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Lecture 5

MKT 100 Lecture Notes - Lecture 5: Personal Knowledge Base, Relate


Department
Marketing
Course Code
MKT 100
Professor
Laila Rohani
Lecture
5

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MKT 100 Chapter 4: Customer Behaviour
Consumer Behaviour
Use principles and theories from sociology, anthropology and psychology
Understand consumer actions
Develop basic strategies to deal with those actions
Understand why people buy products or services
Consumer Decision Process
Need Recognition: The beginning of the consumer decision process; occurs when consumers
recognize they have an unsatisfied need and want to go from their needy state to a different,
desired state. Know what they need
o Functional Need: Pertain to the performance of a product or service. Things you need,
not looking for fashion. Looking for what will give you functionality
o Psychological needs: Pertain to the personal gratification consumers associate with a
product or service. Looking for fashion
Information search: Occurs when the buyer examines his or her own memory and knowledge
about the product or service, gathered through past experiences.
o Internal Search for information: Occurs when the buyer examines his or her own
memory and knowledge about the product or service, gathered through past
experiences. Cosuer is lookig for theselves fro past eperiee Last ear i got a
pair fro the a so ae ill go ak there
o External Search for Information: Occurs when the buyer seeks information outside his
or her personal knowledge base to help make the buying decision. Asking other people,
researching etc. about the product
o Factors Effecting the Process:
Internal Locus of control: Refers to when consumers believe they have some
control over the outcomes of their actions, in which case they generally engage
in more search activities. More search activities
External Locus of Control: Refers to when consumers believe that fate or other
external factors control all outcomes. Why bother
Actual or Perceived Risk:
Performance Risk: Involves the perceived danger inherent in a poorly
performing product or service.
Financial Risk: Risk associated with a monetary outlay; includes the
initial cost of the purchase, as well as the costs of using the item or
service.
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find more resources at oneclass.com
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