COMMERCE 2MA3 Lecture Notes - Lecture 12: Three Steps, Self-Checkout, Determinant
7 Nov 2016
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Document Summary
Most of us already use these steps but may not realise it. First step: consumer recognise a need which a product or service can fulfill. Second step involves looking at products or services that make resolve the needs. Third step includes figuring out the best option. Fourth step includes deciding which brand to purchase. Lastly, post purchase includes customer preferences, thinking, and behaviours. Functional needs the performance of a product. These will include stored knowledge in your mind. If the internal search does not have enough information, people look externally. Time spent on research depends on how valuable the product is to the potential consumer. Factors affecting consumers" search processes: perceived benefits versus perceived costs. What is the difference in search time between the following: A wedding gift for: co-worker, your brother, your best friend, locus of control. Internal locus of control: some control over outcomes = engage in more search activities.
