M300 1st Edition Lecture 7 Outline of Current Lecture I What is Consumer Behavior II Consumer Purchase Decision Process III Involvement IV Step 2 Information Search V Step 3 Alternative Evaluation Assessing Value VI Evoked Set Exercise VII Step 4 Purchase Decision Buying Value VIII Step 5 Post Purchase Behavior Current Lecture I What is Consumer Behavior a The process of individuals or groups selecting purchasing using and disposing of goods services ideas or experiences to satisfy needs and desires II Consumer Purchase Decision Process a Buyers pass through different stages when making choices about to buy b 1 Problem recognition i Perceiving a need c 2 Information search i Seeking value d 3 Alternative evaluation i Assessing value These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute e 4 Purchase decision i Buying value f 5 Post purchase behavior i Value in consumption or use g Consumers travel through the 5 steps rapidly when i Low cost have a lot of experience purchasing it complexity of decision making I slow risk is low h Consumers travel through the 5 steps slowly when i Complexity of decision making is high high risk it s a new decision III Involvement a Extended Problem Solving i Ex College house cars b Limited Problem Solving i Ex Cell phone clothing wedding dress c Routine Decision Making i Toothpaste getting gas coffee IV Step 2 Information Search a Consumers gather info from Memory Media Recommendations b Example Time and effort spent on extended problem solving for a new car Great c Example You are engaged in routine problem solving for facial tissue Time and effort spent small V Step 3 Alternative Evaluation Assessing Value a Evoked set small group of products being evaluated The evoked set is smaller than total b Retrieved set Those brands that are stored in memory that you can recall c Universal set All brands available to purchase VI Evoked Set Exercise a How does an evoked set help customers i Simplifies world ii Faster decision making categorization helps b How does an evoked set help marketers i Better understand your competitive set ii Make better decision VII Step 4 Purchase Decision Buying Value a What strategies can firms use to make it easy for customers to purchase i Bulk lark sizes storage ii Accessibility Internet iii Reminder e mails iv Promotions VIII Step 5 Post Purchase Behavior a What strategies can firms use to make unhappy customers happy i Listen ii Solve problem iii Free stuff iv Apologize
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