COMMERCE 2MA3 Lecture Notes - Lecture 4: Customer Satisfaction, Personal Knowledge Base, Financial Risk
1 Nov 2016
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Document Summary
The consumer decision process: need recognition, information search, alternative evaluation, purchase decision, post purchase. : occurs when the buyer seeks information outside his or her personal knowledge base to help make the buying decision. Ford and toyota: performance risk: deals with will the product do what its meant to do, financial risk: any type of monitory transaction, social risk: what others think of your purchase, physiological risk: risk to physical self. (eg. Samsung phone: psychological risk : will i be satisfied with my choice. Step 3: alternative evaluation: evaluative criteria a set of important attributes, determinant attributes attributes important to consumer and on which brands differ, compensatory, non- compensatory, heuristics : rely on shortcuts to make decisions. Ritual consumption: habits that we are used to. Marketers hope to create satisfied customers who become loyal, purchase again, and spread positive word of mouth. Customers who are dissatisfied are most likely to spread word of mouth.
