IUB BUS-M 300 - Why People Buy: Consumer Behavior (5 pages)

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BUS M 300 1nd Edition Lecture 2 Outline of Last Lecture I What is Marketing II How Marketing Discovers and Satisfies Consumer Needs III The Marketing Program How Customer Relationships are Built IV How Marketing Became so Important Outline of Current Lecture I Consumer Purchase Decision Process and Experience II Psychological Influences on Consumer Behavior III Sociocultural Influences on Consumer Behavior Current Lecture I Consumer Purchase Decision Process and Experience Consumer behavior actions a person takes in purchasing and using products and services Consumer purchase decision process stages a buyer passes through in making choices about which products or services to buy Five stages of purchase decision process not always linear 1 Problem recognition perceiving a difference between a person s ideal and actual situations big enough to trigger a decision 2 Information search searches for appropriate information to make a reasonable decision includes internal and external search o External search when past knowledge isn t enough Personal sources Public sources Market dominated sources 3 Alternative evaluation compare and contrasts different products and brands o Evaluative criteria represent both the object attributes of a brand and the subjective ones used to compare different products and brands o Evoked set brands actually considered during a choice process II Allows consumer to compare products Helps them understand competitors o Consideration set the group of brands that one would consider from among all the brands of which they are aware in the product class 4 Purchase decision involves a simultaneous evaluation of product attributes and seller characteristics o From whom to buy o When to buy 5 Postpurchase behavior consumer compares purchase with expectations and is either satisfied or not Two types of involvement in purchases o High involvement purchase characteristics expensive Serious personal consequences Could reflect on one s social image o Low