MKT 100 Lecture Notes - Lecture 3: Neutrogena, Nachos, Impulse Purchase

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MKT 100 Full Course Notes
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Example: irish potato nachos failed because nachos are meant to be eaten over beer, watching sports, with friends rather than sit down by yourself to eat nachos. Consumers enter the marketplace in order to satisfy needs, wants, and desires. Their behaviour represents a process of problem solving in stages from need recognition to feelings of (dis)satisfaction. Their needs and processes chosen to meet them are under the influence of cultural, social, personal, psychological and economic factors. Buyer decision process: need recognition, functional and psychological needs, information search, internal search for information (salesperson at the store) and external search for information (internet). Factors that affect consumers search: perceived benefits and perceived costs. Internal locus of control: some control over outcomes = engage in more search activities. Buyer decision process - habitual behaviour: need recognition, purchase decision, post-purchase behaviour. A product has worked in the past - will work again. Habits allow us to save time making decision.

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