MKT 100 Lecture Notes - Lecture 3: Business Marketing, Customer Satisfaction, Retail

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Steven Chuang

Document Summary

The consumer purchase decision process: problem recognition, information search, evaluation of alternatives, purchase decision, post purchases behavior. Internal/external search for information: factors affecti(cid:374)g a co(cid:374)su(cid:373)ers" search process. Performance risk, financial risk, social risk, physiological risk, psychological risk. To increase conversion rates companies should: reduce real or virtual abandoned carts (make it easier, merchandise in stock (have plenty of goods, reduce the actual wait time (open more check-outs) Situational factors: purchase situation, shopping situation, temporal state. Psychological factors: motives, attitudes, perceptions, learning, lifestyle. Production goods: your company sells products which are used by your customer in their product ex. Support goods: your company sells products or services which your customer does not use to produce final goods ex. B2b markets include; resellers, manufacturers, governments, and institutions. Heavy emphasis on delivery time, technical assistance, after sale service, and financing. Competitive bidding, negotiated pricing, complex financial agreements. Price is inelastic affected by trade/quantity discounts. Sources for recognizing new needs: suppliers, salespeople, competitors.