Marketing 301 Chapter 5 What are the stages of the consumer buying purchase decision process and what occurs in each stage There are five stages in a purchase decision process 1 Problem recognition Perceiving a difference between a person s wants and 2 needs big enough to trigger a decision Information Search Internal memory searches or external personal public or market dominated searches help a consumer to seek value 3 Alternative evaluation Suggesting criteria to use for the purchase yielding brand names that might meet the criteria and developing consumer value perceptions 4 Purchase decision Choosing from whom to buy and when to buy 5 Post purchase behavior Comparing reality with expectations being satisfied or dissatisfied What are the four types of problem solving that are discussed in this course 1 Extended Problem Solving Each of the five stages of the purchase decision process are addressed with considerable time and effort Several brands are evaluated This is used on substantial purchases such as buying a car 2 Limited Problem Solving Consumers typically seek some information or rely on a friend to help them evaluate alternatives Several brands are judged on a moderate number of attributes This is used on regular purchases such as choosing a restaurant for dinner 3 Routine Problem Solving Consumers spend little time or effort seeking 4 external information and alternatives This is typical for choices such as which milk to buy Involvement and Marketing Strategy Market challengers must break consumer habits through promotions and advertising The focus is on branding with the goal to manipulate buyers way of thinking What are situational influences They have an impact on the purchase decision process Social surroundings other people present when the purchase decision is made o The purchase task the reason for engaging in the decision o o Physical surroundings decor music store atmosphere o Temporal effects time of day or the time available to make a decision o Antecedent states the consumer s mood amount of cash on hand What are the psychological influences o Motivation and personality o Perception the process by which an individual selects organizes and interprets information to create a meaningful picture of the world Perceived risk the anxiety felt when the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences o Learning behaviors that result from repeated experience and reasoning Learning can be behavioral cognitive or through brand loyalty o Values beliefs and attitudes Attitude a learned predisposition to respond to something in a consistently favorable or unfavorable way Belief subjective perceptions of how a product performs o Consumer lifestyle a mode of living that is identified by how people spend their time and resources what they consider important in their environment and what they think of themselves and the world around them What are the sociocultural influences on consumer behavior o Personal influence two aspects are important to marketing Opinion leaders individuals who exert direct or indirect social influence on others Word of mouth influencing people during conversations o Reference groups people to whom others look as a basis for self appraisal or o o as a source of personal standards Family influence Social class the relatively permanent homogeneous divisions in society into which people sharing similar values interests and behaviors can be grouped upper middle and lower social classes o Culture the set of values ideas and attitudes that are learned and shared among the members of a group Subculture subgroups within the larger culture with unique values ideas and attitudes each group exhibits sophisticated behaviors that affect buying patterns What are the various types of Influences on the consumer buying decision process Situational psychological and sociocultural What is Maslow s Hierarchy of Needs What is a consideration set The group of brands that you would consider buying from among all the brands of which you are aware in the product class