HTM 302 Lecture 3: Week 3

• School: Ryerson University
• Department: Hospitality and Tourism Management
• Course: HTM 302
• Professor: Rachel Dodds

Document Summary

Chapter 3: consumer behaviour and buying process: explain why marketing managers should understand consumer behavior. Consumer buying behavior; the buying behaviour of final consumers, individuals and households who buy goods and services for personal consumption. Understanding consumer behaviour allows companies to understand how consumers make purchase decisions and how consumers use and dispose of product. Consumer behaviour is a process, and can be influenced: analyze the components of the consumer decision-making process. A five step process used by consumers when buying goods/services. Cultural, social, individual and psychological factors affect all steps: imbalance between actual and desired states. Identify the types of consumer buying decisions and discuss the significance of consumer involvement. External information search: seek information in outside environment (non- marketing controlled & marketing controlled) Need less information: less risk, more knowledge, confidence in decision. Need more information: more risk, less product experience, high level of interest, lack of confidence. Quick decision, frequently purchased low cost goods.