Chapter 4
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| STAGES IN BUYING PROCESS | 1)Need recognition 2)Information search 3)Evaluation 4)Choice 5)Visit 6)Loyalty
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| UTILITARIAN NEEDS | A need when a purchase satisfies a specific task; shopping needs to be easy and effortless
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| HEDONIC NEEDS | A purchase when there is a need of satisfying entertainment, emotional, and recreational experiences ex) department/specialty stores
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| WHAT HEDONIC NEEDS CAN A RETAIL SATISFY? | A)Stimulation-music,displays,scents B)Social Experience C)Learn new trends and fashions D)Satisfy the need for power and status E)Self-rewards F)Adventure
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| HOW TO STIMULATE THE "NEED FOR RECOGNITION"? | -suggestions by sales associates -advertising and direct mail -visual merchandise in store -special events in the store -free food sample
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| "INFORMATION SEARCH"? | Amount of information search depends on the VALUE from searching versus the COST of searching
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| FACTORS AFFECTING THE AMOUNT OF INFORMATION SEARCH: | A)Product characteristics-complexity and cost B)Customer characteristics-perceived risk and past experience C)Market characteristics-number of alternative brands
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| INTERNAL vs EXTERNAL SOURCES OF INFORMATION | Internal= past experiences and memory
External= consumer reports, advertising, and word of mouth
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| HOW CAN RETAILERS LIMIT THE INFORMATION SOURCE? | 1)Information from sales associates 2)Provide and assortment of services 3)Provide good assortment 4)Everyday low pricing
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| WHAT IS A CONSIDERATION SET? | The set of alternatives the customer evaluates when making a selection; by this, the retailer develops TOP-OF-MIND AWARENESS!
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| POST-PURCHASE EVALUATION | Becomes part of the customers internal information that affects future store and product decisions; builds store and product loyalty
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| SATISFACTION? | A post-consumption evaluation of how well a store or product meets or exceeds customer expectations
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| TYPES OF PURCHASE DECISIONS? | Extended, Limited, and Habitual problem solving
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| EXTENDED PROBLEM SOLVING | Consumers devote time and effort analyzing alternatives; customers are unfamiliar with the products.They look at: financial (purchasing expensive products/services), physical (how will affect health and safety), and social (how others will view them) risk
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| LIMITED PROBLEM SOLVING | Purchase decisions process involving moderate amount of effort and time; customers engage in this when they have prior experience with products/services
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| LIMITED PROBLEM SOLVING: [IMPULSE BUYING] | Influence by using prominent POS (point-of-sale)and POP (point-of-purchase)
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| HABITUAL PROBLEM SOLVING | Purchase decision process involving little or no conscious effort; purchase aren't important; habitual is associated with loyalty
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| CUSTOMER LOYALTY: | Brand- committed to a specific brand and reluctant to switch to a different brand; Store- committed to specific retailer and reluctant to switch
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| SOCIAL FACTORS INFLUENCING THE BUYING DECISION PROCESS | Family, Reference Groups, and Culture
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| FAMILY INFLUENCES: | Purchases are for the entire family, whole family participates in decision making process, retailers work to satisfy the needs of all family members
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| REFERENCE GROUPS: | Is one or more people whom a person uses as a basis of comparison for beliefs, feelings, and behaviors; they affect by: offering information, providing rewards for specific purchasing behaviors, enhancing a consumer's self-image
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| CULTURE: | Beliefs, morals, and values shared by most members of a society; Western=individualism and Eastern=collectivism; Sub-culture=distinctive groups of people within a culture
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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