Management and Organizational Studies 1021A/B Lecture Notes - Lecture 6: Daniel Mcfadden, Marketing Mix, Debit Card

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Michael Aloisio

Document Summary

Introduction to consumer decision making: purchase decision process. Involvement and risk: involvement describes the significance of a specific purchase for a customer, high involvement purchases tend to be: measured in personal, economic, and social terms. Tied to our sense of self (self-image) or social standing: involvement can also increase with perceived risk and perceived differences between brands. Three problem solving variations: routine or habitual problem solving: Low involvement purchases with little effort spent seeking external information and evaluating few alternatives: limited problem solving. Moderate involvement purchases with some time spent on information search and evaluating several alternative: extended problem solving. High involvement purchases with significant time and effort spent on information search and evaluating many alternatives. Heuristics and purchase decisions: heuristics can shorten the distance between problem/needs recognition and a. Problem/need recognition: what i have is different from what i want to have , problem recognition requires two things: