MKT 100 Lecture Notes - Lecture 5: Customer Satisfaction, Financial Risk, Determinant

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: George Baranyai

Document Summary

Consumer decision process: need recognition, functional or psychological needs. Buyer examines his or her own memory and knowledge about product or service. Internal locus of control: some control over outcomes = engage in more search activities: external search for information. Buyer seeks information outside his or her personal knowledge base to help make the buying decision. External locus of control: fate, external factors control all outcomes. Reduce the actual wait time: ritual consumption, post purchase, customer satisfaction, post purchase dissonance, customer loyalty, factors influencing consumer buying decisions, psychological factors. Perception: selective exposure, attention, comprehension & retention. Learning: change in thought from experience. Lifestyle: way spend time and money to live, social factors. Reference groups: person used to comparison for beliefs, feelings & behaviours, offer info, reward behaviour, enhance self image. Culture: shared meanings, beliefs, morals, values and customers of a group of people, most pervasive, situational factors.