MKT 100 Midterm: Chapter 5

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Marla Spergel

Document Summary

Need recognition: occurs when consumers recognize they have an unsatisfied need and want to go from their actual needy state to a different, desired state. Functional needs: pertain to the performance of a product/service. Psychological needs: pertain to the personal gratification consumers associate with a product/service. Internal search for information: occurs when buyer examines his or her own memory and knowledge about the product/service, gathered through past experience. External search for information: occurs when buyer seeks information outside his or her personal knowledge base to help make buying decision. Internal locus of control: when consumers believe they have some control over the outcomes of their actions; engage in more search activities. External locus of control: when consumers believe that fate or other external factors control all outcomes. Performance risk: involves perceived danger characteristic in a poorly performing product/service. Financial risk: risks associated with a monetary outlay, includes initial cost and costs of using the item/service.