MKT 100 Lecture Notes - Lecture 4: Step One, North American Industry Classification System, Retail

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Julie Kellershohn

Document Summary

The consumer decision process after making purchases step individually. Model represents the steps that consumers go through before, during, and. Useful to break down the process into a series of step and to examine each. Step one: need recognition consumer needs like these can be classified as functional (pertain to the performance of a product or service) or psychological ( pertain to the personal gratification consumers associate with the product or service. Factors that affect consumers search process the perceived benefits versus perceived costs of search, the loss of internal or external control, actual or perceived risk: financial, performance, social, physiological, psychological. Step three: alternative evaluation once consumers have recognized and explored the possible options, they must sift through the choices available and evaluate the alternatives. Alternative evaluation often occurs while consumers are engaged in the process of information search.