MKT 100 Lecture Notes - Lecture 5: Organizational Culture, Decision Rule, Self-Actualization

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Laila Rohani

Document Summary

Use principles and theories from sociology, anthropology and psychology. Develop basic strategies to deal with those actions. Understand why people buy products or services. Step 1: need recognition (functional or psychological needs: functional needs-pertain to the performance of the product or service, psychological needs-pertain to the personal gratification consumers associate with a product or service. Internal locus of control-when the consumers believe to have some power over the outcomes of their actions. External locus of control-when the consumer believes fate or other external factors control all outcomes. Performance risk-the perceived danger inherent in a poorly performing product. Financial risk-associated with a monetary outlay and includes the initial cost of the purchase as well as the cost of using them. Social risk-when people worry that other might not like their purchase. Physiological risk-associated with the fear of an actual harm should the product not work properly.