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Ch5 Marketing
Chapter 5 Marketing Lecturer Notes Pt. 1
| Question | Answer |
|---|---|
| How Many Stages in the Purchase Decision Process? | : (1) problem recognition, (2) information search, (3) alternative evaluation, (4) purchase decision, and (5) post-purchase behavior. |
| What is the Purchase Decision Process | Is the stages a buyer passes through in making choices about which products and services to buy |
| What is Stage 1 - Project Recognition | perceives a difference between a person’s ideal and actual situations big enough to trigger a decision. |
| What is Stage 2 - Information Search | After recognizing a problem, a consumer begins to search for information about what product or service might satisfy the newly discovered need. |
| What is the two searches that are in the Information Search: | Internal Search and External Search |
| What is Internal Search | Involves scanning one’s memory for previous experiences with products or brands, common with frequent purchased products |
| What is External Search | May be necessary when past experience or knowledge is insufficient. The risk of making a bad decision is high. The cost of gathering information is low. |
| What are the Primary Sources of External Search Information | Personal Source, Public Source, and Marketer-Dominated Source |
| What is Personal Source | Personal sources, such as relatives and friends whom the consumer trusts. |
| What is Public Source | various product-rating organizations like Consumer Reports, government agencies, or consumer-oriented TV programs |
| What is Marketer-Dominated Source | Information from sellers that include advertising, company websites, salespeople, and point-of-purchase displays in stores. |
| What is Stage 3 - Alternative Evaluation | Clarifies the problems for consumers by: Suggesting criteria to use for the purchase. Providing brand names that might meet the criteria. Developing consumer value perceptions. |
| Evaluation Criteria | Factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands. Often mentioned in advertisements. |
| Consideration Set | 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. |
| What is Stage 4 - Purchase Decision | Having examined the alternatives in the consideration set, two choices remain: Whom to buy. Determined by past purchase,return policy, When to buy. Determined by if the product is on sale, manufacturer offers coupon rebate,store’s atmosphere, shopping exp |
| What is Stage 5 - PostPurchase Behavior | After buying a product, the consumer compares it with his/her expectations and is either satisfied/dissatisfied. Satisfied buyers tell 3 other people, while dissatisfied ones complain to 9 ppl. Consumers are often faced with two+ alternatives |
| Cognitive Dissonance | Feeling of postpurchase psychological tension or anxiety. After a purchase, consumers often seek information or approval from others. Firms often use ads/follow-up calls from salespeople to try to comfort buyers that they made the right decision. |
| Do Consumers need to do all the stages and in that order? | Consumers may skip or minimize/modify one or more steps in the purchase decision process depending on the level of involvement, the personal, social, and economic significance of the purchase to the consumer. |
| High-involvement purchases typically has at least one of three characteristics: | Is expensive. Can have serious personal consequences. Could reflect on one’s image. |
| Three general problem-solving variations in the consumer purchase decision process. | Extended, Limited, and Routine Problem Solving. |
| What is Extended Problem Solving. | Iincludes considerable time and effort on external information search to identify and evaluate the attributes of several brands in the consideration set. High-involvement purchases (autos, houses, etc.). |
| What is Limited Problem Solving. | Consumers seek some information to evaluate alternative brands and attributes. Is used when the buyer has little time or effort to spend. |
| What is Routine Problem Solving. | The purchase process is habitual and involves little effort seeking external information and evaluating alternatives. Is used for low-priced, frequently purchased products. |
| Whar are the five situational influences impact the purchase decision process: | Purchase Task, Social Surroundings, Physical Surrounds, Temporal Effect, Antecendent State |
| What is Purchase Task | The reason for engaging in the decision. |
| What is Social Surroundings | Others present when making a purchase decision. |
| Physical Surroundings | Store decor, music, and crowding. |
| Temporal Effect | Time of day or time available. |
| Antecendent State | The consumer’s mood or cash on hand. |
| What is the first stage in the consumer purchase decision process? | Problem Recognition |
| The brands a consumer considers buying out of the set of brands in a product class of which the consumer is aware is called the. | consideration set |
| What is the term for postpurchase anxiety? | Cognitive Dissonance |
Created by:
kkolsch