MKTG2112 Lecture Notes - Lecture 3: Bargain Hunt, Confirmation Bias, Mass Media

• School: University of Sydney
• Department: Marketing
• Course: MKTG2112
• Professor: Julie Francis

Document Summary

Information search: stage where consumer seeks internal or external information: pre purchase search in response to problem recognition, ongoing exploration: not actively looking to purchase. Information we already know: memories and experiences -> could be biased, inaccurate memory or little attention given at the time, confirmation bias: information which supports ideas we already had about brands or products. External search: word of mouth-> big driver of opinions and values, mass media -> passively exposed to advertising, outdoor advertising, going to stores, investigating products in person. However information accessed online is also controlled and sponsored so consumers often only look at top search results payed for by top companies. Consumers have access to much more information, however do they actually look at all information and evaluate purchases or merely view top information given to them. The amount of information and variety of products to purchase can be overwhelming and so consumers sometimes purchase nothing.