MKT 100 Lecture 3: MKT 100 CHAPTER 4 & 5

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

Information search (internal search vs external search: need recognition (functional vs psychological) 2: evaluation of alternatives, purchase decision, post-purchase behaviour. What has worked in the past is likely to work again in the future. Habits allow us to save time making decisions and be thinking of other things as we do them. Routine can often be executed more efficiently than new behaviours. Provides a sense of discipline to our disordered lives. Recreational shoppers: shoppers who will buy anything (based on wants) Complex shoppers: buying a car or a house (based on needs: need recognition. It is the functionality of whatever is bought vs the psychological standard of the item. (ie. a pair of loafers vs a pair of studded beautiful high heels) It is the internal search within oneself and the external search of the outside. Performance -> risk of a poorly performing product. Financial -> cost of initial purchase + cost of use or maintenance.