MKT 100 Lecture 5: Feb 11

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Laila Rohani

Document Summary

Consumer decision process: need recognition function (winter boots) and psychological needs (wants; heels) Information search research on product pros and cons. Internal search for information = information about the consumer themselves more search activity; past experience with similar products feel responsible to do extensive research to find the best self-blame for bad purchase. External search for information = information extracted from others; reviews fate, external factors = why bother getting product you want = luck blame sales person for bad purchase. Social risk something does or doesn"t work (overtime) spend money to fix (product maintenance) how other people will judge your purchase (desire to fit in) Physiological risk physical harm/damage from the product (safety) Obtain seal of approval indicator of safety/quality to consumer can be abused by marketers, can be obtained through bribery. Specialty rare item, lot of research performed to ensure you are getting exactly what you want, eg. engagement ring.