different factors influencing consumer decision? | Marketing mix, psychological factors, social factors, situational factors |
| Marketing mix | Product, price, place, promotion |
| Social factors | Family, reference groups, culture |
| Situational factors | Purchase situation, shopping situation, temporal state |
| What is the Maslow's hierarchy of needs? | Physiological, safety, love, esteem, self-actualization |
| What is the temporal state? | A purchase situation may have different appeal levels depending on time of day and type of person consumer is. |
| How does temporal state affect consumer decision making process? | Mood swings can alter consumer behavior. |
| What are the different evaluation criteria alternatives? | Attribute sets: universal sets, retrieval sets, evoked sets |
| Universal sets | Include all possible choices for a product category |
| Retrieval sets | Brands or stores that can be readily brought forth from memory |
| Evoked sets | Comprises of alternative brands or stores that consumer states he or she would consider when making a purchase decision |
| Need recognition | Beginning of consumer decision making process |
| Need recognition | Occurs when consumers recognize they have an unsatisfied need and want to go from their actual, needy state to a different, desired state |
| Functional needs | Pertain to performance of a product or service |
| Psychological needs | Pertain to personal gratification consumers associate with a product or service |
| Internal search for information | Buyer examines own memory and knowledge about the product or service gathered though past experiences |
| External search for information | Buyer seeks information outside own personal knowledge base to help make the buying decision |
| Perceived benefits and perceived costs | An example is buying a house for living vs buying a dollhouse. Would spent lot more time on researching to buy a house because it's expensive and important |
| Internal locus of control | Consumers who believe they have more control over the outcomes of their actions thus spend more time and engage in more search activities |
| External locus of control | Consumers believe that fate or other external factors controll all outcomes |
| 5 types of risk associated with purchase decisions | Performance, financial, social, physiological, psychological |
| Performance risk | Perceived danger inherent in a poorly performing product or service |
| Financial risk | Risk associated with a monetary outlay and includes the initial cost of the purchase as well as the costs of using the item or service |
| Social risk | Fears that consumers suffer when they worry others might not regard their purchases positively |
| Physiological risk/safety risk | Fear of an actual harm should a product not perform properly |
| Psychological risk | Associated with the way people will feel if the product or service does not convey the right image |
| Evaluative criteria | Consist of a set of salient, or important, attributes about a particular product |
| Determinant attributes | Product or service features that are important to the buyer and on which competing brands or stores are perceived to offer |
| Consumer decision process 1st stage | Need recognition |
| Consumer decision process 2nd stage | Information search |
| Consumer decision process 3rd state | Alternative evaluation |
| Consumer decision process 4th stage | Purchase and consumption |
| Consumer decision process 5th stage | Postpurchase |
Created by:
ltt
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